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Once you've decided to buy or invest in digital assets (cryptocurrencies and tokens), the most important question is how to keep your funds safe.
This is because, unlike conventional cash such as the USD, you cannot keep your Bitcoin or other cryptocurrency in your closet or deposit it at a bank.
The good news is that blockchain transactions are safe - as long as your private key is secure.
So the major question is, how do you keep your private keys safe? The solution is not far-fetched.
Technology has enabled dedicated software and hardware wallets such as Trezor, SafePal, Ledger, and others to provide a secure method for storing your private keys.
Binance Labs, the venture arm of cryptocurrency exchange Binance, has invested in SafePal.
SafePal S1 Hardware Wallet, SafePal Cypher Seed Protection Board, SafePal Leather Protective Case, and the SafePal Token are the company's main goods and services (SFP).
The firm is gaining traction in the cryptocurrency market thanks to its products and services, particularly the SafePal S1 hardware wallet.
Another element influencing the company's success is its capacity to build alliances with other crypto-based or crypto-supporting platforms, such as Rarible, an NFT marketplace in the crypto ecosystem, and Travala, a trip booking site that takes crypto payments.
Safepal Wallet Review
Because of its light, portable, air-gapped, on-the-go qualities, the SafePal S1 is ideal for users.
The hardware wallet has addressed two critical issues: having a cheap hardware wallet solution and receiving access to the newest crypto industry offers.
SafePal also works with over 1,000 DeFi solutions, including Aave, Uniswap, Sushiswap, and Curve.
DeFi provides a decentralized approach to finance, therefore many participants seek access to decentralized wallet solutions to preserve their funds while participating safely.
One of its intriguing characteristics is the self-destruct mechanism, which may be initiated if any virus, malicious assault, or malware attack is detected by the device's internal sensors.
The hardware wallet, three recovery phrase sheets, a micro USB cable, and a card with QR codes for downloading the software and reading the user manual are all included with the SafePal S1.
The gadget has a tiny square-shaped LED screen in the right corner, and below it are arrow-shaped controls.
A little power button is located on the device's side.
To turn it on, press and hold. After 30 seconds of inactivity, the gadget shuts down.
You may alter the device's setting to make it longer.
How Does SafePal Swap Work ?
SafePal Swap allows users to exchange tokens between blockchains.
SafePal Swap offers affordable and fast crypto exchanges with little slippage when compared to other swap providers.
This article demonstrates how to use the SafePal Swap to exchange cryptocurrency.
It covers the following procedures:
Step 1: Get the SafePal app and install it.
Step 2: Make A Swap Order
Step 3: Sign the agreement.
Step 4: Receive the traded cryptocurrency
Safepal s1 : Security Review
The SafePal S1 is equipped with a secure EAL 5+ chip that produces random keys.
You must enter your PIN in order to establish a public address on the device.
The gadget lacks any transmit features, therefore all fund transfers must be initiated using the phone app.
To access the mobile app, you must successfully complete the dot patterns on the screen.
Another option is to demand a fingerprint, although this is dependent on the functionality of the smartphone.
A Bluetooth, WIFI, or NFC data connection on your smartphone is not required to connect the gadget to your phone. Instead, you connect and sign transactions by scanning a sequence of QR codes with your phone.
The support for the WalletConnect protocol by SafePal is a secret feature that is not stated anywhere in the mobile app.
When you're at the mobile app's main dashboard, there's a scan icon in the top-right corner.
Tapping the symbol brings up the smartphone's camera, which allows you to scan a WalletConnect QR code. This action launches the linked dapp from the mobile app.
Any action you perform on the other interface will necessitate confirmation from the SafePal device and mobile app.
This approach avoids the need to enter your private key into a separate interface to initiate and complete a transaction.
A button titled "Security Quiz" is located at the bottom of the main dashboard, underneath the display of all your assets.
It's a four-question quiz that assesses your understanding about hardware wallets (I tried the quiz and chose all the correct choices).
Safepal s1 : Supported Coins
The S1 is in charge of 23 distinct cryptocurrencies.
It also supports Solana, a new cryptocurrency supported by few hardware wallets at the moment.
If the mobile app does not identify a certain token, provide its contract address. Bitcoin, Ethereum, Binance BEP-2 and BEP-20, Solana, Bitcoin Cash, DASH, DigiByte, Dogecoin, Polkadot, EOS, Ethereum Classic, NEO/GAS, Kusama, Litecoin, MATIC (Polygon network), ONE, Qtum, Theta/TFUEL, TRON, VeChain/VTHO, Stellar, XRP, and Zcash are among the coins supported Other prominent currencies (for example, Avalanche, Cardano, Algorand, Cosmos, and so on) are absent from this list, which I hope SafePal will enable in a future release.
SAFEPAL (SFP), SafePal's cryptocurrency, is available on Binance's Smart Chain. Bagholders are eligible for discounts, produce farm involvement, and governance voting.
Safepal s1 : Supported Platforms
Open the official website of SafePal(https://www.safepal.io/download) and download the latest version of SafePal.
safepal app for Android(Google Play): click here
safepal app for iOS: click here
Pros and Cons of SafePal S1
1- Advantages of SafePal S1
- Supports over 1000 assets
- If the device is physically interfered with, it is erased.
- Price is reasonable.
- Wireless
2- Disadvantages of SafePal S1
- Feels brittle
- Not totally airtight (needs to be plugged into computer for firmware upgrades)
- Transactions are difficult to complete.
FAQ.
What If I Misplace My SafePal Device?
To begin, don't be concerned. If your wallet is compatible, you can recover it into another wallet, whether cold or hot. However, you can only restore it by using the seed phrase obtained during wallet installation.
Is SafePal secure enough for my assets?
Yes, hardware wallets are far more secure than software wallets, with SafePal being air-gapped and resistant to physical assaults.
Is SafePal simple to use?
Yes, download SafePal's mobile app to your phone and you'll be able to perform transactions using simply QR codes, making SafePal an excellent alternative if you want simplicity and security in one spot.
How Does SafePal Function?
When you pair your wallet with the SafePal mobile app, you can conveniently perform transactions by scanning QR codes.
How much does SafePal cost?
SafePal S1 is $39, which we think is a great price. You may also buy SafePal here.
What is included in SafePal Box?
- SafePal S1
- USB-A to Micro-USB cable
- Three recovery sheets
- Stickers
- Quick start guide
- Cleaning cloth
What Are the Hardware Specifications of SafePal?
- Dimensions (cm): 8.6 x 5.4 x 0.6
- Screen: 1.3” IPS screen
- Input: D-Pad and camera
- Connection: N/A
- Battery-powered
- Compatibility: Android, iOS
Final thoughts
The SafePal S1 is a one-of-a-kind addition to the hardware wallet range.
Despite being one of the most affordable options, it is simple to use and has several interesting features.
Understandably, it doesn't feel as solid as a Ledger or Cobo Vault, so users should back up their seeds carefully.
Nonetheless, this is an excellent tool for consumers who are taking their initial steps away from a hot or custodial wallet.
It's a nice portable alternative with no cords for individuals who don't plan on transacting frequently.
Tag:
Crypto-Wallets
