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Top 3 Cold Wallets To Safeguard Your Cryptocurrencies in 2019
Top Cold Wallets To Safeguard Your Cryptocurrencies in 2019
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Safety is of the utmost importance in the cryptocurrency world. Since crypto assets are digital, the methods of safeguarding the assets must be digital also. Just like a physical wallet stores paper currency, a digital wallet is designed to store cryptocurrencies.
Unlike a physical wallet, which can hold any currency as long as it’s paper, a cryptocurrency wallet cannot store all cryptocurrencies. Each crypto wallet has its own unique range of cryptocurrencies it is compatible with. This means that if a cryptocurrency is sent to the wrong wallet, the amount sent is lost forever.
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Why You Should Use Hardware/Cold Wallets
Also known as “cold wallets,” hardware wallets offer the best method of safeguarding cryptocurrencies because they store crypto assets offline and literally put it in the hands of the owners.
Other wallet types are susceptible to hacking, phishing, and damage which can easily lead to loss of funds. While people might choose other wallet types for cryptocurrencies they move or trade frequently, hardware wallets are ideal for long-term storage.
Hardware wallets are devices built to store users’ private keys securely. Most look like a USB drive and can be accessed via desktop apps.
There are several hardware wallets available today. Arranged in no particular order, here are the top 5 cold wallets to safely store your cryptocurrencies.
Ledger Nano S
The Ledger Nano S is a USB-sized device (shown above), with a metal casing for heightened durability. The design is simple and compact, and it has a very easy-to-use interface. The device works through Ledger Live, a desktop app that allows interaction with the device.
The Ledger Nano S supports over 1,000 coins and tokens, including Bitcoin, Ethereum, Ethereum Classic, Litecoin, Ripple, Dogecoin, Zcash, Dash, as well as many ERC-20 tokens. The Nano S can interact with online wallets such as MyEtherWallet, Mycelium, and Electrum.
The notable edge the Nano S has over other hardware wallets is the number of coins and tokens it supports and its extremely portable size.
The Ledger Nano S is very secure from hackers because the physical buttons that have to be used for any transaction to be carried out, and it has an anti-tamper proof feature which checks the integrity of the hardware wallet every time it is powered on.
Here is a video of how to set up and use the Ledger Nano S:
Ledger, the company behind this device, has been around since 2014. They use an open-source code and have shown stability despite the wide swings of the crypto market.
The Ledger Nano S is currently priced at about US$99.99.
Trezor Model T
The Trezor Model T is a 2nd-generation hardware wallet by SatoshiLabs, after the first hardware wallet released by Trezor, the Trezor One.
Trezor One was designed to store multiple cryptocurrencies offline in an easy-to-use format with 2 buttons and a screen. The Model T is an upgrade of the Trezor One, getting rid of the 2 buttons and becoming touchscreen with full color.
While the Trezor One is already comparable with the Ledger Nano S, the Model T is designed to be more secure with PIN entry, passphrase entry, and device recovery carried out on the device (and not on a computer or mobile).
The Trezor Model T comes with a magnetic dock (for definite safekeeping). It also has a seal that makes you know if the device has been compromised. The Model T supports over 700 coins, with notable absentees being EOS and Tron. The Model T supports Ripple (its predecessor didn’t) but has no active wallet yet for it.
Here is a guide on how to use the Model T:
The Trezor Model T is currently valued at about US$170. It is considered premium quality when compared to Trezor One, which supports almost the same number of coins and currently valued at about US$80.