Most of you know of hardware wallets, and we have all heard the phrase “not your keys, not your coins” before. But it was not until FTX and other exchanges collapsed that we really started to understand how important self-custody is. That is where hardware wallets come in, and they are a great way to keep our coins safe and secure.
However, this hardware wallet, which we will discuss, takes a completely new approach that we bet you have not seen before. Introducing the Tangem Wallet.
What Is Tangem?
If you are unfamiliar with Tangem, they are one of the popular cold wallet manufacturers in the crypto industry today.
Tangem wallets are unique because they do not require users to generate, write down, and manage a backup key. This makes it easy to set up the wallet and removes many of the pitfalls people experience when managing a cold storage wallet.
You also do not have to worry about accidentally revealing it to a scammer or hacker, as this is one of the top ways people get scammed out of their crypto: by revealing their backup phrase.
How Does Tangem Work?
Tangem is a physical card, and there is no seed phrase (for the classic ones), so they do not give you any seed phrase to remember. However, their recently launched Tangem 2.0 wallets let users generate a seed phrase if they want, which is completely optional.
According to Tangem, the seed phrase is built into the NFC chip in the physical card, so this is more interesting than some of the other hardware wallets you may have heard of.
Even though this is a bit different from saving your own seed phrase, these physical cards still offer a lot of security, as they only work as an app on your phone. The application is available on the Apple App Store and Google Play Store.
If you want to make any transactions, like swapping, sending, receiving, or adding new tokens to the wallet, you have to use one of the cards. Most people usually have two or three cards, so they can have one or two as a backup. But any of the cards will work just fine, and basically, you place the card right up to your phone, where the NFC works.
Security & Certification
The card is very simple in design, with just a chip. This chip is an advanced standalone microcomputer that has been independently certified as having the highest security standard among crypto wallets, known as EAL6+, a level of protection similar to that of NASA and passports.
The card also has an NFC antenna for wireless communication, similar to a regular credit card, so it does not have vulnerable elements prone to failure, like batteries, a cable, or a screen.
Tangem also has an independent audit of the firmware and the source code involved was carried out by Swiss auditing company Kudelski Security.
Lastly, they are rated IP68, the highest possible protection rating against environmental conditions. That means they can withstand harsh elements like dust, water, and heat and even be put in the snow, which will still work.
What We Like About The Tangem Wallet
The Tangem Wallet impresses with its standout feature: affordability. Hardware wallets can be expensive, and Tangem offers a significantly cheaper product without compromising security. It utilizes advanced security features and cryptographic algorithms to ensure the safety of your digital assets.
The wallet’s design is sleek and compact, fitting comfortably in the palm of your hand. Its user-friendly interface makes it easy to set up and navigate, even for beginners. The Tangem Wallet supports multiple cryptocurrencies and networks, providing versatility and convenience for users with diverse portfolios.
Pros
- Affordability – The Tangem Wallet stands out in terms of affordability, providing a budget-friendly option for those seeking a hardware wallet without breaking the bank.
- Private Key Security – One of the Tangem Wallet’s key advantages is its unique security feature. The user cannot access their private keys, as they are securely stored within the wallet’s chip. This adds an extra layer of protection against potential threats.
- NFC Authentication – The Tangem Wallet utilizes NFC (Near Field Communication) technology for authentication. To access your cryptocurrency, you must physically tap the card against an NFC-enabled device, ensuring that only you can authorize transactions.
- Multi-Card Backup Option – One notable advantage of the Tangem Wallet is the ability to choose a multi-card backup option. Users can select two or three cards when ordering, with one card containing the primary private key and the remaining card(s) serving as a backup. This feature provides additional redundancy and security for your cryptocurrency holdings.
- Support For Multiple Cryptocurrencies – The Tangem Wallet supports various cryptocurrencies, making it versatile and convenient for customers with multiple portfolios of digital assets.
Cons
- Risk Of Card Loss – One potential drawback is the risk of losing the physical card. As it relies on a physical card for authentication, misplacing or losing the card could result in the inability to access your cryptocurrency funds.
- Incompatible With Older Phones – The Tangem Wallet’s NFC-based authentication requires an NFC-enabled device. Older phones or devices lacking NFC functionality may not be compatible with the wallet, limiting accessibility for some users.
- Shipping Time – Some users have reported longer shipping times for the Tangem Wallet. Depending on your location and shipping options, the wallet may take longer to arrive. In certain cases, delivery can take up to a few weeks, which may be a consideration for users who require a more immediate solution.
Discount Code
If you want to purchase the Tangem Wallet, use our referral link or discount code to save money on your order. You can get reductions of up to 10% off the initial price!
DISCOUNT CODE: EPUV7K
How To Setup Tangem
Download Tangem From The Apple App Store Or Google Play Store
Open The App And Scan Your Card
Tap the card and do not remove it until the end of the operation.
Create A New Wallet
The private key is generated when you create a new wallet. Once again, there is no seed phrase for the classic ones, and it is completely optional for the Tangem 2.0 cards. Moreover, the card works with PIN or biometric authentication, so only you can access your crypto; the private key never leaves the chip once it has been activated, so it cannot be stolen.
Add A Backup Card
You can link up to three cards to one wallet. Click “Backup now” and hold the first backup card to the back of your phone. After adding the first backup card, you will get a message to add the second one if you purchased the 3-card bundle.
Create An Access Code
Create an access code to protect these cards in case you lose them. This adds another layer of security.
Finalize The Backup Process
You will need to scan your primary card. Verify your card’s last four digits, click “Scan the primary card,” and proceed by holding your card on the back of your phone until the operation is complete. Also, repeat the process with your first and/or second backup cards.
And You Are Done!
Once you have done this, you should see a success message. Congratulations! Your wallet is now ready to be used.
Tangem’s Newest Hardware Wallet: The Tangem Ring
Tangem has decided to create something that no cold wallet brand has ever done: the Tangem Ring!
The ring will work similarly to the Tangem cards, with the hardware being mostly identical. That means it is NFC compatible, enabling you to access your crypto assets with a swipe of your finger.
Just like the Tangem 2.0 cards, you can generate a seed phrase or import an existing one you might have. And, of course, the Tangem app will support the ring so that you can set up your own PIN code and biometric authentication.
The Tangem Ring will also come with backup cards, so if you lose your ring or card, you will still have a way to access your funds. Even if you were to lose your ring, you do not have to worry because that does not grant anyone access to your assets. They would still need your PIN code or biometric authentication if you had that setup.
The Tangem Ring will be available for pre-orders in late June, and shipping and delivery will be made in late September.
As the newest hardware wallet, the Tangem Ring blurs the line between fashion and crypto security, setting new standards in style and functionality.
Final Thoughts
If you want a super affordable, secure, beginner-friendly wallet that does not break the bank, Tangem may be the cold storage wallet you seek.
However, before choosing a hardware wallet, it is important to undertake in-depth research and assess your individual requirements, as is customary in this situation. Those looking for a cost-effective and dependable method to secure their digital assets should seriously consider the Tangem Wallet because of its reasonable pricing and outstanding security features.
