What to Know About Hardware Wallets
your simple guide to the safest and most secure way to store your cryptocurrency
Use a Hardware Wallet
Keys to the Kingdom…
In the Crypto world, you can also store your cryptocurrency in the wallet attached to the exchange you purchased the Cryptocurrency from. Although it provides easy and quick access to your crypto whenever you need it, it is NOT recommended as the private key to your exchange wallet is controlled by the exchange, in turn, meaning that you don’t fully own your cryptocurrency. The safest solution in this regard is to have a secure Hardware Wallet that ensures you have full control of your private key. IF YOU DON’T HOLD THE KEYS, YOU DON’T OWN YOUR CRYPTO!
Don’t Risk Your Assets…
Secondary to this, exchanges are vulnerable to hackers and cyber crime, thus leaving your funds exposed to such a risk. Exchanges may also shut down permanently, meaning your funds disappear as well. The same can be said about ‘Hot Wallets’ – wallets that are connected to the Internet. The internet itself is fraught with risk, so online wallets are always susceptible to theft, viruses, software bugs, hackers and exchange fraud.
What is a Crypto Hardware Wallet
Like a Bank Account Number
To begin with, a Hardware Wallet is simply a physical device. Unlike a wallet we use everyday in our lives that carries physical notes, coins and credit cards, a Hardware Cryptocurrency Wallet has a Public Key and a Private Key. A Public key is basically a wallet address whereby people can send cryptocurrency to. The wallet address itself is a long sequence of letters and numbers which is unique. With this, people can send money to the wallet. Think of it as a bank account number in that it can only be used to send money to an account. A Hardware Wallet can have several Public Keys – each differing Public Key for different Cryptocurrencies stored on your Hardware Wallet device.
Your Key and your Key alone
A Private key is essentially a PIN number that is used to access the funds stored in your Hardware Wallet. You should keep it totally secret and secure and not share it with anybody. With this, people can control the funds tied to that wallet’s address. Hardware wallets give you sole ownership of your private key, which essentially means that you have full control over your coins. This is an advantage of having a Hardware Wallet over online-based and Exchange wallets.
Interface with Blockchains
Aside from storing both your public and private keys, Hardware Crypto Wallets interface with the blockchains of various currencies so that you can check your balance and send and receive funds in the various cryptocurrency formats.
Hardware WalletsWork?
Without Physical Coins…
A Hardware cryptocurrency wallet is a physical device that allows you to store, send and receive several different digital currencies and tokens. Unlike a physical wallet which holds physical notes and coins (and credit cards), a Hardware Wallet records and stores digital transactions on a blockchain.
it’s your Digital Ledger.
The blockchain of any cryptocurrency (example, Bitcoin, XRP, Ethereum etc) contains a record of all the transactions that have been made since it began by anybody that has transacted with it. Your Hardware wallet address keeps a record of all your transactions, including your crypto balance. Your Hardware Wallet can figure out how many coins and tokens you have by following all the transactions made on the blockchain up to the present day.
How it works…
To illustrate this, let’s say you need to pay for a product in XRP (a cryptocurrency token) to XYZ Products. You send XYZ 100 XRP. This transaction then gets verified and added to the XRP blockchain. The XRP ledger records that the amount of XRP in your wallet address has decreased by 100 and that the amount of XRP at XYZ’s wallet address has increased by 100 XRP. The amount of 100 XRP sent and received as well as the public wallet addresses of both you and XYZ all becomes public information, as the ledger can be viewed live at any time anywhere.
Choosing a Hardware Wallet that is Right For You
01. Supported Currencies
You should choose a Hardware Wallet that is compatible with the Cryptocurrencies you trade or want to store. Some Hardware Wallets support more Cryptocurrencies than others, so ensure the device you are interested in supports the Cryptocurrency you deal with.
02. Ease of Use & User Suitability
You should choose a Hardware Wallet that suits your tech knowledge and level of crypto experience. Further to this, check out the manufacturers’ website which normally provide videos and ‘how-to’ presentations to gauge if the device is suitable for you.
03. Operating System
You should check to see if the Hardware device is suitable to your computer’s Operating system. You might be interested in a device which supports several types of Operating systems in the event you change or update your computer.
04. Security Features
Certain Hardware Wallets offer more security than others. For the most part, the devices presented for your reference on this site all offer substantial Security.
05. Manufacturer’s Credibility & Reputation
The Hardware Wallets presented on this website are all very reputable and credible in their own right. The teams behind the product as well as the companies themselves have been in business in the Crypto world for quite an extensive time and are all well known entities. That being said, you should make your own decision by visiting the respective websites to see how comfortable you feel with the brand.
06. Cost
Hardware Wallets will vary in price. Further to this, depending on your geographic location, shipping costs are also to be considered when making your purchasing decision. Regardless, invest in peace of mind by purchasing a hardware wallet knowing it is the most secure and safest way to store your Cryptocurrency.
Where To Buy Hardware Wallets?
ALWAYS buy NEW!
To ensure the ongoing security of your digital currency & tokens, ALWAYS BUY HARDWARE WALLETS DIRECTLY FROM THE MANUFACTURER or authorised Resellers. Buying a second-hand Hardware Wallet exposes your Cryptocurrency to Hacking and Theft with no recourse for recovery of funds. INVEST IN PEACE OF MIND – the initial outlay in investing in a Hardware Wallet that best suits your needs, is the smartest way to manage and secure your digital currency.
BE REST ASSURED THAT EVERY LINK FROM THIS WEBSITE TO A HARDWARE WALLET MANUFACTURER IS A DIRECT LINK TO THAT RESPECTIVE MANUFACTURER. WE DO NOT PUT RESELLER LINKS ON THIS SITE.