Never lose access to your cryptocurrency wallet with 1Password

What could be more distressing than not being able to access your bank account? Losing the key to his cryptocurrency wallet, probably. To alleviate this fear among cryptocurrency users, Toronto-based internet security firm 1Password has partnered with the Phantom crypto wallet to make it easier and more secure for digital wallet holders to access their cryptocurrency. NFTs and other digital assets.

1Password’s first foray into the digital wallet arena is an application programming interface, or API, called Save in 1Password. It integrates with the Phantom wallet and allows users to protect and trade their tokens, NFTs and collectibles built on the Solana blockchain.

With Save in 1Password, digital wallet holders can now save all their Phantom wallet credentials and keys to 1Password without having to log in or risk losing access forever. “We just want to make it easier for people to protect their digital lives,” Matthew O’Leary, vice president of partnerships at 1Password, told ZDNet.

Unlike a misplaced password to an online checking account at your local bank, a digital wallet’s password – and the seed phrase used to reset a password – are the only means of gaining access to his digital account. If you lose them, you lose access to your digital coins and tokens; if you create an easy-to-remember password, you run the risk of someone, or something, hacking into your account.

A feature that could save you

The dilemma is therefore very difficult to negotiate, especially since it is not possible to go to your bank and show your identity card to access your digital wallet. The repercussions of losing a specific password to your digital wallet was exemplified by Stefan Thomas, a San Francisco-based programmer and early adopter of bitcoin, who early last year revealed he couldn’t remember of his password. As a result, he can no longer access his bitcoin wallet, which is worth $220 million.

Nowadays, we have to remember an average of 100 passwords to manage our digital life – whether it’s to access our bank or email accounts, or even social networks or the Netflix interface. At a time when online security is paramount, we should always create more usernames and passwords, but use two-factor authentication, to access our accounts and personal information.

In their rush to log in, many people use the same password or the same combination of words, numbers, and symbols across multiple accounts. “And that’s what we’re trying to protect ourselves against,” says Matthew O’Leary. “Too many people end up reusing their password credentials. »

Many compatible platforms

After 15 years of providing password and security resources, 1Password’s entry into the cryptocurrency market is a logical step.

To create an account for a cryptocurrency wallet, go to the company’s website. Then enter your credit card information, and the registration process begins. The service is available on all major computer and mobile platforms.

To register a Solana wallet, you will need to store a seed phrase, needed if you are locked out of your wallet and need to log in again. The “Save in 1Password” API is integrated into the wallet. When you sign up, 1Password prompts you to automatically save this seed phrase to 1Password. “So instead of writing it down or printing it out and storing it somewhere you won’t forget, it will be stored directly in 1Password,” explains Matthew O’Leary, for added security for password holders. cryptocurrencies.

With more than 300 million cryptocurrency holders worldwide – a figure that is expected to rise to one billion by 2023 – many neophytes will not necessarily understand the importance of storing this phrase. Maybe he just thinks they can contact a service to help them recover that phrase if they forget it. But you can’t do that in the world of cryptocurrency. “So save it in 1Password,” advises Matthew O’Leary.

According to the company, to use this new integration, users will need to use both the Phantom extension and the 1Password browser extension.

Source: ZDNet.com