Best Bitcoin Wallet
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How To Store Your Crypto Securely:
There’s a variety of Bitcoin / Cryptocurrency ‘wallets’ available and knowing what which one will suit your requirements can be a minefield. Even more so if you’re a newbie when it comes to the world of cryptocurrencies.
Basically, when you have purchased a valuable item you need somewhere to store it securely so it isn’t at risk of being stolen. For example, when you buy a new car, you store it securely in your garage. It’s just the same as cryptocurrency; Whether you buy Bitcoin (BTC), Ethereum (ETH) or Litecoin (LTC), you buy it via an exchange you need a place to store it securely.
Now, you can’t store cryptocurrency in your normal wallet, where you store your cash and cards, then place it in the back pocket of your jeans! The type of ‘wallet’ we’re referring to is where you securely store your cryptocurrency. Remember, it is not considered legal tender so you can’t use it down the local supermarket!
The best way to describe a ‘wallet’ is compare it to a bank account. It will enable you to receive Bitcoins and other cryptocurrency, keep them and then transfer them to other traders or investors. The ‘wallet’ will hold private keys / codes that once accessed will allow you to spend your cryptocurrency. As this is a digital form of currency, you are not storing the actual coins ( so you can forget about storing them under your mattress!), but the private keys / codes that you need to access in order to buy and sell them.
In ‘layman’s terms’ the Crypto wallet can be an app, programme, or device that will store the private keys / codes for you.
We have put together this handy guide to help you choose the best cryptocurrency ‘wallet’. Your decision will need to be based on how easy it is to access, how secure it is, speed of processing transactions, and what support is available if required.
Firstly let’s explain the types of ‘wallets’ available.
Types Of Wallets:
Hardware Wallets (Also Known As Cold Wallets):
A hardware wallet is a physical electronic device, developed to store your Crypto offline. This is the more secure type of wallet as they are unable to be hacked by online hackers, as they are not connected to the internet. Even if the hacker was to steal the actual hardware wallet it would be protected by the private keys / codes.
Hardware wallets are definitely the best option, especially if you own a large amount of Cryptocurrency; It’s like comparing them to a bank vault. Your private keys / codes are stored within the wallet and it’s so secure that if you were to connect your device to a malware infected PC, they would still be protected. Also, if your hardware wallet was damaged, misplaced, or stolen, you will still be able to access your coins via the secret back up code.
Some traders prefer to divide their portfolios into two amounts, the larger amount is stored in the hardware wallet and the smaller amount is kept on an exchange as it’s easier to access for trading.
Please note the only disadvantage of hardware wallets is that they take longer to process transactions, than software wallets. You will need to connect the hardware wallet to your computer, phone, or tablet prior to a transaction.
Advantages:
- Most secure way to store Cryptocurrency
- Straightforward to backup
- Easy to set up
- Can combine other hardware ‘wallets’ to boost security
Disadvantages:
- Some people may experience difficulty in setting them up
- There is a charge for Hardware ‘wallets’
- For transfers need to plug into your desktop device
Best Bitcoin Hardware Wallets We Recommend For You:
- Ledger Nano X
- Ledger Nano S
- Trezor Model T
- Trezor One
Ledger Nano X (Price £109 inc. vat)
(*) https://shop.ledger.com/pages/ledger-nano-x?r=e1f39eb9056a
The Ledger Nano X was launched in 2019, it’s a high quality hardware cryptocurrency wallet — in fact the crème de la crème on the market. Modelled on their original version the Nano S, it has more features and benefits available for the user.
The security they offer is second to none, ensuring their client’s digital wealth (cryptos) are secure by storing their private keys / codes offline. They support over 1500 cryptocurrencies and can be easily managed from your mobile device. It’s expensive, but as this saying goes ‘you get what you pay for’ . This is money well spent to have the piece of mind your well earned crypto’s cannot be hacked.
Plus, the new version has even more features than the previous design.
Advantages:
- Highly secure
- Customised OS (BOLOS) offering protection from malicious attacks
- Back up (24 words recovery process)
- Secure element is certified (CC EAL5+)
- Easy to operate
- Bluetooth enabling connectivity to iOS, Android, desktop PC’s
- Manage your crypto on the move
- All transactions are signed using Nano X
- Ledger live app
- Manages 27 coins and over 1500 cryptocurrencies
- Benefits from up to 100 apps
- Unique features
- Brushed stainless steel design
- Ledger’s newest hardware wallet
- Compatible with over 50 wallets
- Screen 128 x 64 pixels
- Connector USB Type C
- Battery 8 hours in standby mode
- Weight 34g
Disadvantages:
- Expensive
- Some users may struggle installing them
- Some have said system could be more user friendly
- For transfers need to plug into your desktop device
Ledger Nano S (Price £54.50 inc. vat)
(*) https://shop.ledger.com/products/ledger-nano-s?r=e1f39eb9056a
The Ledger Nano S was launched in 2016 and is the original hardware wallet created by Ledger. It’s one of the most trusted cryptocurrencies wallets available. It is cheaper then the new upgraded model Nano X with the main differences being it doesn’t run on a battery, hence when not plugged in the device is off, which means you cannot manage your crypto when on the move and it has a slightly smaller screen then the Nano X.
Advantages:
- Highly secure
- Customised OS (BOLOS) offering protection from malicious attacks
- Back up (24 words recovery process)
- Secure element is certified (CC EAL5+)
- More affordable
- Easy to operate
- Works with desktop computers and Android
- Ledger live app
- Manages 27 coins and over 1500 cryptocurrencies
- Benefits from up to 6 apps
- Unique features
- Brushed stainless steel design
- Ledger’s original hardware wallet
- Compatible with over 50 wallets
- Screen 128 x 32 pixels
- Connector USB Micro B
- Weight 16.2g
Disadvantages:
- Some users may struggle installing them
- Some have said system could be more user friendly
- Doesn’t run on a battery therefore when not plugged in it is off
- You cannot manage your crypto when on the move
- OTG kit required to connect to your desktop or smartphone
- Smaller screen then the Nano X
- For transfers need to plug into your desktop device
Background on Ledger:
The company was formed in 2014 by eight highly skilled professionals specialising in security and cryptocurrencies with the aim to launch a secure and easy to use device to compliment blockchain applications. They now employ over 130 employees within their various offices around the world. Their hardware ‘wallets’ have enabled them to become market leaders with over 2 million being sold.
They are one of the first and, at the time of writing this article, the only certified hardware wallet available. ANSSI, who are the French cyber security agency, have certified Ledger’s hardware wallets for their security.
Ledger take security very seriously by providing software tools offering verification that a piece of their hardware is in fact genuine and has not been damaged, which is known as ‘Root of Trust’.
Whilst on the subject of security, always ensure you buy your hardware wallet from a trusted supplier. Do not go and purchase a Ledger Nano from websites such as eBay. You might think you are saving money but that device could have been tampered with, which could result in you losing your hard earned crypto.
Only buy from the official seller Ledger…
Click on the below link to gain direct access to their website to purchase Ledger’s products: (*) https://shop.ledger.com/products/crypto-starter-pack?r=e1f39eb9056a
Trezor Model T also known as Trezor 2 (Price £155.21 inc. vat)
(*) https://shop.trezor.io/product/trezor-model-t?offer_id=15&aff_id=7496
The Trezor was first introduced in 2014 by SatoshiLabs, who are located in Czech Republic. It is actually one of the oldest cryptocurrencies hardware ‘wallets’ available and one of the top two leading cryptocurrency hardware wallet suppliers. Ledger , who we have already mentioned, is the other supplier.
The Trezor Model T is classed as their premium product, it provides the same features as the Trezor One and accepts newer cryptocurrencies with some extra added benefits too. Such benefits include the new touchscreen facility, whereas the Trezer One users have two buttons to access the features. Overall the Trezor Model T is a good choice for a crypto enthusiast..
Advantages:
- Highly secure
- Colour Touchscreen
- Supports over 1000 cryptocurrencies
- Supports over 1000 tokens
- Supports Ethereum ERC-20 tokens
- Compatible with some wallets and exchanges
- Easy to operate
- Straightforward efficient set up process
- Supports BIP39 passphrases protection against hardware attacks
- Trezor App
- Trezor recovery seed enables a more streamlined process
- Firmware requests sent to confirm firmware has been verified
- 24 hour recovery password in case of loss / damage
- Continuous firmware updates
- Device is robust
- Screen 240 x 240 pixels
- Connector USB Type C
- Weight 22g
- Password manager
- Limited USB connection
- Unique designed Pin no. to prevent hacking by keyloggers
- Supports Segwit
- Supports Bech32
Disadvantages:
- Expensive compared to its competitors
- Device is bigger
- For transfers need to plug into your desktop device
- Mobile support provided for Android only
- Back-up phrase setup process time consuming
- Does not have Bluetooth
- Can be complicated for beginners
- Firmware updates are not automatic user does the update
Trezor One (Price £50.81 inc vat)
(*) https://shop.trezor.io/product/trezor-one-black?offer_id=35&aff_id=7496
The Trezor wallet was in fact the earliest cryptocurrency hardware wallet to appear on the market, this was back in 2014. Their first design was the Trezor One which is slightly smaller than their newer updated version the Trezor T (also known as Trezor 2). They continue to develop the wallet and will be launching their new app Trezor Suite soon..
The company SatoshiLabs who created the Trezor wallet have a very good reputation, having sold over one million devices.
Point To Note: When using Trezor to store your Crypto, we would recommend not to connect it to further devices, unless absolutely necessary. We suggest you purchase two Trezor devices to work alongside each other. I.E one Trezor is purely for overseeing your passwords and the other Trezor would be to store your Crypto.
Advantages:
- Highly secure
- Monochrome display with 2 buttons
- Supports over 1000 cryptocurrencies
- Supports over 1000 tokens
- Supports Ethereum ERC-20 tokens
- Compatible with some wallets and exchanges
- Easy to operate
- Straightforward efficient set up process
- Supports BIP39 passphrases protection against hardware attacks
- Trezor App
- Trezor recovery seed enables a more streamlined process
- Firmware requests sent to confirm firmware has been verified
- 24 word recovery password in case of loss / damage
- Continuous firmware updates
- Device is robust
- Screen 128 x 64 pixels
- Connector USB Type C
- Weight 12g
- Password manager
- Limited USB connection
- Unique designed PIN no. to prevent hacking by keylogger
- Supports Segwit
- Supports Bech32
Disadvantages:
- Expensive compared to its competitors
- Device is bigger
- For transfers need to plug into your desktop device
- Mobile support provided for Android only
- Back-up phrase setup process time consuming
- Does not have Bluetooth
- Does not have touchscreen
- Can be complicated for beginners
- Firmware updates are not automatic user does the update
Background on Trezor:
The Trezor team’s main members are Slush and Stick, they founded SatoshiLabs and invented Trezor wallets.
Slush is CEO and Founder. He wrote the Stratum mining protocol and is the designer of Slush Pool, the first mining pool which since 2010 has mined 1.2m BTC. He is the architect of Trezor and is an expert on bitcoin.
Stick is CTO and Founder. He completed several bitcoin projects. He’s proficient in cryptocurrency, hacking and hardware.
As we have mentioned above, only buy your hardware wallets from the official seller. Click on the below link to gain direct access to their website to purchase Trezor’s products: (*)https://trezor.io/?offer_id=12&aff_id=7496
We hope you have enjoyed reading this article and found it useful when choosing your hardware ‘wallet’.
Look out for our article on software ‘wallets’ (also known as hot wallets)…
Remember NO device is 100% safe from being hacked..
Please note prices quoted are subject to change / exchange rates do differ.
