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Creditbit Tokens Now Backed by the TREZOR seed

  • April 20, 2017

Creditbit is a digital Ethereum Token which is hosted on Ethereum Blockchain, a public distributed digital ledger. Creditbit, which has been raking in good news with unprecedented price highs and consistent development, has yet another good news coming its way.

A community member posted on Bitcoin Talk about Creditbit now being basically one the first tokens which can leverage security offered by hardware wallets. They further explained to the other community members on the platform should not to worry about storing their CRBITs in online wallets, as they are backed by the TREZOR seed.

The community member talked about setting up myEtherWallet to be able to manage their CRBIT tokens. Since, myEtherWallet has support for hardware tokens like TREZOR and Ledger wallet, community members no longer have to worry about security issues.

Following are the steps required to be followed:

  1. Go to https://www.myetherwallet.com
  2. Generate new wallet choosing TREZOR or Ledger
  3. myEther wallet will connect via API with TREZOR and will generate new Ethereum address
  4. Now you can insert the CreditBIT Token address and save
  5. CRDB tokens can be resent from your previous address to your new myEther wallet address which is backed by the Trezor seed.
  6. It is important to securely backup your private keys – If you already own Trezor, using their password manager to store your keys in the encrypted pass is recommended. manager https://trezor.io/passwords/.
  7. Testing if everything works correctly, for example with just 1 CRDB is recommended, in order to be sure everything works fine.

The community member behind the post even recommended the use of Cryptosteel backup tool for private, completely offline storage.

The community member also touched up on adding Creditbit to their instant exchange, about which details will follow later. Bitcoin Talk has been abuzz with various online exchanges offering to add creditbit for the past few days, while other community members have been actively in talks with other exchanges.

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