If you’re looking for a hardware wallet that offers privacy, convenience, security while being affordable, look no further, we’ve done a review of a prime candidate: The CoolWallet S Hardware Wallet. Questions relating to its background, use, the advantage over other known hardware wallet brands, and many more will be answered in this review.
Overview of The CoolWallet S
Launched in 2018, the CoolWallet S is a mobile wallet that offers cold storage, for bitcoin (BTC), ether (ETH), litecoin (LTC) and many other popular cryptocurrencies all in one portable device.
Using wireless connectivity to pair with smartphones, the CoolWallet S is designed like a credit card that can fit into your physical wallet comfortably.
Apart from providing security, mobility, and comfort, the CoolWallet S is even more unique because of its waterproof protection, physical flexibility, and its quick over-the-air software updates.
The company behind CoolWallet S is CoolBitX, which is a Taiwanese FinTech company founded in 2014 by Michael Ou. The company specializes in manufacturing secure, digital asset hardware and developing smart contract platforms for users.
CoolBitX is backed by top venture capital firms like Midana Capital, OwlTing, Kyber Capital, SBI Holdings, and Bitman. The company desires to create a link between blockchain and general public use while ending the dependence on unsecured centralized institutions.
The CoolWallet S has a small E-Paper display used to show device information: battery level, pairing status, etc. and transaction information. There’s one button that is used to choose from the various operations on the wallet.
There are two visible connector pins on the surface of the wallet, that can be connected to the power supply to charge the wallet's battery using the charging dock included in the box. It takes about one hour for a full charge of the battery, and it can last for about 20 days on a single charge.
Price of the CoolWallet S
The CoolWallet S Hardware Wallet costs about $99 which is a bit fair for a cool hardware wallet with layered security.
The security of the CoolWallet S is a notch higher than other hardware wallets. With this wallet, your private keys are stored using an eAL5+ certified microchip.
Also, everything regarding storage is completely offline with the aid of encrypted Bluetooth technology, allowing the transfer of funds to be conducted speedily.
Before transactions can be completed, you will be required to review the transaction details on the CoolWallet S screen as well as the app. These multiple confirmations serve to provide more security for your crypto assets.
Regarding the manufacturing of the card, CoolBitX has complete control of the process. This removes the possibility of a third-party manufacturer either creating faulty hardware or installing a loophole that could adversely affect users.
CoolWallet S In Comparison With Other HD Wallets
The CoolWallet S provides convenience in carrying out transactions, while also offering better security.
The device has been constructed to be more durable than its competitors. It does not have moving parts (apart from a small button) and is designed in a manner that does not allow it to be taken apart.
The Trezor and Ledger wallets, on the other hand, are contained in a plastic chassis, which could be opened and the internal hardware components prone to tampering. Also, their physical parts (buttons, USB ports) are more susceptible to damage due to long-term usage.
You can use your CoolWallet S by wirelessly by pairing your smartphone using a Bluetooth connection. This wireless pairing ensures that you can carry out transactions conveniently while you’re on the move.
The Trezor and Ledger mostly rely on the USB interface to connect with other devices, hence the need for a computer when you need to carry out a transaction.
To Wrap It Up
The CoolWallet S has broken new grounds regarding ease of use, privacy and connectivity to your cryptocurrencies. The device does precisely the company's aim is – linking the public with blockchain, while steering them away from centralized banking.