StrongCoin is a London-based company that offers an online wallet for cryptocurrency assets such as Bitcoin. It was founded in 2011 by Ian Purton. With StrongCoin, you get an online wallet option that stores your private keys on your browser and encrypts it before it is stored on StrongCoin’s servers, and for this reason their online wallet is referred to as a ‘hybrid wallet’.
Pros & Cons
Between 2016 and 2017, many customers had complaints regarding StrongCoin’s service, claiming that they were not able to transfer funds in and out of the StrongCoin wallet service. Some users have even claimed that they lost their funds using the service. However, these issues seem to have been resolved, and there have not been recent complaints about StrongCoin’s service, as users have mostly been complimentary as of late.
How does it work?
StrongCoin is a hybrid online wallet that stores an encrypted version of your private keys associated with your Bitcoin or Bitcoin Cash funds on their servers. This means that only you have access to your private keys (essentially the password that allows you to transfer out of the wallet) and they are kept secure from hackers.
What cryptocurrencies does the StrongCoin wallet support?
What devices can I use StrongCoin on?
As a web-based cryptocurrency wallet, StrongCoin is available for iOS, Android, Windows, Linux operating systems, as all you need is access to a web browser. Therefore, the devices supported include:
What countries is StrongCoin available in?
StrongCoin does not list all the countries in which it is available, however, it can be accessed virtually everywhere so long as you have access to a web browser and bitcoin ready to store.
StrongCoins’s customer service team are able to respond to ticket requests during workdays from 9 am to 5 pm London time. A ticket can be submitted on the ‘Contact’ page. They do not currently offer call-based support, and their customer service team only respond in English. Some users have noted that it takes up to 5 working days before receiving a response from the customer service team.
As an online wallet, StrongCoin works through your browser. Its user interface is simple and easy to navigate with your Bitcoin and Bitcoin Cash wallet addresses and information at the ready. The option to download a paper wallet is also available on the sidebar by clicking on the ‘Paper Backup’ button. The pdf will provide a list all the relevant wallet addresses.
StrongCoin only stores an encrypted version of your private keys. This keeps your keys away from hackers and is why the company refer to their wallet as a ‘hybrid wallet’.
How does StrongCoin keep my cryptocurrency safe?
StrongCoin is conscious about the security of your assets. Private keys are what allow users to gain access to their cryptocurrency funds, which means that they should be kept secure from others. As such, they have created a hybrid wallet (an online wallet that encrypts your private keys from your browser before storage on their servers). This allows users to keep their private key safe, and not have to worry about the storage of their private keys themselves.
Can I back up my StrongCoin wallet?
Yes, you can backup all your wallet addresses and encrypted private keys by downloading the relevant information onto a pdf document, which can be subsequently be used as a paper wallet. This can be done by clicking the ‘Paper Backup’ button on the sidebar.
Can I use it anonymously?
As an online wallet, StrongCoin does not guarantee you complete anonymity since you have to sign up to their services online through providing some personal details including your email address. This basically means that you will provide your email address.
However, sending and receiving money in your account is totally anonymous, as all that is recorded on the blockchain is your wallet address, which is cannot be traced to you.
Are there any fees for using the wallet?
There are no direct fees for using StrongCoin. However, when sending bitcoin or bitcoin cash, you will incur standard transaction fees, which goes toward rewarding miners who help verify the transaction/s. The transaction fee will usually be less than £2 worth of the cryptocurrency you are transferring, and is not charged by StrongCoin. Rather, it is a fee that goes towards miners for verifying transactions.
Are there limits to the amount of cryptocurrency I can deposit and withdraw?
No. There aren’t deposit or withdrawal limits on StrongCoin since your wallet only helps keep your private keys while the funds connected to the keys itself remain in the blockchain.
StrongCoin takes the security of your funds seriously. As such, most of its features point towards keeping you more secure. Some of these features include:
Offline paper backup
With StrongCoin, you can download your encrypted private keys in pdf form to either print out as a paper backup or simply save in offline devices like USB flash disks.
To ensure transparency in its security promise, StrongCoin is hosted on Heroku, a reputable cloud platform known to perform regular security audits.
StrongCoin escrow service helps protect your trading engagements when buying and selling. Notably, bitcoin transactions are irreversible. As such, StrongCoin uses an escrow service to hold the funds until both the seller and the buyer are satisfied. In case of any dispute, this escrow service also offers mediation and resolution for both parties.
StrongCoin provides an interesting alternative to standard online wallets, as it leaves the user with more security by storing an encrypted version of a user’s private keys, which can be subsequently used to access cryptocurrency assets. This makes it an interesting option for users who want to find a safer option for storage of Bitcoin or BitcoinCash that they might be using to trade with frequently.
However, as previously noted, there have been complaints dating back to 2017 about StrongCoin’s service, which have since been resolved. Users are advised to revert to more standard, safer options for storage of cryptocurrency such as a hardware or paper wallet.
How to set up a wallet with StrongCoin
- This is relatively simple, and can be done in two steps. Here’s how:
- Go to the site and click ‘sign up’. This will lead you to a sign up page where you will be requested to fill in your email and password.
- After submitting this information, you will be taken straight into your account page. From here, you can start importing private keys or upload a new bitcoin address.
- You’re now ready to hold bitcoin and bitcoin cash on StrongCoin!