Kincoin.info

Storing Kin

(bought on an exchange)

Option 1: Hardware wallet (most secure)

ledger logo
ledger nano s

Ledger Nano S

Features

The Ledger Nano S is the most secure option to store cryptocurrencies like Kin. 

The private key is securely stored within the device itself and it also has a backup and recovery function in case anything goes wrong.

The device has two physical buttons and it has a screen that allows you to interface with the Ledger Nano S directly. 

The Ledger Nano S will also allow you to securely connect to blockchain interfaces like MyEtherWallet for sending and receiving Kin without exposing your private key.

ledger nano s internals

Security

Users are required to set up a pin code and write down a 24-word recovery phrase before they can use the device. The pin code must be entered beforehand, each time you use the device. 

With all cryptocurrency wallets, the private key (256-bit random number) is the crucial component that unlocks and allows access to the funds. If your private key is compromised, there would be nothing stopping a bad actor from taking all of your funds. The Nano Ledger S stores the private key in an isolated chip within the device itself. This minimizes the risk of outside exposure of the private key while you make transactions. 

Recovery

The Ledger Nano S also provides a fail-safe to the user in the form of a recovery phrase. During the initialization of the device, the 256-bit private key is encoded into 24 words. In the event of a user losing their pin code or their device entirely, this 24-word recovery phrase can be used to regenerate the same private key and all of the funds that were held in the device.

*Please do not buy this product second-hand, as the security of the device could be compromised. We strongly recommend buying the Ledger Nano S from the original manufacturer. 

For prices of the Ledger Nano S in your local currency, click below. (using this link will help support Kincoin.info)

Option 2: Paper wallet (most affordable)

MyEtherWallet

A paper wallet is the second best option after a hardware wallet and it is free to set up. It can be made to be more secure if certain tips are followed. MyEtheWallet is the most popular blockchain interface for Ethereum based coins, like Kin. It is an open source tool for generating wallets and making transactions. Users can generate a wallet address and its associated private key by entering a password on the website. MyEtherWallet is not a web wallet it is only an interface, if you lose your password or your private key, there are no recovery options.

myetherwallet logo
myetherwallet homepage

Tips for more security

Validation

Bookmark the MyEtherWallet after you verify that the site is genuine. Install the Cryptonite browser extension, it checks the legitimacy of the website. Many users have been victims of phishing attacks after being directed to malicious clone websites.

Go Offline

Before entering a password to generate a wallet, disconnect your internet and go offline. While you are offline, enter a password to create a new wallet. Next, download the Keystore file (UTC/JSON) and copy your private key. To verify your password, click “save your address” and then select the Keystore / JSON File that you just downloaded. Finally, enter the password that you had created at the beginning to unlock the wallet. Now you can close the browser window. All of this can be done offline to minimize the risk of exposing your password.   

Offline Backup

Write down your private key on multiple pieces of paper or print multiple copies and store it safely. Never save your private key or a picture of it online, e.g Google drive. Transfer your Keystore / JSON File on to a USB stick or an alternative offline storage. 

Don’t unlock your wallet unnecessarily 

If you want to see your wallet balance, use an Ethereum blockchain explorer like Etherscan.io. Just enter your wallet address to see your balance. If you want to make a transaction, you can avoid unlocking your wallet by performing an offline transaction on MyEtherwallet. Follow this guide for more information (How to make an offline transaction).