Useful Crypto Knowledge link:
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There are two main types of crypto wallets: software-based hot wallets and physical cold wallets. Hardware wallets, a type of cold wallet, provide one of the most secure ways to keep cryptocurrencies. They work by storing your private keys in an external, physical device (usually a USB or Bluetooth device).
Benefits of a Hardware Wallet
- The control-Hardware wallet allows you to manage your own private keys.
- Maximum security — Since the private keys are kept offline at all times, they are immune to malicious software, except in a scenario where the device is defective. As they are able to sign transactions without the private keys ever leaving the device, they are more secure than a software wallet.
- Backup options — If you do happen to lose your wallet, you can make use of the seed phrase (also known as recovery phrase) to re-generate your private key and recover access to your funds using a different wallet. Like your private key, it’s crucial that you keep your seed phrase safe and offline, ideally in a safety-deposit box.
Disadvantages of a Hardware Wallet
While the security advantages of a hardware wallet are clear, there are some disadvantages that you should be aware of:
- Upfront cost — There are no two ways about it: Hardware wallets are expensive.
- User experience — The setup process can be quite cumbersome for beginners.
- Accessibility — Hardware wallets are less convenient for day-to-day transactions, as they require you to physically plug them into a device before accessing your crypto. Hardware wallets are best suited to those planning on holding their assets long-term, and not for trading.
Best Hardware Crypto Wallets.
Quick Summary
| Brand | Model | Memory Storage Capacity | Hardware Interface | Flash Memory Type |
|---|---|---|---|---|
| Ledger | Nano X | 2MB | USB-2.0 | USB-2.0 |
| KeepKey | KeepKey | 0.8MB | USB-2.0 | USB-2.0 |
| Ledger | Nano S | 0.32MB | USB-2.0 | USB-2.0 |
Ledger Nano X:
Ledger Nano X Crypto Hardware Wallet – Bluetooth – The Best Way to securely Buy, Manage and Grow All Your Digital Assets.
| Brand | Ledger |
| Memory storage capacity | 2 MB |
| Hardware interface | USB 2.0 |
| Colour | Black |
| Flash memory type | USB |
- Intuitive crypto wallet – perfect for beginners and veterans alike.
- Features a secure certified chip (CC EAL5+) designed to withstand sophisticated attacks, and to protect your valuable assets.
- Buy, sell, exchange and grow your crypto through our proprietary app: Ledger Live. All-in-one place.
- Manage all your assets like Bitcoin, Ethereum & tokens on the go. The Ledger Nano X connects to your phone with Bluetooth and has a large screen for ease of use
- Since we have rebranded, you may receive a package and/or product with the old Ledger logo on it.
| Brand | Ledger |
|---|---|
| Manufacturer | Ledger |
| Model Number | 3760027781517 |
| Part Number | 3760027781517 |
| Memory Storage Capacity | 2 MB |
| Flash Memory Type | USB |
| Operating System | Bolos |
| Hardware Interface | USB 2.0 |
| Compatible Devices | Please note that our devices and Ledger Live App are not compatible with Chromebooks |
| Number Of Items | 1 |
| Voltage | 3.7 Volts |
| Power Source | AC & Battery |
| Batteries Included | Yes |
| Batteries Required | Yes |
| Battery cell composition | Lithium Polymer |
| Wireless Type | Bluetooth |
| Has Auto Focus | No |
| Has Programmable Buttons | No |
| Product dimensions | 7.2 x 1.86 x 1.17 cm; 34 Grams |
| Item Weight | 34 g |
| Manufacturer | Ledger |
| ASIN | B07M6R4NK3 |
| Item Model Number | 3760027781517 |
| Batteries | 1 Lithium Ion battery required. (included) |
| Is Discontinued By Manufacturer | No |
| Date First Available | 20 February 2019 |
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KeepKey:
The Simple Cryptocurrency Hardware Wallet.
- Bank-Grade Security that is Simple: KeepKey is the most secure bitcoin wallet available. It makes best-practice bitcoin security easy so that even your grandmother can protect her bitcoin wealth.
- Backup and Recovery: During initialization, you are given the one-time opportunity to write down a backup of your KeepKey in the form of a twelve-word recovery sentence. If your KeepKey is lost or stolen, you can safely recover your device and its bitcoins without compromising the security of your private keys.
- Virus and Malware Proof: Because KeepKey does not have an operating system, the layers that viruses, malware, and key loggers infect do not exist on the device. Using KeepKey gives you confidence that hackers can’t get to your bitcoins.
- Multi-Currency Support: KeepKey not only supports Bitcoin, but also Ethereum, Litecoin, Namecoin, Dogecoin, Dash, and Testnet.
- Works on PC, Mac, Linux, and Android: KeepKey is a USB HID-class device. That means, like a typical mouse or keyboard, drivers are not required. Plug in the provided premium USB cable, and your device just works: immediately giving you the highest level of bitcoin security.
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