Even with all the encryption and multi-sig security features offered by most bitcoin wallets, some instances of theft have still been reported due to online storage. KeepKey now offers a way to store bitcoin offline through an actual hardware wallet.
This private bitcoin vault is available for $239 on the KeepKey site or Amazon and comes with a USB-connected device. This can work with existing bitcoin wallets and takes over the management of private key generation, storage, and transaction signing.
Offline Bitcoin Wallet
To set the offline bitcoin wallet up, users need to install the corresponding Google Chrome extension on their browser. They will then be prompted to enter a PIN which will need to be input every time a transaction is made.
KeepKey generates a bitcoin private key through its hardware random number generator combined with the computer software. Once this private key is generated, the user is given a one-time opportunity to write down a backup of the twelve-word recovery sentence for their KeepKey.
With that, the actual hardware or offline bitcoin storage will still be rendered useless when stolen since only the user should know his or her PIN. Transactions are secure since each one must be approved manually using KeepKey’s confirmation button.
Aside from that, the company shares an open source code, provides additional altcoin support, and includes malware-proof features.
Compared to other offline bitcoin wallets in existence, KeepKey is a bit on the expensive end. The Trezor hardware wallet, which was developed by SatoshiLabs, is priced at $99 while Ledger’s Nano costs less than $40. Case, which is a bitcoin hardware provider based in New York, is offering pre-orders for its device which is priced at $199. These products are also equipped with security features such as multi-sig authentication or biometric verification that protect accounts from hackers and theft.