Tangem Wallet Review 2.0 – We Are Becoming Our Own Bank with Tangem Wallet With Tangem Wallet, we can now take control of our digital assets, such as Bitcoin, Ethereum, altcoins, and NFTs.
What is Tengem Wallet?
Tangem Wallet is a multicurrency, multichain cryptocurrency wallet that is the size of a credit card. It is the most affordable cold storage hardware wallet and is extremely easy to set up and use.
Setting Up Tangem Wallet
To set up Tangem Wallet, follow these steps:
Step 1- Open the box and take out the three cards with the new sleek matte black design.
Step 2- Install the correct and official Tangem mobile app on your phone.
Step 3- Open the app and tap “Scan Card.” Touch one of the cards on your phone.
Step 4- Tap “Create Wallet” and tap the card on your phone again.
Step 5- Tap “Backup Now” and then tap “Add a Backup Card.” Tap the second card to your phone.
Step 6- Tap “Add a Backup Card” again and tap the third card to your phone.
Step 7- Tap “Finalize the Backup Process.”
Step 8- Create an access code to secure your wallet by tapping “Continue” and entering a word, phrase, number, or combination of texts. Reenter it to verify the access code.
Step 9- Scan the primary card ending in the corresponding numbers on the screen. Hold it up to your phone until the operation is complete.
Now, your Tangem Wallet has been configured and is ready for use. You can explore the mobile app to learn how to use it safely and securely and then move your crypto to it.
Review of Tangem Wallet’s New Features
In this blog, we will go over the new features of Tangem’s latest wallet and how we can transfer crypto off exchanges to completely own and control it with this cold storage hardware wallet.
Comparison of Tangem Wallet Versions
There are two versions of the Tangem Wallet: the original version and the latest sleek matte black design. The new version has some interesting new features and is more sturdy with a nice weight to it.
Tangem Private Key Generation Options
One of the main differences between the two versions is the private key generation options. The new version offers three different options:
- Using the certified true random number generator (TRNG) inside the card’s chips
- Generating a seed phrase with the Tangem mobile app and importing it to the cards
- Importing an existing seed phrase from another wallet
It’s important to carefully consider the pros and cons of each option and decide which one is most comfortable for long-term use. Generating a seed phrase through the app on your phone may not be ideal if your phone has malware or has been compromised. If you do decide to create a seed phrase or import one, make sure to take extra security measures.
Securing Your Seed Phrase
When creating or importing a seed phrase, consider disconnecting from any Wi-Fi networks and switching your phone into airplane mode to ensure a more secure process. Avoid taking screenshots of the seed phrase and instead, write it down on paper and store it securely in different locations. For long-term protection, consider using offline options like the Crypto Steel Capsule Solo offered by Ledger.
Risks of Seed Phrases
While seed phrases are designed to help with self-custody and manage cryptocurrencies more easily, there are still risks involved. If anyone has access to your seed phrase, they can steal your funds. It’s important to diversify your assets and not put all your crypto in one basket. Consider using different types of wallets, such as seed phrase-based cold storage hardware wallets like Ledger and Trezor, as well as technologically-based wallets like BC Vault or Tangem Wallet.
Additional Security Features in Tangem Wallet
Tangem Wallet has added some new security features to enhance user experience:
- Encryption of wallets with an access code
- Increased time delay between each wrong password attempt to protect against brute force attacks
In addition to the new features, Tangem Wallet now offers
- A dark mode for better visibility in low-light environments
- The ability to sort and group cryptocurrencies and tokens in different ways
- An option to hide balances for increased privacy
- The ability to monitor price changes directly in the app
With Tangem Wallet, you can take control of your digital assets and ensure their security and privacy. Explore the new features and enjoy a safer and more convenient way to manage your crypto.
How to Transfer Bitcoin Coinbase to Tangem Wallet?
To transfer Bitcoin from your Coinbase account to your Tangem wallet, open the Tangem app, scan the card, and enter the access code. Copy the Tangem Bitcoin wallet address and paste it into the recipient field in the Coinbase app. Enter the amount of Bitcoin you want to send and preview the details before confirming the transaction. Repeat the same process for other cryptocurrencies, ensuring you select the correct network.
To transfer crypto from your Tangem wallet back to Coinbase, open the Coinbase app, copy the Ethereum wallet address, and paste it into the recipient field in the Tangem app. Select the amount of Ether to send and confirm the transaction.