How to Create a Watch Only Wallet on Tonkeeper

Cryptocurrency wallets are your gatekeeper to the digital financial world. As more users dive into the world of decentralized finance, maintaining a high level of security is crucial. Enter the watch-only wallet, an innovation designed for those who want to observe and track their assets without having the ability to spend them. For cryptocurrency enthusiasts using Tonkeeper, a watch-only wallet provides enhanced security by keeping your private keys offline while still allowing you to monitor your account balance, transactions, and other key metrics. In this guide, we'll cover everything you need to know about creating a watch-only wallet on Tonkeeper.

What is a Watch Only Wallet?

At its core, a watch-only wallet is exactly what it sounds like: a wallet that only allows you to watch. In traditional wallets, you control both the public and private keys, enabling you to send, receive, and manage your assets. However, with a watch-only wallet, the private keys are omitted. This means you can track your assets but cannot initiate transactions.

Why Use a Watch Only Wallet? There are many reasons why you might want to create a watch-only wallet on Tonkeeper:

1. Increased Security: Watch-only wallets are often used for enhanced security purposes. Since you cannot send funds from this wallet, even if someone gains access to your Tonkeeper account, they won't be able to move your funds.
2. Remote Tracking: If you store your private keys offline, such as in a cold storage device, you can still monitor your funds through your watch-only wallet on Tonkeeper without exposing your keys to potential threats.
3. Monitoring Multiple Accounts: Watch-only wallets allow users to keep an eye on multiple wallets without needing to juggle numerous private keys.

Creating a Watch Only Wallet on Tonkeeper

Setting up a watch-only wallet on Tonkeeper is a straightforward process. Below is a step-by-step guide to help you through:

Step 1: Install and Open Tonkeeper

Before creating a watch-only wallet, ensure that you have the latest version of Tonkeeper installed on your mobile device. Open the app and log in if necessary.

Step 2: Choose to Import a Wallet

In the main menu, select the option to import a wallet. This is where you'll start the process of adding a new wallet to your account. It might sound counterintuitive at first because you're not actually importing private keys, but instead, you'll be inputting the public key of the wallet you wish to watch.

Step 3: Select Watch Only Wallet Option

Once you're in the import section, you'll see multiple options for adding wallets. Choose the Watch Only option. This will allow you to monitor the wallet without having to provide the private key.

Step 4: Input the Public Address

You will now need to input the public address of the wallet you wish to monitor. If you have the public address already saved, simply copy and paste it into the appropriate field. If you have a QR code for the public address, you can use Tonkeeper's QR scanner to capture the address instantly.

Step 5: Verify and Confirm

After entering the public address, verify that all the details are correct. Ensure that you are monitoring the correct wallet, especially if you manage multiple wallets. Once verified, confirm the setup and Tonkeeper will begin tracking the wallet.

Advantages of Watch Only Wallets

1. Layered Security: By keeping your private keys offline, watch-only wallets add an extra layer of security. Even if your device is compromised, malicious actors can't steal your funds because the keys necessary to move them are never stored online.

2. Privacy and Anonymity: If you’re using a cold wallet and want to keep your funds offline but still need to track them, a watch-only wallet is an excellent option. You retain the privacy of not having your keys exposed to the internet while keeping an eye on your financial standing.

3. Reduced Risk of Human Error: With fewer actions available in the wallet (i.e., no sending of funds), there is a reduced risk of accidentally compromising your assets.

Potential Drawbacks

While watch-only wallets are highly secure and practical for certain use cases, they do have their limitations:

• No Transaction Capability: The most obvious drawback is that you cannot initiate any transactions from a watch-only wallet. If you need to move funds, you’ll need to access your private keys.
• Complexity for Beginners: The process of creating and using a watch-only wallet might be confusing for users new to cryptocurrencies. Understanding the difference between public and private keys is crucial.

Use Cases for Watch Only Wallets

1. Business Monitoring: Businesses managing multiple wallets may use watch-only wallets to monitor balances and transactions across various accounts without needing direct access to the funds.
2. Personal Cold Storage: Individuals using cold storage solutions can use a watch-only wallet for day-to-day monitoring of their funds without putting their private keys at risk.
3. Shared Accounts: For those sharing account information with a trusted third party for transparency, a watch-only wallet provides an excellent solution. The third party can observe the transactions without having control over the assets.

How Secure Is It?

Watch-only wallets on Tonkeeper are considered highly secure. Since they don't contain private keys, there's minimal risk of funds being compromised. Additionally, the security of your device remains a priority, but even if compromised, the attacker wouldn't be able to move any assets because only the public address is exposed.

Conclusion

Setting up a watch-only wallet on Tonkeeper provides an effective way to maintain security while keeping a close eye on your assets. Whether you're using it for personal financial tracking, business monitoring, or just for the peace of mind of having your private keys offline, the watch-only wallet is a fantastic option for anyone serious about cryptocurrency security.

In a digital age where hackers are constantly improving their tactics, having a layer of security that prevents them from accessing your funds even if they break into your system is invaluable. By following this guide, you can leverage the power of watch-only wallets to secure your assets, ensuring that while you’re watching your funds grow, no one else can touch them.