You may be looking for the best cryptocurrency hardware wallet because you’re worried about security. We don’t blame you, as the Bitcoin price increases day by day, so is the number of hacks and security threats.
It is always suggested to store your bitcoins in bitcoin hardware wallets and never on cryptocurrency exchanges. Bitcoins worth millions of dollars have already been stolen from these exchanges by hacking.
However for long-term ‘HODL’ you should use a paper wallet or a Hardware wallet. I personally endorse using Hardware wallet as it offers great security as well as you can even use it for your day to day transactions.
What is a Hardware Wallets
A hardware wallet is an electronic device. It allows you to store your digital assets offline. They come in the form of a USB device with a small screen that allows you to create and configure a digital wallet that can be disconnected when not in use.
Hardware wallets promise greater security against software wallets in case of theft or scam. Also, your coins are safe, even if your computer is hacked or someone stole your hardware wallet. If you lose your hardware wallet, you can always restore all your coins in a new wallet.
Although there are many options available for you to choose where to store your hard earned coins. However, hardware wallets and cold stores are certified as safe and suitable for people with large amounts of coins.
List of Top 3 Best Bitcoin Hardware Wallets
Trezor Hardware Wallet
This is one of the most popular wallets; this hardware wallet is an effective cold storage device. Trezor is a tiny computer, which is like a pen-drive that generates Private keys offline.
Trezor has a screen built-in to show seeds and to copy down the data during backup. Because it is an offline wallet, Trezor offers extra security as the seed isn’t displayed.
The hardware comes with multiple security layers designed to keep your tokens safe, two-stage security verification, advanced encryption technology and safety measures for your tokens.
The only way you can lose tokens stored in this wallet is to either hand over the flash along with its private and encryption keys or to lose the thumb drive itself.
Bitcoin users can add an additional passphrase to the 24-word security to provide extra security to your crypto. In case you forget your passphrase, they have a well-designed and secured process to recover it.
Trezor wallet is compatible with Windows, Linux, OS X (10.8 or higher). You can also use your TREZOR with Android devices which have USB On-The-Go (aka USB Host) and with apps such as TREZOR Wallet, Mycelium, and Multibit HD.
Ledger Nano S Wallet
The Ledger Nano S is probably the best hardware wallet money can buy right now. It stores your Bitcoin and altcoin keys securely, and you can make transactions from it as well, just like the Trezor.
It supports more coins and also supports Ripple (XPR), while TREZOR and KeepKey do not.
So far its biggest setback would be that it can only hold 5 different cryptocurrency wallets at a time, meaning that every time you want to use your Ledger to transact with a cryptocurrency that isn’t currently on your device, you’ll have to free up space by deleting one of the wallets and then install the one you need.
Ledger Nano S is battery free meaning you need to first plug it into a computer before setting up. Though there are risks associated with this, the users must ensure that the computer is free from virus.
Keepkey wallet is a major hardware wallet. The private keys are generated using its exceptional hardware-based random number generator, combined with the randomness provided by your computer.
However, the best way to keep your private key secure is to limit its access to the internet. KeepKey wallet compatibility has been tested on Windows, Mac, and Linux.
KeepKey has been criticized for its customer support and a lack of support for altcoins. KeepKey now currently works with Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Dogecoin (DOGE), Ethereum (ETH), Dash (DASH), and a number of ERC-20 tokens.
Note: Despite their differences, all of these hardware wallets are available options for protecting your coins it all depends on your choice and your budget.
Keeping backups of everything is a good idea in general, but it’s an especially good idea when it comes to cryptocurrency.