Hardware Wallets for Cryptocurrency
It’s time to talk hardware wallets.
Ask 10 people if they have invested in cryptocurrencies and at least one will tell you that they have. It is a number that is expected to grow exponentially, and the prices of cryptocurrency, like bitcoin and ether, are expected to continue upward as well.
More investors are going to be joining the party. As some people dive into the cryptoverse, they are unknowingly taking a risk by allowing their digital assets to sit “idly” across an array of exchanges.
This is where they can be an enticing target. Hackers are increasingly probing cryptocurrency exchanges with the hopes of discovering security vulnerabilities.
In 2020, $3.78 billion-worth of digital assets were stolen according to Atlas VPN.
One of your best defences against this activity is a hardware wallet - a device that can completely isolate your digital assets from the danger of hackers. A hardware wallet is very much like a USB drive and they are becoming an essential piece of hardware in the evolving cryptocurrency ecosystem.
If you’re like me, you bought your first cryptocurrency from a popular exchange then continued to broaden your horizons by transferring your digital assets to other exchanges. It’s not uncommon for people to have their cryptocurrency “portfolio” spread out across multiple exchanges.
By investing in a hardware wallet, you can have the peace-of-mind that comes from knowing your tokens are safely stored in one location on a secured device that is segregated from the internet.
Here are five hardware wallets you may want to consider:
Nano X ($119) & Nano S
People in more than 165 countries rely on the Ledger Nano X and Nano S to protect their cryptocurrencies. They are simply the most popular, best-selling hardware wallets on the market. The Ledger Nano S is perhaps the simplest wallet to use for those new to the sport while the pricier, more technically advanced Nano X comes with Bluetooth connectivity and the capability of storing and securing over 1,800 coins and tokens including Bitcoin, Ethereum, XRP and more.
Trezor Model T ($169)
The allure of the Trezor model is its ability to serve as the master access key to all your digital assets, and it ranks very highly in terms of security. You can store and encrypt your Bitcoin public keys, passwords, and other digital tokens with this hardware wallet. This model is capable of supporting over 1600 tokens.
Coldcard Hardware Wallet ($119)
This model is a Bitcoin-only wallet, but it is very secure. The Coldcard resembles a small calculator and is built to function independently of your computer. It is highly functional and has a bright screen that is easy to read. This wallet also uses a security chip to prevent anyone that might have physical access from stealing important information like pin codes without your being aware.
The BitBox02 is one of the easiest wallets to work with and can be set up in minutes. It supports more than 1,500 types of cryptocurrencies and comes with an innovative touch slider technology.
OPOLO Cosmos ($199)
This is a model that seems particularly popular with Android users. The Cosmos is a hardware wallet that offers great anti-theft protection, USB encryption, and showcases a beautiful 3.2-inch touch screen. This wallet even works with its own desktop app. The OPOLO wallet app comes with a built-in coin swap option allowing users to swap any coin or token within the app.
Which Wallet is Best?
Only you can decide which hardware wallet is the best fit for you. Clearly define your own goals for why you want a hardware wallet. What digital assets do you own? What do you hope to achieve (or avoid) with the use of a hardware wallet? Every investor is unique and based on the different features of all the hardware wallets on the market, be thorough in your research and select the model most closely aligned with your investing activities and goals.
Author: Greyson Kelly
Greyson Kelly is a business writer living in Milwaukee, Wisconsin. He writes extensively on technological trends, cryptocurrency, and ‘cutting edge’ industry topics. He has an MBA in Business and has over a decade of experience in communications and public relations.