Hardware wallets are by far the most secure option for keeping your valuable Bitcoin secure.
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 Bitcoin wallets offer the most security out of any other storage method due to them having multiple lines of defense.
The Nano X is the newest installment of hardware wallets from Ledger.
It’s aesthetically pleasing and extremely secure. The Ledger Nano X comes at a price of $119, which is around average for a hardware wallet.
The Ledger Nano X has several lines of defense making it an extremely secure option for storing cryptocurrency.
Through the use of a microchip and PIN Code, the device can only be turned on when a PIN is entered correctly.
After a certain amount of PIN code failures, the device is wiped.
Your coins are still safe.
This is due to another line of security known as your recovery phrase.
Before setting up your Ledger, you’ll be prompted to write down the wallets recovery phrase.
In the event your wallet is lost, stolen, broken, or eaten by your dog, this can be used to recover wallets.
As long as this sequence of words is kept safe, you can access your wallet from Ledger devices or other supported wallets.
This is an example of a recovery phrase.
NEVER show this to anyone as it would be all they would need to access your wallet. This is only shown for tutorial purposes.
The wallet supports a wide variety of cryptocurrencies and altcoins.
By default, the device might not have the necessary firmware for storage, but these can be easily installed.
According to the Ledger website, the device is capable of having over 100 wallet apps, including ALL ERC-20 and Ethereum tokens.
The Ledger Nano X currently supports over 1185 cryptocurrencies!
The wallet comes with a tutorial inside the package, but Bitpremier has also written an in-depth text tutorial on the official Ledger Nano X review page.
The Ledger Nano X can be used on any computer, regardless of the operating system.
It works perfectly with Mac or Linux machines and is also companionable with Google Chrome on Windows 7-10, Mac 10.8+ and Linux.
Upon connecting the device to a computer, you will want to download the Ledger Live Application where you can manage the device.
The device has two buttons on it that are used to navigate its menus.
The left and right buttons correspond to up or down. Clicking both at the same time is how you “confirm” or continue to the next menu.
Next up, is the Trezor T (Left) (€149).
After the success of the Trezor One (Right)(€69), the team behind the devices decided to take all of the popular features into the newest model.
Similarly to the Ledger Nano X, the first line of defense for the Trezor device is a distinctive PIN code.
Upon initialization, the device asks you for a PIN code.
Even if the computer the Trezor is plugged into gets hacked, the PIN can never fall into the hands of the hacker.
The Trezor T also features a recovery seed that allows you to recover lost coins.
As with other recovery seeds, NEVER share this with anyone.
This one is shown purely for example purposes.
After receiving some complaints about the lack of supported Altcoins, the Trezor team has listened and expanded the number of cryptocurrencies the device can store.
At the time of writing, the Trezor T and One can support almost all major cryptocurrencies and Ethereum tokens.
Keepkey is another Bitcoin hardware wallet with a minimalistic design that costs $99 plus shipping.
The decently sized crystal clear screen of the device makes it easy for the user to navigate its menus.
KeepKey takes over the management of private key generation, private key storage, and transaction signing.
Private keys stored on the device are kept in a way ensuring no outside source can access the sensitive information. The hardware wallet generates a private key with the help of its random number generator.
Keepkey defaults to a 12-word passphrase, but 18 and 24-word phrases can be used. For the most part, the longer the passphrase, the more secure your wallet is.
This passphrase can be used to recover information and private keys from the device in the event it is broken or stolen.
A feature of KeepKey critics often attacks is its lack of complete cryptocurrency support. Offering support for only six currencies, way lesser than its competitors, it can be purchased at a cost of $99.
ColdCard is minimal Bitcoin hardware wallet created by CoinKite. Coming in at 55 Euros, the wallet is extremely affordable as well as secure.
The code the device runs on is entirely open source meaning that if there were any security holes, it would likely have been discovered by now.
One extremely interesting feature of the ColdCard wallet is that it comes with a BrickMe feature. This feature makes it so that when a designated PIN Code is entered, the entire device wipes itself becoming useless.
As long as you have the recovery seed written down somewhere, then your wallet contents will not be erased.
Overall, ColdCard is not great for people interested in storing altcoins (only stores Bitcoin and Litecoin). Lastly, it’s not a great beginner wallet as its navigation can be tricky and unforgiving.
ColdCard is also the creator of OpenDime, who we’ll mention next in the hardware wallet guide.
OpenDimes are sold in packs of three for $37.50 plus shipping. They function much differently than other cryptocurrency hardware wallets.
The whole idea of OpenDime is to be like cash where you physically hand over the bills. In this case, you hand over the OpenDime.
For long-term holders of Bitcoin, this might not be your best option as it focuses on in-person transactions.
To get started with the device, plug it into your computer. Setup guide instructions are in a readme file that shows upon insertion.
The device asks you to insert a random file which is used to create a unique private key.
After the key is initialized, load the OpenDime with any amount of currency. The private key of the device is completely secure until it is “opened”.
Using a small item like a dime, you can easily remove a component to expose its private key.
From here, you can plug it back in to access its contents.
Opendime currently supports Bitcoin and Litecoin although it is possible OpenDime adds new currencies in the future.
OpenDime is secure as long as it is untampered with. The private key is completely hidden until the piece is broken off. Hardware components are exposed on the outside of the device but pose no security risk.
Corazon is by far the highest-end cryptocurrency hardware wallet that we will mention in this guide. Starting at $703 and end at $1510 depending on the wallets materials.
They have a very futuristic and strong appearance with a very high level of security.
The devices are constructed with a special tamper-proof design incorporating hooks and latches. After the titanium cases have enclosed, the device cannot be reopened without compromising its external integrity.
The software and security of the device are verified by Trezor, who is the second wallet we mention on this list.
Made in Switzerland by Bitcoin Core creator Jonas Schnelli, Digital Bitbox Hardware Wallet is a protected hardware RNG & key storage that makes storing Bitcoin as simple as possible. It doesn’t have a screen, and is managed through the device it is plugged into.
Digital Bitbox is extremely secure, as it uses Encrypted USB communication, tamper-resistant chips, and the option of two-factor authentication. Offline backups can be created using the Micro SD slot on the device.
Digital BitBox is completely open-source and available to view here.
Open-source code is great to have on any software project as it allows the code to be reviewed for bugs and malicious files.
No such files have been found and the project is completely trustworthy.
Digital BitBox currently supports Bitcoin, Litecoin, Ethereum, Ethereum Classic, and all ERC-20 tokens. It is possible more cryptocurrencies are added in the future.
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 devasting 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.