The decision to become a cryptocurrency owner, as a rule, comes along with many other decisions. For example, the decision of what cryptocurrency to invest in, when to buy it, when to sell and, most importantly, where to store it. Cryptocurrencies such as bitcoin are quite expensive and their owners do everything possible to ensure the safety of the coins. You have several options as to where to keep your coins:
- Desktop wallet. This wallet is downloaded on your computer and allows you to access your cryptocurrency funds only from that laptop or tablet. This wallet is kind of risky because if your PC gets hacked, there is no guarantee you can save your funds.
- Online wallet. This wallet is much better than the desktop one, since it stores your data on the cloud. It means you can access your crypto balance from any device and location. Still, it is not immune to theft and hackers attacks.
- App wallets. This kind of cryptocurrency wallets are mobile applications that allow you to pay with it in stores and online.
- Hardware wallet. The only wallet that has physical representation. Let’s stop on this one and discuss the main benefits of hardware wallet and how to choose the right one.
Picking a Hardware Wallet for Cryptocurrency
- Ledger Nano S is the cheapest among the analogous devices, $65. It is a French product that has a good design and a backup seed key as its key feature. The wallet supports 9 cryptocurrencies so far, bitcoin included.
- Trezor is known as the most secure bitcoin hardware wallet. It is protected against theft and damage. The wallet can be used with android apps such as TREZOR Wallet, Mycelium, and Multibit HD.
- KeepKey is another wallet for storing bitcoins offline. However, it is a bit larger in size than the previous ones and supports less cryptocurrencies. Nevertheless, it goes at a moderate price of $99.
Important thing to remember that even the best hardware wallets cannot protect your funds if you do not handle them well. You have to be cautious when setting a PIN and making sure you remember it. Also, even though many have protection against damage, it is crucial to keep the wallet in a safe place. Losing it will also give you a hard time so backing up the data online is also a must. On the bright side, offline storage for cryptocurrency is a smart solution if you want to protect you money from theft or hackers. You know that you can check your funds from any device any time the wallet is with you, which is very convenient.