Сrypto hardware wallets: 2023 review
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you read this, you probably already know what a crypto hardware wallet is and why it is safer than a hot one. In this article, we’ll review the most popular cold wallets with all their pros and cons.
How does hardware wallet work?
Hardware wallets may be the safest option for average users to store their cryptocurrency thanks to the isolation of the private keys from your very online (read “open to attacks”) and very vulnerable personal computer or smartphone.
Hardware wallets are so-called cold wallets. A cold wallet is a type of cryptocurrency storage in which the private keys are kept offline, typically on a hardware device — but a piece of paper is often good enough. Cold wallets are considered more secure than hot wallets — mainly software wallets connected to the internet —since cold wallets are less vulnerable to hacking and other online threats.
Cold wallets are often used for long-term storage of large amounts of cryptocurrency, providing an added security layer. The private keys, which are needed to access the stored cryptocurrency, are kept offline and are thus less susceptible to being remotely accessed by hackers.
Additionally, cold wallets typically have advanced security features such as encryption, password protection, and two-factor authentication. They also provide a way to back up and recover access to the funds in case the device is lost or damaged.
Different hardware wallet devices are currently available that aim to provide secure storage for crypto assets. This article will review some of the most well-known hardware wallets, comparing their features. The wallets discussed include:
Ledger’s Nano X and Nano S
SatoshiLabs’s Trezor One and Trezor Model T
ShapeShift’s KeepKey
Coinkite’s Coldcard and Opendime.
It should be noted that all wallets, except the Ledger Nano S, were review units provided to crypto.news by the manufacturers free of charge.
Ledger
Ledger’s Nano S and Nano X are similar in terms of functionality. Both devices interact with the same software and support the same cryptocurrencies. The Nano X, however, is rechargeable and can connect wirelessly via Bluetooth. It also has a larger, higher resolution screen than the Nano S. The Nano S can hold fewer applications than the Nano X. Still, this limitation only results in minor inconvenience.
The Nano S and the Nano X can be used on mobile devices, but the former requires a USB on-the-go cable. The Nano X is available on the official Ledger website for around $150. At the same time, the Nano S Plus — Nano S’ near-identical successor with more memory and a bigger screen — is priced at just under $80. The ledger Stax, which crypto.news has not yet tested, is listed at a price of $280.
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