As mentioned in a previous post, hardware wallets are a secure way of storing your private keys offline. This way you can avoid being hacked or defrauded. So why should I purchase a hardware wallet?. They do cost a little initial investment, but it is worth it because you should really take your cryptocurrency off an exchange if you are not trading with it. This would be a good way to store your cryptocurrency in a safe manner.
Security measures
Being an offline device, you have some peace of mind that nobody is trying to hack into your wallet whilst your asleep. Also a good point to mention is even if the device is connected to your computer via usb or bluetooth. The hardware wallet is pretty much impossible to hack.
The downside of having a hardware wallet is that they could fall into the wrong hands. Also they could get stolen or you may loose physical custody of them if you misplace or forget your keys.
The best place is a safety deposit box or storage facility, but this may not be practical and is an additional cost. There are other options such as custodian solutions. This is an extra safe guarding measure to hold your coins and are regulated and insured. This solution is mainly for institutional investors, hedge funds and exchanges, or if your one of the lucky individuals with many coins of a high value!
Make sure the hardware wallet has a screen
So why should I purchase a hardware wallet with a screen?. Your first important decision when deciding to purchase a device is by having a screen on the hardware wallet. The screen will display important information to navigate around your wallet. Firstly the initial pin code to access your device and then the cryptocurrency apps that you install on the device. Secondly this enables you to view the coins you have on the relevant blockchain. Thirdly you can also verify your keys are correct before sending a transaction amongst other visual and connectivity settings.
Below are a few options of hardware wallets to choose from. On each of their sites, they have more information about the product. We are not going to replicate it all here for you as there are links provided. These products are all slightly varied in their approach and they all do the same thing in protecting your assets.
Ledger Nano S
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| The original hardware wallet that will securely hold your crypto assets. The Ledger Nano S is built around the most secure type of chip on the market which ensures optimal security for your crypto. Your private key giving access to your funds is never exposed and it remains protected within a secure chip. This is designed to withstand highly sophisticated attacks. You can install between 3 to 20 applications, depending on the app size on your device. The Ledger Nano S supports Bitcoin, Ethereum, XRP, Bitcoin Cash, EOS, Stellar and many more. You can manage 23 coins and ERC-20 directly from your desktop with Ledger Live. If you want to manage other assets, you can use external wallets and receive rewards. This is great because you will be holding your coins securely on your device using Ledger Live or an external wallet. Please bare in mind the compatibility of the Ledger Nano S. You will need to have a 64-bit desktop computer (Windows 8+, macOS 10.8+, Linux) Also compatible with Android 7+ smartphones. |
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Ledger Nano X
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| So why should I purchase a hardware wallet like the the Ledger Nano X?. For a start it is a Bluetooth® enabled secure device that stores your private keys. This is the next level hardware wallet which securely manages your crypto, anywhere you go. The Ledger Nano X combines the ease-of-use and flexibility and at the same time ensuring the highest standard of crypto security. This ledger nano x makes sure all your crypto assets are safe. You can install up to 100 applications on your Ledger Nano X among the list of compatible apps, including Bitcoin, Ethereum, XRP, Litecoin and many more. Your private keys are safe and access to your funds is never exposed. This is because it remains protected within a secure chip, designed to withstand highly sophisticated attacks. You can also connect your device to the Ledger Live Mobile app and safely manage your crypto anywhere. You need to bare in mind that Bluetooth® is not compatible with the Desktop application. |
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Keep Key
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| Whether you’re a newcomer or a veteran to the crypto community they all have one thing in common, the critical need for secure storage of private keys for our digital assets. You can generate and manage your private keys offline in cold storage, guarded from computer vulnerabilities and viruses, while at the same time utilising wallet software for safe transactions. The keep key generates a 12-word recovery sentence during initialisation that can be used to retrieve your private keys. Moreover it gives you peace of mind that your funds are secure, even if you lose or break your KeepKey. Most importantly The large display gives clarity to every digital asset sent and received on your device which is a bonus for legibility purposes. Each transaction must be manually approved using the confirmation button, giving you control and visibility over your transactions.You can quickly exchange cryptocurrencies via the ShapeShift integration, directly from your wallet. |
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Trezor One
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| The Trezor Wallet is an easy-to-use interface for your Trezor and allows you to easily control your funds, manage your balance and initiate transfers. You can go offline and store your coins with Trezor, and the hardware wallet is the safest way to manage & trade your cryptocurrencies. The Trezor was invented for your digital freedom and securing your digital assets has never been more straightforward. The operations with private and public keys are only allowed after user authentication via PIN. The Trezor supports BIP39 pass phrases, which are never stored or remembered on the device. Your recovery seed protects you against theft, loss or destruction of your device. Simply restore the recovery seed, and your wallet is back. You can always recover access to your coins & assets from your offline backup. It only takes 5 minutes. |
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Trezor Model T
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| The Trezor Model T is the next-generation cryptocurrency hardware wallet, designed to be your universal vault for all of your digital assets. You can store and encrypt your coins, passwords and other digital keys with confidence. Securing your digital assets has never been more straightforward, be it cryptocurrencies, passwords, or other digital keys. With Trezor, you own your data. It is so much more than a security token. It is your wallet, your keychain, and your digital safe. Your digital keys are the access keys to your coins and other data and Trezor stores these keys for you, and allows you to use them safely. Your keys never leave the device, as the device is completely isolated. Designed for your confidence and peace of mind, the Trezor allows you to be certain even during complex operations. The Model T features a touchscreen, giving you an intuitive and convenient interface to verify and approve all operations. |
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BitBox02
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| Protect your digital assets with the latest Swiss made hardware wallet. Both editions share the same hardware. One maximises your options, the other minimises the attack surface even further when only hodling Bitcoin. You can navigate your BitBox02 using 3 simple gestures. Use tap, slide and hold for password entry and navigating when making a transaction. The unique hold gesture ensures you won’t make any accidental transactions. For peace of mind, backups are made to a microSD card instantly and can be managed from the BitBoxApp. USB-C plugs directly into your computer and comes with an optional USB-C to USB-A adaptor with cable included. A secure chip is used for seed protection, brute-force prevention and device password hardening. You can verify on the screen of the device what you are about to confirm, including all transaction details before signing. |
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