Cryptocurrencies have literally brought massive disruption to the financial domain. Elimination of the need for intermediary or banking institutions is a major attribute of cryptocurrency. This particular feature has managed to turn the gaze of enthusiasts and multitudes of commoners alike. Today there are a number of cryptocurrencies along with major exchanges that manage the crypto transactions and tradings.
A person not entirely familiar with the concept of cryptocurrency may think that if the money is in the digital format, where it will be stored. Given that it is decentralized, there is no question of crypto being held with a bank for any transactions. So, where it can be kept for various transactions that the user needs to perform.? The answer is crypto wallets. The name itself suggests that these are the online and physical platform where we can store the cryptocurrencies we mine on our own or receive from someone.
There are various types of crypto wallets which we have discussed below. Out of that we will discuss the hardware wallet and throw a glance at some of the best hardware crypto wallets of 2019.
Types of Crypto Wallets
Just because we mention crypto wallets, it is not a single entity we are referring to. There are various types of crypto wallets.
As the name suggests these are wallets to store the digital money on desktop-based systems. The security concern is always a primary aspect with desktop crypto wallets. If you use one, you need to have the latest Anti-virus scanning your system every now and then for possible malware hits.
These are the mobile phone friendly crypto wallets. A majority of people around the globe have now become smartphone savvy. So, having a crypto wallet with support for Android and iOS running phones is plus for folks who want consistent updates regarding their cryptocurrencies.
These are also termed as hot wallets. A person can access these wallets from various web browsers like chrome, safari, etc. These are always connected to the internet. It could be of two types hosted and non-hosted. The private key is stored in these kinds of wallets. Generally, these are safe to use. However, there are chances that these wallets will face DDOS attacks.
This wallet keeps the private keys offline. It can print your private key and the public address the piece of paper and carry out all transactions. These are quite a secure method to use and store the cryptocurrencies.
There is another kind of wallet which we will discuss elaborately. It is the hardware crypto wallet.
Hardware Crypto Wallet Explained
These are the electronic devices that will store the cryptocurrencies which can be accessed and used by the wallet owner for trading purposes. Basically, the hardware wallet can be accessed by private keys which are only known to the user.
The hardware crypto wallet usually resembles a flash drive.
The biggest advantage of hardware crypto wallet is it cannot be hacked as it stores the key offline. For the long term crypto storage and trading purposes, hardware wallets are ideal. in today’s date, these wallets have a great demand among crypto traders as well as enthusiasts.
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List of Best Hardware Crypto Wallets of 2019
Here we have listed 3 best hardware crypto wallets of the recent times in no particular order. Check it out.
Ledger Nano X
One of the latest devices that comes with a high-end security system and a platform-independent functionality. By platform, we mean you can use it on your phone or computer. For the security purpose, it makes use of 2 chips. Nano X display is of OLED. It is compatible with Windows 7 and higher OS, Mac OS 10.8 and higher and Linux.
This particular wallet can support multiple cryptocurrencies. Also, it enables you to install multiple crypto wallets at once.
It supports a plethora of cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Monero, Ripple, Neo, Binance Coin and many more.
Now, let’s talk about the world’s first ever hardware crypto wallet. It is the Trezo wallet which has been developed by the SatoshiLabs. Trezor performs the same task of generating PIN codes and recovery seeds.
It can support multiple crypto wallets like the previous one. This includes TREZOR Wallet app, Mycelium, and Multibit app, etc. The Trezor supports up to eight cryptocurrencies which include the primary crypto like bitcoin. Trezor is compatible with Windows, Linux and OS X.
This hardware wallet serves the same purpose as the other we saw on the list. However, as you can see it’s not portable as Trezor or Ledger nano X. It costs around $100. However, it supports around six cryptocurrencies. This includes Bitcoin, Ethereum, Litecoin, Namecoin, Dogecoin, Dash. It has an OLED display panel and is compatible with Windows, Mac, and Linux.
Possible Drawback of Hardware Crypto Wallets
Every piece of technology comes with its share of drawbacks. Hardware crypto wallet does have its issues. However, it is dependent on the user. Like we mentioned with a hardware wallet the most important aspect is the recovery seed. If you lost it then you end up losing access to your funds and everything else. That’s why you can make 2 – 3 copies of the recovery seed on paper and keep it in safe places. In case you cannot remember the password you can take help of your paper copies that you made.
So, that was a detailed insight into the hardware crypto wallets and some of the best hardware crypto wallets of 2019.