Specter Wallet Review – Is Specter Hardware Wallet Safe To Use?

Specter Wallet Review – Is Specter Hardware Wallet Safe To Use?
7.9
Specter Wallet Review – Is Specter Hardware Wallet Safe To Use?
Specter Wallet Review – Is Specter Hardware Wallet Safe To Use?
Hardware wallets like Specter are advantageous because they are considered the safest option.
Your Specter wallet is separated from other devices. Being air-gapped, you get direct and trusted control over your crypto assets

A hardware wallet stores cryptographic keys offline in a physical device and is favored as one of the best ways to store cryptocurrencies. There have been many hardware wallets over the years, each with its own appealing qualities. One of them is the Specter wallet.

However, why choose a non-custodial, multi-signature wallet like Specter hardware wallet to hold your bitcoin? Well, this article will provide an answer to that. It will as well discuss the features of Specter wallet and why you should give it consideration. 

We recommend Ledger Nano X instead

WHO ARE THEY


Specter is an open-source hardware wallet that has a number of appealing features. It has a barcode scanner and a touchscreen and can also read smartcards.

It was founded and supported by Crypto Advance GmbH, established by Stepan Snigeriv and Moritz Wietersheim (co-founder ) in Germany.   They aimed to work towards a time when Bitcoin will transform internet services, business, and the monetary market,  thereby acting as a background for all transactions. 

FEATURES


Specter provides flexible Bitcoin enterprise solutions according to the operational structure and security needs. Some of its features include:  

Cheap


Specter allows your customer’s business to access the bitcoin network without much of the hassle that goes with sending and receiving payments on the network.

Worldwide


Cryptocurrencies are not restricted to a particular location. No matter where you are in the world, you can send and receive bitcoin in little time. Specter builds on this quality by ensuring your clients make swift payments wherever they are.

Continuity


Blockchain transactions are immutable and irreversible once set in motion. Therefore, Specter gives both the merchant and the consumer the rest of mind that your transactions will get to you. 

Secured


Specter is well secure and was developed by the best security experts in the industry

User Experience


With Specter, you experience a smooth user experience, and it allows for flexibility and seamless. 

SUPPORTED CURRENCIES


The only cryptocurrency supported by The Specter wallet is Bitcoin (BTC). So it is a Bitcoin wallet.

HOW DOES IT WORK?


The Specter DIY hardware wallet (cold storage) complements the Specter Desktop and improves security by linking Specter DIY to your multisig setup together with any other signing device.

What distinguishes specter from other hardware wallets (not hot wallets) is that you first have to gather the parts and assemble them.  You can use the specter Desktop with any other hardware wallet aside from the specter shield.  With multisignature wallets, you can execute a transaction with other connected multiple devices. 

Specter Wallet can only use on a desktop device. It can’t use on a mobile device.

HOW TO CREATE A SPECTER DIY WALLET


The process is a bit complex, but I’ll try to make it easy to understand. You would need a computer with about 2 Terabytes worth of hard disk space, a Bitcoin core download, a Specter Desktop wallet download, and the Specter Shield wallet. Do you have those things? Good, follow the steps below:

  • Open the Specter desktop app on your computer
  • Select ‘Add new device.’
  • Select ‘Specter DIY’ from the list of hardware wallets that pop up
  • Import the Xpub (extended public address) of the Specter DIY wallet
  • Select ‘Single Key Wallet’ or ‘Multisignature Wallet’ depending on what you need.
  • You’re done!
We recommend Ledger Nano X instead

IS THE SPECTER DIY WALLET SAFE


Yes. Hardware wallets (not hot wallets) are considered the safest method for storing digital assets. Their biggest advantage compared to software wallets is they are not linked to the internet. The effect of this is that they cannot be hacked when the computer is hacked and are also free from computer or phone viruses. As long as the hardware device is offline, they are safe

Is Specter wallet free?


The wallet is not free. Hardware wallets are known to be very expensive compared to software wallets. You can get yourself a Specter wallet with about 350 dollars in the Specter shop section of their website.

Specter Wallet is often out of stock, so we recommend getting a Ledger Nano X or Trezor T instead.

Read also:

FAQs


We recommend Ledger Nano X instead
7.9 Total Score
Specter Wallet

Ease of use
7.5
Price
7.5
Security
9.5
Supported Assets
7
PROS
  • Hardware wallets like Specter are advantageous because they are considered the safest option.
  • Your Specter wallet is separated from other devices. Being air-gapped, you get direct and trusted control over your crypto assets
CONS
  • The major disadvantage is the cost. It is very expensive to purchase
  • It is also difficult to manage for beginners and it makes day-to-day crypto transactions less convenient
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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Felix Küster

Felix Küster

Felix Kuester works as an analyst and content manager for Captainaltcoin and specializes in chart analysis and blockchain technology. He is also actively involved in the crypto community - both online as a central contact in the Facebook and Telegram channel of Captainaltcoin and offline as an interviewer he always maintains an ongoing interaction with startups, developers and visionaries. The physicist has couple of years of professional experience as project manager and technological consultant. Felix has for many years been enthusiastic not only about the technological dimension of crypto currencies, but also about the socio-economic vision behind them.

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