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 ZenGo different?
Using a unique method of mathematical secret sharing, the ZenGo cryptocurrency wallet eliminates the need for a lengthy private key but still lets the user keep full control of their funds.
How? ZenGo splits your private key between its own servers and your smartphone, which you can only unlock using a biometric 3D face scan. As with other password-free secret sharing security, only one half of the password cannot unlock your wallet. Both parts, which are stored separately, are needed. The ZenGo wallet gives you security and control, while accounting for the human error anyone who has ever had to reset a password can identify with.
At Coinmama, we always welcome you to BYOW (that is, Bring Your Own Wallet). It’s part of our philosophy that control over your finances should remain with you. We’ll happily send your coins to the wallet of your choice, but if you’re still looking for The One, we invite you to try ZenGo’s keyless wallet.