Bitcoin has been gathering universal acclaim and its popularity is increasing day by day. For some it becomes an investment tool though it’s not. It’s a worldwide payment system to allow people do worldwide transactions without the need of any third party like bank to reduce transaction charges. It’s grabbed huge media attention since it’d touched record high $20K price. Now more and more people want to buy Bitcoin and other altcoins despite recent about 45 percent plunge in price. Some cite that the price drop was due to Christmas (everybody wanted to enjoy this day so majority of people sold their Bitcoins to enjoy the day, this deliberate selling triggered a panic selling which further reduced Bitcoin price. Also, South Korean Bitcoin exchange Youbit got hacked that helped to trigger panic selling.) and some say it’s natural because the cryptocurrency is highly volatile. Now the world is adopting evolving cryptocurrencies like Bitcoin, Litecoin, Ethereum, Ripple AKA XRP therefore it’s obvious that more hack cases will come up because it’s easy to buy any cryptocurrency but it’s difficult to keep it safely. If you’re concerned about your Bitcoin’s safety then in this post I’ll be showing you best Bitcoin hardware wallets to keep your Bitcoin and altcoins safely.
It is not a wise decision to keep your Bitcoins or other altcoins on an exchange because all Bitcoin exchanges are highly vulnerable to cyber attacks and we recently saw that South Korean Bitcoin exchange Youbit got hacked. Even some renowned cryptocurrency exchanges suggest customers to move their cryptocurrencies to a paper wallet or hardware wallet. If you want to store Bitcoins safely then there’re, as of now, only two reliable ways available: Paper Wallet and Hardware Wallet. If you own a significant amount of cryptocurrencies and you’re concerned about their safety then move your cryptocurrency to either way.
What is a paper wallet?
What is a Bitcoin hardware wallet?
Bitcoin hardware wallet is a physical device that helps you store your Bitcoins and altcoins safely without taking care of private keys. As of now, hardware wallets are the safest way to store Bitcoins. Till date there’s no single case of fraud has been recorded from the hardware wallets. Hardware wallets store your private keys safely and let you protect them with a PIN so nobody else can access your hardware wallet. If you lost your Bitcoin hardware wallet then you buy new one and can restore your wallets to that by using your secret phrase (which you get at the time of setting up your hardware wallet).
You can create multiple addresses on your hardware wallet. Bitcoin hardware wallets let you store other cryptocurrencies like Litecoin, Ethereum, Ripple, Bitcoin Cash, Dash and the like.
Which one to choose: paper wallet or hardware wallet?
Once someone understands that cold storage (storing Bitcoins or altcoins offline using paper wallet or hardware wallet) is the best way to protect his/her Bitcoins or altcoins then next question pops up in mind that, “Which one to choose: paper wallet or hardware wallet?” The answer is very simple. Choose hardware wallet if money is not the issue or you indeed acquire significant amount of Bitcoins or altcoins like Litecoin, Ehtereum, Ripple, Bitcoin Cash etc. On the flip side, if your Bitcoin or other cryptocurrency investment is not that much then opt paper wallet. Paper wallet is also a secure way to store Bitcoins offline. You can read how to transfer Bitcoins to a paper wallet to know how to cold store Bitcoins using paper wallet.
Long term investors should opt hardware wallets to store Bitcoins safely. Though a Bitcoin hardware wallet costs you about $60-$120 but it keeps your cryptocurrency secure and safe.
How to choose a best hardware wallet?
While choosing a Bitcoin hardware wallet, you should consider simplicity, security, and features. Your Bitcoin hardware wallet should support other cryptocurrencies like Litecoin, Ripple AKA XRP, Ehtereum, Bitcoin Cash, Dash etc. If you’ve other cryptocurrencies then you can easily store them to your hardware wallet or if you’re planning to buy them in future then you can directly send your cryptocurrency to your hardware wallet.
User reviews is a best way to know highs and lows of a product. So read reviews of a Bitcoin hardware wallet on different websites. Don’t come on a decision after reading reviews from one site only because nowadays some cunning companies deliberately create positive reviews to boost their sales so read reviews from as many as sites you can.
Here are the best Bitcoin hardware wallets that support altcions to choose from –
I’m listing these best Bitcoin hardware wallets by emphasizing on safety and altcoin support.
Ledger Nano S belongs to a France based company. Ledger Nano S is one of the best Bitcoin hardware wallets available out there. With no time it’s become first choice of Bitcoin and cryptocurrency investors. Easy interface, unbeatable security, and multi-coin support are some of its key features that are grabbing intention of buyers. They’ve sold more than 3.5 lac hardware wallet units worldwide which is a good score if we see total population of people who invest in cryptocurrency.
The device has OLED Built-in display to check and authenticate transactions. Ledger Nano S completely isolates your private keys by storing them into a microchip. You can add 4 digit PIN to lock this device. If you ever lost your Ledger Nano S then you can easily restore your wallets to another device by using security phrase and no one could misuse your lost or stolen device because it’s PIN protected. You can make secure transactions even on an infected computer because Ledger Nano S does not ask you enter personal details such as PIN on your computer. You have two buttons on the side for navigation purpose. The battery-less device can be connected to a mobile or desktop via USB cable.
Currently, it supports 23 cryptocurrencies including Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ripple, Litecoin, Dash, Zcash, and Neo.
The device will cost you €79 or $95 or ₹6000 shipping charges extra. You can buy Ledger Nano S from official website of Ledger Wallet.
- Price – €79 or $90 or ₹6000 shipping charges extra.
- Specifications– OLED display, two buttons for navigation, 16.2g weight, USB connector, stainless steel and plastic material.
- Compatibility– Windows (7+), Mac (10.8+), Linux or Chrome OS.
- Supported Cryptocurrencies– Bitcoin, Bitcoin Cash, Bitcoin Gold, Ehtereum, Ethereum Classic, Litecoin, Dogecoin, Zcash, Ripple, Dash, Stratis, Komodo, Ark. Expanse, Ubiq, Vertcoin, Viacoin, Neo, Stealthcoin, Stellar, Hcash, Digibyte, Qtum and more.
Talking about Bitcoin hardware wallets then how can we forget Trezor, the first and still the best Bitcoin hardware wallet. This is the first hardware wallet company and first choice of buyers who do not care about price. Trezon by SatoshiLabs is a safest bet for those who prefer security over price. The cost of the device is bit high but when we see its background and security features then the price does not hurt. The multi-coin hardware wallet offers you a secure and trusted way to store Bitcoins and altcoins locally. 9 digits security PIN and 24 words recovery seed ensure safety and recovery if you lost your device.
The Trezor’s design is not that compelling but it’s been in the business for a long time and has a good track record. You’ve a small display and two buttons (underneath the display) on the front. You can easily connect it to your computer or Android mobile.
You’ll need to spend €89 or $106 or ₹6800 along with the shipping charges. You can buy Trezor from Amazon.
- Price– €89 or $106 or ₹6800 excluding shipping charges.
- Specifications: 128×64 pixels OLED display, two buttons for navigation, 12g weight, USB connector.
- Compatibility– Windows, MacOS, Linux, Android Mobile.
- Supported Cryptocurrencies– Bitcoin, Bitcoin Cash, Bitcoin Gold, Ehtereum, Ethereum Classic, Litecoin, Dogecoin, Zcash, Dash, Expanse, Ubiq, NEM, ERC-20 Tokens, Namecoin, Bitcoin Testnet.
Keepkey is another Bitcoin hardware wallet to store Bitcoins and other cryptocurrencies safely. It indeed has an elegant design. Large display helps you read screen instructions easily. Keepkey Bitcoin wallet size is almost twice the size of Ledger Nano S and Trezor. The price tag is a bit higher than other hardware wallets; however, the size, as compared to other wallets, justifies its price. Due to its size, it is not suitable for those who want to carry it with them. A few Bitcoin enthusiasts have shown interest in this device. Currently, it supports only 7 digital assets like Bitcoin, Ehtereum, Litecoin, Dogecoin, Namecoin, Testnet, and Dash; that is a big drawback. But the company is actively working to add more cryptocurrencies.
The security features are like other hardware wallets, therefore, it can store your coins safely. The price and size are the issues otherwise it is a good deal. You can enable PIN on this device to prevent unauthorized access. Its micro-controller limits the access of external devices to keep your private keys in a secure environment.
Though the device supports limited digital assets but it comes at the third place when we think of Bitcoin hardware wallets. As mentioned in the beginning, read reviews to know whether this device worth buying or not. You can buy KeepKey from its official website.
- Price– $129 or ₹8300 excluding delivery charges.
- Specifications– 256×643.12 pixels OLED display, metallic body, one button.
- Compatibility– Windows, MacOS, Linux, Android Mobile.
- Supported Cryptocurrencies– Bitcoin, Ethereum, Litecoin, Dogecoin, Dash, Namecoin, and working to adding more.
You cannot find a better way to keep your coins safe than a hardware wallet. A hardware wallet costs you money but in returns it keeps your digital assets in an isolated and secure environment. In my opinion, if you have coins to survive for one month then it’s worth buying a Bitcoin hardware wallet. Out of these best Bitcoin hardware wallets Ledger Nano S is an affordable and secure wallet. Similarly, if money is not the issue then think of Trezor and Keepkey.
Which hardware wallet did you like? Let us know your preference.