🔒 Simplifying Crypto Security: Introducing TANGEM 2.0 – A User-Friendly, Secure, and Cost-Effective Solution. Comprehensive Review and Update.

Live Stream Watch Along: A Comprehensive Guide to Tangem Cold Storage Wallet

Introduction

In this article, we will be discussing the Tangem Cold Storage Wallet and its features. We will explore the updates made to the wallet, including the option to use a seed phrase or write down a mnemonic phrase on paper. Additionally, we will cover how to transfer your cryptocurrency from exchanges to the Tangem wallet, how to connect it to a decentralized exchange (DEX), and more. After the video, we will have a Q&A session with one of the developers from Tangem. So, let’s dive in!

Overview of Tangem

Tangem is a company based in Switzerland that was founded in 2017. They offer a cold storage wallet that supports over 6,000 coins and tokens. The company has received a $15 million investment from SBI Holdings, a joint venture partner with ripple. Tangem’s leadership team consists of individuals with extensive experience in technology, finance, and digital assets. They have also partnered with well-known companies like Visa and Samsung.

Security Features of Tangem

One of the key features of the Tangem wallet is its high level of security. When you activate the wallet, the chip in the card generates a random private key that is never exposed to Tangem or anyone else. This ensures that your private key cannot be stolen or compromised. Tangem also uses the highest standard of chip security, E6, which is evaluated by independent auditing firms.

Setting Up the Tangem Wallet

Setting up the Tangem wallet is a simple process that only takes a few minutes. You will need an NFC-enabled phone to interact with the wallet. The wallet comes with two or three cards, and it is recommended to have at least three cards for backup purposes. During the setup process, you will scan the cards using your phone and create a wallet. You will also have the option to back up your wallet using the seed phrase or mnemonic phrase.

Functionality and Integration with DEX

The Tangem wallet can be used to interact with decentralized exchanges (DEX) like One Inch. By connecting your wallet to a DEX, you can easily trade and swap cryptocurrencies without relying on centralized exchanges. This provides more control and security over your funds. Tangem is continuously working on integrating with more DEX platforms to expand its functionality.

Price and Discounts

The Tangem wallet is competitively priced compared to other cold storage wallets on the market. The price varies depending on the number of cards you choose. A pack of two cards costs $43.90, while a pack of three cards costs $55.90. By using the affiliate link provided in the description, you can receive an additional 10% discount on your purchase.

Backing Up Your Tangem Wallet

To ensure the safety of your funds, it is crucial to back up your Tangem wallet. If you lose one of your backup cards, you can purchase a new set of cards and transfer your funds to the new wallet. It is recommended to have at least two backup cards to avoid the risk of losing access to your funds.

Integration with Tax Software

Currently, there is no direct integration with tax software. However, Tangem is aware of the demand for such integration, especially in countries where crypto tax reporting is required. They are actively working on providing a solution that will make tax reporting more convenient for users.

Syncing with Tax Software

Syncing your Tangem wallet with tax software to track your transactions is not currently supported. However, Tangem provides transaction history for bitcoin and other chains within the app. They are continuously working on improving the functionality and may introduce syncing with tax software in the future.

Using Tangem on Desktop

Tangem is primarily designed for use on mobile devices with NFC capabilities. It is not currently supported on desktop computers. The NFC module is required to interact with the app and sign transactions securely.

Durability of Tangem Cards

Tangem cards are highly durable and resistant to various conditions. They have been tested under extreme temperatures, including fire, without compromising their functionality. The cards are designed to withstand reasonable circumstances and provide a secure storage solution for your private keys.

Native Staking

Tangem is working on introducing native staking functionality, which is expected to be available in December or January. This feature will allow users to stake their cryptocurrencies directly from the Tangem wallet, providing a convenient way to earn rewards.

Conclusion

The Tangem Cold Storage Wallet offers a secure and user-friendly solution for storing and managing your cryptocurrencies. With its high level of security, ease of use, and compatibility with decentralized exchanges, Tangem is positioning itself as a leading cold storage wallet for the masses. By diversifying your storage across multiple cold storage devices, including Tangem, you can enhance the security of your funds and protect against potential risks. Remember to always back up your wallet and keep your private keys secure. Tangem’s commitment to continuous improvement and integration with new chains and functionalities makes it a promising choice for cryptocurrency holders.

Frequently Asked Questions

Q: Can scratches on the Tangem card affect its functionality?
A: Tangem cards are highly durable and resistant to scratches. They are designed to withstand reasonable wear and tear without compromising their functionality.

Q: Can I sync my Tangem wallet with tax software to track my transactions?
A: Currently, there is no direct integration with tax software. However, Tangem provides transaction history within the app, and they are working on improving the functionality to make tax reporting more convenient for users.

Q: Can I use Tangem on my computer?
A: Tangem is primarily designed for use on mobile devices with NFC capabilities. It is not currently supported on desktop computers.

Q: Does Tangem support all cryptocurrencies?
A: Tangem supports over 6,000 coins and tokens. While it may not support every single cryptocurrency, it offers a wide range of options for users.

Q: Can I stake my cryptocurrencies directly from the Tangem wallet?
A: Tangem is working on introducing native staking functionality, which is expected to be available in December or January. This will allow users to stake their cryptocurrencies directly from the Tangem wallet.

Q: How many backup cards should I have for my Tangem wallet?
A: It is recommended to have at least two backup cards for your Tangem wallet. This ensures that you have a backup in case one card is lost or damaged.

Q: Is Tangem compatible with tax reporting requirements?
A: Tangem is aware of the need for tax reporting in various countries and is working on providing solutions to make tax reporting more convenient for users.

Q: Can I use Tangem to interact with decentralized exchanges (DEX)?
A: Yes, Tangem can be used to connect with decentralized exchanges like One Inch. This allows users to trade and swap cryptocurrencies directly from their Tangem wallet.

Q: How durable are Tangem cards?
A: Tangem cards are designed to be highly durable and resistant to various conditions. They have been tested under extreme temperatures and other challenging circumstances without compromising their functionality.

Q: Can I integrate Tangem with other hardware wallets?
A: Tangem is a standalone cold storage wallet and does not require integration with other hardware wallets. However, you can use multiple cold storage devices, including Tangem, to diversify your storage and enhance the security of your funds.