This quick guide will give you an overview about the best Hardware Wallets in 2020. There are lots of debates on how to store crypto-currencies. Some recommend software wallets, other people recommend hardware wallets.
Finding which Wallet Type you need is simple:
- Do you want to trade with your coins? If so, than an account on an exchange would be perfect. Read here how to chose the right exchange for your needs.
- Do you want to use the coins, in the same way you use your cash? Then you should look for a desktop or even mobile wallet.
- Do you simply want to hold your coins for as long as possible waiting for them to become more valuable? Then a hardware wallet could be the right choice!
The difference between Hardware- and Software- Wallet is quite easy:
While a desktop- or mobile-wallet is just software (called “hot wallet”), a Hardware Wallet is a USB stick-like device, which you can plug into your PC or connect to your smartphone. The storage of the device holds your keys secure. The clue is, that the storage will never come into contact with the internet (called “cold storage” or “cold wallet”).
Hardware-wallets like the Ledger Nano S support most of the crypto-currencies out there ✅. The list of supported coins gets constantly updated ✅. A hardware-wallet like the Ledger Nano S is a one-time-investment ✅. Even banks and exchanges use such cold-storage devices to secure parts of their funds.
So, which Hardware Wallet in 2020?
Basically all hardware wallets are very much the same. The Ledger Nano S is one of the most affordable and widely used solutions. You can also use hardware wallets with more functionality like big touch displays or colored displays,…
Ledger Nano-X = 119$ (or ~119€ incl. taxes)
…but I would recommend you to keep it simple. Simple always means robust! A Ledger Nano S cost 59$ (or ~ 59€ incl. taxes) ✅.
The brand is not that important
Another well established hardware wallet brand in the crypto space is Trezor.io. Like the Ledger Nano S, the Trezor One is an affordable and robust solution for all the needs of a crypto holder.
Both Ledger and Trezor have models with additional functionality (Ledger Nano-X and Trezor Model-T) like color displays, but I would recommend to stick to the basic models and when necessary buy a second one to split your funds and/or buy a fireproof case to store your wallet from the worst case. Fire- and water-proof boxes are something each household should have anyways. You get these for 25$. Lock the ledger or your keys in and hide it. No need for a bank.
avoid these fatal Mistakes!
It is much more important to get your hardware wallet directly from the manufacturer! You really don not want tampered and manipulated devices from internet auctions. And of course, never buy used wallets. The Chaos-Computer-Club did a deep dive lecture on how easy it is to manipulate hardware wallets and sell them on the internet.
Until February 17th there is a special offer at Ledger: For each Nano X purchased get a free Nano S
Want to grow your crypto stack?:
- ✅ Check out these other 3 powerful Tools to earn crypto instead of betting your money
- ✅ How to buy Bitcoin with PayPal in 2020? – This is how!
- ✅ Gaming on the Blockchain – earning crypto with profesionnal gaming
