BITCOIN AND ALTCOIN HARDWARE WALLETS
With Bitcoin becoming ever ubiquitous, it is pertinent to note that Bitcoin theft and fraud related cases due to network security breach are also on the increase. Hackers and criminals are always on the lookout for carelessly stored Bitcoin. In recent times there have been quite many people who had lost vast sums of Bitcoin they bought several years ago when the Bitcoin price had not gotten this high. The need to store Bitcoin securely without fear or panic can never be overemphasized. Therefore we have taken our time to carry out research and have come out with a list of the three best hardware wallets yet.
BEST WAY TO STORE BITCOIN
There are several ways of storing Bitcoin. Some store their bitcoin on exchanges for easy trading, some others prefer to save their bitcoin on paper wallets, while the rest of the bitcoin population prefer either to store their bitcoin on desktop computers or hardware wallets. If you do not carry out daily bitcoin trading on cryptocurrency exchanges, storing your bitcoin in a hardware wallet is the way to go!
WHAT IS A BITCOIN HARDWARE WALLET
Bitcoin hardware wallets are a highly secured, tamper-proof offline electronic device which stores the private keys of the Bitcoin or cryptocurrency it contains. Hardware wallets usually come with a display screen that enables the user see what he is doing at any point in time.
Just like all offline wallets, when setting up your hardware wallet, you will be required to write down your randomly generated seed word or recovery phrase and store it in a secure place. Experts recommend you to make at least three copies of your seed words because since your hardware wallet is an offline wallet, there is zero possibility of it getting hacked. As at press time, there has not been any reported case of Bitcoin loss due to hacking or theft of a cryptocurrency hardware wallet.
The only occurrence that could make you lose funds in a Bitcoin wallet is when you forget your seed words or passphrase. Even if a bitcoin hardware wallet gets stolen or damaged, you can always get a new wallet and enter your seed words to restore all funds as contained in the previous wallet.
THE TOP THREE BITCOIN WALLETS WITH SUPPORT FOR ALTCOINS
With more and more acceptance and integration of Bitcoin by companies, individuals and even governments, Bitcoin hardware wallets have become hot cakes in the Bitcoin ecosystem.
Since hardware wallets can store either tremendous or small amount of Bitcoin over an extended period, the following are our best three hardware bitcoin wallets:
Ledger Nano S
A France based firm builds the Ledger Nano S. It comes with a sleek and lovely design. Ledger Nano S looks exactly like a flash disk just that it has two tiny buttons on its side and an easy to use OLED interface.
An amazing thing about Ledger is the availability of wide range of apps supported.
Ledger Nano S does not use batteries hence all you need do is plug it into your laptop, desktop computer or a mobile phone via a USB cable. The Ledger Nano S currently supports over 15 Cryptocurrencies. It weights 16.2g, height 98mm, width 18mm. Ledger Nano S is compatible with Windows 7+, Mac 10.8 and Linux.
The Trezor Bitcoin hardware wallet is the first Bitcoin hardware wallet in the world. SatoshiLabs build it. Trezor looks like a little calculator with an OLED screen.
It comes with a randomly generated nine digit pin and a 24-word recovery seed key. The Trezor wallet is compatible with Android devices and apps like mycelium and Multibit.
The keep key hardware bitcoin wallet has the same security features with Ledger Nano S and Trezor but it’s quite bigger and not convenient to carry about. Some of its great features include
- Exchange between assets directly on device using ShapeShift
- Supported by clients including Electrum, MultiBit, and Mycelium
- Virus- and malware-proof
Keep key supports six cryptocurrencies altogether and comes with an average price of $99.
COMPARISON OF CRYPTOCURRENCY HARDWARE WALLETS
|Ledger Nano S||Trezor||Keep key|
|Multi-currency Support||Yes||Yes||Bitcoin, Ethereum, Litecoin, Dogecoin, Dash, Namecoin currently|
|Multi Apps Support||Yes||Yes||No|
|Backup and Restoration||Yes||Yes||Yes|
|Display||50 Millimeters LED||Bright OLED 128×64||256×64 3.12″ OLED|
|Operating System||Windows, Mac, Linux or Chrome OS||Windows, macOS, Linux||PC, Mac, Linux|
|Size||98mm x 18mm x 9mm||60mm x 30mm x 6mm||38mm x 93.5mm x 12.2mm|
We have done our homework well by bringing you a list of the best hardware wallets. It is now left to you to make your choice. Do check out the official website for more details. You can buy any of hardware Bitcoin wallet of your choice.
Make sure you NEVER buy hardware wallets from eBay or unauthorised sellers.
It is recommended to only buy from the official store or from Amazon.