A hardware wallet is a special type of cryptocurrency wallet that stores the user’s private keys (which is the key to the user’s crypto assets) in a secure hardware device. Hardware wallets have been regarded as the safest way to keep your cryptocurrency assets secure. In fact, there is a very common saying in the cryptoworld that “If you don’t own your private keys, you don’t own your crypto”.
Many at times, people keep their cryptocurrencies in exchanges and other vulnerable wallets like software wallets that are easily hacked. When people keep their cryptocurencies on exchanges, they don’t own the private keys of the cryptos they keep there, the exchanges do. It is however important that they are reminded how some exchanges like Mt.Gox, Coinrail, Bithumb, Bitfinex etc. got hacked in and millions of dollars in cryptocurrencies were lost forever.
Major Advantages of Hardware Wallet over other Type of Wallets
- With hardware wallets, your private keys are stored in a secure area of a microcontroller or chip, and cannot be transferred out of the device in plaintext
- Hardware wallets are immune to computer viruses and other type of hack methods that steal from internet or software wallets
- It can be used in a secure interactive manner as the private keys which are the keys that open the door to your cryptowealth do not need to touch vulnerable software
- Most of the time, the software is open source, allowing a user to validate the entire operation of the device
That said, it is important that you choose the safest means and the best way to store your cryptocurrency by investing in a hardware wallet. Highlighted and explained below are the best hardware wallets you can use to securely keep your cryptocurrencies safe.
Ledger wallet
Ledger wallets are light, yet solid multicurrency hardware wallet for cryptocurrencies. The ledger nanos supported hardware wallet is easy to carry everywhere thanks to its portability. It has a small screen for payment validation and can be connected to any computer via USB.
Ledger wallets are built with distinctive operating system (OS) called BOLOS, which are integrate in a secure chip for the Ledger wallets line. The EAL 5+ certified secure chip used in the wallet is the same one as in your credit card or in your passport. It is a tamper resistant platform capable of securely hosting applications and data, in accordance with the rules and security requirements set by pre-authorized applications and people. Hacking a secure chip takes formidable efforts while information can be easily extracted from generic microcontrollers by amateurs. So far, Ledger has been the only player in the market to provide this technology.
The main idea behind this wallet is to isolate your cryptographic secrets (private keys) from your computer or smartphone, which are easily hackable, in order to protect your bitcoin and altcoins. You can then send / receive payments and check your accounts, without taking the risk of losing everything.
Ledger wallet supports a lot of cryptocurrencies. As such, you can hold and keep secure your different crypto assets in a single hardware wallet. Some of the coins supported include: Bitcoin (BTC), Bitcoin Cash (BCC), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), Dash (DASH), Dogecoin (DOGE), Digibyte, Zcash (ZEC), Ripple (XRP), Stratis (STRAT), Komodo (KMD), PoSW, ARK, Ubiq, Expanse (EXP), PIVX, Vertcoin, Viacoin, Stealthcoin (XST), Steller, NEO (Works with NEON Wallet and supports GAS too), Bitcoin Gold.
Being one of the best wallet for altcoins, the device operate it own cryptocurrency interfaces known as the ledger apps which are fee applications on Google Chrome web store. They are also compatible with interfaces like Electrum, GreenBits, Mycelium, BitGo and MyEtherWallet.
Currently, there are 3 wallets to choose from: Nano X, Nano S, and Ledger Blue.
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Cool Wallet
The CoolWallet S is no ordinary wallet. In fact, it is one of the best hardware wallet you can invest in. It’s a contemporary mobile solution that truly secures your crypto assets and empowers you, the investor. It stays safely in your pocket, giving you discreet access to your investment, on the go, wherever you are.
Thanks to the combination of both usability and the patented tamper-proof security, the CoolWallet S is the cold wallet of choice for many of the world’s crypto leaders. It is complimented with a perfect app that connects to it via bluetooth encryption to ensure that your crypto assets are never exposed to the internet.
With it, you can track your cryptocurrency investments instantly to see the value of your investment with an intuitive dashboard. It also offer 2+1 authentication that requires 3 quick verification steps to ensure your asset is secure.
The CoolWallet S doesn’t support as many coins as other, more popular hardware wallets. However, it does hold some lesser-known currencies. The list of cryptocurrency it support includes: Bitcoin Cash (BCH), Binance Coin (BNB), Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Tether (USDT), Ripple (XRP), Zencash (ZEN) and ERC20 Tokens.
Custody over your cryptocurrency investment has never been more protected or convenient to use with Cool wallet. The best part about it is that you have total end-to-end, secure control over your cryptocurrency using CoolWallet S.
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Trezor Model T Wallet
Trezor Model T is one of the best crypto hardware wallet that provides access to the world’s leading cryptocurrency assets. Launched in 2015, Trezor uses advanced technology to provide users with one of the most secure environments for storing their cryptocurrencies.
As a Hierarchical Deterministic (HD) wallet, Trezor can be thought of as a miniature computer designed specifically for storing private keys.
Trezor Model T works with the wallet software or app on your computer or smartphone by taking over the management of private key generation, private key storage, and transaction signing. It generates private key using its hardware-based random number generator, combined with randomness provided by your computer. Once your private key is generated, you are given the one-time opportunity to write down a backup of your Trezor Model T in the form of a twelve-word recovery sentence.
Your private key is stored securely on your Trezor Model T, never leaving the device. Your Trezor Model T is PIN-protected, which renders it useless even if it falls into the wrong hands. It large display gives clarity to every digital asset leaving the device. Each transaction must be manually approved using its confirmation button.
It supports bitcoin, bitcoin cash, ethereum, litecoin, dogecoin, dash, bitcoin gold and multiple erc-20 tokens. It is also supported by clients including Electrum and Mycelium. With Trezor Model T secure altcoin hardware wallet, your assets are protected from hackers and thieves.
Instructions to setup Trezor Model T in video below.
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