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A Beginner’s Guide to ELLIPAL Cold Wallet: Key Points to Know
If you're new to cold wallets, such as the ELLIPAL cold wallet, here's a primer to get you started:
Balance Display Cold wallets operate offline, ensuring the highest level of security. As a result, the device itself doesn't display your balance or transaction data. This complete airgap protects your assets from online threats.
What's Stored in a Hardware Wallet? A hardware wallet securely stores your private key, which serves as the key to your address on the blockchain where your assets are stored. Your hardware wallet acts as the bridge, enabling you to interact with your tokens and have full control over your digital assets.
Self-Custodial Wallet The ELLIPAL cold wallet is a self-custodial wallet, meaning you have exclusive control and access to your funds. You can easily recover your assets by entering your seed phrase into a trusted wallet.
Sending and Receiving with the Cold Wallet When sending cryptocurrency, you'll use your cold wallet device to sign the transaction. However, for receiving crypto from another account, you won't need to perform any signing operation.
Coins and Tokens Display The ELLIPAL cold wallet displays icons representing the supported crypto networks (e.g., BTC, ETH). Token icons are visible exclusively in the ELLIPAL Mobile App.
Lost, Broken, or Stolen Cold Wallet In the unfortunate event of a lost, broken, or stolen cold wallet, you can obtain a new device and recover your wallet using your backup. Rest assured, without your two-factor authentication, no one can access your funds.
Verifying Cold Wallet Funds To ensure your funds are stored in the cold wallet rather than solely on the app, create your account directly on the cold wallet and later connect it to the app. Cold wallet accounts appear in blue, while hot wallet accounts appear in orange within the ELLIPAL Mobile App.
Equip yourself with the knowledge and security of an ELLIPAL cold wallet to safeguard your crypto assets. Stay in control and enjoy peace of mind throughout your crypto journey.