A Cryptocurrency Hardware wallet is the most secure way to hold your digital assets. Ledger is having a Black Friday 2019 sitewide sale of 30% off all its Hardware Wallets. We just snatched a few Ledger Nano S Wallets and above all, can’t wait to do the unboxing.
The Nano S Hardware Wallet from Ledger supports multi currencies. It was built using one of the most secure types of chips on the market. The Nano S is also fully certified by ANSSI. One of my favorite features is the option to backup your crypto assets and restore if you ever lose the device.
Secondly, Ledger also sells a Nano X which normally retails at $119, however, it goes for $83 during the weekend sale. The Ledger Nano X is the company’s next-generation wallet that manages up to 100 different digital assets on the same device, offers Bluetooth connectivity and state of the art security.
Nano S comes in six color options and normally retails at $59. If you are reading this before December 2nd, 2019, the Nano S is on sale for 30% off at $41 with free shipping.
Thirdly, Ledger Blue is Ledger’s premium hardware wallet. It looks strikingly similar to a handheld palm from the early 2000s. It features a large color touchscreen display and supports up to 30 currencies. The user can also install up to 11 different apps to monitor other assets not supported by the device itself. Ledger Blue currently retails at $269.99 but marked as “Sold Out” by the retail site.
If you are new to the Cryptocurrency market, the first thing you will hear is “don’t store your digital assets on exchanges“. Whether you own tokens or coins, with your assets on exchanges technically they are in the custody of the exchange. If the crypto exchange goes down, you will probably lose your money.
Getting a Hardware wallet is currently the most secure way to keep your crypto assets in your possession. There are several cold storage options such as a software wallet, it is installed on your computer system. It is still vulnerable if your system gets a virus. There’s a paper wallet option, hardware, and online wallets
There is horrific news all over the internet of crypto exchanges going under and investors losing their money. Earlier this year, the unexpected death of Canada’s largest cryptocurrency exchange owner left £145 million of cryptocurrency locked in a digital wallet. Unfortunately, the owner had the only password for the wallet.
Crypto Paper Wallet
What is a Bitcoin Paper Wallet? It is your public and private cryptographic keys printed on a piece of paper. It is recommended to never take a picture of your paper wallet. Exposing your keys could mean loss of your digital assets, (Bitcoin, Ethereum, XRP, Litecoin, VeChainThor, etc.)
A paper wallet is the simplest way to move your cryptocurrency into cold storage. There are a number of paper wallet generators online that provide beautiful designs, therefore you can generate private keys and make your own wallet. You can design your own paper wallet using the photo editor of your choice.
Using a crypto paper wallet will keep your bitcoin safe from hackers and other malicious bots online. On the other hand, you might want to keep it away from water and other liquids. Unless you have the keys written on a separate piece of paper, damage to the paper wallet will result in loss of assets.
Digital Wallet or Software Wallet
What is a Digital Cryptocurrency Wallet? A cryptocurrency wallet is a secured software program used to send, receive and most importantly, store digital currencies.
These are broken into three sub-categories; Desktop, Online, and Mobile wallets.
- Desktop wallets are software installed on a desktop or laptop. The wallet is only accessible from the computer it was installed but offers a high level of security. A damaged hard drive, on the other hand, may lead to loss of funds.
- Online Wallets runs from the cloud and accessible over the internet. These wallets are commonly controlled by a third party, for instance, Coinbase or Binance. They are more vulnerable to hacking and theft.
- Mobile Wallets come in the form of a smartphone application. It is useful if you plan on spending your crypto assets like cash.
Most digital currencies have their own official wallets, while some recommend a trusted third-party wallet. Using a digital wallet is a secure way to monitor your balance and store your private and public keys, however, it could become compromised if your computer system is hacked.
Digital wallets connected to the internet are referred to as being “Hot”. These hot wallets can send and receive single or multiple currencies, unlike the paper wallet used to store.
Hardware wallets are the most secure way to manage and trade your cryptocurrencies. Often referred to as “Cold Wallets”, a hardware wallet’s main use is to store your digital assets in an offline environment away from the internet.
Using a hardware wallet has its advantages, in contrast to a software wallet. These advantages include storing private keys in a protected area of the microcontroller. They are immune from computer malware that normally steals from software wallets and no need to connect to the internet to validate operating of the device.
Ledger is one of the most popular companies that sell crypto hardware wallets. However, there are other great hardware wallets, for instance, Trezor, Ellipal, KeepKey, and SafePal.
In my conclusion, having a hardware cryptocurrency wallet gives you peace of mind knowing that your cryptocurrencies are safe.
We really couldn’t make a decision on which hardware wallet is the best, because we have not tried them all. Ledger Nano X is one of the most advanced. It can connect to your smartphone using Bluetooth to manage your crypto assets.