Crypto is the rage these days and lots of people are trying their hands at it for the first time. If you’re one of them, you might consider getting a hardware crypto wallet. If you’re not sure about it yet, this content may change your mind and encourage you to secure your crypto currencies in the best way possible.
Cryptocurrency is, no matter how you look at it, a revolutionary new way to store and exchange value. While it’s true that crypto coins are still in their infancy, they have already proven to be an extremely effective method of transferring money rapidly and easily across the globe.
As we transition into a more crypto-centric world, it will become increasingly necessary to find ways of storing digital currency safely.
One of the most popular options amongst crypto holders is that of a hardware wallet. These wallets offer a sturdy, secure means of keeping your cryptocurrency safe from digital attacks and malicious malware.
In this article we’ll explore these wallets in detail so you can decide if they’re right for you!
What Is A Hardware Crypto Wallet?
A hardware crypto wallet is an electronic device that stores cryptocurrency and protects the private keys to access them. It’s usually a small, portable device that you can carry around with you.
A hardware wallet is different from an online or software wallet because it isn’t connected to the internet.
This means that there are no servers for hackers to target—there’s only one device available for them to break into, so if your computer gets hacked then all of your funds might be wiped out but not necessarily (if you still have a paper backup).
Hardware Crypto Wallet Vs Crypto Exchanges
Hardware crypto wallets and exchange platforms have their respective pros and cons. The former are a great option for storing your cryptocurrency funds safely, but they may not be as simple to use as some other options.
Exchange platforms are useful for trading cryptocurrencies, but they also come with risks. For example, if an exchange is hacked or decides that it’s time to close shop, you lose access to all your funds.
You should consider what kind of security measures your crypto wallet has in place before deciding on which type of wallet is best for you.
If you’re just beginning your foray into the world of blockchain technology, it might be better to keep the majority of your cryptocurrency funds in an exchange platform until you get more familiar with how blockchain works (and how secure different wallets are).
Once you know what kind of setup works best for both yourself and your investments, then by all means give hardware wallets a try!
Pros Of Hardware Crypto Wallet
- Hardware crypto wallets are secure and portable.
- Hardware crypto wallets are offline in nature. This makes it difficult for hackers to get access to your coins. Hence, minimizing the risk of losing your funds.
- They also make it easy to move funds around without having to rely on a computer or mobile device. If you lose your hardware wallet, you can restore it with backup files if necessary (though there are some pros who say that this isn’t the best idea).
Cons Of Hardware Crypto Wallet
Hardware wallets have some downsides, however. While the price of these devices is dropping as time goes on and competition increases, they are still a significant investment for anyone looking to store large amounts of cryptocurrency.
Hardware wallets are also subject to counterfeit; although not as widespread or easy-to-use as software wallets, there are still ways someone can create a replica of your hardware wallet that can steal your coins.
Finally, while the security offered by hardware wallets is generally considered unfeasible for most people with average computing skills to crack—and even then it would take them a very long time—the fact remains that any device connected directly to the internet has some vulnerability points that could be exploited by hackers or other malicious individuals who want your money (or just want to cause chaos).
If you’re concerned about the safety of your cryptocurrency and want a way to store it that doesn’t rely on any third party, then hardware wallets are a good option. And with more manufacturers entering the market all the time, there’s likely to be one that fits the needs of almost any crypto trader.
If hardware crypto wallets interest you, I suggest Trezor by SatoshiLabs. It’s only the first hardware wallet for crypto and one of the highest rated crypto gadget with thousands of reviews.
Use our trezor promo code and save up to $145 at checkout.