Do you still have your cryptos on an exchange? Do you think your coins are safe there? If you think they are safe, you should use a hardware wallet; you need to read this article and decide what you should do.
What are cryptocurrency wallets?
Cryptocurrency wallets are made to store cryptocurrency away from exchanges. The owner controls these wallets, and he has full access to the wallet.
In a standard wallet, you can perform two functions.
- Put the money inside the wallet and storing.
- Take the money out and giving it to someone.
But crypto wallets are a little different from standard wallet
These wallets have a public address. These addresses are the ones that people send crypto.
You can unlock your crypto using a private key given to you when setting up the hardware wallet. You should never lose your private key. Because hardware wallets can’t recover without a private key, you can’t click forget the password option like other online accounts such as Google and Facebook.
All the hardware wallets are divided into two parts.
- Hot wallets
- Cold wallets
Hot wallets are connected to the internet. These wallets are also vulnerable to hacks. Examples of these wallets are Exchange wallets, Mobile wallets, and desktop wallets.
Cold wallets are away from the internet, and they are safe from hacking attempts. If you want to store your wealth safely, you should use a cold wallet like hardware wallets.
Now let’s talk about why you shouldn’t use exchange wallets and other hot wallets.
Exchanges are not safe to store your cryptocurrencies.
There are many cryptocurrency exchanges out there. You probably heard of exchanges like Binance, Coinbase, Gemini, and WhiteBit. But do you know most of these exchanges are new, and there were many exchanges before? Most of them are now bankrupt because of the hacks that hackers do to steal cryptocurrencies from exchanges. Still, major exchanges like Coinbase and Binance are being targeted by hackers every day.
In May of 2019, Binance got hacked, and it lost 7000 BTC. You can find more details on hacks by referring to selfkey
How safe are hardware wallets, and how they secure your private keys?
Hardware wallets are physical devices, and they are so close to the appearance of a flash drive. These wallets store your private keys. You only need to connect these devices to a computer when you need to send your crypto somewhere. To send your crypto, you need to enter your PIN code. Then you can disconnect the device and keep your device safe somewhere.
Hardware wallets do the entire transaction validation process, and they don’t expose private keys even during transactions. They are using a digital signature to use the software to send cryptos.
But you always need to store your hardware wallets in a safe place because thieves can still make physical attacks on the device. Store your private keys secure.
Best Hardware Wallets to Store your Cryptocurrencies.
You can find few hardware wallets to store your cryptos safely. In this article, we are focusing on the best two crypto hardware wallets on the market.
Trezor is one of the best crypto hardware wallets out there. If you are withdrawing your money from an exchange, you should highly consider storing your cryptocurrency on a Trezor hardware wallet.
Trezor One is a product; Model T is a platform.
The original model was created as a single-purpose device and is now firmly established as the golden standard of hardware wallets. Model T is meant to be a platform with broader future use cases and possibilities.
If your only aim is to keep your private keys safe and do not expect many features, we recommend the more straightforward and cheaper model – Trezor One. Its price has recently gone down by almost a quarter, allowing you to get a top-quality hardware device for a reasonable and affordable price.
Trezor Model T
If you want to use your Trezor often, you want to enjoy added security and comfort of a color touch screen. You want to use additional features (such as MicroSD for future storage of encrypted passwords and more extensive coin support). You might want to invest in the new Trezor Model T. Model T is also more durable and premium than Trezor one.
Specifications of the individual models
Both models offer Trezor Password Manager. Although highly safe and easy-to-use, some might prefer less secure but more practical online password managers – carrying your Trezor device every time you want to log in somewhere is just a bit too much sometimes.
The list of supported coins is not so different, but the extra support in Model T might be crucial for specific users.
Both models support more than 700 coins and tokens. Although the list of coins is very similar for both models, Monero support in Trezor Model T is a huge pro.
If privacy is one of your core values (regardless of whether you have something to hide or not), Trezor Model T is the device for you.
✅ A piece of hardware tested by time (since 2014)
✅ Affordable (the price has gone down 23%)
✅ Extensive coin support (full list available here)
✅ Regularly updated and maintained firmware
✅ Light and sturdy – made out of high-quality plastic material
❌ It’s not as premium as Model T.
Trezor Model T:
✅ Premium product from a trustworthy European manufacturer
✅ Modern USB-C port
✅ Robust design
✅ Stylish look (including a handy magnetic dock)
✅ Larger coin support
✅ Platform – many possible future functionalities
❌ No USB-C to USB-C cable in the package
❌ The screen is a bit small for people with large hands (not a big deal, though)
Ledger is a Paris-based company that also makes amazingly secure cryptocurrency wallets. The company is launched in 2014, and it has sold 1,000,000 units in more than 175 countries.
Ledger is also planning to launch a ledger vault, and it will be a security solution for banks, hedge funds, and family offices that want to invest in cryptocurrencies.
Ledger Nano S is an excellent cryptocurrency wallet for you, and it comes with good packaging. It includes,
- Ledger Nano S
- One micro-USB cable
- Lanyard for wearing the device around the neck
- One keychain and a keyring
- Recovery Sheet – to write down recovery seed keyword.
Ledger Nano S supports over 1184 coins, including all the major coins like Bitcoin, XRP, Binance Coin, and Dogecoin.
Ledger Nano S has many Pros and few Cons, those are,
- The setup is simple and straightforward.
- It supports more than 1000 coins.
- It integrates with a large number of software wallets.
- It’s a very affordable hardware wallet.
- The recovery process is easy can be done without connecting to a computer.
- It’s not open-source hardware.
Ledger Nano X is the superior model of Nano S, and it also supports all the coins that Nano S supports. It has few more features compared to Nano S, Those are,Bluetooth functionality.
✅ Allows multiple apps and coins to function at the same time.
✅ Allows login to DEX like Binance.
✅ Premium Look
✅ You can find the best offer by clicking the button below.
Hardware Wallet Conclusion
|Name||Coin Support||Ease of Usage||Weight||Price||Compatibility|
|Trezor One||Almost all the cryptos without|
|Beginner||Light-Weight||$99||Windows, Mac and Linux|
|Trezor T||All Major Coins||Beginner||Light-Weight||$159||Windows, Mac and Linux|
|Ledger Nano S||All Major Coins||Beginner||Light-Weight||$59||Windows, Mac and Linux|
|Ledger Nano X||All Major Coins||Intermediate||Light-Weight||$119||Windows, Mac and Linux|
What is your choice as the best Hardware Wallet? Do you own one already? Comment a review below.