The Best Bitcoin Hardware Wallets (2019 Edition)
This is a comprehensive guide on what we believe are currently the best wallets to store your Bitcoins safely and securely.
There are both online (hot) and offline (cold) wallets but we advise users to choose offline wallets as they offer better protection overall to your private key. Offline cryptocurrency wallets include hardware wallets such as Ledger series wallets, Trezor, KeepKey and paper wallets too. Despite the safety that hardware wallets offer, users are tasked with keeping their private keys offline themselves which limits trading the BTC held in the wallet.
This article is for investors that wish to HODL their bitcoins and we’ll explore some of the best hardware wallets in the cryptocurrency market today. We’ll delve deeper into the features of these cryptocurrency hardware wallets, focusing on their advantages and disadvantages.
What to know before buying a bitcoin hardware wallet
Security – Hardware wallets are known as the best and most secure cryptocurrency wallets in the world. However, some hardware wallets offer better security properties than others.
Credibility – Before putting your coins in any wallet you should check the credibility of the wallet if it is a scam or not. Investors have lost money due to fake hardware cryptocurrency wallets and you don’t want to be one of them.
Price – Hardware wallets come at different prices, some far more expensive than others. These however have better features than the cheaper ones.
Reputation – It is important for one to go through several reviews to ascertain where it stands amongst other users in the community, just to be sure about what they’re committing themselves to.
Coin support – Hardware wallets allow storage of a number of coins but not all of them, make sure your selected cryptocurrency wallet supports Bitcoin.
The 5 best Bitcoin hardware wallets
1. Ledger Nano S
The Ledger Nano S hardware wallet
The Ledger Nano S is one of the most popular cryptocurrency hardware wallets today. The small USB-shaped like device comes with a screen to allow selection of coins. The Ledger, as it is popularly known as, offers a safe and secure option to key in your passphrase through the screen avoiding any online contact. The wallet supports Bitcoin, ETH, DASH, and other ERC20 tokens.
Key features of Ledger Nano S
-Multiple cryptocurrency support
-A 24-word recovery phrase in case you lose your PIN.
-Has a screen
Disadvantages of Ledger Nano S
-Lacks custom passphrases.
-No refunds to customers providing wrong addresses
(All images from Ledger official website)
2. Trezor cryptocurrency wallet
Trezor hardware wallet (Image: Trezor)
Trezor cryptocurrency wallet is widely regarded as one of the safest hardware wallets in the world. The wallet authenticates the transaction and sends an online note which is signed by the device solving a unique algorithm. This can only be done using the private key stored on the hardware wallet. The wallet is backed by a 24 word passphrase that can be added a 25th custom word to strengthen the security.
Trezor is widely preferred by Bitcoin holders for its small size and multi-currency support feature.
Key features of Trezor
-Multi-currency support including BTC, ETH, LTC, ZRX and DASH.
-Enhanced security using the 25-word passphrase with a custom word.
Disadvantages of Trezor
-It is expensive.
-Takes a relatively longer time to ship i.e. 5-7 business days.
3. KeepKey wallet
KeepKey official cryptocurrency wallet (Screenshot: KeepKey)
KeepKey is a cryptocurrency hardware wallet that was developed using Hierarchical Deterministic (HD) technology to safely store users’ private keys. The wallet has a 256 X 64 pixels OLED screen with an anodized aluminum case and a poly-carbonate front. Despite its high price, Keepkey offers better security measures and more cryptocurrency support including DASH, ETH and all ERC 20 compatible tokens.
Key features of KeepKey
-The wallet has a 12-word passphrase to recover your account in case you lose the PIN.
-Multi-currency support.
-Compatible with Linux, Mac and Windows.
Disadvantages of Keepkey
-The wallet is expensive.
-Only available on Amazon and the official KeepKey website.
4. Ledger Blue
As a member of the Ledger series, Ledger Blue offers a high standard of security despite having a costly tag on it. The iPad shaped device starts at $300 USD per device. Due to the inflated price, most users prefer Ledger Nano S to it as they offer storage to the same number of coins.
iPad shaped Ledger Blue wallet (Image: Ledger)
Key features of the Ledger Blue
-Applies unique modular architecture that allows for mate applications to function in seclusion on top of the original firmware.
-Multi-currency support
-Ledger Blue also allow the users to reset their passwords at any time.
Disadvantages of Ledger Blue
-The device is bulky and heavy to carry around.
-The expensive price tag does not match the features offered by the wallet.
5. Paper Wallets
Bitcoin paper wallet
This section has been dedicated to cryptocurrency hardware wallets hence the inclusion of paper wallets as a secure option to store your Bitcoins. Paper wallets refer to a paper that contains a private and public key to your BTC coins. The paper is printed from Bitcoin ATM’s as the only available copy and also contains the passphrase. Users should store the passphrase carefully in a different location in case you misplace the paper wallet.
There are websites that convert online wallets to paper wallets by copying keys and pasting them to a document that is then printed through one’s browser. Always delete the history of your browser afterwards or use incognito mode.
Advantages of Paper Wallets
-Private keys are held by the user hence total control of your coins.
-Paper wallets cannot be hacked.
Disadvantages of Paper Wallets
-The paper wallet is easily misplaced.
-Difficult to exchange, use or trade the paper cryptocurrency wallets.
Conclusion
The wallets mentioned above offer the user the best options to hold your coins in a safe manner. Always store significant amounts in a hardware wallet as online wallets can be hacked and your funds stolen. Passphrase words should be stored safely in case the hardware wallet is lost or misplaced.
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Love my Ledger Nano S. Love the idea of the new Nano X, but I just bought my Nano S last month, so I am going to wait and see how the 1st gens work, let the bugs get worked out, then I will get one as my every day carry wallet. I think that is awesome for that purpose. The corded version is not so convenient for that. Well done article sir. Resteeming
I think the bluetooth support on the nano x is overrated. There could also be some security risks.
The extended capacity of coins however is handy when you have a lot of positions.
Sounds like a good plan👍 @thelogicaldude and Thanks for the support!