Top Bitcoin Hardware Wallets: A Comprehensive List
Bitcoin hardware wallets are arguably one of the safest options out there to store your Bitcoin and other cryptocurrencies. A hardware wallet is a type of cryptocurrency wallets which allows you to store your private keys in a secure physical location. These wallets are kept offline, which means no one can hack them to steal your Bitcoin or other digital currencies.
Almost every day, we read in the news about how hackers are gaining access to peoples crypto accounts. People are losing millions to hackers in a reoccurring fashion; therefore, we need to take the safety of our digital assets seriously. You may have lost a significant number of cryptos to hackers, or you know someone who has suffered such fate. This is often the result of storing your cryptos in hot wallets or exchange platforms.
Also Read: How to Store your bitcoins and keep it safe
This article is a comprehensive guide on the best Bitcoin hardware wallets that will ensure the safety of your coins. People lose their funds and most times; the platforms don’t have an explanation to what happened. Hackers are real and can do significant damage if allowed to strike. Cryptocurrency hardware wallets are adequate security against crypto loss to cybercriminals.
The hardware wallets are designed to hold your cryptos offline, making it highly improbable to be hacked. In this post, we shall explore the best Bitcoin hardware wallets to help you make an informed choice. For those of us who are not well-versed in coding and technical details, hardware wallets will be perfect for you.
Before we delve into the best cryptocurrency hardware wallets, let us look into the types of cryptocurrency wallets and the different types.
What is a Cryptocurrency Wallet?
Wallets remind us of a place where we easily keep and store our money. In the case of a traditional wallet, you can put money inside to store it and also take the money out to give to another person. In the crypto space, it is quite different. The public address of your wallet is where people can send you your crypto. Using the private key of your crypto wallet, you can unlock your cryptocurrency and use it in any way you so, please.
Therefore, a cryptocurrency wallet is a specially designed program that holds both your private and public keys. You can use it to receive and spend your cryptocurrency. Therefore, if it falls into the wrong hands, it can be used to steal your cryptos. We have two major categories of cryptocurrency wallets; hot wallets and cold wallets.
They are cryptocurrency wallets that are actively connected to the internet. Although these wallets are easy to navigate, they are highly vulnerable to hacks. Exchange wallets, mobile wallets, and desktop wallets are all examples of hot wallets.
They are wallets that are not connected to the internet; therefore, they are safe from malicious hacks. A good example of cold wallets is paper wallets. A cold wallet is a way to hold and store your cryptocurrency safely without the fear of malicious attacks or hacks.
Hardware wallets integrated the safety of cold wallets and the ease of transactions of hot wallets.
Bitcoin Hardware Wallets
Hardware wallets are physical devices that store your private keys. They are so secure that you can use them with a device you don’t trust. Some of the good things about having a hardware wallet:
- The wallet is disconnected and off the internet, so it cannot be breached.
- Anytime you want to transact with your crypto, you connect it to a computer or device, input your pin code and start transacting with your cryptocurrency. Once you are done with the transaction, you disconnect the hardware wallet and keep it a secure place.
- The hardware wallets ensure that your private keys are secure since the key never leaves the wallet. This is because the entire transaction validation process takes place within the hardware wallet and not on the computer or external device.
We have seen the hardware wallet in a nutshell; let us consider the best amongst them all.
Why Do You Need Bitcoin Hardware Wallets
The major reason why you need a hardware wallet is the security of your cryptocurrencies. Below are some of the prominent historical hacks to motivate you:
- In 2012, Bitfloor lost about 24,000BTC to hackers. The most painful part I that they were shut down and investors also lost their money.
- Bitfinis was hacked 120,000 BTC was stolen in 2016, although they were able to reimburse users gradually and regained their reputation.
- In 2015, Bitstamp lost about $5 million worth of BTC to hackers.
- Mt.Gox crypto exchange was hacked both in 2011 and 2014. In both attacks, the exchange lost 750,000 (worth $350 million at that time). The company later declared bankruptcy and users lost their money.
Best Bitcoin Hardware Wallets for Your Cryptocurrencies
The Trezor Hardware Wallets
Just as the name “Trezor” implies vault, this crypto wallet protects your coins against physical and virtual theft. It is the first hardware wallet and storing your crypto here is like keeping them in a secure physical vault. Over the years, Trezor has remained one of the best crypto wallets in the market. It comes with two different wallets which look like a regular car key.
The Trezor one
It supports more than a thousand cryptos, including ERC-20 tokens. Meanwhile, it does not support Ripple (XRP), Ada (ADA), Monero (XRM). Trezor One is compatible with macOS, Windows 8+, and Linux computers.
Trezor Model T
It is a slight upgrade on the Trezor one because it supports more cryptos, including the likes of Ripple, Ada, and Monero.
Ledger Hardware wallets
They look exactly like a USB flash drive, and can easily pass as one when carrying it around. The Ledger’s proprietary technology, known as BOLOS, holds the private keys in a well secure chip that is permanently kept offline. There are two reputable Ledger hardware wallets currently available in the market. Both are designed with software that functions as an interface between your Ledger device and the computer. This software is called “Ledger Live.”
Ledger Nano S
It functions similarly like the Trezor. Looking like a USB flash drive, it requires the presence of its user before any transaction can be confirmed. This is obtainable due to the inclusion of hard keys that must both be pushed simultaneously by the user before any crypto transaction can be authenticated.
Ledger Nano X
It is a superior Bitcoin hardware wallet, and it is designed in the same way as the Nano S. However, it is bigger in screen and boy size. The Nano X comes with a Bluetooth connection that allows it to be connected to your Smartphone. You can carry out your transaction anywhere you are, provided you have your wallet and your Smartphone.
The KeepKay Hardware Wallet
It provides you with beauty & style while ensuring the safety of your cryptocurrency by keeping the private keys offline. Its wide area touchscreen makes it seem bulky. Meanwhile, it supports only a little above 40 cryptos.
Bitfi Hardware Wallet
This is a complete paradigm shift from the rest of the hardware wallets. It is arguably the most secured hardware wallet. Your private keys are not stored on the device, and it comes in the shape of a Smartphone. It has unlimited coin support as it automatically updates itself once new crypto has been added to Bitfi.
We have taken the time to explore all there is about Bitcoin hardware wallets. Before you select any of these hardware wallets, it is important to look into their pros and cons. It will help you to decide which of them works best for you. For your contributions and questions, kindly make use of the comment box provided below.