The crypto industry is once again hitting the mainstream, with more and more people looking to buy Bitcoin. And while the process of buying has become easier and more convenient than ever before, there are still many differences in the buying journey that make crypto somewhat confusing for beginners.
One of the things that are unique with cryptocurrency is the storage options. You see, cryptocurrencies are meant to be completely decentralized, meaning that you are the only one in control of them. As such, your funds are stored on the blockchain, and you are the only one in control of your keys. Owning a Bitcoin hardware wallet is crucial.
5 BEST BITCOIN HARDWARE WALLETS FOR YOUR SECURITY
Over the years, many companies have taken the initiative to create secure and easy-to-use wallets, to make crypto more reliable as a store of value and a digital currency. With many different types of wallets, it can be tricky to find the one that is best for your needs. Among them, the most secure option is using a bitcoin hardware wallet.
What is a Bitcoin Hardware Wallet?
A Bitcoin hardware wallet is a small, USB-like device that holds the private and public keys of your cryptocurrency wallets. Due to their physical nature, they are immune to hacking attempts and offer many additional layers of security as compared to other wallet types.
Aside from the most popular coins, a bitcoin hardware wallet supports many cryptocurrencies, often having thousands of different options. The only drawback of hardware wallets (but one that is justified) is the price. A good hardware wallet will set you back between $50 – $200 depending on the brand and quality you choose to go with. In the next few chapters, we will briefly introduce the best hardware wallets so that you can make an educated decision for the safety of your coins.
Best Hardware Wallets
Let’s have a look at all the different Bitcoin hardware wallets you can choose from. Below we will introduce to you the 5 best options to store your Bitcoin, Ether, Ripple, Dash, or any other serious cryptocurrency.
Option #1: Ledger Nano S
The Ledger Nano S is one of the first and most trustworthy cryptocurrency wallets. Having sold more than 1,5 million devices since 2014. It is independently certified by ANSSI as the most secure wallet option in the crypto market.
Benefits of Ledger Nano S:
- Supports more than 1100 coins and tokens, including a built-in exchange function that you can use to trade them
- It’s easy to use and navigate even by complete beginners. The device has two buttons on its sides and all action can be seen on the screen
- Convenient fund recovery even if you lose your device, through a secure 24-word phrase
- Includes a built-in security chip that matches those found in passports
Drawbacks of Ledger Nano S:
- Older versions are non-Bluetooth compatible, requiring an OTG cable to connect with your computer or smartphone
- Not able to customize the design. This is not a big problem but it can make the device blatant for some
Price of Ledger Nano S: $59 including free worldwide shipping.
The device retails at a relatively low $59 which includes free worldwide shipping and a 14-days return without any questions asked. Finally, if you decide to buy the Ledger Nano S, we also have the perfect Bitcoin Wallet tutorial for you.
Option #2: Trezor One
Trezor One is more appealing and unique than the Ledger Nano S. The device has many similarities with its competitor, and the competition is mostly related to the brand and design.
Benefits of Trezor One:
- All funds are stored in a “cold” wallet, meaning that they remain offline
- High security and continuous update to the software to ensure the safety of your funds
- The wallets include optional exchange support which you can use by whitelisting your wallet
- Supports 1064 coins and tokens that can be traded within the device
- Great design and OLED screen make it more appealing to those who don’t want a wallet that reminds of a USB stick
Drawbacks of Trezor One:
- Older devices may lag or not connect well with your desktop. This can be somewhat scary for beginners
- Its price does not cover shipping costs. When added together, the cost of this wallet is more expensive than the Ledger Nano S
Price of Trezor One: $55 excluding shipping.
This device retails at a dropped price around $59 but shipping is not included but they offer a 15-days return and money back warranty.
Option #3: Ledger Nano X
The upgraded, premium version of the Ledger Nano device comes with an additional set of features that make it more luring for tech-savvy investors. Let’s have a look at its benefits and drawbacks.
Benefits of Ledger Nano X:
- Bluetooth support and easy to connect with your smartphone
- Heavier and bigger in size than its predecessor
- High level of security than web-wallets or apps
- Additional memory space to store up to 100 apps (coins) at any given time
- Bigger screen
Drawbacks of Ledger Nano X:
- Higher price than Ledger Nano S but same level of security
Price of Ledger Nano X: $119 including free shipping worldwide.
Option #4: Keepkey
This hardware wallet is somewhat unpopular but comes with many great features. The Keepkey is not our first option when it comes to this list, there are many reasons for which you might want to obtain one.
Benefits of Keepkey:
- It is a Hierarchical Deterministic (HD) wallet, which turns it into a tiny computer built to store your keys
- Regularly hosts large discounts which makes it a great budget option
- Its price has dropped nearly 60% due to (we assume) low demand. That being said, the wallet has the same level of security as all the other options mentioned above and a very sleek design
Drawbacks of Keepkey:
- Limited cryptocurrency storage options. The wallet currently supports 7 popular cryptocurrencies, including Bitcoin
- No web wallet extension. Users will need to download external software like Electrum or Multibit to access the device’s applications
- Significantly larger in size than the other options in this list, which makes it less portable
Price of Keepkey: $49 including worldwide shipping.
Option #5: Ellipal
The Ellipal hardware wallet is the most unique option out of the five on this list. It is the only option that operates on its own accord and does not require any sort of connection to the internet. Therefore, it is kind of a real cold wallet.
Benefits of Ellipal:
- No wires or USB connectivity; communication happens through QR codes
- Very easy to use as the device reminds of a typical smartphone
- Easy to set up and use since the app is simple and well-built
Drawbacks of Ellipal:
- No information on the device’s founders. This makes it somewhat hard to trust
- A complex process of firmware updates, since the device does not connect to the web
- The price, which is more expensive than any of the options mentioned above
Price of Ellipal: $149 excluding shipping costs.
So in conclusion, which Bitcoin hardware wallet should you buy for securing your cryptocurrencies? Sure we can say, all 5 wallets have their pros and cons. In the end, it’s up to your budget, and your needs to pick the right one.
To make your decision easier, we have created a small decision matrix. You’ll definitely find yourself in there somewhere. Simply click on the image of the bitcoin hardware wallet that fits your needs below and buy it online.
|The Best Selling Wallet||The OLED Wallet||The Bluetooth Wallet||The Cheapest Wallet||The Most Unique Wallet|
|Buy Ledger Nano S||Buy Trezor One||Buy Ledger Nano X||Buy the Keepkey||Buy the Ellipal|
Need help to get started?
With the right hardware wallet in your hand, you’re ready to buy, trade, and spend Bitcoin. Of course, there are many different aspects to cryptocurrency. Just be aware of scams and fake trading platforms. Therefore, you better be prepared and know what you’re doing.
To learn everything about cryptocurrencies or blockchain, check out the other posts on our DLT blog. If you’re ready to talk with our blockchain experts to learn more about cryptocurrencies, then book a free consultation today!
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FAQ ABOUT BITCOIN HARDWARE WALLET
What is the best Bitcoin hardware wallet?
The best Bitcoin hardware wallet is the Ledger Nano S. At least this device is the best selling. If you’re a tech-savvy investor, then you might prefer the Ledger Nano X, which supports Bluetooth connection. If the design is what you’re looking for, then we would recommend the Trezor One. If the budget doesn’t matter and you want the most unique cold storage option, then the Ellipal hardware wallet is right for you.
What is Bitcoin hardware?
Bitcoin hardware can be split into 2 different hardware sections. Section #1 is a Bitcoin mining hardware. It is used to process crypto transactions and adding records to Bitcoin’s public ledger. Section #2 is a Bitcoin hardware wallet (cold storage). It is used to store your Bitcoins in a safe place. These wallets look like a USB-stick. This is the safest option to store cryptocurrency.
How to buy Bitcoin hardware wallet?
You can buy your Bitcoin hardware wallet on Amazon or directly from our website. Please read our reviews before you make a bad buy. Furthermore, we always promote some special deals whenever possible.
How to use Bitcoin hardware wallet?
To use Bitcoin hardware wallet works somehow like a USB-stick. Just connect it to your desktop or mobile phone to connect to the internet. Most hardware wallets use their own piece of software. Some devices even work on their own, without the need of installing software. Simply follow the instructions of your hardware wallet. If you have a Ledger Nano S you can follow our detailed video tutorial.