SAFEPAL S1 OVERVIEW

The search for the ultimate user-friendly and secure crypto hardware wallet continues. Different products have come and gone. Different features have existed but lately, there’s a unique one making the headlines: the SafePal S1.

Launched in January 2019  by Shenzen-based SafePal, a company backed by Binance Labs, the venture arm of crypto exchange Binance, The SafePal S1 is the first product released and it is a very great way to enter the relatively new hardware wallet industry.

The wallet itself looks like an old-school MP3 player or like an iPod. It has a 1.3-inch screen, a glossy black back, six physical buttons, and a camera. A major convenient feature it has is the USB cable through which it charges and it also comes with a matching app.

 SafePal S1 costs a measly $39.99 which makes it the cheapest hardware wallet on the market.

SafePal S1 is the perfect device for users because of its light, portable air-gapped, on-the-go features. two pressing issues- having an affordable hardware wallet solution and also gaining access to the latest crypto industry offerings have been answered by the hardware wallet. SafePal is also fully compatible with more than 1,000 DeFi solutions like Aave, Uniswap, Sushiswap, and Curve. DeFi represents a decentralized solution to finance therefore many of the participants want access to decentralized wallet solutions to protect their assets while being able to securely participate.

There is a boom in the NFT segment of the crypto industry causing artists and collectors to search for a safe decentralized haven for their NFT assets. As one of the most NFT compatible hardware wallets in the industry, the SafePal S1 supports NFT platforms like Openseas, Rarible, and Sandbox, SafePal wallet can store ERC721, ERC1155, and BSC NFTs. SafePal will keep catering to the NFT segment with secure and convenient storage solutions.

The continued growth in the crypto industry will create an increased need for an accessible, affordable, and highly secured hardware wallet. SafePal is supported by Binance, and they complement each other in driving greater crypto adoption. Integration of the Binance Dex, as well as Binance Spot Trading directly into the SafePal App, allows hardware wallet users to conveniently trade their crypto assets.

• Turn the device on, select the right language by pressing the central “OK” button and click past a quick primer on how to use the device. 

• Next is setting up a new wallet and creating a mnemonic phrase. The mnemonic phrase has five words at a time. Please, write these down.

• Next is the verification phrase. This involves choosing the right word out of five options and doing this for every word in the 12, 18, or 24-word phrase. It’s quite a straightforward and painless process.

• Next set a PIN for the device.

• You’ll need to confirm the same string of six numbers. 

• After this, download the SafePal app.

• To pair the app with the device, use the S1’s built-in camera to capture the QR code on the app. Then, I return the favor and use my phone to take a photo of the eight QR codes on the device one after another. Yipee, your device is paired.

There are two ways of receiving funds in your S1 wallet

• Step 1: Log in to your SafePal S1 wallet mobile app on click on the “Receive” icon

• Step 2: Copy the wallet address and forward it to the party sending you crypto coins.

or

• Step 1: Have the party sending you cryptos/tokens scan your wallet’s QR code.

• Step 2: Wait for the funds to show on the wallet.

• Step 1: Log in to the SafePal S1 mobile wallet app and click on the “Send” button.

• Step 2: From the list of hosted cryptocurrencies and tokens, select the coin you would like to send

• Step 3: Enter the recipient’s wallet address or scan their QR code 

• put the number of coins/tokens you wish to send

• Step 4: Select the fee level.

• Step 5: Confirm that the transaction details are correct and hit the send button. The app will then display a dynamic QR code specific to that transaction.

• Step 6: Use the SafePal S1 hardware wallet to authorize the transfer by using the hardware wallet’s camera to scan the app’s QR code and enter the PIN to sign and authorize the transaction.

SafePal S1 is a very safe hardware wallet. Having embraced several highly effective security and privacy measures to safeguard the integrity of the device and private keys held therein, it is safer than most hardware wallets in the industry. From its tamper-proof packaging with two proprietary seals to the multiple security features,  offline generation of wallet addresses, two-factor authentication,  and a 6-digit passcode for the hardware device, the SafePal S1 is very safe.

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The post SafePal S1 Review [2021] – Supported Coins, Price, Firmware Overview appeared first on CaptainAltcoin.

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