Tangem Wallet

Tangem Wallet Review | Is it worth it in 2023

5/5 - (1 vote)

I have reviewed several Hardware Wallets on this website and today finally I’m reviewing something a little different however it’s unlike any wallet that I have ever reviewed and that’s because it is the Tangem Hardware Wallet.

The Tangem wallet is different in that it is an NFC enabled card thus you need an NFC enabled phone to manage your funds.

Now if you’re wondering if your phone is NFC enabled or not as long as you have an iPhone newer than the iPhone 6 and pretty much any Android phone then it is probably NFC enabled.

Not only is this wallet unique because it’s basically like a debit card but also because it is a seedless wallet.

What Is Seedless Wallet?

Now what that means is you nor anyone else actually knows the seed phrase to this wallet rather once you activate your Tangem card it randomly generates a seed phrase for you inside the card itself so rather than using your seed phrase to back up your wallet like you would with any other Hardware wallet tangem actually sends you multiple cards to use as backups.

They offer two variations of the tandem wallet one is a two pack for about 40 bucks or you can buy a three pack for just over 50 dollars.

Making this one of the most affordable Hardware Wallets on the market today.

So when you set up your tandem wallet you’ll have one main wallet and then one or two backup wallets that actually utilize the same seed phrase notably you can only use a maximum of three wallets for one seed phrase.

So that means you can have a maximum backup of two wallets and one main wallet now I know exactly what you’re thinking because I had the same thought and that is what if you lose all three of your Tangem Wallet it’s do you lose all your fund? I will answer all that question further in this article.

Durability

Before that let’s talk about the overall durability security and how to use the Tangem Hardware wallet?

First when you receive it this box will be plastic wrapped and then you open it up kind of cool you’ll have your cards right there and then you have a quick setup guide right there and that’s really all you need to use this wallet that and your phone.

It’s made out of a thick plastic that is super durable the great thing about this wallet is that it can withstand harsh conditions like extreme temperatures mechanical stress static discharge x-ray machines and of course it’s waterproof for all those reasons Tangem feels comfortable offering anyone who buys their wall it a 25-year replacement warranty.

Security

All right but what about security Hardware wallets are supposed to be some of the safest devices for storing your digital assets like crypto.

So how secure is the Tangem hardware wallet?

First off the private key is stored exclusively on the card making it impossible to export import or restore the card any other way besides using your backup cards similar to other Hardware Wallets on a market like the Keystone Pro and The Ledger Nano X the Tangem Hardware wallet utilizes a Samsung EAL 6 Plus secure chip.

And the firmware is audited by a top rated independent Swiss auditor kadelski security that way you can trust using this wallet knowing that there is no back ends or potential bugs where someone could gain access to your wallet and your funds Additionally the microprocessor in this card is able to detect both invasive and non-invasive type attacks.

So really this thing is pretty much indestructible I mean durability wise and security wise good stuff besides all the elements found in the actual wallet itself when you go set up your wallet the app will let you set up an access code used to access your wallet as well as a passcode which you will have to enter whenever you make a transaction so all that combined this is a pretty damn secure Hardware wallet.

Watch this video to know more about it.

How to setup Tangem Wallet?

So what about setting up and using the Tangem wallet how hard is it?

To be honest this is one of the actually you know what this is the easiest Hardware wallet that I’ve ever set up realistically you can set it up in about two minutes and I’m going to show you how to do that step by step right now.

  • One first download the Tangem app available on the App Store and the Google Play store then once you have it downloaded.
  • Open up the app and scan one of your cards it doesn’t matter which one.
  • Select create a wallet to generate your seed phrase and then the next step you will scan your additional cards to create your backups finally you’ll be asked to create an access code before finalizing your backups by scanning each card accordingly and that’s it you’re done setting up your Tangem Hardware wallet.

And now you can use your wallet and the app to manage all of your funds that includes transferring receiving and sending multiple types of cryptocurrency speaking of crypto the tandem wallet supports over 6,000 types of coins simultaneously as well as over 34 blockchain networks.

And Tangem is always working hard trying to get more coins and network supported for this wallet that way anyone can use it one bummer for me at least is the Tangem does not support Nfts at this moment not sure if it ever will so if you are looking for a wallet that will secure your Nfts the Tangem wallet is not it.

However if you’re looking for a super capable crypto wallet then Tangem is just that okay.

What happens if you lose or damage your Tangem Card?

Well if you lose or damage all three of them your funds are literally lost forever because there’s no way to restore your wallet since you don’t know the seed phrase that’s why it’s so important to create the backup wallets.

What if Tangem goes out of business?

Well fortunately your funds will remain safe remember when you store your crypto or Nfts on a hardware wallet or any wallet for that matter it’s not actually stored in the wallet your funds are always stored on the blockchain.

Your wallet simply keeps your private key safe that way you can access your funds also Tangem doesn’t have any servers for the data exchange or anything like that.

So even if they were to go out of business and the app still existed you could still use the application without any problems now if the app were actually to disappear from any of the app stores the code is open source so anyone can go to GitHub and basically recreate the app from scratch.

So that you could still use your wallet obviously this would be the worst case scenario but worst case it’s still possible to use the app even if it were deleted realistically if the app were to disappear from any of the app stores I don’t think it would happen overnight.

Likely you know Tangem would have an announcement and you would have some time to move your assets to a new wallet um you know obviously not Tangem that way your funds would remain safe.

Does Tangem know your private key or do they have any ways to access your private keys?

The answer is no when you receive your wallet it doesn’t even come with your seed phrase It’s only activated once you activate your card using the app also if you reset your Tangem Wallet to factory settings it will actually give you a new seed phrase internally.

So if you want to set it up and then reset it just to make sure that no one has your seed phrase you could also do that furthermore when Kadelski did their audit they did confirm that the private key in the Tangem wallet is generated using a hardware random number generator and there are no other bugs or back doors that could potentially be used to access your funds or steal your private key.

Does Tangem collect personal data?

The answer is no Tangem does not monitor incoming or outgoing transactions of your wallet they don’t gather wallet addresses or any kind of personal information that could be used to identify a user or even their phone.

If the Tangem wallet is stolen could that third party access your wallet?

The answer is yes only if you did not set up your backup cards because if you don’t set up your backup cards you cannot generate that access code which is what keeps your wallet secure from someone else accessing it and that’s why Tangem recommends always backing up your cards before putting any funds on your wallet.

So whether you get the two pack or the three pack make sure you use those additional cards to back up your wallet before funding it.

What is the lifespan of Tangem Wallet?

This is actually a huge question I know a lot of people are worried about their Hardware while it’s failing the great thing about this thing is there’s no battery there’s not really anything in it to fail and Samsung who is the chip manufacturer for this card guarantees that it will last a minimum of 25 years.

Hence the 25-year replacement warranty that Tangem offers for this wallet also note that the Tangem wallet doesn’t require any updates you literally don’t have to update this wallet they basically you know put in the firmware before they ship it to you.

Obviously when they manufacture it and that’s it you never have to worry about updating this device again.

Would i recommend this wallet to someone else?

I would definitely recommend this wallet to anyone who’s looking for a secure and durable Hardware wallet.

Conclusion

Hope your all questions are cleared regarding Tangem Wallet. If you have any other question regarding it please feel free to comment it down i will definately answer that.

I will be updating it in future, And if you liked the post please rate it give it a Five Star.

For more crypto and Australia related information Please visit our website INVEST IN DOLLAR.COM

Is Tangem Wallet safe?

Yes, Tangem Wallet is considered to be one of the safest cold wallets available. The cards are made from tamper-resistant materials and the private keys are stored on a secure chip.

How do I recover my Tangem Wallet if I lose my card?

If you lose your Tangem card, you can still recover your funds by using your recovery phrase. The recovery phrase is a 24-word phrase that you generated when you set up your wallet. You can use this phrase to restore your wallet on a new card.

What cryptocurrencies does Tangem Wallet support?

Tangem Wallet supports over 6,000 cryptocurrencies and tokens, including Bitcoin, Ethereum, and Tether. You can find a full list of supported cryptocurrencies on the Tangem website.

What is the difference between Tangem Note and Tangem Wallet?

Tangem Note is a single-use card that is designed for storing a single cryptocurrency. Tangem Wallet is a multi-use card that can store multiple cryptocurrencies. Tangem Note also does not have a backup function or access code protection, while Tangem Wallet does.

Can I buy and sell on Tangem Wallet?

Yes, you can buy and sell cryptocurrencies on Tangem Wallet through the Tangem app. The app integrates with a number of exchanges, so you can easily buy and sell your favorite coins and tokens.

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