Crypto holders understandably wonder how they can best keep funds safe. Many know centralized exchanges are vulnerable to exploits and hacks.
But people often wonder how to sift through the vast range of hardware and Internet-based virtual currency wallets to determine the best one for their needs.
Launched back in 2015, the Coin.Space team has been working to simplify the cryptocurrency industry by releasing their wallet, which supports more than 20,000 tokens, including the ERC20 and ERC223 standard.
But how does Coin.Space’s crypto wallet compare with other options? What should crypto holders know about the Coin wallet before using it? Keep reading for a breakdown of the wallet and its important features.
Lets dive into this coin.space review to see if this crypto wallet is legit?
Coin Space Wallet Overview
The Coin.Space crypto wallet is designed for a variety of devices and can be downloaded on well-known platforms like iOS, Android, Samsung, Windows, Linux, Tor. The Coin.Space team says more than 20 million people have downloaded the wallet and transacted $120 billion with the tool.
The wallet has gained popularity due to its easy-to-use UX and multi-level security protocols matched by few other crypto wallets. Coin.Space has also built an exchange platform for users to buy and sell crypto. Wallet users can join Shapechift to easily transact with low fees.
Miners are able to set their own custom fees on a per-transaction basis or rely on three preset miner fee profiles. The Default profile has an estimated 30-60 minute confirmation time, while the Fastest profile confirms within the next block. The Minimum profile confirms in 60-90 minutes.
Security features are what makes Coin.Space’s wallet one of the best options on the market. Even though the wallet is connected to the Internet, the Coin.Space team has taken a number of steps to protect users.
The ability to rotate Bitcoin addresses when receiving funds makes it harder for hackers to track payments moving in and out. Tor functionality means a crypto holder can set up a proxy to prevent thieves from linking transactions with a particular IP address.
The wallet also features the following security measures
- Client side encryption through AES-256. This prevents a breach from occurring. With a 256 bit key length, AES-256 encryption is essentially unbreakable by brute force using modern computers.
- Mandatory BIP39 passphrase encryption comes with wallet creation. The BIP39 standard is the most common for seed phrases and provides a high level of security from the start. A four digit pin is also required when a wallet user logs into their account. BIP32 encryption also allows users to backup and secure their wallets.
- Private keys are created and stored directly on the device, and are never shared with any outside server or with the Coin.Space staff. Keeping private keys secure is the most important step towards protecting a crypto wallet. Users who own their private keys also have greater autonomy over funds in comparison to centralized exchanges.
- The entire crypto wallet is open-source, which means the architecture can be audited and reviewed for any security issues. Open source crypto projects foster transparency and user trust.
- The Coin.Space team utilizes certificate pinning to protect HTTPS websites from impersonation. Pinning greatly reduces the risk of compromise and man-in-the middle attacks. Clients who connect to a pinned server will refuse to make a secure HTTPS connection for any other un-pinned certificate.
From a security standpoint, the Coin.Space crypto wallet has some of the best security features on the market. The multi-layer security measures give users control over their personal information and private keys, while creating a secure system to send and receive cryptocurrency. Integration with Tor is a key and unique feature that provides even more transaction privacy.
Coin Space Review: Usability
The Coin.Space wallet is pretty easy to use and provides a simple-to-understand UX. Prospective wallet holders are presented with a simple website featuring a FAQ page, additional information about the wallet, and links to Coin.Space’s social media platforms and blog.
To start using Coin.Space’s wallet, a user just needs to head to the ‘Wallet’ page and click ‘Create new wallet.’
Next, a 12 word passphrase is generated. It’s very important to either copy the phrase or write it down exactly as it appears.
The lack of this passphrase will lead to a loss of wallet access. In a smart move, Coin.Space does ask users to click a box saying they have written down or safely stored the passphrase.
After, Coin.Space will ask a user to enter two words from their passphrase to confirm it. There’s also an option to review the passphrase again if needed. After clicking confirm, the wallet asks for a four-digit PIN code to be entered. After entering a PIN, a crypto holder can start using their wallet!
Otherwise, the actual wallet dashboard is sleek without unnecessary features. Wallet users can easily see their token balances, the price of a particular asset, and send and receive in a simple manner.
The Bottom Line On Coin.Space’s Crypto Wallet
Those who wonder how to buy crypto have a trustworthy tool with the Coin.wallet to both buy and safely store coins. The wallet’s simplicity and robust security features make it great for those new to the digital currency world or just interested in a no-frills wallet.
Quick registration, the built-in, exchange, and Tor integration are additional features that make Coin.Space’s wallet a great choice for crypto enthusiasts.