Jan 29, 2019 21:30 UTC
Jan 30, 2019 at 05:44 UTC
Cryptocurrencies have over the years become more and more popularity day by day. Ever since Bitcoin’s meteoric rise in 2017, they have been more in the focus.
Cryptocurrencies like Bitcoins are stored in cryptocurrency wallets where a record of each and every transaction is maintained. These wallets are mainly of three types:
Paper, where the idea is that the user just writes the necessary key info in a piece of paper and safeguard it. Paper wallets are easy to misplace.
Software cryptocurrency wallets which can be downloaded from the web on to your desktop or smartphone. The disadvantage with these wallets is they are vulnerable to hacking.
Hardware wallets for cryptocurrency transactions are the most convenient, portable and the safest option, which also protects your cryptocurrencies from online hacks. These wallets store private keys and critical data on an external device rather than on software which vulnerable to snooping and hacking over the web.
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If you have been wondering about the best hardware wallets out there, we may have the answers for you.
1. Ledger Nano S
Ledger Nano S which was launched in 2014 has gained visibility as one of the top hardware wallets in the market today. With a price of $100, the Ledger Nano S is easy to use, portable and can be hooked up to any USB port to record or view cryptocurrency transactions.
It offers ‘Cold Storage’ data recording, as a result of which sensitive information like private keys, transaction records etc are kept offline. This means that it is almost impossible to get into or hack the Ledger Nano S from the web.
The device has a secure chip which is engineered to withstand sophisticated hack attempts. It offers multi-cryptocurrency support. But the best feature is its ability to backup and restore which can be done through the confidential recovery command.
Trezor, though a little more expensive than the Ledger Nano S, comes with a two-step security feature in addition to offline storage for added protection which means that your private keys will not be exposed under any circumstance.
The Trezor requires a unique digital signature for every transaction and its authentication is validated by the push of a button on the device itself.
It is simple to use even if you are not a soft security expert. It is easy to connect, and the steps are intuitive and self-explanatory. All you need to do is connect the device and follow the instructions. It has two buttons, one to accept and the other to decline.
Trezor also boasts of the advanced cryptographic algorithm that can back up your data in a jiffy and the information can be easily recorded on a piece of paper for recovery in case of data theft or loss.
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KeepKey hardware wallet can store multiple cryptocurrencies like bitcoin, Ethereum, Litecoin, Dogecoin, Dash, and Namecoin. It is integrated with Shapeshift so that seamless exchange of value among supported crypto assets can be facilitated.
The backup process is initiated during setup where a twelve-word recovery sentence is generated and which can later be used to recover in the event of an unfortunate data loss. This random twelve-word recovery sentence must be noted down and stored safely.
This unique storage device asks for a pin for every transaction. Hence, it can be rendered useless if it falls into wrong hands.
KeepKay also has a large display screen so as to avoid digital mistyping. Each transaction here has to authorised and confirmed manually by pressing the confirmation button.
KeepKey is compatible with your PC, Mac, Linux, and Android and is priced at $99 apiece.
Opendime is a hardware wallet that allows you to spend your cryptocurrency like a dollar bill. It just needs to be plugged into a USB and can then be spent for any online purchase. It is like a read-only flash drive which works on any computer or smartphone.
Each Opendime stick has a private key. The public key is published for payment but does not reveal the key unless it is unsealed. It is embedded with a QR code and Bitcoin address that holds data about your crypto assets.
There are no Zero miners fee or confirmation delays.
It is a disposable hardware wallet that can be used instead of cash, is affordable and comes in a value pack of 3 for $37.5.
5. Digital Bitbox
The Swiss made Digital Bitbox is a simple and secure Bitcoin hardware wallet. It is minimalistic and a portable plug-and-play hardware device that can be set up with ease. It is priced around €59 a piece. It is very durable and its average lifespan is 50 years.
An option for a fast backup on a micro SD card is also available on Digital Bitbox, in order to protect your crypto assets from data loss or theft.
The private keys are securely embedded, to prevent hacking or physical extraction.
A password is required to recover from a data loss.
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