CryptoHex: Stainless Steel External Backup For Cryptocurrency?
CryptoHex lets you backup your cryptocurrency using a stainless steel rod. Find out more about the unique cold storage solution today in our review.
What is CryptoHex?
CryptoHex is a stainless steel rod that can be engraved with different words. You can use the rod to securely store your mnemonic phrase – the phrase you can use to securely unlock your cryptocurrency at any time.
Basically, CryptoHex is a more secure version of a paper wallet: instead of writing your 12 to 24 words on a flimsy piece of paper, you can punch those words into a piece of stainless steel. The small stainless steel rod can be stored “wherever you can drill a hole.” You might drill a hole in your wall, for example, and slide the rod inside.
CryptoHex appeared on Kickstarter in early 2018. The product is being created by a Copenhagen, Denmark-team of entrepreneurs.
How Does CryptoHex Work?
CryptoHex is a stainless steel rod that functions as an external backup for Ledger, Trezor, or any other BIP39 HD wallet that stores cryptocurrencies.
These wallets all secure your digital currencies using a mnemonic phrase: a 12 to 24 word phrase that provides secure access to your funds if you lose the wallet, uninstall the app, or compromise your storage in any other way.
As long as you remember those 12 to 24 words, you can retrieve your cryptocurrencies at any time.
The trick, then, is to securely store your 12 to 24 words. Some people choose to store them in a “brain wallet” – which is where you just memorize the 12 to 24 words. Others choose to use a paper wallet – which is where they write the 12 to 24 words down onto a piece of paper.
Others choose a more secure solution. We’ve seen other products make it easy for customers to engrave private keys onto metal or other “harder” solutions. Theoretically, these storage devices should survive a fire and most other natural disasters. CryptoHex is one such solution.
CryptoHex works in a straightforward way: the creators wanted to create a durable, low-cost, easy-to-hide solution that can protect your mnemonic phrase from water, fire, shock, and aging. They came up with CryptoHex.
Your standard CryptoHex set consists of two stainless steel rods, a punching letter holder, and a box with punching letters. The rod has six sides (hence the name “hex”) and four spaces on each side, which means each rod can store 12 to 24 words.
Most mnemonic phrases have 12 to 24 words with four letters in each word. Your phrase can have longer words – but only the first four letters of each word are used to secure the phrase. Each “space” in CryptoHex is designed to hold 4 letters.
You use the punching letters to engrave your mnemonic phrase onto the stainless steel rod. Once you’ve engraved all 12 to 24 words, you can securely store the rod virtually anywhere. Alternatively, you can use an electric engraver.
Ideally, you’ll never need to use CryptoHex: your existing wallet (like Trezor) will securely store your cryptocurrencies permanently. However, if you ever do need to use it, you can retrieve it from storage and immediately restore your wallet using the phrase.
Who’s Behind CryptoHex?
CryptoHex was made by a Copenhagen, Denmark-based team of engineers. That team got the idea for CryptoHex in December 2017. In January 2018, they made and tested the first prototype. The Kickstarter campaign was launched in March 2018. By June, CryptoHex hopes to send out early bird orders, with all other orders being delivered by August 2018.
The three entrepreneurs behind the project include Nicolas (an engineer), Dane, and Kåre.
CryptoHex’s Kickstarter page lists all prices in Danish Krone (DKK). Here’s how prices break down:
- 1 Standard Kit: 155 DKK (about $26 USD or 21 EUR)
- 1 Early Bird Kit: 189 DKK (about $31 USD or 25 EUR) (includes CryptoHex with an electrical engraver)
- 1 Electrical Engraver Kit: 235 DKK (about $39 USD or 32 EUR) (includes CryptoHex with an electrical engraver)
- 1 Punching Letters Kit: 255 DKK (about $42 USD or 34 EUR) (includes CryptoHex with a punching kit)
- 2 Electrical Engraver Kits: 355 DKK ($59 USD / 48 EUR)
- 2 Punching Letter Kits: 380 DKK ($63 USD / 51 EUR)
Various rewards are also being given out at different funding targets, including keyrings, hardware wallets, hardware wallet hiders, and more.
CryptoHex is an indestructible way to back up your cryptocurrencies. The kit consists of a stainless steel rod and an engraving tool (either an electrical engraver or a box punch kit). You engrave your 12 to 24 words onto the stainless steel rod, then securely store the rod virtually anywhere. It’s fireproof, waterproof, age-proof, and more.
You can purchase CryptoHex today for as little as $30 USD from the Kickstarter campaign. The company’s Kickstarter campaign has already been successfully funded (as of March 13, 2018), so it looks like the company will proceed with its goals as planned, sending the CryptoHex units to customers throughout summer 2018.
To learn more, visit the CryptoHex Kickstarter page here: https://www.kickstarter.com/projects/northernlayers/cryptohex-backup-your-cryptocurrency.