Secux Support > FAQ > General
What is a Crypto (Cryptocurrency, Bitcoin, Altcoin or Token) Wallet?
A cryptocurrency wallet is a device that stores public and private keys, which can be used to receive or send a cryptocurrency. In reality, it’s not Bitcoins that need to be stored and secured well on the blockchain, but the private keys that grant you access to them. Our wallets specialize in keeping these keys nearby for ease of access, while protecting them from being misused or stolen.
What are the Crypto Wallet types?
A Crypto Wallet could be a website, a software App, or a hardware device that manages your private keys. SecuX has decided that the best method that incorporates both ease of use and security is our specially-made Crypto Wallet physical hardware devices.
There are two kinds of Software Wallets available:
a. App Wallet: Your private keys are installed locally on a computer, telephone or tablet. However, as these are not specifically manufactured for crypto security, they may be easier for others to access, and if they must be “wiped” for any reason, your private keys may be erased.
b. Web Wallet: Your private keys are managed by a trusted third party. With the current scandals about data sharing that have power problems for large companies, we advise exerting extreme care in placing your trust in a third party website.
Because the private keys never leave the physical wallet, hardware wallets are considered most secure. They are generated on the spot, by signing transactions, and are deleted, all inside the hardware wallet. If a hardware wallet uses a mnemonic sentence as a backup, users should not electronically store the mnemonic sentence, but instead write it down and store it in a separate location. Storing the backup electronically lowers the security level to the equivalent of that of a software wallet. If someone with mal-intent has access to your cryptocurrency accounts, it would be much easier for them to access the rest of your computer.
Our hardware wallets have models that require the user to physically press or touch the wallet in order to sign a transaction. It uses biometrics to physically confirm the destination address and the amount of coins to be exchanged. This way, the private keys remain safe inside the hardware wallet. Without the acquiring the correct private key, a signed transaction cannot be altered. Some hardware wallets are equipped with a display, like the ones provided by SecuX, where the user can either enter a PIN to access to the wallet or where the transaction can be verified physically by sight before being officially signed.
What is a security chip? Does it really matter?
The SecuX Crypto Hardware Wallets V20, W20, and W10 are equipped with an Infineon CC EAL+ Secure Element that is a dedicated chip for the storage of private keys and PINs.
During transactions or connections via either a USB cable or Bluetooth connection to host devices, the private keys are safely stored and protected from possible attack by hackers. Some banking systems use a similar or lower-rated security chip to protect their data from online attacks.
By this definition, a SecuX wallet could be defined as a “vault-grade level” or “military level” security device that offers high-level protection for your digital assets.
Why is the transaction time so long?
Cryptocurrency security requires a huge amount of computing time and space, and in this case price reflects urgency. If a lower-fee encryption plan is chosen, it may take a longer time until your transaction is included in the next available block (this is to be determined by the respective network). In some cases, it could take as long as a few days.
Will my transaction vanish on the blockchain?
The transaction depends on the network behavior. This means that the transaction can be quite unpredictable. However, there is no cause for worry as the transaction will be resumed at the soonest possible opportunity, or, in the case of a complete inability to transmit the data, a refund will be given.
What if your company’s servers go down or the company is forced to close?
SecuX is a stable, growing company with a solid financial background. However, if any unexpected misfortune happens, you may use your 24-word seed codes on a 3rd party wallet (a Bitcoin.org BIP32, BIP39, BIP44 protocol architecture wallet) to recover your existing account and balance.
My wallet has been stolen? (I lost my wallet!)
Anyone who obtains your wallet cannot access into your account unless they obtain the PIN code for your wallet. If an incorrect PIN code is entered 5 times, the device will reset and wipe the memory. You may enter your 24-word seed codes on a reset wallet, or if the worst should happen, a new wallet (a Bitcoin.org BIP32, BIP39, BIP44 protocol architecture wallet) can be used to recover your account.
When I enter the wallet, I see “Hidden Wallet” icon, what does it do and how does it work?
A Hidden Wallet is one of SecuX Crypto Hardware Wallets’ unique features. It is the equivalent to a “secret pocket” hidden inside the wallet.
It is an alternative feature, and if you select “Create Hidden Wallet”, you will have to set another PIN (4~8 digits) and it must be different from your 1st PIN. The wallet will then request you to set a “Passphrase” (1~99 characters) in order to set up a Hidden Wallet! In other words, if you create a Hidden Wallet in your Crypto Hardware Wallet, you have 2 sets of private keys. The 1st private key manages your original wallet accounts with a 24-words seed code, and the 2nd private key manages your Hidden Wallet accounts with 24-word seed code plus the set passphrase. Every time you power on the wallet, you can enter either the 1st PIN to access the original wallet or the 2nd PIN to directly access the Hidden Wallet.