Pedro Picks the Top cryptocurrency hardware wallet under $100 in this special episode of NeoCash Radio. We take a look at the Trezor One, Ledger Nano S, and the KeepKey. In the video version we show how to initialize the wallets, send, and receive transactions. Finally Pedro shares his review of the wallets, likes/dislikes, and his top pick!
Please note the audio version of the show does not contain the wallet initialization and testing due to the need for a visual element.
Let’s start by discussing how crypto wallets work and why they should be used. The private keys to any cryptocurrency are used to both generate the wallet addresses as well as authorizing the transfer of coins. Anyone with the private keys can spend from that wallet and this is why it is critical to keep these private keys off line and secure for any wallet with significant funds. While mobile devices are great for convenience, think of them as your physical traditional wallet that contains cash, it should only have amounts you can live with losing.
Securing your private keys can be done with using a hardware wallet that keeps your private keys offline in a secure area of the device. These private keys can never leave the device so in order to spend funds, an unsigned transaction is sent to the device where you have to physically press a button that will allow the device to sign the transaction with the private key. The signed transaction can then be broadcast without fear the private keys were ever exposed.
Hardware wallets are backed up with a 12 or 24 word passphrase which is the “backup” of the wallet. Multiple copies of these should be secured in multiple locations. The passphrase should never be photographed, typed into any digital document, or photocopied. Additionally, with these Hardware wallets you compare the address funds are being sent to with the address that will be displayed on the device. This protects you in case someone compromised the java code or app that is used for wallet functions on your computer
When purchasing any of these hardware wallets, it’s recommended to do so from either the manufacturer or a reputable vendor like Amazon. Someone who purchased a Nano Ledger S from ebay lost funds because the scammer generated a key and then made the backup card look like a “scratch off” to reveal a unique private key. All of these hardware wallets should be initialized and a new seed generated.
Be sure to store multiple copies of your seed phrase in multiple locations!
Any one of these wallets will secure the private keys to the coins they support and are much more secure than keeping private keys on computers & mobile devices. If the hardware wallet is lost or destroyed, they can be restored using the backup passphrase.
If you are looking for a specific review please contact email@example.com
Mario Costanz joins JJ to talk about crypto and taxes. Mario has been successful building a U.S. tax prep company called Happy Tax. After discovering cryptocurrency in 2016 he found that tax services for digital asset enthusiasts were nonexistent. Mario has since been building CryptoTaxPrep.com to fill that niche.
In this special NeoCash interview I discuss crypto with Travin Keith. Travin has been a big part of many projects in the blockchain space including: Hyperledger, NXT, ARDOR, SICOS, Agavon, Byteball, Smart Cash, and more! Travin is planning a move to Zug, Switzerland a hot spot for crypto development.
Centra.tech, Centra Card, CTR token has been revealed to be a scam, principles arrested and facing charges of fraud. LitePay vanishes. Sergey Mavrodi has died leaving his MMM ponzi scheme in limbo. Darren Tapp givens an update about his time at Arizona State University working with the DASH team. He was also a presenter at the Blockchain: Security, Scalability & Research Initiative in Phoenix. There is also a lot of NeoCash related news and interviews!
Plattsburgh, New York is banning additional Bitcoin mining operations for the next 18 months. MT.Gox sell-off effects denied by Trustee Kobayashi. U.S. District Court and the Federal Trade Commission move against cryptocurrency scammers in Florida. Twitter will be banning certain types of ads relating to cryptocurrency investing and ICOs. The US Congress 2018 Joint Economic Report praises Cryptocurrency and Blockchain technology. U.S. President Donald Trump signed an executive order barring U.S. citizens from taking part in the Venezuelan Petro scheme.
In this episode Darren and JJ discuss the anti-money laundering boogieman at the G20 summit. Circle rolls out a trading app just one week after buying Poloniex. Google is set to ban crypto ads as of June 1st. Last Week Tonight with John Oliver talks about crypto and does pretty well.
You’re listening to a special episode of Neocash Radio! In the studio with you it’s JJ. In this special episode I interview the Chief Product Officer of the Legolas Exchange, Hugo Renaudin. We discuss the creation of a premium, institutionally compliant crypto exchange headquartered in France. After a successful LGO token sale the coin agnostic project is building a hybrid design using private protocols and public blockchains.
Music credit: “Everyone is so Alive” by Loyalty Freak Music
Disclaimer: This interview is not an endorsement or investment advice. I make no warranty about the claims or projections discussed in this episode. Please be mindful of any and all regulations regarding cryptocurrency in your particular jurisdiction. Never invest/gamble more than you are willing to lose and always safeguard your digital currency by keeping it in a wallet whose private keys you control.