What is Hardware Wallet?
Hardware wallet is known as the safest way for investors to keep their savings. It is especially beneficial for those who do not carry out trading transactions frequently, and want to keep their cryptocurrency safe in the long run. They can best serve as cold wallets. If you do not use your wallet online, it will remain offline.
Hardware wallets provide maximum protection against the risk of attack by hackers because their private keys are not linked in any way and they offer a secure storage solution by minimizing risks. Hardware wallets support many cryptocurrencies. These include Bitcoin and other popular altcoins. You can make any transaction with your cryptocurrency and connect to Blockchain only when you are going to trade.
However, hardware wallets are more costly and technically more complicated than other methods. Therefore, we must say that you should consider these two issues when deciding whether it is the right cryptocurrency storage method is for you.
Before comparing hardware wallets, let’s briefly talk about how they are used.
How to Use Hardware Wallet
People want to preserve their assets by nature. We care about the safety of our digital wallets as much as we care about our physical wallets in which we keep our money. Some simple methods to protect your digital wallets are provided in hardware wallet. For example, users must enter a string of 24 keywords during the first boot. You should not share these keywords with anyone or lose them. These keywords allow you to access your cryptocurrency if you lose your wallet or your hardware wallet breaks down.
In addition, you should ensure that your hardware wallet has not been processed in any way before, and you should be careful to buy them from trusted vendors. If the vendor is authorized by the manufacturer, it will be secure to buy from them.
You must keep the firmware up to date. Keep your hardware wallet safe and up-to-date to protect you from all hacker threats as much as possible.
Ledger Nano S
Ledger Nano S is one of the most widely accepted and trusted Monero wallets in the cryptocurrency community. The wallet, where you can keep hundreds of cryptocurrencies, announced in April 2018 that it supports Monero. Ledger Nano S is considered to be the best hardware wallet on the market. It is a bit more challenging to use than other wallets, but it comes with a manual that explains how to use it in detail. Ledger has various defense mechanisms to ensure the highest level of security. Even if your computer is hacked, it is almost impossible for them to access your cryptocurrency.
You can also buy your Ledger Nano S hardware wallet at our Cointral branches.
Trezor is the first hardware wallet on the market. The wallet was developed by Satoshi Labs and was literally a pioneer. It looks like a small calculator with OLED display. Trezor creates an isolated environment for offline transaction signing. Trezor minimizes the risk of finding a private key, even if your PC is infected with malware.
Each Trezor wallet has a PIN code that can never be removed from the wallet. This simple feature ensures that your PIN is not stolen. The PIN system in Trezor also has a built-in system that prevents any access attempts. After each incorrect password entry, the waiting time is doubled. It would take up to 17 years to enter 30 passwords.
The entire wallet is backed up with 24 words created during installation. The original 24-word seed is produced using RNG (Random Number Generator). The seed is produced offline and is displayed on the wallet screen; this ensures that the seed is never displayed in a device connected to the Internet. If you lose your Trezor wallet, you can easily recover it with the 24-word seed and password.
Investment information, comments and recommendations contained herein are not included in the scope of investment advisory. Therefore, making an investment decision based solely on the information and comments contained herein may not produce results that are in line with your expectations.