In our previous article, we reviewed different types of cryptocurrency wallets. Today we are going to talk specifically about hardware wallets, what is their meaning and what advantages they have.
A hardware wallet (hereinafter, “HWP”) is a physical device developed specifically for saving cryptocurrency.
Such devices contain a private key, which is a random set of numbers and letters. This key is used to access your cryptocurrency on the blockchain. Also, a PIN code is also installed on the devices for additional protection against scammers.
Hardware Crypto Wallets use special seed phrases. Usually, these “magic” phrases are generated during during the initial settings of the cryptocurrency wallet. If you lose HWP, you can restore access to your money with seed phrase, so you need to write it down or remember it.
We selected two most popular hardware Crypto Wallets: Trezor and Ledger. Let’s get into them.
Why choose Ledger?
We chose Ledger as the best autonomous cryptocurrency wallet because of its number of supported currencies, high security standards, and mobile trading features.
Ledger is one of the most well-known hardware wallet brands today. Its popularity began with the first wallet — Ledger Nano S, which distinguished itself by its multifunctionality and reliability. The second model, not less popular, Ledger Nano X comes with Bluetooth® enabled, has a built-in battery and wider asset management capabilities.
The wallets from Ledger support more than 1,800 coins/tokens and can manage up to 100 of them at one time through the Ledger Live app on a mobile device.
Advantages:
1. Supports Ark, Bitcoin, Bitcoin Cash, Dash, Dogecoin, Ethereum, Ethereum Classic, Komodo, Litecoin, PoSW, Ripple, Stratis, Zcash, and all ERC20 tokens;
2. Supports different verification options: U2F, GPG and SSH;
3. can be set up and used with a smartphone or tablet (Ledger Nano X model);
4. Easy and simple to use;
5. 24/7 customer support.
What about Trezor?
The second of our favorites was Trezor. The original Trezor hardware wallet (Trezor One) was created by SatoshiLabs in 2014 and was the first cryptocurrency hardware wallet in the world. It is an HWP, which is one of the most reliable wallets, as it is really able to protect users’ money.
Trezor is a great hardware wallet for beginners as it is easy to set up and use. Trezor supports over 1,000 coins and tokens. With the Trezor Wallet app, you can send, exchange assets and tokens.
Like Ledger, Trezor has two models: Trezor One and Trezor Model T. The last model is an expanded version of the first, which includes more coin list supports and a full touch screen with control capabilities.
Advantages:
1. Supports work with Bitcoin, Ethereum (+ all ERC-20 tokens), Ethereum Classic, ZCash, Litecoin, Namecoin, Dogecoin, Dash and Bitcoin Testnet;
2. Offers Shamir Backup;
3. Supports U2F (universal two-factor authentication);
4. Supported by a large list of software wallets and online services.
At the moment, one of the safest ways to keep cryptocurrencies is hardware cryptocurrency wallets, which cannot be hacked if there is no direct access to them. With these devices, you don’t have to worry about the safety of your assets. However, you must have at least minimal knowledge about cryptocurrencies in order to set up and work with such cryptocurrencies.
If you are interested in one of the hardware crypto wallets, the range available on the market will allow you to choose a model in accordance with your preferences and financial capabilities.
And remember: security of your money always depends only on you, no matter what kind of crypto wallet you use!
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