Eventually, we all need to get a hardware wallet. Using a hardware wallet allows cryptocurrency investors to have more security and more control over their altcoins. Hardware wallets are physical electronic devices built for securing Bitcoin or Ethereum based cryptocurrencies. Hardware wallets must be connected to your device for usage.
Ledger Nano S
The Ledger Nano S is one of the cheap Ethereum hardware wallets available that has a secure PIN code feature, priced at $65. The Ledger Nano S security is great and the wallet even has a small display for controlling your transactions. Ethereum can be stored on this device. Every time you spend Ethereum, the Ledger Nano S will sign it using the private key on the device. With the Ledger Nano S, you can store ETH & ETC.
The Ledger Nano S will check and confirm transactions on the display. You can then confirm with using the physical buttons. There are companion apps available for cryptocurrencies wallets. Also, accounts in these hardware wallets can be backed up on recovery sheets, these sheets are easy to restore.
Currently the highest rated hardware wallet on Amazon, the Trezor is the original hardware wallet. The Trezor is priced around $100 and is still favored by the cryptocurrency community. The Trezor hardware wallet can be used to securely store Ethereum (ETH) on offline as well as with the MyEtherWallet web interface.
The Trezor can only be activated when you use your password to log in. The device is available in multiple colors and is extremely lightweight. The Trezor is a secure cryptocurrency device that works on Windows, OS X, and Linux.
The KeepKey is one of the highest rated Ethereum hardware wallets available, priced at around $120. The KeepKey will securely store your Ethereum (ETH) in an offline environment. The KeepKey offers similar features as the Ledger Nano S and Trezor, however, this device is heavy like an external hard drive and has a bigger screen. This Bitcoin wallet isn’t as easy to carry around but does feel sturdier than the other two hardware wallets available.
The KeepKey will generate your private key using its hardware-based random number generator, combined with additional randomness powered by your computer. After the private key is generated, you’re given one opportunity to write down a backup of your KeepKey in the form of a twelve-word recovery sentence.
KeepKey is a secure hardware wallet cryptocurrency device that works on PC, Mac, Linux, and Android devices.
Hardware wallets positives:
- Easy way to store Bitcoin or Ethereum,
- Easy for users to backup and secure,
- Easy to set up for less technical users.
Hardware wallets negatives:
- Not free and can be expensive,
- User error is possible.