If you’re wondering how you would store cryptocurrency once you acquire it, there is good news for you. A mobile cybersecurity company Sikur recently unveiled what they termed as “the first fully-encrypted, hack-proof Smartphone that can safely store cryptocurrencies.”
The phone has both its hardware and software designed with a strong bitcoin wallet and a custom app store for top-security apps.
At the Mobile World Congress held in Barcelona, Spain, the company unveiled the new Smartphone with security-eccentric features to enhance cryptocurrency storage. Besides, Sikur has developed its own app store complete with an operating system baptized SikurOS, which borrows from the Android protocol. According to information published on their website, Sikur noted, “any third-party apps must be vetted and confirmed by the company before they are available in our upcoming app store.”
Describing their platform as the safest on the market, Sikur emphasized on its website:
“Keep your cryptocurrency in the digital marketplace’s safest wallet. The only wallet that protects via software and hardware.”
Specs of the Sikur Smartphone
In addition to hardware and software integration, the phone “has a 5.5 inch ‘full HD’ Gorilla Glass display, 4GB of RAM, 64 GB of storage, a 13MP rear and 5MP front camera, and a 2800mAh battery,” according to Engadget.
Interested consumers can order the phone from the company’s website, where they write:
“The pre-sale price will only be available for the first 20,000 units, available in August 2018. Sikurphone comes with a 2-year license. With the device, you will also receive the Sikur platform for free to use on your desktop PC.”
The Smartphone will initially sell at $799 inclusive of shipping charges.
Security and Wallet
The integrated Sikur wallet app works specifically for the SikurOS. Customers can protect their funds “with one or multiple signatures,” as the company explains on its website. Besides, the wallet “includes native support for the Bitcoin Testnet, perfect for testing new bitcoin applications across multiple platforms.”
“With multi-signature (P2SH) and multiple wallet support, Sikurwallet makes it simple for developers to test and demo bitcoin applications without fumbling between other mobile apps.”
According to Alexandre Vasconcelos, Sikur COO, the company engaged security researchers Hackerone to attempt breaking into the device but their efforts failed.
“Sikurphone was subjected to rigorous hacking tests for two months…hackers failed to gain access to any information.” These revelations provide proof that new ways to store cryptocurrency are in the offing.
Other ways to Store Cryptocurrency
Do Not Use Web Wallets
A web wallet, also known as a hosted wallet, refers to a digital wallet hosted by a third party. While some people may want to store cryptocurrency in this manner, it’s merely like leaving your digital currency in the hands of another company. The method could be easier to use, but not every company can provide top security for your coins.
If you choose to use this wallet, you simply need to sign up for an account and start depositing cryptocurrency, which you use to purchase goods and services online. You can also receive more cryptocurrency through the web wallet.
However, the web wallets are often prone to hacking attempts by unscrupulous cyber criminals. To protect your funds with utmost security and safety, you should avoid this type of storage. If, however, you must use it, you should find a company that offers the highest level of security and safety. Read top reviews on the best online avenues to store cryptocurrency. It is also advisable to transfer your cryptocurrency from exchange-based wallets immediately after every exchange transaction. You can store cryptocurrency on a personal computer, which should also be encrypted.
Utilize hot and Cold Wallets Separately
Hot wallets refer to digital wallets that are connected to the universal network or the World Wide Web. These wallets have higher chances of network attacks compared to wallets stored offline. If you are a bitcoin trader of investor, having a separate offline wallet could be a better way to store cryptocurrency.
Offline storage is better because it is not vulnerable to hacking attempts. To minimize the risk of losing all your coins at once, you should have some in an offline, or cold wallet. In fact, the bulk of your digital currency should be in a cold wallet, which you can store in a safety deposit box if you like.
All the same, having a reasonable amount of cryptocurrency online can help you with regular transactions. If you are about to receive a large amount of cryptocurrency online, you should transfer them to your offline wallet immediately after the transaction. This could save them from possible attacks.
Have a highly secure offsite backup
A backup is important in the event that your computer hard disk crashes or you lose your computer. In that situation, the backup could help you retrieve the lost information without difficulty. Bitcoin experts often advise that owners have a separate backup that can come handy in such situations. It is even better to generate several backups to store cryptocurrency in different locations.
Based on the type of wallet you use, it would also be necessary to back up your digital wallet after every transaction or after every one hundred transactions. This can keep your wallet updated with the latest private keys that you use to access your stored coins.
Consider a Type-two Deterministic Wallet
Type two Deterministic Wallet feature is available on both Electrum and Amory open source wallets. This feature utilizes a seed to deterministically generate all future keys for all the bitcoins that you have. With it, you’ll need just one backup server. This is because the backup has the seed and in case you lose your wallet accidentally, you can still generate a new wallet with the same seed. This will enable you to have the exact copy of your lost wallet with all its private keys and all the coins it contained.
Utilize Fragmented Backups
While you may need to create only one backup for your seed, it is still advisable to generate multiple copies of the backup, which you can store in different locations. If the physical security of your backup is worrying, then you should consider having fragmented backups.
By having six fragments of the seed, you can use any four to regenerate the seed. Storing the fragments in different locations makes your wallet more hack-proof, as any hacker would need to access four fragments together, which might be difficult. In Armory wallet, there is a provision for fragmented backups.
Cryptocurrency security is a growing concern for both aspiring and existing crypto traders. With improved ways to store cryptocurrency such as the Sikurphone, the crypto space is experiencing a new wave of change that might see many traders and investors join the market.
What do you think of the new method that enables users to store cryptocurrency on their Smartphone? Join the conversation over at Telegram (https://t.me/coinstaker)
Featured Image from CoinStaker Library
Tony is a writer for the crypto space. He presents cryptocurrency and blockchain topics to the public in a way that he only can. While carefully researched, this article should not be taken as an express investment guide. Do your own research and consult a financial advisor before you invest in cryptocurrency.
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