Many people are intrigued by the idea of investing in Bitcoin but aren’t sure if it’s right for them. Even with mainstream acceptance of cryptocurrency, there are many questions about how safe it is to store Bitcoin and what is the right way to go about it.
Most beginner investors opt for web-based wallets, which are typically free. Bitcoin wallet doesn’t have to rely on cloud storage, though.
In fact, cold storage, or hardware wallets, are one of the most secure ways to hold assets. There are many excellent solutions on the market, and we’ll discuss five excellent options you can consider.
1. Ledger Nano X
Ledger hardware wallets have an excellent reputation in the crypto community. The Ledger Nano X is one of their most popular models, and it supports over 1,000 tokens, including Bitcoin, Ethereum, Ripple, Litecoin, and many others.
Ledger Nano X is a small USB-like device, but with a bonus of Bluetooth connectivity as all hardware wallets. You can connect it to your computer, as well as your smartphone or tablet.
It has integrated Live platform software that is relatively user-friendly. Ledger Nano X makes managing assets a straightforward process, plus it allows users to install various apps depending on which coins they’re using.
2. KeepKey
This is another pen-drive type of cold storage wallet that relies on the offline storing technique for private and public keys.
It also supports a backup seed phrase, a 12-word code that is useful to have should you lose your KeepKey. This hardware wallet runs on open-source technology, which is not very common for this type of wallet.
It also has excellent security features. You can create a personalised PIN code, which means no one else can access your assets even if you lose the device. Perhaps the only downside is that this hardware is slightly larger than most devices in this category.
3. CoolWallet Pro
One of the newest hardware wallets on the market is CoolWallet Pro. It was released in 2021 and uses the decentralised finance (Defi) system for enhanced security.
It also provides encrypted Bluetooth connectivity allowing users to use it across devices. It’s the size of a credit card which makes it very portable and easy to use.
It supports many cryptocurrencies, including Bitcoin, Ethereum, Tezos, Cardano, and Litecoin. It also has a designated “trade” tab on the dashboard, which allows you to integrate the exchanges you’re using.
4. Trezor Model T
If you’re looking for something similar to Ledger hardware wallets, Trezor Model T is an excellent option with access to third-party exchanges.
This device has a touch screen, which is an upgrade from the previous model. Furthermore, it has a MicroSD card port which is incredibly useful if you want to encrypt the device with a PIN code and minimise the possibility of cyber-attacks.
Under the “Receive” tab, you’ll find a Bitcoin address generator for easy everyday transactions. Finally, Trezor hardware wallets come with a comprehensive guide with a lot of instructional content.
5. SafePal S1
This is one of the most affordable hardware wallets, which offers thousands of tokens, including non-fungible tokens or NFTs. That’s what makes it one of the most cutting-edge hardware wallets around. Due to its easy-to-use interface, SafePal S1 is a popular option among crypto beginners.
Plus, it’s an incredibly secure wallet as it supports two-factor authentication and PIN code protection. It features a minimalistic design, a QR code scanner, and a self-destruct mechanism in a malware attack.
SafePal S1 works entirely offline and doesn’t support Bluetooth or NFC connectivity. The only notable downside is that it doesn’t support some of the trending cryptocurrencies such as Litecoin and Monero.
Getting the Most From Your Hardware Wallet
Using a free Bitcoin wallet via a web browser or mobile app is convenient for some purposes. But if you genuinely want to ensure your private key is never exposed, storing it on a hardware device is the best solution. Indeed, a cold storage wallet can also be a paper wallet.
You can write down the private key and store it somewhere safe. However, that’s not what savvy Bitcoin investors do these days.
Users can store more than one digital token in the same wallet and feel more secure against viruses and malware attacks with a hardware wallet. With PIN encryption and two-factor authentication, the security is elevated to an even higher level.
