No matter where you are in the world and whichever cryptocurrency you invest in, safeguarding your digital investments should be the top priority.
Sure, you can spend your time tracking the markets, thinking about which coin to sell or crypto project to invest in next, but if you are not taking the steps to secure what you already have from hackers and other scammers, you risk possibly losing it all.
As the interest in crypto grows in India, with expected revenue in cryptocurrencies to reach US$343.5m in 2024, the need for secure and safe crypto wallets has become crucial. In this post, we will delve into Cypherock Wallet, a popular choice among Indian investors and look into its features, how to use it, protection and security and also explore an alternative wallet in India.
We hope that you can use this as your guide to keeping your crypto safe in 2024!
What is Cypherock Wallet?
Invented in 2019 by Rohan Agarwal and Vipul Saini, Cypherock is proudly an Indian-made hardware crypto wallet. For Rohan and Vipul, security and protection were their number one goal in creating this decentralized wallet.
Like many other hardware wallets on the market, like Trezor or Ledger, Cypherock shares a similar device system. It is a small digital screen joystick that needs to be plugged into a computer or other device to transfer data (a security “issue” we will look into further later on in this post)…
But the real selling feature of this wallet is that your seed phrases are not kept on the device.
Well…yes and no.
Let me explain: Cypherock comes with 4 cards and a USB stick-like digital device. They claim that your private keys are separated into 5 different parts, which is referred to as SSS (Shamir’s secret sharing). A part of your seed phrase is divided into each card and the device, making it “safer” for users to protect their private keys and crypto because even if you lose one part, your wallet cannot be accessed.
Let’s dig further into how to use Cypherock.
How Does it Work?
As mentioned before, the Cypherock Wallet divides your seed phrases into 5 parts. To access your seed phrase, you actually only need 2 out of the 5 parts, which can defeat the security feature but also provide users with a recovery option if one of the 4 cards or device is lost.
Supporting over 3000+ cryptocurrencies, including BTC, ETHER, USDT, DOGE and MATIC (an Indian crypto project worth checking out), Cypherock is known to be user-friendly and easy to use. Offering online tech support and guidance for set-up, making it a good wallet option for new or advanced users.
When you receive your Cypherock Wallet, you generate your secret seed phrase and follow the steps for splitting it up by downloading the cySync software available for Mac, Windows and Linux. You then continue to follow the getting started page instructions on the website. You will be asked to set up passwords, and PINS and complete a dexterity test for the digital device.
Easy as that.
Another interesting characteristic of the wallet is its beneficiary service, which allows for your assets to be transferred to any other third party in case of your death. Developers are currently working on the inheritance feature that will automatically transfer funds without Cypherock or other institutions knowing the amount.
Who Is Cypherock Wallet Ideal For?
From the wide variety of cold hardware wallets available on the market, Cypherock is great for those looking for a sleek interface, user-friendliness and guidance. Just reviewing all the information, step-by-step tutorials and guides on their website are enough to make anyone feel confident about set-up and learning how to use the wallet.
The multi-card and device security feature is cool and is a new way of marketing safety and protection. But, we have to point out that at the end of the day, this is still a device that needs to be connected to a computer to function, not to mention the software program you need to download to then use and manage your crypto.
Sure, the idea of having your seed phrase on 5 different objects seems like the perfect jigsaw puzzle to securely protect your seed phrases and PINs, but you also have to keep in mind that user responsibility is heightened with so many elements to only one wallet! Just like you can recover your entire seed phrase with 2 cards, so can anyone else!
Here is a breakdown of some advantages and disadvantages of the wallet:
✅ Cypherock Wallet Advantages
Proudly made in India, this is a national treasure for Indian crypto enthusiasts and rightfully so, it is a great product to be proud of. Many users rave about its Indian engineering, like this Amazon user who raves about the design and variety of accessories; or this user from Trustpilot who is excited about new features and innovations such as the inheritance service.
But not all comments are so positive! There are some problems that users point out as well.
❌ Cypherock Wallet Disadvantages
The joystick device is relatively small in size, which means that the digital text is small and hard to read. Many users have also complained that it is not compatible with other DeFi wallets, such as MetaMask. One frustrated user from Amazon even goes as far as to discourage Indians from buying the product, claiming that it is a national embarrassment.
Alternative Wallet Options
When considering alternatives to the Cypherock Wallet, many different choices are available depending on your needs and what you consider to be the most important.
An essential aspect for anyone buying, selling and storing crypto worldwide is security. And no matter how many times your seed phrases are split up, as long as your info is shared or connected to a computer, you are hackable!
An option that has been gaining attention all across Europe, the US and within the Indian market, is Material. Unlike other digital wallets, Material Bitcoin is not about software—on the contrary, it’s a physical steel wallet for Bitcoin, Ethereum and USDT.
The indestructible steel plate holds your private keys and even gives you the option to engrave your seed phrases onto the metal card itself. Since Material is not a joystick or relies on software to store your crypto, you never have to worry about losing your investments.
Still, have some doubts? Check out the FAQ section below for more!
FAQ
How does Cypherock Wallet ensure the security of my cryptocurrency?
- Cypherock Wallet uses a combo of security measures. These layers of security work together to protect your digital assets from unauthorized access and potential cyber threats.
What types of cryptocurrencies does Cypherock Wallet support?
- Cypherock Wallet supports a wide range of cryptocurrencies (3000+), including popular ones like Bitcoin, Ethereum, and Litecoin, among others.
Can I convert my cryptocurrency to fiat currency directly through Cypherock Wallet?
- Yes, Cypherock Wallet has services for crypto-to-fiat conversion, allowing users to exchange their digital assets for traditional currency within the wallet’s interface.
Is Cypherock Wallet good for both beginners and experienced cryptocurrency users?
- Yes. Cypherock Wallet is easy to use and good for all experience levels.
How does Material Wallet security compare to that of Cypherock Wallet?
- While Cypherock Wallet offers great digital security, Material Wallet has an additional layer of physical security. This blend of physical and digital security adds a higher level of protection, guaranteeing that your crypto is safe from both physical and cyber threats.
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