It’s finally here! Shapeshift’s New Platform launches today! I have been using their beta platform for several months now reporting bugs and helping add some user friendly features by reporting feedback and ways to improve this brand new non custodial platform. I wrote a pretty in-depth review of the beta a few weeks back, so I won’t rehash the entire user experience here, so I will link that review so you can get the nitty-gritty details HERE.
This is an exciting time for cryptocurrency in general. Facebook is launching a controversial new coin called “Libra”. The government has sent a request to have the development of it stopped so they can review it and “approve” it before it’s released. The audacity of this, as if they have any say in what private organizations can and cannot work on is baffling, but I digress.
I will briefly detail below some of the key features and benefits of using this platform and non custodial exchange for all your crypto asset management.
Trade Assets Offline
The cornerstone feature here (in my opinion) is the fact that we can perform trading assets while having our private keys kept completely offline via the KeepKey (Or Trezor). They are also planning to add Ledger support soon as well, but the easiest hardware wallet to use is by far the KeepKey, as it was the primary wallet used during beta.
As you can see above, the dashboard is very streamlined and easy to view and manage the assets you can trade, view the balance and the price, view market cap, and so much more. The ability to have all the information I need in one place is very convenient. additionally, I can view my portfolio without having my hardware wallet present. In fact, I only need it to sign a transaction. Once you sign, you can disconnected it and it will be transferred to your wallet balance immediately and be reflected next time you connect.
Shapeshift has really thought of the user experience and making it easy for anyone of any skill level and knowledge of crypto to safely manage their private keys and learn how to trade using this platform. Now that the platform is out of beta, they will be focusing on adding more assets being added to the platform for trade and asset management. As this is also a trade engine, as well as a portfolio manager, incorporating more detailed analytics will only improve upon this foundation.
Manage Your Portfolio In One Location
Here are some of the touted features of this platform, and why you should sign up for free HERE:
1.) Shapeshift Trading – You can seamlessly buy, sell, or trade dozens or crypto assets directly in the platform. Trading is non-custodial, so there is no need to trust a third party. This is a MASSIVE plus and a differentiator from any other exchange out there.
2.) Hardware Security – Utilize the best practice of offline security. Retain control of your private keys while enjoying an intuitive web interface. This is the best of both worlds and I will add that this is not currently possible on any other hardware wallet platform currently.
3.) Real Time Market Data – Get real-time market prices and historical data without ever having to leave the interface. This means no extra tabs or historical charts from any other 3rd-party site that you have to toggle between to get the data you need. This allows you to enjoy a beautiful ad-free experience.
4.) Portfolio Performance – Visualize your portfolio performance through graphs, sparklines, and real-time value movement. View your dashboard balances at anytime, anywhere. Your hardware wallet only needs to be connected for signing transactions.
The video below gives you a quick demo of how this works. It truly is a unique hardware wallet experience.
Shapeshift’s New Platform: Conclusion
After personally testing this platform and providing feedback and improvements for several months, I am very proud of what the Shapeshift team has accomplished. I am also excited to see how it expands with other hardware and new features and coins that will be added. There is NO other exchange that offers non-custodial trading, and to me that is a HUGE deal.
Part of “Becoming Your Own Bank” means maintaining full control over your funds at all times and not having to put trust in anyone but yourself. Self sovereign finance is the way of the future, and that is very exciting to see how this will continue to play out as adoption continues to snowball.
***CLICK HERE TO BUY KEEPKEY FOR 50% OFF FOR A LIMITED TIME ONLY***
Just click the above link and use code “GENESISFOX” at checkout
What do you guys think? Are you excited for the revolutionary change in asset management? Let me know in the comments below!
Cheers,
The Crypto Renegade
NOTE: This post may contain affiliate links. This adds no cost to you but it helps me focus on giving as much value as possible in every single post by being compensated for recommending products that help people succeed.
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Ellipal Mnemonic Metal Review (2020) | BEST Crypto Backup? [$49]
How well is the Ellipal Mnemonic Metal compared to the Cobo Tablet, or Cryptosteel? Or Bill Fodl? Why do I need it? Is there a better solution for backing up your mnemonic phrase? We are going to address all of these questions and more to determine why you might need this indestructible piece of glorious metal.
We are starting to see a bunch of metal recovery seed backup devices these days ranging in price anywhere from $39-$229 per device with different features, different types of metal, and different application methods. I am always a strong believer in the free market, which naturally produces better quality products at more affordable prices.
Additionally, healthy competition and we as the consumer see the benefits by seeing multiple options and multiple companies trying to earn our business. Perhaps our government would learn something from this if they didn’t have so much power, where it didn’t require this, but I digress.
I recently wrote an article comparing this device to the closest competitor in the metal recovery seed backup market, and this is the Cobo Tablet. You can check out that review HERE.
But, without further ado, let’s get into the details of the Ellipal Mnemonic Metal device and my experience with using it. Let’s go!
Ellipal Mnemonic – What’s In The Box?
This is one of those products where everything you need for assembly is included into the box. You need any batteries, tools, or any additional items. Like it’s competitors, this has a high quality set of lettering needed for this device and you don’t have to sort through a box of loose tiles that may not all be the same size. The presentation is actually very nice. Here’s what comes in the box:
- Ellipal Mnemonic Metal Device
- Mini Screwdriver
- User Instruction Card
- Letter Tiles Boards
I will say, in comparison to the other recovery seed backup devices I’ve reviewed, I will say the tiles are fairly thin in this device and seems like it’s using a cheaper kind of material that is more of an aluminum coating. Additionally, it appears that the actually lettering is printed on, and I have yet to test this for water and fire testing (which it is rated to fully withstand). I look forward to conducting that test in the next few days!
Design & Setup
As I touched on above, the design is fairly different then you see in the Bill Fodl, Cobo Tablet, or even CryptoTag. With this design, it actually is folded in half in a sandwich type design with a hole built in for using a padlock to keep it securely closed, or even a zip-tie if you are transporting it or just don’t want the average person to flip it open. It also appears to be magnetic, so when you open and close the device it has some traction.
Additionally, you don’t have to slide in tiles into a slot and tipping downwards so gravity will push it all the way down, which is nice. It basically just has a plate that you unscrew and then place the tiles in the exact slot with the first 4 letters of your recovery word (that’s all you need with a BIP39 compatible wallet), and then once they are in place, you simply screw the face plate on once you’re done, so it’s a fairly painless process.
I got this device when I got the Ellipal Titan (New in-depth review coming soon) and when I tested this device with that wallet, it defaults to a 12-word recovery phrase. As a result, the installation and setup process was fairly quick and easy. The longest process here is actually punching out the tiles from the multiple sheets with the letters. In fact, I recommend before you even unscrew your plates that you locate your seed, punch out the tiles you need for the first 4 letters of each word, and THEN put them in place.
Who Is This Product For?
This product is for literally anyone that has a hot or cold wallet that holds more than $49 worth of any cryptocurrency. Ultimately, everyone who holds crypto or plans to hold crypto, whether it’s short or long term needs a metal recovery seed backup. Why? Well, your recovery seed is the backup to your backup. Without it, you can’t get your coins back if you lose your hardware device or lose access for any reason on your software wallet.
If you own a hardware wallet, such as Ledger, Trezor, KeepKey, or even a mobile wallet that you get for free, this device can support ANY BIP39 compatible wallet that has either 12, 18, or 24 seed words and really is a necessity for any cryptocurrency “HODLer”
Because this usually comes on a piece of paper, you need a more solid backup to your crypto fortune. Ask yourself, what happens if there is a flood? What about a fire? What if it gets shredded, torn, or becomes otherwise indiscernable? It seems fairly obvious for the reason this type of product exists, however, most people fall into the all but too common trap of “Ohh, this won’t happen to me.” Think again. Are you willing to risk it? Is $49 too high of a price for an insurance policy on your entire crypto bankroll? I wouldn’t.
Ellipal Mnemonic Metal – Conclusion
Overall, this is a very solid metal recovery seed backup solution. It’s in the lower end of the market pricing of it’s competitors, it’s simple to setup and use within 15 minutes or less, and it’s got a different form factor than that of the Bill Fodl or even the Cobo Tablet. Although this is not the cheapest metal recovery seed backup option, it comes very close. In fact, right now, you can get one for only $29 when you buy it with the Ellipal Titan Cold Wallet for $169, bringing the total to only $198 when you buy both.
Still, this is very different than the higher end devices, like the CryptoTag, which you can check out the full review of HERE for comparison. The CryptoTag is a VERY nice device, but it is a high-end very premium device that you literally hammer your seed phrase into a titanium tablet and has gone through much more rigorous testing. Having said that, it shows in the price that you cannot get better quality than that device (at least as of this writing).
However, this device is easy to use, quick to setup, and is just as durable as any of the competitors in it’s price range at only $49, or $29 when you get with the Ellipal Titan for a limited time.
Every single crypto holder needs this kind of device, and if you want to be safe and responsible with your crypto, but still want it to be affordable, then this is a very solid choice and has decent quality as well.
What do you think? Do you currently have a metal recovery seed backup for your software/hardware wallets? Let me know in the comments below!
Cheers,
The Crypto Renegade
NOTE: This post may contain affiliate links. This adds no cost to you but it helps me focus on giving as much value as possible in every single post by being compensated for recommending products that help people succeed.
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SafePal vs BC VAULT (2020) | Which Wallet Is More Secure?
SafePal vs BC VAULT! In this comparison, we are going to do a head-to-head of two of the most competitive and popular new cryptocurrency hardware wallets in this edition of the hardware wallet roundups.
I am going to dive into which of these hardware wallets is better and more secure. How big is your portfolio? Do you need mobile AND desktop support? Do you use any 3rd party wallets for integration? Do you need web-based access instead of a required download?
These are all questions you will need to consider when deciding which of these wallets will be best for you. At the end of the day, the coin support is one of the most important factors (besides security) when deciding which hardware wallet is best for you.
Ultimately, if it doesn’t support the coins you want to store offline, it won’t work for your particular situation. So keep that in mind as we dive into what I consider to be the most important factors when making such an important decision, such as choosing a cryptocurrency hardware wallet.
BC VAULT: Overview
Unlike most other popular cryptocurrency hardware wallets, like Ledger Nano X and Trezor Model T, you do not set up a recovery seed card before you initialize the device. In fact, there is a gyro sensor for you to randomly generate private keys by physically shaking the device (seriously).
You can also hold more than 2000 unique wallets within the web app, and can granularly set specific passwords for each one and setup multiple PIN’s to not only make it more secure, but also allows for an easy way to share the device and use Multi-Sig. In fact, this is the first device that natively allows you to use Multi-Sig on a per wallet basis and set multiple PIN’s.
This wallet does not use HD wallets, so each wallet has its own unique backup. This does make it more secure, however, if you lose or forget the global PIN and global password for the device, your funds are locked inside forever. They do have an encrypted QR code backup for each individual wallet, or you can create a backup on the included micro SD card that comes in the box.
BC VAULT: Security
The storage is reliable. The BC Vault’s private keys have complete encryption and they are stored in the FRAM device. The FRAM is fully tamper-resistant and thanks to the reversible USB 3.0 Type-C connector any damage occurring from mechanical error is fully prevented.
In addition to the secure FeRAM that is securely encrypted, and the large display which is useful when confirming transactions, you have peace of mind not having to worry about anyone locating or using a recovery seed phrase to render your funds useless.
You can also import any private keys you have elsewhere via the SD card as well, so you can easily interchange private keys from other wallets if you have them in the correct format.
BC VAULT: User Experience (UX)
This wallet has some pretty unique features I will admit, and it’s pretty refreshing. For example, you can use multiple cryptocurrencies at once. There are no “apps” you need to install or fear or worry of running out of space that most wallets have when upgrading the firmware.
Additionally, the amount of coins and wallets that can be used/stored simultaneously is astounding. As mentioned above, you can have up to 2000 unique wallets and can interchange multiple cryptos in multiple wallets.
BC VAULT: Coin Support
This is usually one of the most important factors when deciding on a hardware wallet (with the exception of security). If the wallet doesn’t currently support the coins you need to store offline, you can’t really take it too seriously as a deciding factor for purchase. Regardless of whether or not they claim to add more coins in the future.
Needless to say, they have some unique choices for coin support HERE.
SafePal: Overview
This device was originally created by Binance Labs division and wanted to have a unique approach to a hardware wallet that was cheap enough for the average user, but also supported the Binance chain and added support for their internal projects. This really is a unique entry level hardware wallet, that greatly differs in terms of design, functionality, and overall user experience.
SafePal: Security
This can be considered one of the most attractive features of the device as it’s only $39.99 for this hardware wallet. Yes, you read that right. But why is it so cheap? Well, even though it looks like a very sleek and expensive device, its is made of plastic coating and a very small camera module that is used to transact at a very low resolution.l It’s obvious that they built this as cheaply as they could, while still remaining secure.
This is not necessarily a bad thing, but you also get what you pay for. One of the key features that sets this device apart from most other competing hardware wallets is the fact that there is NO:
- NFC
- BLUETOOTH
- USB
- CELLULAR
- EXTERNAL DEVICE CONNECTIONS
This gives it extra security, but it also makes it easier to use, as there are no extra devices necessary for this to operate, other than your smartphone. All you need right out of the box is a charger that supports USB-A to charge the device and a smartphone to download the Safepal App to setup and initialize the device.
SafePal: User Experience (UX)
This is the cheapest completely wireless hardware wallet on the market. It interacts only with your smartphone and the camera embedded into the device that allows you to transmit encrypted data via the QR code. This is truly a unique device.
This is a pretty solid introductory hardware wallet. It’s unique from it’s direct competitors and its simple and easy to use. As mentioned above, it has no connection weaknesses and cannot be hacked by any radio frequency or directly connected internet device. It’s truly a unique wireless hardware wallet that can be used on the go and is one of only a few hardware wallets that are “truly wireless” with no dependence on other devices. Oh, and did I mentioned it’s under $40?
SafePal: Coin Support
This is the one weak point of this product is the lack of coin support, as it only supports: Bitcoin, Ether (and ERC-20 Tokens), BNB, Litecoin, Dash, and Bitcoin Cash. However, they have mentioned that there is Ripple (XRP) and Tron (TRX) coming very shortly. They truly are attempting to add more coins, and over time, if they don’t raise their price, this option will be a slam dunk for most users.
Additionally, I will add that the Binance Chain Coins (BEP2) tokens are also supported as this is a Binance hardware wallet after all. Below Is a full list of coins currently supported.
SafePal vs BC VAULT: Conclusion
Overall, these are two very unique wallets at two ends of the spectrum in terms of quality, price, and overall usability. On the one hand, the SafePal is an entry level device which you can get for under $40 and is completely air-gapped and wireless. It doesn’t hold that many coins yet, but it will slowly add more coin support over time.
The BC VAULT is more of an advanced user wallet, that not only supports multiple wallets, but can securely share wallets with multi-sig and also securely share it among family and friends. This is a very robust wallet offering and the easiest one to use with multi-sig, which is inherently more secure.
You can’t really go wrong with either of these wallets, but I would have to say the BC VAULT is going to be my choice here. It holds hundreds of more coins and have a very easy to use UI. Yes, this is NOT a wireless device, but its robust security features and vast coin support easily make up for its usability factor. I absolutely feel that this device is going to allow me to securely store all of my private keys offline, especially with shared wallets.
What do you think? Would you choose the BC VAULT over the D’CENT Wallet? Let us know down below in the comments!
Cheers,
The Crypto Renegade
NOTE: This post may contain affiliate links. This adds no cost to you but it helps me focus on giving as much value as possible in every single post by being compensated for recommending products that help people succeed.
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Cobo VAULT Review | The “Self-Destructing” Crypto Hardware Wallet? (2020)
Is the Cobo Vault the best unbreakable crypto hardware wallet of 2019? Is it as tough and inpenetrable as they claim? Stay tuned for the whole Cobo Vault Review to find out! I recently wrote an article on an upcoming device that appears to be directly competing with this product called the Ellipal Titan. If you want to read that review after this one to get kind of a side-by-side comparison, you can check out the in-depth first look of that device HERE.
Overall, my first impression of this device was very good. It appears to be targeting an entirely different segment of the cold storage crypto wallet market, which is something I obviously follow quite closely. They are marketing this as a “Military Grade Durability and Security” device, which is definitely the case as it has all the proper ratings a certifications to protect against impact, water resistance, and shock resistance to ensure it is as rugged as humanly possible.
If you are new to cryptocurrency security in general, please check out my free e-book HERE. This dives in deep on the basic (and some advanced) security tips on how to best manage your cryptocurrency by learning from my mistakes. I guarantee you will learn something new and it will help you on your crypto journey! So, let’s get to why you are here and jump right into the Cobo Vault Review. Let’s do this!
What’s In The Box?
There’s a lot of bang for your buck here and certainly attempts to justify it’s current price tag of $479. This is no ordinary crypto hardware wallet, this thing is very different than Ledger, Trezor, and KeepKey as there are no active ports or USB connectors to allow you to interface with this product. I will get more into this in the next section, but needless to say this is a unique device!
Here’s what comes in the box:
-Cobo Vault Hardware Wallet (4 inch touchscreen)
-The Cobo “Vault” (Houses The Device)
-A Removable 1540 mAH Battery
-Charging Dock
-USB-C Cable (For Charging)
-Mnemonic Steel Recovery Seed Device
-Steel Tiles For Recovery Seed Phrase
-Small Screwdriver
-Instruction Booklet
The box is very large and feels heavy when you get it because of the steel grade quality of all of the components. There is an unboxing video below that will explain how this all works and gives you a visual cue of everything that is included and what each piece is used for.
The most “compelling” piece to me here is the steel mnemonic tablet that is used to secure your 24 word seed phrase. This is TYPICALLY used by other providers by writing it down on paper, which is vulnerable to the elements. These devices can cost upwards of $300 by itself, so this is a HUGE value add and absolutely necessary for anyone that takes their cryptocurrency security seriously.
If you are not familiar with what this and why it’s needed, you can read an in-depth review of the best standalone titanium recovery seed backup HERE.
Setup And Use
This device has NONE of the following connections:
WIFI
USB
BLUETOOTH
NFC
CELLULAR
This means that it is completely off the grid. So how do you use it and set it up? QR Codes. The device has a 5-MP camera for scanning QR codes on Cobo’s website and then the companion app for managing assets from their hot wallet over to the offline device.
This is a very prolonged and arduous process. In terms of security, this is a VERY good thing. It’s like having a 7-step authentication system. However, for ease of use, it’s a killer, and most wallets try to strike a balance between ease of use and security. Cobo does not appear to care about what it’s competition is doing in this regard, since it’s breaking out into it’s own little sub-niche of cold wallet security. Here are the steps I had to follow to setup and use the device:
1.) Download the “Cobo” mobile app
2.) Power on the Cobo Vault device
3.) Go through the recovery seed phrase process. This includes writing it down and verifying it through the touch screen
4.) Set a custom passphrase that has stringent requirements including multiple special characters and at least 10 characters minimum.
5.) Scan the QR code on Cobo’s website to authenticate the firmware and authenticity of the device.
6.) Once authenticated, you scan a dynamic and ever-changing QR code on the companion mobile app to initiate transactions
7.) If you want to receive any payment directly on the device, you just generate a QR code and your sender can scan the code to initiate. If you want to send a transaction, follow the steps 2-6 above and repeat the process.
Features: What Makes It Inpenetrable?
So, in addition to having a water resistant, shock resistant, and using “Military Grade” materials and configuration, it also has a “Self-Destruct” mechanism if it expects foul play. Let me explain. The device cannot be hacked through any ports or any wireless type connections. However, if someone tries to extract the private keys manually, the chip will have a timer initiate a countdown. If the screen is broken or if the device is opened up internally in any way, it will completely wipe the device.
If this happens, the only way to restore this is through your recovery seed phrase that you now have in stainless steel thanks to having it included in the box. This can be imported to any BIP-32, 39, 44 wallet to restore your funds with this seed phrase.
Additionally, if someone tries to steal the device and initiate a transfer of the funds through their own Cobo Vault, they will not be able to, as during your initial setup it is coded to the QR code you scanned on your app that is unique on your mobile phone. This device is really the Fort-Knox of crypto wallets. It took me about 30-40 minutes from start to finish when I unboxed, setup, and made my first transaction on the device. As I mentioned above, this DOES make it very secure, but for ease of use, it’s kind of nightmare. There are no trade-offs here.
Cobo Vault Coins Supported
This device claims to have a lot more coins that will be supported on their road map, but this is definitely one of the “cons” of this device as it is of the utmost quality, but also is VERY lacking in the coins that are supported. Below is a picture of all the coins that are currently supported as of this writing.
For those that are not familiar with all of these coins or brands, I will list them here: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Tron (TRX), Eos (EOS), Litecoin (LTC), and Dash (DASH).
Price
This is a premium device and the price reflects that. It’s $479 USD to get this device and may have some shipping costs associated with it if you are outside of the U.S. As this is a higher-end device, you get what you pay for. I have not come across a more durable and secure device yet, but the Ellipal Titan appears to be a cheaper option that is going to be competing with this directly when it is released to the public in late August 2019. You can check out my review/first look HERE.
Cobo Vault Review: Conclusion
https://www.youtube.com/watch?v=HKbiyf5fJmo
Overall, the Cobo Vault device is probably the strongest and highest quality device physically, that I’ve ever used in a hardware wallet. It feels solid, and I know that if I drop it, get it wet, or otherwise try to damage this, it will stand the test of time. In terms of security, I have yet to personally test a device that compares to this one.
I had several steps and verifications in order to just set it up, let alone make a transaction. I believe this device is designed to be used VERY sparingly and is not used in a daily setting. This is a long-term “HODL”er device, which is good, but if you frequently transact, it is a hassle.
Also, it only supports 8 coins currently. It claims to be supporting more coins soon, but it has mentioned that since it’s launched and have not seen any announcements of movement on that front for several months.
Finally, we have to consider the price. $479 is no cheap price for a hardware wallet and this is a premium and high end device, so I personally use it as a backup and long term device. I do not use this for frequent trading and transacting for obvious reasons described above, but I like having it for my long term stash.
So what’s the bottomline?
If you are new and are looking for your very first hardware wallet, I would personally recommend getting a KeepKey device. It is very nice quality and just launched a brand new platform that integrates trading and is the only one that allows you to keep your private keys offline and in your personal possession the entire time. It’s my go-to wallet for daily use. You can get that HERE.
If you are looking for a secondary or longer term wallet to diversify, then I would ABSOLUTELY recommend this wallet, as it is probably the most secure wallet you can get and the quality is unmatched. I have only used mine twice, but that also means it’s safe and sound and I have no second thoughts about someone being able to crack it, even if they get it in their hands. I feel very comforted knowing that this is literally unbreakable. You can get the COBO Vault hardware wallet below and check out some reviews on their site below
Cheers,
The Crypto Renegade
NOTE: This post may contain affiliate links. This adds no cost to you but it helps me focus on giving as much value as possible in every single post by being compensated for recommending products that help people succeed.
