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Hardware wallets are by far the most secure option for storing your valuable Bitcoin.
Here’s the thing:
Hardware wallets cost money.
We know… paying for stuff sucks, but the security hardware wallets offer are unrivaled by software wallets.
Below, several well know hardware wallets are compared and contrasted to help find the best Bitcoin hardware wallet for you!
Hardware wallets are a method of securing Bitcoin and other cryptocurrencies.
They are physical products created by third party companies. Most of the time, the entire code of the wallet is made open-source, proving just how trustworthy these devices are.
Think of a hardware wallet of some sort of storage device for your private keys.
Hardware Bitcoin wallets offer the most security out of any other storage method due to them having multiple lines of defense.
Now that you know why hardware wallets are so secure, let’s jump right into some of the best hardware wallet options out there. We’ll briefly cover our favorite options, to learn more be sure to check out each wallets official review, detailing everything you need to know.
Coming in at $119, the Ledger Nano X is the cryptocurrency hardware wallet that we recommend the most. Ledger has been around in the cryptocurrency space since 2014 and known to push out some of the highest quality products out there, including the Ledger Nano S which we’ll mention later in this guide.
Some of the most attractive features of the Ledger Nano X are it’s an extremely simple user interface that’s operated through the two buttons shown above, an intuitive hardware wallet setup process, and a wide selection of cryptocurrencies.
Check out our full review of the Ledger Nano X, which includes a step by step wallet activation guide.
Next up, is the Trezor T. Similarily to Ledger, Trezor is a company that’s been involved in the crypto security space for 7 years now, under their main branch of SatoshiLabs. The wallet sells for $169 making it the most expensive of the bunch, but we don’t feel like a few factors of $10 should determine which device you’re putting the bulk of your cryptocurrency in for cold storage.
Prior to the Trezor T, was the Trezor One, which was an enormous hit these past few years. Some of the top selling points of the Trezor T are its ergonomic design, touch screen, simple setup, and support for over 1000+ cryptocurrencies.
Check out our full review of the Trezor T, which includes a step by step wallet activation guide.
The Bitbox02 is one of the newer hardware wallet releases coming out in 2020 by the ShiftCrypto team. This device sells for $119 making it pretty competitive with some of the other wallets mentioned in this guide.
The two things I love about this wallet is the sleek design and small size, and the fact comes in a Bitcoin ONLY version. You may be wondering why this is important. When it comes to security, the fewer attack vectors the better. Bitcoin is the most established and studied cryptocurrency out there, which makes it very difficult to attack.
Keepkey is another great option when it comes to cryptocurrency hardware wallets. Backed by Eric Vorhees and the ShapeShift team, it’s a pretty cheap reliable option costing $49. We would rate KeepKeys security to be in line with all of the wallets we mention here, without the main con being the look and user interface of the wallet. But this all comes down to personal preference.
In the coins department, the device only stores 40+ so if a wide variety of cryptocurrencies is a selling point to you, we wouldn’t recommend this wallet.
The Ledger Nano S is another popular wallet, although it’s been on the market for a few years. Because it’s been out for much longer, the wallet costs $59. If the price of the hardware wallet is your main concern (we think that’s a bit silly) then look no further than the Nano S.
The Nano S will support all the coins the Nano X will, and have many of the same security features.
These can be great for storing low amounts of cryptocurrency used for everyday or frequent transactions. Not for a bulk of your holdings in. You can learn more about these wallets on our best bitcoin wallets guide.
Paper wallets are somewhat of a thing of the past, as people realized it wasn’t great keeping such important info on a piece of paper. Since then, devices like PrivacyPros Billfodl have gained a lot of popularity. They accomplish the same thing but are much more capable of surviving the elements.
THESE ARE NOT WALLETS.
As much as exchanges would love to sell you on their cryptocurrency storage capabilities, never ever leave significant amounts of cryptocurrency in a wallet that you do not control the private keys of.
Private keys ultimately decide who owns the Bitcoin. When Bitcoin is left in a wallet like Coinbase they hold your private key for you.
If you want to use your Bitcoin to transact, consider also having a hot wallet.
Hot wallets are typically software wallets that store lesser amounts of Bitcoin. These are great for spending Bitcoin on everyday items.
You can never be too secure when it comes to cryptocurrency, which is why hardware wallets are the #1 option for storing cryptocurrency.
Depending on your needs, certain cryptocurrency wallets are better than others.
This is one of the most important frequently asked questions when it comes to hardware wallets. NEVER purchase a cryptocurrency wallet from anyone that is not the original manufacturer of the device.
Even if it’s from someone you trust, it’s just not worth it when storing large amounts.
There have been several cases of people purchasing hardware wallets on Amazon or eBay. They deposit some cryptocurrency on the wallet and go about their day.
Later on, they go to check their wallet, and all of their cryptocurrency is gone!
The 3rd party seller managed to gain access to the wallet and waited for the buyer to load it up with cryptocurrency.
Once the wallet had a balance, the seller sent all of the funds to a different address that they control!
This is a devastating and unfortunate scam that can be easily avoided by only purchasing hardware wallets from the original manufacturers.
After purchasing the wallet from one of these trusted sellers, it’s also important to check if the tamper-proof strip is still there on the device.
This is a difficult question to answer, as the best hardware wallet for one person, won’t necessarily be the best for another. If you’ve made it this far, you’ve probably come to the understanding that hardware wallets are mostly used for cold storage.
With a cold storage wallet, you’d want a secure option with as few attack vectors as possible right? All of the options on this guide are great options with a long history of security.
Due to the high amount of people using the Ledger Nano X, and the Trezor T, we recommend these extremely high due to the immense security that they provide. However, you really can’t go wrong with any option on this guide.
If Bitpremier didn’t trust a wallet creator, we wouldn’t list them on the site.
This is not a good question to ask. All hardware wallets are around $100 of each other. As stated before, no amount of security is ever enough when it comes to cryptocurrency. Why risk not having top-level security for $100? The amount you plan on storing surely has to be more than $100.
That’s why this should absolutely not be a factor in the hardware wallet purchasing process. Choose a wallet based on its features and security, NOT its price.
However, to answer the question, the cheapest wallet would most likely be ColdCard, Digital Bitbox or OpenDimes.