Bitcoin Hardware Wallets: With the increasing popularity of Bitcoin and other cryptocurrencies, more and more people are getting on the bandwagon.
Since most of the people buy Bitcoin from an online exchange, they store BTC on the exchange itself. If you bought the crypto for short them, then there is no harm in storing on an exchange.
However, if you are a long-term hodler, then using a Hardware wallet or a paper wallet is much recommended.
Hardware wallet keeps your funds safe from any theft, scam or a malware attack. Even if your hardware device is lost, your fund will not be compromised and you can simply restore them on a new device.
But once you get a hardware device, remember not to share your private key and pin with anyone. Other than that, no screen recorder, malware etc can lead to any scam as the device does not use a computer or any 3rd party resource.
In this article, we will discuss some of the Best Hardware Wallet currently available in the market.
What is a Hardware Wallet?
Hardware Wallets are the tiny and the safest way to store your Bitcoin. These stores your Private Keys offline, hence cannot be hacked, unlike Online wallets.
Hardware wallets run on 2-factor Authentication, hence you will need to enter your Private key and Digital signatures before spending the Bitcoin which makes this device ultra secure.
Your Bitcoin will always be safe even if your Hardware wallet is Stolen or your computer is hacked. If your Hardware wallet is lost, you can easily restore it using the seed password also called as Recovery Phrase.
If you forget the Private Key(4 Digits) and lose the Recovery Phrase aswell, then there is no way to get your Bitcoins back. So, it’s crucial that you write the Seed Key, even make 2-3 copies of it and store it in a safe place. You can surely store that in your Bank locker if needed.
Apart from Bitcoin, if you have some other digital currencies like Ethereum, Ripple, Dash, Litecoin etc, you can also store them in your Hardware wallet along with BTC. Hence, all your hard earned money will be safe and secure under one roof.
#CageTip: Till date, no event of any Hack or Theft has been recorded on any Hardware wallet. Also, No one can spend your Bitcoin unless they know your 4-Digit Pin.
Now let’s move forward to checkout all the Bitcoin Hardware Wallet out there in the market. But if you are in hurry, I would straight away recommend you to go with a Ledger Nano S, as it is the best product currently available in the market. Moreover, If you wish to store a big amount of cryptocurrencies, then you must order two of them at the same so that your money is much safer.
Since most of the times, these wallets are not readily available because of their huge demands, you must not wait to order one.
Best Bitcoin Hardware Wallet for 2018
If you are short on time, then here is a quick comparison between the top Hardware wallets.
|Details||Ledger Nano S||Trezor||KeepKey|
|Dimension||Height: 98 mmWidth: 18 mm
Depth: 9 mm
|Height: 60 mm
Width: 30 mm
Depth: 6 mm
|Height: 38.0 mm
Width: 93.5 mm
Depth: 12.2 mm
|In the Box||
|Buy Now||Buy Ledger Nano S||Buy Trezor||KeepKey|
Ledge Nano S
Ledger Nano S is a very sleek, robust, secure and most importantly an affordable Hardware wallet.
This is one of the most cheapest Hardware wallets that you can get at a price point of just €58 that makes it around $68.
To get started with Ledger Nano S, you just need to connect it to your Computer for the first time and configure it. You need to keep the seed phrase in a secure place which you would need in case you forget your 4-Digit Pin.
You would need to connect your device to the computer every time you wish to send Bitcoin from it but you can accept Bitcoins anytime, anywhere on your Ledger Nano S address.
I have been using it for a while now and haven’t faced any sort of issues. Also, there are no bad reviews about this product and the company is also reputable.
Along with Bitcoin, it allows you to store 9 other cryptocurrencies namely Ethereum, Ripple, Stratis, Dash etc.
Trezor is the first Hardware wallet that came into existence in August 2014. It hat was founded by Satoshilabs and is the most reputable among all the three hardware wallets.
It has a simple design which can bear shock and is quite robust. Trezor works similar to Ledger Nano S and produces a 24-word phrase which is used in case of recovering the private key.
It can be quickly connected with your computer, Mycelium App(Bitcoin Android Wallet), Trezor App, Multibit HD. It costs around $99 which is more than Ledger, both has the same functionality hence Trezor is on 2nd place in our list of the Best Hardware wallets.
Along with Bitcoin, Trezor supports 7 other cryptocurrencies like ETH, ETHC, DASH, XRP to name a few.
Keepkeep is the 3rd device in our list as its functionality is similar to Trezor & Ledger Nano S. It has a larger screen which makes it inconvenient to carry in the pocket.
Though the big screen makes it easier to navigate and see the Wallet Address, it is of not much use. Keepkey also has a Seed Key and Private key and does not offer anything better than its competitors.
Another place where keepkey lacks is the cryptocurrency support. Currency Keepkey only supports 6 currencies which are lesser than its peer.
You can get it at a price of $99.
Lesser Know Hardware Wallets
There are a few lesser know Hardwallet wallet which couldn’t make much impact on Bitcoin community.
Since I only present reputable and tested devices to my readers at coinscage.com, I haven’t added them in my top 3 hardware wallet list. But you can still have a look at them if you wish to.
- Coolbitx: This wallet looks like a credit card but is much thicker than that.
- Bitlox: Currently these Hardware wallets are selling on 50% discount but still cost more than Ledger Nano S. This is a rectangularly shaped hardware wallet which has got buttons and an OLED screen on it.
Disadvantage of using a Hardware Wallet
As every great thing comes with its own drawbacks, Hardware wallets also have a few significant dark sides too.
Hardware wallets are secured by a Pin and Seed Key. If you if lose your Pin then it could be easily recovered using your seed key. But if by any chance your lose the Seed Key, then there is no way to access your Bitcoin in the wallet.
So, You need to make multiple copies of that 24-word seed key and keep it safely in different places.
Which is the Best Hardware Wallet?
After doing extensive research on each of the device, I personally like Ledger Nano S because of its design, convenience and cost.
Now, The ball is in your court and it’s your call to go with whichever you like.
If you are already using a Hardware Wallet, then do share your experience in the comments below, we would be glad to hear that.
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