Tangem Wallet & Note
Review and Comments 2022

That is not a problem. You can restore your accounts to a new hardware wallet using the recovery key you wrote down when you set it up.

Most wallets support more than just one cryptocurrency, but only generate one backup. Nevertheless, this one backup is sufficient to restore all cryptocurrencies as all private keys of the different wallets result from the seed that is backed up as a backup during setup.

Hardware Wallets such as the Ledger Nano X, TREZOR Model T, BitBox02 or KeepKey all work according to the same principle. They are a special form of a so-called wallet, which is used to manage cryptocurrencies. A hardware wallet is a physical device that securely and inisolationly generates the private keys to the cryptocurrencies. Due to the extra hardware, they have some advantages over software wallets:

• Private keys are often stored in a protected area of a microcontroller and cannot be transferred out of the device in clear text.
• Hardware wallets are immune to computer viruses that steal from software wallets.
• They can be used securely and interactively, private keys never need to come into contact with potentially vulnerable software.
• The software is in most cases open source, so that the user or professionals can validate the entire operation of the device.

However, it is important to understand that hardware wallets are an attractive target for attackers and depend on several assumptions to maintain security. They are not a miracle weapon, and there are several realistic ways to hack a hardware wallet Especially if someone has physical access to the device.

A new cryptocurrency is rarely supported directly by a hardware wallet at the beginning. However, most providers such as Ledger or TREZOR are constantly working to support new cryptocurrencies. Therefore, it is often worth waiting until the desired currency is supported by your hardware wallet.

Are my cryptocurrencies stored in the hardware wallet, or where exactly are they? This is a very good question because the answer defines what your wallet actually needs to protect.

Cryptocurrencies are so named because they are secured by cryptography. For this you need a set of digital keys, for example your (very secret) private key. With this key you can encrypt and digitally sign things.

Let’s take Bitcoin as an example (other cryptocurrencies work in a similar way). The entire Bitcoin network is kept up to date by a common data structure called the blockchain. It contains records of all transactions ever made and is publicly accessible online, so anyone can read it. When you receive some bitcoins, say 0.1 BTC, you see them in your bitcoin wallet, listed under a bitcoin address.

At the same time, the bitcoins are not actually stored in the wallet, they are just an entry in the public blockchain. What the wallet stores is your secret private key that belongs to that address. Since you control that private key, you can spend those Bitcoins again: that’s how “Bitcoin ownership” is defined. Anyone can see these bitcoins, but only you can spend it, so they are yours. But that also means that *anyone* with the right private key can spend those bitcoins. Therefore, it is very important to keep this key secret.

What stops the manufacturer of your hardware from using a backdoor and simply stealing your cryptocurrencies? How much do you have to trust hardware wallet manufacturers?

While a completely “trustless” solution is probably not possible, manufacturers are doing everything they can to minimize the need to trust them.

Most of the software code of many hardware wallet manufacturers is open source, i.e. publicly available. Anyone can check how the device works and how secrets are handled. Of course, not everyone has the ability to review code: that’s why independent researchers are often encouraged to analyze, and are often rewarded by bug bounty programs when they find something. This does not limit their ability to publish a full independent report without permission.

The essentials to go: A wallet manages your secret private keys and requires full access to them. You can and should demand full transparency about how a wallet works and ensure that independent public audits are encouraged.

It is guaranteed that the private key will never be disclosed. Handing over a card is inherently a payment transaction outside the blockchain. You can sell them as merchandise, send them as gifts, or use them as payment. Basically, it’s a secure, smart banknote for digital assets.

Multi-Sig is a security feature enabled by asymmetric cryptography. It allows two keys, stored securely and secretly in the security element of each card, to independently sign a transaction to send money from the same wallet address. With this level of security, users can reduce the risk of a single-key wallet.

Christmas, a birth, a wedding or a birthday is coming up and you want to give something special. In the process, it is becoming increasingly popular to give away cryptocurrencies like Bitcoin. Because these gain more and more importance and often also value over time. But what is the best way to give away cryptocurrencies?

Of course, you can generate a wallet for the recipient and give him the private key. This can be done in the form of a paper wallet or write the recovery seed in a card. However, this is cumbersome for both sides and requires some basic knowledge on the part of the recipient.

It is easier and more elegant to use a certain type of hardware wallet. These are wallets that act like a traditional banknote and often take the form of a credit card. An example of this is the Tangem Note. You can easily “load” them with cryptocurrencies via smartphone app and then give them away. The recipient can keep the card, give it away or later also spend the cryptocurrencies via smartphone or send it to a trading exchange of his choice, for example.

Give away cryptocurrencies safely and easily with Tangem Note

The major advantages of giving away cryptocurrencies this way are the following:

• the cryptocurrencies are certainly given away. Nobody knows the private keys. Whoever has the card is also the only one in possession of the cryptocurrencies. If, on the other hand, you generate a wallet yourself, the keys could be intercepted by a third party.
• you can give away something physical. The credit card hardware walletlike the Tangem Note are not expensive, high quality and definitely make a statement!

Of course, this comes at a further cost, but give away a great value of cryptocurrencies, the investment is definitely worth it.