The Coldcard Wallet is a Bitcoin hardware wallet. Made with love in Canada, this hardware wallet claims to be top-tier in security features and safety.
✅ Pros:
- Top-notch security features
- Easy to use for those familiar with Bitcoin
- Simple physical design
❌ Cons:
- It has a learning curve for beginners
- Limited to Bitcoin only
- Higher price point compared to some alternatives
In this review, we’ll go over who should consider this wallet and why. We’ll also review Coldcard’s main features, security, design, supported cryptocurrencies, ease of use, price, and other important information.
We hope that by the end of this review, you’ll know if the Coldcard Wallet is the right choice for you in 2024.
Target Audience: Who is this Wallet For?
➡️ Bitcoin Enthusiasts:
If you’re all about Bitcoin and want a wallet that’s designed specifically for it.
➡️ Investors Looking for Backup Security:
Coldcard offers features like passphrase support and anti-phishing words to keep your transactions private.
What is a Cold Wallet?
A cold wallet is a type of cryptocurrency wallet that is considered to be completely offline. This gives your digital assets the maximum available security for your crypto. Cold storage keeps your private keys offline, which makes them unhackable or susceptible to online scams.
But, a major question that many have about these types of crypto wallets is whether or not all hardware wallets are also cold wallets.
The answer is, No.
Not all hardware wallets are actually cold wallets as many of the best hardware wallets still need to connect to the internet and use apps and other platforms to perform activities.
Additionally, hardware wallets come as either electronic or non-electronic, adding to the debate about real cold storage.
True cold wallets never connect to the internet.
An example of this is our Wallet Material Bitcoin, which never connects to the internet.
Coldcard Wallet Review
Let’s go over the features and functions of the Coldcard Wallet that make it different from other similar hardware wallets like Arculus and Tangem, and see if it truly is a safe cold wallet.
Coldcard Wallet Security 🔐
The Coldcard Wallet claims to be a top option for Bitcoin security. It provides multi-factor authentication and uses an element chip to store your private keys in a “tamper-resistant manner”.
The Coldcard Wallet also utilizes anti-phishing words to help you verify your interactions with real Coldcard devices and not scammers. There is also a separate passphrase card that you can use along with the hardware wallet.
Design and Material 🎨
The Coldcard Wallet is made of a plastic casing, which Coinkite (Coldcard’s manufacturer) claims is designed for long-term durability.
It’s physically small and portable, which makes it easy to carry around and store securely.
There are physical buttons on the wallet for navigation purposes and has minimal functions on its screen.
You can customize your Coldcard Wallet with your choice of plastic cover color to add a personal touch to your Bitcoin storage.
Supported Cryptocurrencies🪙
Coldcard is designed to only support Bitcoin. This wallet is ideal for those who are BTC enthusiasts but if you want to diversify your crypto portfolio, Coldcard Wallet is not the best option for you.
Ease of Use🤓
Coldcard is fairly straightforward to use. It has a simple text screen, with the numbers 5 and 8 functioning as the up and down navigation keys.
Price🫰
At a slightly higher price point, the Coldcard Wallet retails for $157.94.
❗Make sure to always purchase any hardware wallet from their official retailer.
Wallet Set-up
To set up your Coldcard Wallet you will need:
1️⃣ A Coldcard Wallet
2️⃣ Micro USB or USB-C cable (if using the Mk4 version)
3️⃣ A secure computer with Sparrow Wallet pre-downloaded
▶Plug your Coldcard Wallet into your computer.
▶Enter the two-part PIN and record your information on the backup security card that comes with the wallet.
▶You can now purchase Bitcoin, and send and receive BTC by connecting it to your computer and using the Sparrow Wallet.
Other Important Features
- The Coldcard Wallet is designed to be portable and functional. It’s compact and lightweight, making it easy to carry.
- The simple display screen is no-frills and straightforward to navigate.
- The makers ensure that the battery is long-lasting and always ready to use.
- They offer access to a customer support team who is ready to assist you with questions or doubts.
- The Coldcard Wallet includes USB and MicroSD card slots, providing reliable, wired connections for data transfer.
- Coldcard offers a one-year warranty covering manufacturing defects.
Final Take on Coldcard Wallet
The Coldcard Wallet is a simple hardware wallet option, but you still need a basic understanding of how crypto wallets work in order to set it up and use it properly.
It’s a good choice for Bitcoin investors, but it falls short of being a true cold storage wallet.
Despite its name, the Coldcard Wallet needs to plug into a computer and relies on third-party wallets like Sparrow Wallet to buy and sell BTC.
This is a contradiction to the core concept of a cold wallet.
For a user-friendly crypto cold wallet, that is perfect for new investors, consider Material Bitcoin as your crypto cold wallet for Bitcoin storage.
Made of stainless steel, Material Wallets protect against fire and water damage. Additionally, they don’t have a battery that needs recharging or changing, eliminating user responsibility and worry.
FAQs
Is a Coldcard Wallet safe?
- The Coldcard Wallet has safety features in place to offer security. It uses multi-factor authentication, a secure element chip, and anti-phishing words and passphrases.
Which wallet to use with a Coldcard?
- Coldcard Wallet relies on Sparrow Wallet for purchasing BTC.
How does a Coldcard Wallet work?
- Coldcard Wallet pairs with Sparrow Wallet to send and receive BTC. It manages your private keys and seed phrases.
What is the best cold storage wallet?
- The best cold storage wallet depends on your needs. Trezor and Ledger, like Coldcard, all offer user-friendly interfaces, but all of these have electronic components and connect to a computer or mobile device, arguably making them not true cold storage.
Is Coldcard better than Trezor or Ledger?
- Coldcard has additional features like air-gapped operation and anti-phishing measures. However, it only supports Bitcoin, while Trazor and Ledger both support other cryptocurrencies.
0 Comments