dappGambl’s Review of Tangem Wallet
Anyone who uses cryptocurrency needs a crypto wallet, and one option is a hardware wallet. This type of wallet stores your private keys on a physical device. Many crypto users prefer using hardware wallets because of their offline nature and increased security. dappGambl has suggestions of different hardware wallet options you can use and today we will be looking at the Tangem Wallet.
Understanding Hardware Wallets
A hardware wallet is a physical device, mainly used to securely store cryptocurrencies offline. This wallet isn’t connected to the internet and usually resembles a USB but newer designs take different forms.
Its offline capabilities provide an extra layer of security, preventing potential threats that can arise from malware. It also gives you total control of your assets as there’s no third party involved.
Tangem Wallet
Tangem Wallet is a relatively new wallet that was launched in 2017. It is shaped like a credit card making it easy to conceal and carry around. It also offers crypto users self-custodial abilities allowing them total control of their assets.
The wallet is easy to use employing Near Field Communication (NFC) technology, which allows two electronic devices to communicate when near each other. This technology enables a crypto user to access the assets on their wallet without a recovery phrase.
All you need to do is download the Tangem mobile app and tap the card on your phone. Once you tap, the chip on the card randomly initiates a private key that secures your assets. This key is then transferred using a secure connection to any other cards you’ve bought.
You use the mobile app and your keys to access the assets in your wallet. The app also allows you to buy, sell, or trade your assets.
Key Tangem Features
Several features make the Tangem Wallet stand out:
- Security: The chip inside the Tangem wallet is inaccessible to everyone, including Tangem. All biometric data is encrypted, preventing unauthorized access to your private keys.
- Cryptocurrency support. The Tangem wallet supports 61 networks and thousands of assets like Bitcoin, Ether, Binance, XRP, Cardano, Dogecoin, and Tether, which is one of the best ways to pay in online casinos.
- No recovery seed. This is a backup phrase made up of 12 to 24 words. Though this phrase is needed to recover your wallet should anything happen to it, it can easily get lost or forgotten. Tangem uses two other cards to back up your assets.
- NFT support. Using WalletConnect, Tangem provides access to different NFT marketplaces.
- 24/7 customer support: Tangem offers its users access to around-the-clock customer service.
Tangem Wallet Pros & Cons
Pros
- Easy to carry and use
- Beginner friendly
- No recovery phrase needed
- Secure
- Water, temperature, shock, & dust resistant
- Zero battery or cable requirements
Cons
- Relatively new in the market
- Can’t be connected to a desktop
- Built-in DApp and DeFi integrations are lacking
- No option to use it with a desktop
Setting up the Tangem Wallet
Setting up the Tangem wallet is easy.
- Download the Tangem app, which you can find on Google Play Store, The App Store, or their website.
- Select Scan card and tap (like you would a credit card) the first card on your phone to scan.
- A page will pop up. Select “Create wallet”
- Choose “Add a backup card”
- Repeat the process with the other card(s)
- Choose “Continue” and enter an access code
- Select “Scan Card 1”
- Select “Continue to my wallet” and click “Finish”
Though a seed phrase isn’t needed you can set up one if you prefer. To do this:
- Open the Tangem app and select “Scan”
- Scan the card by tapping it on your phone.
- A pop-up will open, choose “Other options”
- Select “Generate seed phrase”.
- Once the 12 words appear, write them down and store that safely.
- Choose “Continue” to confirm if the phrase is correct
- Select “Create wallet” and scan the card
When the wallet prompts you to back up do so to the other Tangem cards. Make sure you add all the backup cards now as you won’t be able to add more later.
Is Tangem Safe?
Tangem Wallet is a safe wallet for storing digital assets. The card’s chip is certified with EAL6+, the highest level of chip protection used in credit cards and passports. It also uses a True Random Number Generator (TRNG) to generate your private key.
Tangem also performs firmware audits done by independent firms like the Swiss company Kudelski Security to ensure there are no backdoors or vulnerabilities.
Final Thoughts
The Tangem Wallet features a card-like design that’s built for ease of use and accessibility, making it ideal for beginners. The wallet offers NFC capabilities, support for various cryptocurrencies, and strong security features. With Tangem, users can trade, buy, and sell without the risks of third parties and the fear of hackers.
