Blockchain wallet is a kind of virtual folder in which you can keep your funds representing the value of an underlying assets like cryptocurrency. But such kind of software wallet are also highly prone to online threats like hacking or unauthorized access of your funds.
So, here a hardware device like Lockbox has been developed to make your contact Blockchain wallet funds more secured from phishing, malware or illegal access. Actually, Lockbox is a non-custodial device designed to provide maximum security to our users. And here we will discuss about Blockchain lockbox and why you should it to secure your wallet and its other benefits.
Blockchain Don’t Have Access to your Funds
Lockbox is one of the best ways you can store and transact with cryptocurrency. And during setup process your private keys are generated by Lockbox. Such information are remained stored locally on the device’s secure chip and are never exposed to your computer. Thus, Blockchain never has access to your private keys, means nobody can never gain access to your funds.
While Sending Funds Requires Extra Verification
Another reason to use Blockchain lockbox is that every time when you send funds from your Lockbox, you will be asked to verify the amount and destination address twice. You’ll see these transaction details show up on the device’s physical screen. Once you review the transaction and approve it, the funds can be sent. This extra security measure is in place to prevent a compromised computer or malware from sending funds without your manual approval.
Also Read: How To Reset 2fa On Blockchain: Step-by-step Guidance
You Can Setup PIN Code To Keep Your Funds Secure
The best of Blockchain lockbox is, that every time when you connect Lockbox to a computer via USB, you will need to enter a PIN code to access your funds. However, if you enter the PIN code is incorrect for the three times, your Lockbox will reset; all the content and information on it will be erased. Here you have to recover your funds if you forget your PIN code.
Provides Access to Cryptocurrency Only To You
As, we discussed earlier, Lockbox is designed in such highly secured manner that Blockchain never has access to your funds. In fact, only you have access your cryptocurrency. Even if your computer becomes compromised with unauthorized access, your funds will remain secure in your Lockbox.
You Can Keep Backup of Your Lockbox
As this is hardware device, you can keep backup of your Blockchain lockbox. Actually, if it’s your first time setting up a Lockbox device, you will be asked to write down a 24-word recovery phrase. This phrase allows you to recover your funds if your Lockbox gets stolen, lost or damaged, or if you forget your PIN code. Keep in mind that anyone with access to your backup phrase can restore your funds on their own device, so keep your 24-words secret and stored safely. Never share your recovery phrase to anyone, otherwise they can misuse or get access of your lockbox in unauthorized manner.
Call Blockchain Customer Support Number for Lockbox Issues
I think these points are enough to know why use a lockbox in cryptocurrency trading or fund transfer to secure your Blockchain wallet. It is not providing and extra level of protection to your Blockchain wallet but also a kind of backup in a hardware form giving an option to get access anywhere as per your ease. However, if you need any kind of help or facing any problem with your lockbox you can call at Blockchain customer support number for online help by experts to solve the issues safely.