SafePal S1 Cryptocurrency Hardware Wallet
In the year 2019 Cryptocurrencies worth $1.7 Billion were stolen from Crypto exchanges, Cryptocurrency wallets etc. Mostly because of shoddy security oversight and in some cases, extremely skilled hackers were able to gain access to the private key of funds by exploiting unaddressed security loopholes. Even Binance, one of the world’s biggest and the most secure exchange was attacked and a portion of the funds were stolen from it.
The point is, losing your cryptocurrencies to a human error isn’t worth the risk. Not even a fraction of your hard earned money should be wasted. That’s where Hardware wallets come in, to protect your cryptocurrencies from prying eyes on the internet.
What is a SafePal S1 Cryptocurrency Hardware wallet/ Cold Wallet?
When you think of a crypto wallet, imagine a safe storage for all your funds and the private key that allows only the authorized personnel to access the funds on the blockchain. The SafePal S1 Cryptocurrency Hardware Wallet helps you safely store your Private keys that let’s you access them offline. The Private keys stored on this Wallet cannot be accessed from the internet and hence protected from any attacks. When an attack happens on an exchange, there’s no real fund/fiat currency being taken out, but rather the private keys of the wallets of the user stored on the exchange’s server. An attacker then uses these private keys to withdraw the cryptocurrencies to their account.
SafePal supports over 20 Blockchain and 10000+ tokens. Support for more tokens and blockchains will be added in the future with firmware upgrade. There’s no connectivity like NFC, Bluetooth, or WiFi. This makes sure, that certain Over The Air (OTA) attacks can’t happen.
So how does the Safepal s1 Cold Wallet work?
Step 1: Users of the cold wallet need to download the SafePal App and pair it with the hardware wallet.
Step 2: When you choose to pair the SafePal hardware wallet and the mobile app; the wallet displays the QR Code for pairing. The QR Code is scanned by the scanner on the Phone app.
Step 3: Using the phone app, you can access some more data like portfolios of the cryptocurrencies stored etc.
Step 4: The App allows you to even send or receive cryptocurrencies when you need to.
What’s more? The Cold Wallet is even backed by Binance’s investment arm.
Features of SafePal S1 Cold Wallet
– Unlimited Cryptocurrency storage
– Add and Delete Tokens anytime
– Continuous feature upgrades/firmware upgrade on the roadmap
– Unique sign in mechanism that makes sure only authorized person can use it
– Super light weight & Easy to carry
– Camera for scanning the QR Code
– Small High Res display
– 400 mAh (lasts upto 20 days on a single charge)