Bitcoin is an open-sourced and decentralized cryptocurrency, which can also be known as digital asset or digital gold. It adopts the blockchain distributed ledger technology to generate one block every ten minutes. All the transactions generated within the ten minutes will be recorded in this block. The client wallet run by users will record the content of each block. In January 2009, it was released by a person nicknamed Satoshi Nakamoto and the first block came into being on January 9, 2009. From the perspective of investment, if it’s calculated at the initial price of 1 cent, the value has increased by more than 300,000 times so far.
Electrum is a popular light bitcoin wallet which validates bitcoin trading information based on the SPV principles proposed by Satoshi Nakamoto. It’s feathered with rich functions, open source and high security level.
In the Lunar New Year holidays of 2015, the Year of Goat, it’s reported that the cold wallet of BTER, one of China’s largest exchange of Altcoin, was cracked and 7170 bitcoins were stolen by hackers instantly with a heavy loss of more than 10 million RMB. The public can’t help asking how come the bitcoins were stolen even being stored in cold wallet? Bitcoin is still safe enough? The boss of BTER exchange repeatedly claimed in media reports that “passwords have been cracked”. Has cold wallet anything to do with passwords? Or the boss never knew what cold wallet was. As Xu Mingxing, creator of Okcoin, has said, “the key (for bitcoin cold wallet) is never to be connected to network.”
Now, we’d like to give the most basic introduction of cold wallet step by step by graphics as well as ways to create a cold wallet never access to network and conduct a bitcoin transaction offline.
KeepKey is a hardware wallet that secures bitcoin, bitcoin cash, ethereum, litecoin, dogecoin, dash, bitcoin gold and multiple erc-20 tokens.
It’s a prpduct developed by a company based in Seattle. The company was founded in 2014 and KeepKey was released in September 2015. KeepKey was acquired by a cryptocurrency exchange Shapeshift in August 2017. After that, KeepKey supports sending, receiving and holding 54 coins and tokens through one native Chrome app. Select coins and tokens can be exchanged via the built-in ShapeShift integration allowing for over 500+ unique trading pairs.