In this article, we are going to focus on hardware wallets. These wallets have a long history of being unhackable and by far the most secure crypto wallet.
Hardware wallets come with different features and flavors of cryptocurrency compatibility. They provide better security than any other wallet out there.
Serious crypto users should own a hardware wallet. Before diving deep into features of a hardware wallet, let’s have a look at how these wallets work.
How does a hardware wallet work?
Usual hardware looks like a box with a small screen and some buttons.
You provide information related to your wallet (your private key) in the device. After that, it asks you for a PIN to enhance security.
Now, whenever you make a transaction, you have to plug in the device and enter the PIN. That completes your transaction without any risk.
Hardware wallets features
Let’s have a look at the features of hardware wallets-
- Keeps your wallet information away from the internet
A hardware wallet stores your wallet information securely in the chipset. It makes the device immune to cyberattacks and malware. A hardware wallet is a combination of the cold and non-custodial wallet.
The only time it comes in contact with the internet is during a transaction. It is immune to a phishing attack because the information is stored in hardware instead of software.
- Supports multiple cryptocurrencies
After the popularity of Bitcoin, many cryptocurrencies emerged in the crypto world. So, these wallets started providing support to other cryptocurrencies like Ether, Bitcoin Cash, etc.
Now, a user has the option to switch from one wallet to another that lets him use the specific cryptocurrency. A dedicated software application that comes with the device aids in making transactions.
- You own your information
The user is always in charge of the wallet information. It doesn’t involve any third party for storing a user’s data. That eradicates the cases of fraud and scams, and the probability of information leakage is down to zero.
- Universal Second Factor (U2F)
Hardware wallets like TREZOR and Ledger Nano S support U2F, which is an authentication protocol that simplifies and enhances the two-factor authentication (2FA) through the hardware wallet.
U2F lets you store the private key of cryptocurrencies that are not supported by your hardware wallet. You can also use your device to log in to Dropbox, Github, and Facebook.
That being said, let’s have a look at the pioneers in the field of the hardware wallet-
Ledger has established itself as the most secure wallet now. It is a hardware wallet which comes in different model and price range. Their products integrate a certified secure chip and a custom OS (BOLOS) that assure maximum security. Genuine Check is an authentication ensuring that the Ledger device has not tampered.
It supports more than 1250 crypto assets. Ledger Live lets you check balance, send and receive crypto from the security of hardware wallet. According to the official record of Ledger, they have sold more than 1.5 Million units sold all over the world.
Trezor is the world’s first and most secure cryptocurrency hardware wallet. It enables you to make secure payments and manage cryptocurrencies. It is compatible with both desktop and smartphones.
Currently, Trezor One and Tezor Model T are the most popular model manufactured by Trezor.
Trezor One was the first model developed by Trezor and Trezor Model T is the second-generation hardware-wallet that features a touchscreen, faster processor, advanced coin support, as well as all the features of the Trezor One. Trezor supports multiple cryptocurrencies as well as tokens.