Coldcard Wallet Review | Worth Spending $160 For A BTC Only Wallet?
Jack Moreau
Feb 2024
8 min read
Fact checked
Looking for a trustworthy place to store your digital assets? The Coldcard Wallet has garnered some momentum in the last few years and as such, it merits a proper review! Our in-depth review dives deep into its features to help you ascertain the pros and cons of this smaller Canadian wallet company!
Coldcard is a hardware wallet for cryptocurrencies that was founded in 2018 Canadian Bitcoin company, Coinkite. Rodolfo Novak and Peter Gray, two of the founders of Coldcard, created the wallet out of the need to provide Bitcoin holders with a secure device to manage their assets.
Coldcard website
The company behind Coldcard is supported by a small team of 10 employees and have managed to sell a few 100,000s worth of wallets. Coldcard is a Bitcoin-only hardware wallet that allows users to send, receive, and store Bitcoin.
As such the wallet's functionality is very limited compared to other wallets like Ledger and Trezor, which support thousands of cryptocurrencies. Because of its Bitcoin-only feature, Coldcard comes with a unique set of features that are tailored specifically to Bitcoin investors.
Coldcard Mk4
The wallet offers a full-sized numeric keypad that makes entering PIN easy and quick and offers unlimited memory with no Bitcoin transaction size restrictions. Coldcard is an open-source and affordable hardware wallet that is easy to back up via an encrypted microSD card.
Coldcard Crypto Wallet
The Coldcard MK3 and MK4 wallet are the most basic and secure hardware wallets on the market designed not for their bells and whistels but to serve one purposes only, to keep Bitcoin maxis safe and happy.
The new Coldcard MK4 wallet offers a robust array of features designed to optimise both security and functionality for cryptocurrency storage. It comes equipped with a USB-C connector and offers unlimited memory, allowing for unrestricted Bitcoin transaction sizes.
Coldcard Mk4 upgrades
The wallet enhances its security protocols through two Secure Elements sourced from different manufacturers, thereby minimising unknown vulnerabilities.
Users can also set many new and extensive duress PIN options, commonly referred to as Trick PINs. Its multisig capabilities are expanded to handle more substantial and complex transactions.
Coldcard keypad
The design incorporates a protective sliding cover to shield the screen and keypad when they are not in use. For added convenience and versatility, the device features a USB Virtual Disk Mode that emulates a 4MB disk when connected to multiple operating systems like macOS, Windows, or iPhones.
Coldcard is compatible with multiple wallets with the most well known ones being Blue Wallet, Casa, Electrum, Wasabi Wallet and Bitcoin Core.
Is Coldcard Safe?
The Coldcard wallet prioritises security to provide users with the utmost protection for their Bitcoin (BTC). One of its standout features is the encrypted backup functionality.
With just a few clicks, users can save an encrypted file to a MicroSD card, containing all the necessary information to restore a lost or damaged Coldcard. This backup is a straightforward text file (encrypted) and can be used to transition between vendors, thereby avoiding vendor lock-in.
Coldcard Connectivity
The device meticulously scrutinises the content of PSBT files and transactions to avoid potential software trickery that might display incorrect transaction details. This involves verifying UTXO details and closely examining change outputs, ensuring they return to the same wallet.
One unique aspect of Coldcard is its approach to the risk of substitute devices. It uses a dual secure element, effectively allowing users to verify the Coldcard's dual secure elements every time they log in.
Coldcard Dual Secure Element
The wallet's clear plastic case also offers visual assurance against tampering. The wallet also comes in tamper-resistant shipping bags for added security during delivery, and its NFC interface can be mechanically disabled if the user chooses.
Coldcard Airgap Operation
The Coldcard can receive firmware upgrades, but any new firmware must bear the factory's signature. Furthermore, Coldcard's commitment to transparency and security is evident in its use of open-source software.
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
