Securing your Bitcoin is the most important thing you can do after you have bought some BTC. As soon as you buy it, it’s imperative you secure it as securely as possible.
Unlike other assets, Bitcoin is a self-custody asset, and although that might scare some traditional investors off, it is one of the most important things for Bitcoiners.
So, storing your bitcoins is of utmost importance, and there are many bitcoin wallets out there, but for me, a hardware wallet is best.
Hardware wallets beat their software counterparts for security, and some of them even now have the convenience of trading within the wallet.
Hardware wallets keep your private keys separate from the Internet, and are maintained securely offline, making them much less vulnerable to malware and phishing attacks.
Therefore, if anyone wanted to steal your bitcoins, they would have to steal your hardware wallet and know all the security levels needed to get in to your hardware wallet.
If you lose or your hardware wallet is damaged, you have little to worry about. With each hardware wallet, you will be given a back up seed phrase, which is generally a list of random words that you just put into any device of the same brand and your account would show up in the new wallet.
So, it’s imperative you keep the seed phrase in at least two safe places in different locations, and only let people you truly trust know where you have stored them.
The Best Bitcoin Hardware Wallets
The Trezor Model-T is a second generation Bitcoin and Altcoin hardware wallet manufactured by SatoshiLabs.
Trezor released their first hardware wallet – The Trezor One – back in 2014 and it is one of the most popular cryptocurrency cold storage facilities.
Both Trezor wallets have a similar look and are easy to use, and they’re both designed to be used safely even on malware infected computers.
It’s a lightweight hardware wallet that plugs into your computer, and is a bridge to the blockchain, that allows you to manage your cryptocurrencies in as safe a place can be.
As well as Bitcoin, you can store multiple coins in a Trezor wallet, such as Ethereum (and all ETH dApps), Litecoin, ZCash, Monero and others.
Trezor wallets also facilitate trading within the wallet. For example, if you would like to trade some BTC for ETH, you wouldn’t have to send it to an exchange because there’s a trading option within the wallet, and it will show you the best trading option for you to choose from. [Trezor One] [Trezor Model T]
Ledger Nano Wallets
Ledger has released two hardware wallets: The Ledger Nano S and the Ledger Nano X. The Nano S was released in 2016 and the bigger and better Nano X was released in 2019. Ledger wallets are very similar to the Trezor wallets, but the Ledger wallets are Bluetooth compatible, where the Trezor are not.
Bluetooth allows Ledger wallets to connect directly to an iOS device. To do this, ensure your Bluetooth is switched on your phone, and you will be directed to pair both devices.
This makes it possible to work the wallet from your phone, which makes it easier, especially for the hard of seeing as the interfaces of both Ledger and Trezor are small.
Unlike Trezor hardware wallets, you cannot trade within the wallet, so if convenience is your thing, probably a Trezor is better for you.
As with Trezor wallets, whichever cryptocurrency you choose to hold in your wallet, an interface for each cryptocurrency will open up, showing you how much you have in each cryptocurrency.
You can even have multiple wallet accounts in each cryptocurrency, in case you would prefer to keep some separate from others. Sending and receiving is easily done with a choice of either inputting the public address or using the QR code method. [Buy on Amazon]
Securing your cryptocurrencies is critical. Exchange wallets are getting more reliable but still it is not recommended to keep your cryptocurrencies on them for any length of time.
Even software wallets are much more secure than they used to be, but they are susceptible phishing attacks, so for me, anyone storing cryptocurrencies long term, really should get a hardware wallet.
The Ledger and Trezor wallets are both highly respectable, and I have never had an issue using either. Personally I prefer using the Trezor, because it’s what I first used, but I would highly recommend either brand.
Second-generation Trezor and Ledger wallets are more expensive than their first generation counterparts. They are better as they both have an easier to use display, but both generation wallets are as secure as each other.
So if you can’t afford the Nano X or the Model T, the cheaper wallets are as secure, so you can be assured whichever hardware wallet you choose, your cryptocurrencies will never be safer.
Whichever wallet you decide to buy, do not buy second hand, and only buy from reputable sellers. And when your device arrives, if the seal has been tampered with, send it back and do not use it.
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