What image does your mind create when you hear the word “wallet”? You might think of the small pouch where you store your cash and coins. If you heard about the cryptocurrency, you might consider that it is abest hjjljdlfjljflsjf digital currency and you don’t need any wallet to store them. But. Hold On! You need a crypto wallet to store your digital coins. A crypto wallet is a software in case of hot wallets during a hardware device in case of cold wallets. The wallet has the public address (like your email id) and private key (your password) to facilitate the storage of digital codes of coins. In this guide, we will try to help you in choosing best hardware wallet for cryptocurrency purchased.
What Are Hardware Wallets?| Best Hardware Wallet For Cryptocurrency
Hardware or offline wallets are generally considered as the most secure crypto-wallets. These wallets are physical devices, which you can plug into your system like a USB device and store the digital codes of the coins. The unique feature of a hardware wallet is that the private key never leaves the hardware wallet, but the entire transaction validates within wallets and not in the system, which makes it safer from the cyber attacks. Now, when we come to know that the hardware wallets can secure our keys more efficiently, the question arises- which one to choose? So, here is the updated list of the best hardware wallet for cryptocurrency in 2020.
Best Hardware Wallet For Cryptocurrency
Let us start exploring the list of best hardware wallet for cryptocurrency in 2020.
Ledger has successfully gained the trust of crypto enthusiasts since its launch. With its latest updated versions, Ledger continuously attracts the crypto traders to use their wallets to secure their digital currency. Wallets of Ledger generally support a variety of crypto assets on their devices. You can access the wallet through the free desktop application of Ledger Live which helps you to control all of the ledger devices, efficiently completes the transaction of cryptocurrencies and offers the facility to check your wallet balance, whenever you wish to have a look. One of the latest model of Ledger Nano X with a sleek design, user-friendly interface, first-line defence with a unique PIN to each device and massive support for altcoins has not turned into one of the best hardware Bitcoin wallets but also helped in gaining the reputation of best hardware wallet for altcoins.
SatoshiLabs made the Trezor (“vault” in Czech) crypto wallet. It is designed as a small calculator with an OLED screen and can be used with Android devices. One of the features that make it stand amongst the list of best hardware wallet for cryptocurrency is its capability to minimizing the risks of losing private keys even when a malware attack hits your system. The single feature of unique PIN of every Trezor wallet makes it safe from the cyber-attacks and also from brute force attempts. Even the recovery of the wallet is more straightforward, you need to remember your 24-word seed and passphrase displayed on your screen of the wallet.
Keepkey hardware wallet was founded in 2013, but 2017 was acquired by well known decentralized exchange Shapeshift. This hardware wallet is one of the affordable cold crypto wallets which maintains a high level of security. Keepkey manages the process of private key generation, private key storage and also signing of transactions. The wallet supports the top-notch security by generating the key with the help of a random number generator and displaying the seed phrase only once by using the technique of “recovery ” cypher(which is needed to be noted down by you). Due to its techniques used for securing the digital coins, it is one of the best hardware wallet for cryptocurrency.
OpenDime is one of the different types of hardware which serves as a crypto wallet. You might be surprised that it is one of the first Bitcoin USB stick wallet which is used as the dollar bill and functions as a read-only USB flash drive. OpenDime is compatible with every computer, laptop and mobile which gives it the position in the list of best hardware wallet for cryptocurrency. This hardware crypto wallet saves the Bitcoin address and necessary information in the form of QR image and text files. It stands in the list of best hardware crypto wallets due to its inexpensiveness and the ability to shorten the transaction times and miner fees.
ColdCard is one of the best bitcoin hardware wallets, which is highly affordable with guaranteed layers of security. One of the striking features of the wallet is “BrickMe” which wipes the entire data if the designated PIN code is not entered to open the device. So, you must be careful with your recovery seed code and must write somewhere. (Secure it! Do not share!). The invention of Coinkite, i.e. ColdCard, it bit tricky to operate but ensures that your data and private keys are encrypted and secured. It can be used without ever connecting to another system and has the secure backups facility with MicroSD card.
Newbies in crypto space generally leave their coins in the online wallet of the crypto exchanges as they might be least aware of the fact that in this way they are keeping their coins prone to cyberattacks. One thing you must keep in mind that software wallets cannot safeguard your crypto coins, you can only rely on hardware wallets to secure your codes. Undoubtedly, cold wallets are not inexpensive, but they are worth it. We hope this article on the best hardware wallet for cryptocurrency where we had detailed bitcoin hardware wallet comparison might help you to choose one to store your codes or private keys. You may consider twice before spending on hardware wallets as you can easily avail hot wallets with a user-friendly interface. But you must also consider the fact that a hardware wallet can save much of your worth as compared to the actual cost of a device. If you are convinced to buy the best hardware wallet for cryptocurrency, then you must directly buy the wallet from the company or only from authorized sellers. Try not to purchase it from an e-commerce platform.
Articles You may Read