If you’ve ever lost the private keys to your Bitcoin wallet, or even spent an afternoon panicking because you couldn’t remember where you stashed them, this one’s for you: Coinmama is excited to partner with ZenGo, the first keyless cryptocurrency wallet. At Coinmama, we believe cryptocurrency should be easy and accessible to all. By partnering with ZenGo, we’re expanding our commitment to simplifying the way the world does cryptocurrency and driving mass adoption of crypto, while still leaving full financial control in the hands of our users.
How do Bitcoin wallets work?
When you buy cryptocurrency, you need to keep it somewhere. A cryptocurrency wallet is a special kind of wallet for storing Bitcoin or other digital currencies. Think of it as the bank account for your Bitcoin. Yet instead of being controlled by the bank, it’s controlled by you. Cryptocurrency wallets have two elements: a public key, or address, which is what people use to send you money and what appears on the Blockchain to indicate your transaction; and a private key, or password, which is made up of a long, alphanumeric string of characters. Just as you wouldn’t give your bank account password to anyone else, you should never give your private keys to anyone else. The most important thing to remember about accessing your Bitcoin is this: if you want to send or sell Bitcoin, you’ll need your wallet address, but more importantly, you’ll need your private keys.
The problem with private keys
The problem with a long, top-secret alphanumeric string of characters is that it’s impossible to remember and easy to misplace. Simply put, Bitcoin wallet private keys have a tendency to get lost. And once they’re lost, the Bitcoin in your wallet is irretrievable. Furthermore, unlike passwords for bank accounts or other financial accounts, there’s no password reset to rely on. Bitcoin gives users the privilege of being fully in control of their own funds, but with that privilege also comes the responsibility. To get around this problem, some cryptocurrency exchanges store their users’ funds themselves. But that introduces another set of problems: if the exchange is hacked, then the user funds are stolen—again, irretrievably. And keeping your coins in an exchange wallet also means that the exchange is in control of your funds, antithetical to the spirit of cryptocurrency.
What makes the Coinmama wallet different?
With the Coinmama Wallet app, you’re in control of your private keys, giving you complete ownership of your crypto, unlike other apps! It’s the safest option in the market and allows users in every part of the world to store their own crypto. Here are some of the features:
- Store, send, and receive Bitcoin and Ethereum. Additional coins will be supported in the near future.
- Buy Bitcoin and Ethereum from Coinmama, and get your coins sent to your wallet instantly.
- No need to worry about losing your private keys. Back up your private keys to your device and never worry about losing your funds.