When you dive into this profitable world of crypto currencies and “wallets”, where everything in it is digital, one of our biggest concerns is “What happens if a hacker gets interested in my coins? What about security? And how can I protect myself from a cyber-attack when all that currency-platform is based on electronic transactions. The answer is really easy, hardware wallets! Before telling you its benefits let us tell what it is.
A hardware wallet is not more than a physical way to store your private key away from the hands of any cyber-hijacker or malware dedicated to still your belongings and that because you store your key in an offline device, which is part of the so called “Cold Storage” methods. Someone would to actually take from your hands to reach a hand on your coins and even then a PIN code/password is needed (in high tech hardware wallets) to fully access to your “digital treasure”.
Why a Hardware Wallet?
Well, other than the previously explained benefit of being an offline and 99% hacker-proof method of storage, the different types of hardware wallets provide other benefits, such as:
- In the case of paper wallets (QR codes, etc…), the simple and the cheap walk hand to hand but vulnerability comes behind them, because when you want to use your funds, you will have to import your private key on your computer and is that moment when it becomes vulnerable to malware.
This changes when you decide to use other types of hardware wallets, such is the case of Trezor, Keepkey, Ledger (and all its different models), etc. These high tech devices are designed to protect when you need to connect them to manage your currencies.
- They are immune to viruses; most of the viruses designed to attack and still from all kind of software wallets are worthless against hardware wallets.
- The prize, most of them are conveniently affordable you can find them between 10$ to 120$, it all depends on the brand, security level, etc.
- Size, you can find them in many shapes, sizes and mode but none bigger than a small cell phone and smaller than a coin.
- Simple and easy to use, hardware wallets are friendly and prevent human errors, they are very handy when it comes to save time and make your transactions simpler. If you have any significant amount of bitcoins or altcoins, using a hardware wallet should be a no brainer.
- Easy to backup, allowing you an easy recovery in case of loss.
- Multi-currency, you will find hardware wallet able to support Bitcoin, Litecoin, and Dogecoin.
It is certain that there are many types of crypto currency wallet but, and I know you will agree with me, when it comes to talking about security, easy handling and prize hardware wallets take the first place. Although we can´t let a side the other wallet (software wallets), they present other features that might come handy at the time to work with crypto currency world. Everyone has their own preference, which one is yours?