Hardware Wallets: The Safest Way to Store Your Cryptos

As cryptocurrencies grow in popularity, there are more people looking for ways to buy Cryptocurrencies and save it for a rainy day. Wallets are the tools you need to manage your cryptocurrencies such as Bitcoin.

Sometimes, using one can seem like using a bank account, but the wallet analogy is much more appropriate. You and only you are responsible for your Cryptocurrency, just like physical cash in your wallet. Unlike a bank account, if your Crypto wallet is hacked or lost, your funds are gone.

Hardware wallets are the best way to take this responsibility seriously and keep your cryptos safe. They ensure that you need the physical device plugged into your computer to spend your Cryptos.

There is no way a hacker from the other side of the world can access your funds remotely. Choosing the right hardware wallet and following best practices while setting up and using it will make sure everything goes smoothly. Here’s a summary of what hardware wallets are, some of the best ones on the market, and some basic rules to follow when using them.

What is a Hardware Wallet?

Best Hardware Wallets

A hardware wallet is a physical device that stores the private keys needed to access your cryptocurrency.

They come in different shapes and sizes and usually connect to your computer with USB. A hardware wallet will come with a set of public and private keys for accessing it, and software installed on it execute transactions. The best hardware wallets will generally have a screen and some buttons too.

Why Must You have Hardware wallets?

If you’re storing any significant amount of cryptocurrency, a hardware wallet is essential. Devices connected to the internet are vulnerable to attack and large-scale hacks are so common we barely even notice them anymore. You can’t rely on your bank to reverse a fraudulent Cryptos transaction.

If you store your Bitcoin private keys on an Internet-connected device, your money isn’t safe. Hardware wallets can’t be hacked remotely (or at least it’s much more difficult). The good ones have a physical button you need to press on the device to confirm a transaction, ensuring you physically have the device before you release your money.

What Are the Best Hardware Wallets?

There are many hardware wallets available. The best ones on the market include TREZOR, Ledger, and KeepKey.

1. Ledger Nano S

Ledger nano s

Ledger Nano S is the cheapest of the top hardware wallets. It looks like a USB device and folds out when you want to use it. It also comes with a small screen and two buttons for security.

Ledger is currently compatible with the major cryptocurrencies and a few additions that are not available on TREZOR, such as Stellar and NEO. You can also buy the Ledger Nano S as a double pack to initialize with the same key. This gives you an easy access backup for peace of mind.

Buy Ledger Nano from Official Shop

2. TREZOR

Trezor Wallet

TREZOR was the first hardware wallet on the market. Like all the wallets mentioned here, it has a screen. This is important because it provides an extra layer of security.

The screen can display important wallet details such as confirmations of transactions. TREZOR is so secure that its screen is actually more trustworthy than your own computer (assuming its set up properly, more on this later).

You can even safely insert it into a malware infected computer. It has two buttons for operating.

It’s not the cheapest wallet, costing around $100, the same as KeepKey but higher than the Ledger Nano S. Like the other hardware wallets, TREZOR has excellent security and is easy to set up. It is the smallest of the three wallets mentioned here.

TREZOR is compatible with many cryptocurrencies and all of the ones a beginner would need, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, DASH, Zcash, ERC-20 Tokens, and more.

Buy Trezor Now

Related Post: Ledger Nano S Vs Trezor Hardware Wallet

3. KeepKey

Keep Key Ethereum Wallets

KeepKey is probably the most stylish of the hardware wallets.

It has the same basic functionality and security specifications as the others, including a screen, but only one button. The price has come down significantly since its release, and now it’s on par with TREZOR, but slightly higher than the Ledger. Setting up is easy.

The only issue with KeepKey is that it doesn’t have the reputation and community trust that TREZOR has. That can only come with time.

Buy The KeepKey Now

Here are the Cryptocurrencies supported list by These wallets

 


Ledger Nano S


Trezor


KeepKey


Compatibility


Windows, Mac and Linux


Windows, Mac and Linux


Windows, Mac and Linux


WhatÂ’s in the wallet box?


Ledger Nano S device


USB cable


Recovery sheet


Keychain


User guide


TREZOR device


Micro USB cable


Recovery seed booklet


user guide


KeepKey device


Nylon USB cable


Recovery backup card


User guide


OLED Display & Buttons


Yes


Yes


Yes


Cryptocurrencies


Bitcoin


Bitcoin Gold


Bitcoin Cash


Ethereum


Ethereum Classic


Litecoin


Dogecoin


Zcash


Ripple


Dash


Stratis


Komodo


Ark


Expanse


Ubiq


Vertcoin


Viacoin


Neo


Stealthcoin


Stellar


Hcash


Digibyte


Qtum


PivX


ERC20 tokens


Bitcoin


Litecoin


DASH


Zcash


Bitcoin
Cash


Bitcoin
Gold


Ethereum


Ethereum
Classic


ERC-20
Tokens


Expanse


UBIQ


NEM


Namecoin


Dogecoin


Bitcoin


Ethereum


Litecoin


Dogecoin


Namecoin


Testnet


Dash


Buy
Now


Ledger Nano S


Trezor


KeepKey

 

Are Hardware Wallets Foolproof?

No. But they are close if you set things up right. By far the most important thing with hardware wallets is to do things correctly from the start. Firstly, make sure your device isn’t compromised before you open.

The only way to do this is to buy it straight from the manufacturer. Buying second hand is always a bad idea, and buying from third-party providers (especially online stores) is a risk.

Whoever has had their hands on it could have tampered with the software on the device. The manufacturer will usually have a seal to show if the device has been opened before.

The next step is initialization and storing your keys and backups. The exact process will be different for each product. But, make sure you follow the process meticulously and keep your keys and backups safe and offline. Don’t take a photo of your private keys on your phone!

Pros of Using a Hardware Wallet

● Much better security than software wallets.
● Your funds are immune to hacks or collapses of Bitcoin exchanges.
● Less room for mistakes for beginners.
● An easy way to keep a backup.
● They look awesome.

Cons of Using a Hardware Wallet

● You have to keep it with you if you want to spend the coins.
● They aren’t free (software wallets usually are).
● They can be lost.

Conclusion

Your wallet acts as your private key manager and interface to the Bitcoin network. A hardware wallet is a must-have for anyone with more than just a few bucks in cryptocurrency. All of your backup funds should be kept offline away from attackers, and specially designed hardware device is by far the best way to do it.

Best wallets for Bitcoin, Ethereum, EOS, Ripple, Litecoin, Dash, Stellar

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