Like many of my peers, I've been an avid supporter of Ledger wallet for many years. It was the second hardware wallet device I bought some 6-7 years ago and I have a great affection for it. However, my trust was shaken when they introduced a monthly "Recover" subscription that seems to compromise the essence of private keys. I talked about it on this channel, so you probably know about this. Ledger now has a method to extract the seed phrase from existing wallets which is a useful recovery option for the masses, but that puts all of us OGs in shock. Despite Ledger being a reputable company, I no longer felt comfortable storing my main crypto funds on the wallet. I decided to spread my crypto across several devices for extra security, should anything happen to any of my wallets, the goal is to have less damage done, hence why, I will be storing no more than $50k or 100k worth of crypto in each wallet and this means I need many wallets - I don’t mean to brag about my wealth, but I have done well over the years.
Anyway, I am also sharing with you my experience here, on this channel, and I have conducted evaluations on various cold wallets such as Trezor, Keystone Pro (Gen 2 and Gen 3), CoolWallet Pro, OneKey Classic and Touch, Ellipal Titan Mini, SecuX, Keepkey, BitBox02 and the first Tangem (1.0). I hope I didn’t miss any. Each of these devices has its advantages and drawbacks, so by sharing these with you, I hope to help you make a good choice where you park your crypto for the long run. I’m also using metal plates for storing and safekeeping of the seed phrases that all these devices generate and I always emphasise how important it is not to lose the seed of your wallet - it’s the only thing that a hacker needs in order to steal your funds. They don’t need the device. Just the seed phrase. This is why I was drawn to Tangem in the first place.
This is the first wallet I came across that doesn’t generate a seed phrase. At least, not in the conventional way, where you have to keep it separately. Instead, the wallet is generated on a set of cards, the size of a standard credit card, that you can keep in your purse, wallet, bag, pocket… Convenience : check!
It comes as a set of 2 or 3 cards and I recommend the set of 3, because one of these is your main and the other 2 are the backups. What this means, is that you have 3 backups and you can operate with any of them. But this raised a lot of other concerns. Like, what if I lose all of them…? Or what if I lose one, the other malfunctions, now I’m left with just one! Or worse, I lose the backups, I have only one left and I lose that… There are plenty of scenarios like this as you can imagine, so I see this being addressed in the new Tangem cards 2.0
First Impression
The new Tangem Wallet has a beautiful new minimalist design and improved user interface. It’s ideal for newcomers - all you need is a smartphone that supports NFC (this is the touch sensor functionality) and the Tangem app. That’s all. No batteries, no wires, or even a computer will be necessary to use this wallet. It offers a seamless and secure experience for digital assets management. In fact, they proudly state on their website that out of almost a million cards issued to customers, not one has ever been hacked. Bold!
There are more than 37 networks supported and their tokens, so we’re talking about thousands of tokens. You can see them listed here, I won’t go through that list, just pause and read it through if you need to.
The design is the same as the first gen, it looks and feels just like any credit or debit card that fits in your wallet, thus making it ideal for day to day use and this is what I like most about it. I travel a lot, so I don’t like carrying too many devices with me, especially tiny gadgets that easily get lost. So, having it in my card holder is much more convenient for me. I have an app on my phone that I use to check my balances and execute transactions and all I do with the card is tap it when I need to approve a transaction I’m sending. I don’t need it for anything else. I can receive crypto in this wallet any time. The fact that I don’t have to connect a device with cables or via Bluetooth and enter pin numbers or scan QR codes and all that just to complete a transaction makes this much faster, which is why I’m saying that it’s my ideal daily cold wallet. Most of the other cold wallets I have are for medium or long term storage. This is the one I use now with exchanges for instance, where I move my coins in and out almost on a daily basis, because I don’t keep my money for too long on exchanges. I was using ‘Trust wallet’ for this up until a few months ago, when I found Tangem. ‘Trust wallet’ is good, don’t get me wrong, but it is still a hot wallet, so not as secure and there were many reports about hacks and other issues with Trust wallet this year, so I moved away from it with the first Tangem cards I got a few months ago.
I will keep using them, but now I added this new set of 3 gen-2 Tangem - the best part is, the same app is used for both, so no need to add any more apps to my phone. Also, I have the app on two of my phones and I have the Tangem cards synced with both devices, and that’s really useful.
By the way, I negotiated a discount for anyone who wants to get this wallet, so use coupon “CRYPTOCORNER” or this link to lock in 10% discount. You can get the 3-pack for just 60 bucks. That price is unbeatable guys. The 2-cards set is 50 bucks. It’s totally worth the extra 10 or 12 bucks for the set of 3 in my opinion.
New Features
The new Tangem Wallet has several added features that differentiate it from the older version of the Tangem cards. Those who know the first generation Tangem cards, will remember that there was no seed phrase. This was both good and not good enough for some. Good for those who don’t want to worry about losing their seed phrase, but not that good for those who might want to use the same seed with multiple devices or migrate from an older wallet to a new one. Well, with this new version of Tangem, there is a seed phrase option.
-Seed Phrase
There are now three ways of using a seed phrase in the new Tangem wallet:
- Using the certified True Random Number Generator TRNG, which generates and stores the keys inside the cards' chips. Neither Tangem nor anyone else knows it. And no copies exist in space and time outside your Tangem cards. This is the default recommended option and it’s how it used to be with the first gen cards too. This is what I refer to when I say “no seed” - because you never get to see it.
- Generating a seed phrase with the Tangem app and importing it to the card. The wallet’s software selects 12 random words from a wordlist containing 2048 words based on the BIP39 seed phrase standard, which is how all other brands do it. The software then converts that into a binary seed, from which it generates a private keys and public address pairings. The private keys are then uploaded and stored on the Tangem cards and the public addresses are what you use to receive coins into your wallet.
- Importing your seed phrase from another wallet. This is what you will need if you are migrating from another wallet. Importing your seed phrase from another wallet will give you access to all the coins and tokens that you are holding there.
Indeed, with this new version of Tangem you can import and export wallets via the standard BIP39 seed-phrase technology, which apparently was requested by many of the users.
I have to point out here, that this is still not recommended by Tangem, they maintain their position that it’s best to avoid re-using seed phrases and that it’s best to let the wallet generate everything internally, to avoid any risk of private keys being compromised, so if you’re not too experienced, best stick to their original method where you setup your wallet with their app and without extracting or importing a seed phrase. But the option is there for those who are more experienced and want to use it. And if you do, the wallet will generate 12 words seed phrase that you can keep separately and use with another device later on. Otherwise, it will generate it internally, it will not display it to you and will sync it with the other 2 cards - the back up cards. Basically, these cards are like your seed phrase back ups, in a way, and if you worry about losing your cards, well, people also worry about losing their seed phrases, so it’s the same thing. The way you would protect your seed phrase is the way you should protect these 2 back up cards or at least one of them - stored securely and safe from physical damage.
The main advantage to having a seed phrase is that you can use that with another device and you can store it onto a metal plate, so it’s safe from fire or water damage.
The main disadvantage of having a seed phrase, is that if someone else gets access to it, your crypto is gone.
The main advantage to not having a seed phrase, but using these 2 cards as the only backup, is that a stranger cannot sync them with the app on their own phone because they are already set up with the app on your phone. However, if they have all 3 cards, then they might be able to do that, so be careful how you store them. The point of having 3 is to keep them separately, not in the same place.
The main disadvantage to only having the 2 cards as backup, is that losing them could mean losing access to your wallet forever. That’s why I say get the set of 3 cards, at least you have less of a chance of losing all three.
Both methods: seed or no seed have their pros and cons. So it’s really up to you. I need to point out that if you create the wallet without the seed phrase option, generating a seed phrase later will never be possible. Tangem’s philosophy of not using the seed phrases remains unchanged.
-Disable access code recovery
This is another new feature. When using the app you have an access code, it’s like password. This is the first line of defence against unauthorised users. If you download the app on another phone you need that access code and also every time you open the app, you are prompted to enter it.
If you forget your primary card's access code, you can use another card from your set to restore access by resetting the access code. They’ve gone even further and made it possible to turn off the access code recovery feature, which is a security bonus.
-Transaction History
This is something I was hoping for and Tangem didn’t disappoint. In the past we had to check transaction history directly on the blockchain explorer, which is not very convenient, there’s too many inputs and outputs data to confuse you, so seeing that the new app offers a list of recent transactions makes me really happy.
-Assets Value Tracking
There’s a few other new additions to the app, like token price changes so we can see the change in value and daily PNL for each asset; Rapid access - this is when you hold your finger on any of the coins or tokens and you get a menu to perform different actions; also hiding balance if you’re in a public place and need more privacy, sorting coins by balance or manually, and also group by network and dark mode are all new additions to the already very intuitive and user-friendly app which is available for both IOS and Android devices.
Setting up
You can tap your card to your mobile when you are getting started and this will prompt you to download the app directly from Google Play or App Store. This way you avoid getting an app that is not legit.
You will sync your main card first - they’re all the same, so no need to worry about the correct order. The first card you use in the setup will become your main one and the extra cards will become the back up cards. You will repeat the setting up with each card - I advise you to do this at the same time to avoid forgetting or getting things mixed up. Use the main card for everything and just keep the back ups in secure locations, ideally not even in the same house. Bear in mind that the initial setup might need some time, so don’t freak out if it seems like nothing is happening, just have patience and make sure that the card touches the phone the whole time. If your phone has some extra heavy duty cover, maybe remove it just to be on the safe side - you don’t want to have an error in transmitting sensitive data during the initial setup. I did that, maybe it wasn’t necessary, but I hate getting into troubleshooting, so I try to eliminate any room for errors. In any case, if an error occurs, you can reset the main card to original settings, thus removing any setups and start all over. This will create the seed and private keys from a scratch. So, you shouldn’t do that if you already have coins in the wallet. Another thing I want to tell you is that if you create your back up with just one card, you can’t add a second one later, this needs to be done at the same time, so setting up the back up cards is not something you want to leave for later or on different days, do it all at the beginning.
Also, if you want to mix cards from different packages that you bought, and combine them, you can do that but link up no more than 3 cards to 1 wallet. That’s the maximum. So, if you bought a pack of 2 and another pack of 2 let’s say, you can’t sync all 4 with the same wallet. One will have to stay unused. So, choose well the first time - yet again, this is why I recommend getting 3 from the get-go.
Security
Thanks to a powerful chip from Samsung (EAL6+ certified), the Tangem Wallet is able to sign transactions with hundreds and thousands of inputs, which is important for wallets used in mining. Tangem offers excellent security with their default (internal) seed generation, so if you want the maximum security option, do not import or export seed, just have it done internally with the TRNG method like with the first gen.
Lastly, the question I was curious about and maybe you will be too: What will happen if the company shuts down and stops operating and the app won’t be available in AppStore anymore? If you can’t use a seed phrase to migrate to another device, then what?
The app works independently of Tangem's servers and will continue to work even if the company shuts everything down. On top of that, you can also always download the Tangem app on GitHub. I downloaded the app from there and will keep that file just for peace of mind.
Alright, with all this said, let’s summarise. What are the pros and cons of Tangem Wallet:
Pros:
- Ease of use: Just tap the card on your phone to access your crypto.
- Security: the card’s EAL6+ certified chip is as secure as a biometric passport.
- Smart backup: The chip in the card generates a random private key which never gets exposed. The cards establish a secure connection with each other and transfer your encrypted private keys.
- Seed phrase option: Ability to import and export wallets via seed-phrase technology.
- Accessibility: Your Tangem wallet can be with you anytime; there is no need to charge or connect it with wires. The cards can fit in a wallet or cardholder with your other credit cards, so you can sign your transactions anywhere.
- Value For Money: Priced at 60 bucks (with the discount you get by using my link below) you are guaranteed the best value for money currently on the market.
Cons:
- Currently you generate only one public key for each blockchain, but other wallets providers allow multiple addresses, so this is something that I want to see improved.
- Fees - I didn’t find an option to change the fee I’m paying when I send crypto. I don’t always change the fee, but sometimes it’s handy to be able to do that.
- Another thing that can be considered a drawback is that if you don’t generate a seed phrase, it’s more convenient for the short term but you depend on this brand only, so it’s not a solution for life. But it’s ideal for right now, so day to day use is fine. If I want to park my crypto here for retirement, I will have to use the seed phrase, so maybe in 20 years’ time I will sync it with a different device if I have to and not worry about the software being out of date.
Conclusion
The new Tangem Wallet is surely a step up from the older version of the Tangem cards. It offers several new features that make it faster and easier to use, ideal for frequent, on the go kinda use. It’s very secure and with excellent reviews from everyone I know, my own experience with it so far has also been really smooth. I have nothing to complain about. If you are looking for a hardware wallet that is lightweight, fast, secure and doesn’t cost hundreds of dollars, Tangem is definitely the way to go.
☝Get any Tangem product with my special discount code "CRYPTOCORNER" (apply at checkout) and with this link.
If you want to compare it to the other leading brands currently on the market, then grab my Free eBook "Best Crypto Wallets" - I list there all the most popular ones - hot and cold. I have used them all and I give you my personal view on each, so you can make the right choice.
☝These are my opinions, not financial advice, always DYOR.
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The information contained in this article is for informational purposes only. Nothing herein shall be construed to be financial or legal advice. This content reflects solely my own opinion and analysis.
Purchasing cryptocurrencies poses considerable risk of losses. All information is meant for public awareness and contains what is already in the public domain. Always do your own research!
