When You Need a Wallet
If you plan to do anything more than speculate about cryptocurrency, you will eventually need a wallet to hodl your assets. Digital, or ‘hot’ wallets and hardware wallets are both used to receive, store and send cryptocurrencies. Hot wallets are fine for holding a bit of mad money but as soon as you accumulate some serious crypto, you should be in the market for a secure hardware wallet.
Unlike hot wallets which store your private keys online, the private keys and PIN used to access hardware wallets are generated and stored offline, safeguarding your assets from virtual theft.
Before you buy, do your research and select a hard wallet that is suited to your unique needs. Each wallet supports many but not all types of cryptocurrencies. Here are three popular hardware wallets to launch your search:
Once you have selected the perfect wallet, you should purchase directly from the manufacturer or a verified and trusted seller. Don’t make the mistake we did - it could make you very uneasy about loading crypto onto your new wallet.
We purchased our first hardware wallets from Amazon. Upon arrival, the boxes were not wrapped in plastic. Inside the box, the hardware had no protective film and was scratched and scuffed beyond doubt. These were signs that the devices could have been compromised, so we returned those and purchased new wallets direct from the company, which arrived securely sealed.
When you are ready to set up your hardware wallet, you will need to hide a copy of your private keys in case you need to retrieve your crypto ledger in the future. I recommend writing seed phrases on card stock using archival quality ink and storing it in a secret fireproof location.
I also recommend keeping a second digital copy of your seed phrases on thumb drive in a separate location. Better yet, use the billfodl to store up to 24 seed phrases in indestructible metal. Pretty cool, right?
Today, hardware wallets are the best way to hodl precious crypto assets. It can be disconnected from the internet, preventing hackers from accessing your crypto. The use of a PIN and private key further protects your device from being unlocked in case it is stolen.
Personally, I love that hardware wallets allow me to have full control over my wealth. A hardware wallet is the equivalent to having 24/7 access to a bank vault that fits right in your pocket!
As long as you are able to safeguard your personal keys and PIN, there is no reason anyone cannot manage their own assets.
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