|Best Bitcoin Hardware wallet Compared||Rating|
|Ledger Nano X (Recommended)||9.8/10|
|Ledger Nano S||9.6/10|
|Safepal hardware wallet||9.5/10|
|Trezor Model T||9.4/10|
More and more people are joining the realm of Bitcoin each day.
While some are happy storing their Bitcoin in software or desktop wallets, some want to use more secure wallets. And if you are a long-term investor, this is not a bad idea.
However, for long-term ‘HODL‘ you should use a Hardware wallet.
I endorse using a Hardware wallet as it offers great security, and you can even use it for your day-to-day transactions.
Hardware wallets promise enhanced security against software wallets in the case of theft or scams. Moreover, your coins are safe even if your computer is hacked or someone steals your Hardware wallet. If you lose your hardware wallet, you can always restore all your coins to a new wallet.
Important point: No one can transfer Bitcoins or other coins from your hardware wallet without knowing your secret pin code. More than that, no spy screen recorder or Trojan can record what’s happening on your Hardware wallet, as it’s not using your laptop or system resources and have a dedicated LCD screen. More on this in the below section:
- What is a Hardware Wallet?
- Best Hardware Wallet for Bitcoin & Cryptocurrencies
- Ledger Nano S vs. Trezor vs. KeepKey (Comparison)
What is a Hardware Wallet?
Hardware wallets are tamper-proof electronic devices designed to store private keys of your coins in an offline setting. The private keys and digital signatures needed to spend bitcoins are generated via these wallets.
Like how you set up any wallet, you need to write down the seed word (recovery phrase) on a piece of paper and store it in a safe place. Prefer making 2-3 copies & distributing them. And as your keys are offline, there is no possibility of getting hacked.
At the time of this writing, there has been no reported theft or loss of bitcoins from a hardware wallet. Some hardware wallets have security grid cards, and some have a little digital screen with a user interface to verify transactions.
Even in the case of damage to your hardware wallet, you can restore your bitcoins easily with the recovery phrase.
If you want to store Bitcoin & other Cryptocurrencies secure for the long term, then you should order a hardware wallet. Since most of these hardware wallets have a waiting period of a month or two due to huge demand, you should order one as soon as possible.
If you are looking for a single recommendation as the best Bitcoin hardware wallet, then you should look no further than Ledger Nano X. If money is not an issue, I would suggest ordering 2 of them at the same time. I have explained the reasons here.
Best Hardware Wallet for Bitcoin & Cryptocurrencies
Even though I initially curated this list for Bitcoin, over time, the list has evolved into accommodating more blockchain. For example, Binance smart chain, Polkadot, Solana, and more new blockchains are being supported by many of these hardware wallets. Supporting multiple blockchains is one important feature that a hardware wallet should have in 2022.
1. Ledger Nano X (Order here)
Ledger Nano X is the latest hardware wallet by the Unicorn of hardware wallet Ledger. The beauty of the Ledger wallet lies in its State-of-the-art Security which is possible with the help of 2 chips. Ledger Nano X is the perfect union of hardware security and mobility. The Bluetooth feature will let you use this hardware device on the move with your phone or laptop without using a cable. Read my detailed Ledger Nano X review.
The world is going crazy about this hardware wallet because of its ability to hold multi-cryptocurrency at one time. In the earlier version of Ledger (Nano S, which is mentioned below), we had to manually install/remove the apps to use a specific wallet. In Ledger Nano X, you can install multiple crypto wallets at the same time.
Features of Ledger Nano X:
- Size: 72mm x 18.6mm x 11.75mm Weight: 34g
- Stainless steel and plastic
- 100mAh battery
- Store multiple cryptocurrencies at the same time
- Easy to use
- Free shipping
- Login to DEX like Binance
Some of the popular crypto wallets available in Ledger Nano X are:
- Bitcoin Cash
- Binance Coin
- ERC20 Tokens
- 100+ Cryptocurrencies
|Size:||72 mm x 18.6 mm x 11.75 mm (2.8 in x .73 in x 0.46 in)|
|Weight:||34 g (0.56 oz)|
|Screen:||128 x 64 pixel monochrome|
|Price:||US$119 plus shipping|
If you are looking for a single recommendation for buying the best hardware wallet, Ledger Nano X is the best choice this year.
2. Ledger Nano S
Another popular hardware wallet by the Ledger team. The Ledger Nano S is a product of a France-based startup. It has a sleek and attractive European touch to its design.
Some of its core features are the backup seed key for recovery of your bitcoins, the easy-to-use OLED interface, and a flash drive-like feel with two buttons on the side for navigating the interface.
It is a battery-less device that you can connect to a PC or mobile device via USB. Here is a video guide on how to start using Ledger Nano S.
The Ledger Nano S now supports nine cryptocurrencies (including Bitcoin) and is the cheapest multi-currency hardware wallet available ($65). However, I suggest purchasing the Ledger Nano X, the modern version of Ledger Nano S.
|Size:||57mm x 17.4mm x 9.1 mm (2.2 in x .68 in x 0.35 in)|
|Weight:||16 g (0.56 oz)|
|Screen:||128 x 32 pixel monochrome|
|Price:||US$59 plus shipping|
The Trezor Bitcoin hardware wallet pioneered the era of hardware wallets. Created by SatoshiLabs, it is the world’s first secure Bitcoin hardware wallet.
It looks like a small calculator with an OLED screen. Randomly generated nine-digit pins and a 24-word recovery seed key ensures security in case the device is lost or damaged. Its purpose is to store private keys and sign transactions offline.
You can use the Trezor wallet with Android devices and with apps such as TREZOR Wallet, Mycelium, and Multibit HD. Here is a video tutorial series on how to start using Trezor.
The price tag of both Trezor Model One and Trezor Model T is 69 EUR and 249 EUR, respectively.
KeepKey is another hardware device available in the market for storing bitcoins.
It doesn’t offer much compared to the Ledger Nano S or Trezor. Moreover, it is more than two times in size than its peers and not so convenient to carry in your pocket.
It has the same backup seed key feature with pin code enabled and works like the other wallets. At present, it supports six cryptocurrencies (including Bitcoins).
It also comes with a $99 price tag.
Ledger Nano S vs. Trezor vs. KeepKey (Comparison)
Ledger Nano S
|What’s in the box?||✓ Ledger Nano S|
✓ USB cable
✓ Recovery sheet
✓ Micro USB cable
✓ Recovery seed booklet
✓ User guide
✓ Nylon USB cable
✓ Recovery backup card
✓ Quick start guide
|Dimension & Weight||Height: 98 mm |
Width: 18 mm
Depth: 9 mm
|Height: 60 mm |
Width: 30 mm
Depth: 6 mm
Weight: 12 g
|Height: 38 mm|
Width: 93.5 mm
Depth: 12.2 mm
Weight: 54 g
|OLED Display & Buttons||Yes||Yes||Yes|
|Compatibility||Windows (7+), Mac (10.8+), Linux||Windows, Linux, OS X (10.8 or higher).||Windows, Mac, and Linux|
✓ Bitcoin Cash
✓ Ethereum Classic
✓ ERC20 tokens
✓ Bitcoin Cash
✓ Ethereum Classic
✓ ERC20 tokens
|Buy Now||Buy Ledger Nano S Now||Buy Trezor Now||Buy KeepKey Now|
Cons of Bitcoin Hardware Wallets
While the brighter side of hardware wallets is that they keep your keys safe offline, they also come with some drawbacks. For instance, if you forget or misplace your recovery seed key and/or PIN code, then you can’t access your coins.
So you always need to remember your PIN code.
You should also write your backup seed key on paper and keep it safe. I recommend you to make 2-3 copies of this key and keep all of them in different places.
Here are a few FAQ”s related to Hardware wallets for Bitcoin:
Is a Crypto Hardware wallet necessary?
For any Cryptocurrency investor, a Hardware wallet is a must-have device. Since you are your own bank when dealing with Bitcoin and cryptocurrencies, this is one of the first things you could do to ensure safety and security from hackers.
What happens if you lose your hardware wallet?
If you lose your hardware wallet, there is no need to panic. As long as you have used a Pin to access your hardware wallet, no one can steal your Cryptocurrencies. You can restore your wallet on any other wallet using the seed word you received when setting up the hardware wallet.
Is setting up and using a Bitcoin hardware wallet tough?
Bitcoin hardware wallets like Ledger Nano X are one of the easiest wallets to use. There are plenty of guides and also support on Reddit to help you set up everything on your own. These modern gadgets are designed to be secure and easy to use.
The Best Bitcoin Hardware Wallets
Overall, having an offline storage space for your cryptocurrencies is a really smart thing to do.
So let us know: Which Bitcoin hardware wallet are you using?
Let us know in the comments below!! Have a question about Bitcoin hardware wallets? Ask us in the comments!
Happy reading, learning, and sharing with the CoinSutra community!
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