It’s hard to ignore the excitement and anxiety surrounding cryptocurrency trading. Every day cryptocurrency news headlines scream “Great NEWS! Wall Street Goes Bitcoin!” followed by “BAD NEWS! The Sky Is Falling”! By December 10th 2017 we reached fever pitch as the first Bitcoin futures began trading on CBOE. Within days the price had rocketed another…
How to Add Value:
Soon, you’ll be able to use the Cold Storage Coin app to easily purchase cryptocurrency and send it to your coin. For now, simply log in to your favorite hot wallet provider – you’ll need to do this from a smartphone or device with a camera, since you’ll soon be scanning QR code on the coin’s security seal. You can also send crypto to your Cold Storage Coin from any online exchange. You’ll just need to provide the exchange with the full public key – that can be found in the QR code on the back of your coin. Use any QR scanner (or your photo app on newer phones) to scan the security seal QR code and copy/paste it into your hot wallet or exchange SEND function.
We prefer the Bitcoin.com Wallet app. There are lots of good options and alternatives, so feel free to use the app you are most familiar with.
The most important part of this step is to ENSURE you're transferring the right cryptocurrency to a matching coin. With all the many blockchain forks, quite often it's possible to send Bitcoin to Bitcoin Cash and many other bad combinations.
From your smartphone app, choose the send option that allows you to scan a QR code.
This step is important, so pay close attention.
Before adding any value to your Cold Storage Coin, make sure there is no sticker or obtrusion interfering with the original security seal on the coin - this is called a MAN IN THE MIDDLE hack. Before you scan the QR code on the Cold Storage Coin security seal, make sure that you have clear and unobstructed access to the original, untampered sticker.
The security seal on each coin features a 6-digit wallet "Asset ID" - this code is the 2nd through 7th digits of your wallet address (3rd through 8th for Ethereum). It's a shortened preview of your coin's public key, and it's an easy way to make sure that the address you scanned matches the address on the coin. Just quickly review the TO address in your hot wallet and make sure that the 2nd-7th digits match the coin Asset ID.
Did we mention it's really important to make sure the sticker you scanned matches the TO address in your app?
Once you're SUPER sure you've got a matching address, enter the amount of crypto you want to add to your Cold Storage Coin. Remember that each Cold Storage Coin is insured, so be certain to follow the best practices to maximize your protection.
Complete the transaction and take a deep breath! You just put your cryptocurrency risks on ICE!
It's a great idea to do a small test transaction before you send your entire portfolio.
You can add value to your Cold Storage Coin as often as you like - there's no limit to the number of times you can top up, or the amount you can store on a single coin! So, it's a great idea to send a small test amount.
You can use just about any app to check the value of your Cold Storage Coin. We recommend using the Bitcoin Paper Wallet Checker app for iOS.
Just open the app, scan the QR code on the coin's security seal, and the coin balance will display on your screen. Again, be sure to check if the 6 digit Asset ID matches the 2nd-7th digits of the wallet address.
Then, be sure to head over and download the Cold Storage Coins app if you haven't already. It's the best place to see and track the value of your collection!