With the fear of been hacked all around the world, a lot have fall victim to hackers with their funds stolen. If you are new to crypto and you are confuse of which wallet to use. In this article we’ll learn what hardware wallet is, how hardware it works,and if we should use it. First, let’s know what hardware wallet is.
What is hardware crypto wallet?
Hardware crypto wallet act as a flash drive and is highly secure compel to software wallet. The wallet is a special type of bitcoin wallet, a physical devices which stores the user’s private keys in a secure hardware device, like (USB). When using a hardware wallet, the access to your coins is encrypted by the device. The device is secure enough that you can even use them with a device you don’t trust.
How do crypto hardware wallet works?
Hardware crypto wallet is physical device which is specially program to securely store private key and is highly secure than web, mobile and desktop wallets.
Hardware wallet don’t connect to the internet. They are just a form of storing your private keys offline. Since the wallet can’t connect, they need another machine to work. Because of the way they’re built, they can be plug in any device without losing the private key. The private key is held in a special place in the device that doesn’t allow them to be removed and is PIN protected.
Write down the seed phrase that you will be giving when initializing the device. In case you lose your hardware wallet, you can make use of the seed phrase to recover your private key. Using this phrase, you can move the private key to a different hardware wallet. Make sure it is safe and offline. Whoever that have hold of the seed phrase can have access to you fund and that will amount to losing all funds.
Which hardware wallet should I use?
When it comes to cryptocurrency, good storage is of more important than anything else. Establishing a strategy for protecting your asset should be your utmost priority. Here are list of Hardware wallets you can use. Always buy directly from the official manufacturer, which you can do here.
Ledger Nano S wallet
Ledger Nano S is a hardware cryptocurrency wallet that allows you to safely store your cryptocurrencies, with more than 1500 cryptocurrencies including Bitcoin, Ethereum and ERC20 tokens. The wallet is one of the best-know crypto hardware wallets.
Ledger wallet is a multi-currency wallet, which means that is able to store lots of different coins. you can also link your Ledger Nano S to wallets such as MEW and NEON, so you can store all Ethereum and NEO tokens on your Ledger too. Go to the official website here
Trezor is a cryptocurrency wallet and launched in August 2014. The wallet is a small, key-sized device which connects to your computer with a USB cable. Trezor provides top-notch security for bitcoin (BTC) protecting against both physical and virtual theft. It was first launched in 2014 by a SatoshiLabs, which is located in the Czech republic. Trezor wallet is a multi-currency wallets, meaning that it can store lots of different cryptocurrencies. The devices is pretty small and you can carry it around on your key chain or even in your pocket. Go to the official website here
Keepkey is a hardware wallet from the Swiss crypto exchange Shapeshit. The hardware wallet support over 40+ different crypto assets. The hardware wallet is beautifully designed, easy to use and better-known hardware wallet.
Keepkey is good, reliable and easily managed for your mobile device. It was founded by Darin Stanchfield in 2015 and was later acquired by shapeshit company on Auguest 2017.
Keepkey is a multi-currency wallet, which uses advanced technology to prevent hacks and theft of digital assets with support of top cryptocurrencies such as Bitcoin, Ethereum, Bitcoin cash, Litecoin, Dash, Dogecoin and other ERC20 token. The wallet is easy to use and is high-level security. Go to the official website here
Should I use a hardware crypto wallet?
You do not need to own a crypto hardware wallet in order to buy, store or transact bitcoin. But should you want to keep you asset for a very long time, I recommend you use hardware wallet. Here is the reason why
You can also read: What are Centralized Cryptocurrency Exchanges?
- Hardware wallet is a physical devices program specially to store private keys and prevents your private keys from being access.
- All transactions is verify and sign through the hardware wallet
- You can recover your fund with the use of your seed phrase when you lose your hardware wallet
- Hardware wallet are more secure than the other crypto alternative wallets because they’re very hard to hack.
- Your wallet private key is pin protected. Transaction can not happened without your authorization.
- Hardware crypto wallets let you sign and confirm transactions on the blockchain.
- Whenever you need to send your crypto, you simply connect the wallet to a computer or a device, enter your PIN-code and send the funds. The moment the transaction is completed, you disconnect it and keep it in a safe place.
- You will keep the wallet disconnected at all times. This makes sure that the wallet is off the net and difficult to for malicious actor to steal your fund..
- Hardware wallets combine the safety of cold wallets, along with the ease of transactions of hot wallets.