Bitcoin Hardware Wallet | Top 5 Cryptocurrency Wallets

7 min readOct 29, 2020

The crypto industry is once again hitting the mainstream, with more and more people looking to buy Bitcoin. And while the process of buying has become easier and more convenient than ever before, there are still many differences in the buying journey that make crypto somewhat confusing for beginners.

One of the things that are unique is the storage options. You see, cryptocurrencies are meant to be completely decentralized, meaning that you are the only one in control of them. As such, your funds are stored on the, and you are the only one in control of your keys. Owning a Bitcoin hardware wallet is crucial.

Over the years, many companies have taken the initiative to create secure and easy-to-use wallets, to make crypto more reliable as a store of value and a. With many different types of wallets, it can be tricky to find the one that is best for your needs. Among them, the most secure option is using a bitcoin hardware wallet.

WHAT IS A BITCOIN HARDWARE WALLET?

A Bitcoin hardware wallet is a small, USB-like device that holds the private and public keys of your cryptocurrency wallets. Due to their physical nature, they are immune to hacking attempts and offer many additional layers of security as compared to other wallet types.

Aside from the most popular coins, a bitcoin hardware wallet supports many cryptocurrencies, often having thousands of different options. The only drawback of hardware wallets (but one that is justified) is the price. A good hardware wallet will set you back between $50 — $200 depending on the brand and quality you choose to go with. In the next few chapters, we will briefly introduce the best hardware wallets so that you can make an educated decision for the safety of your coins.

BEST HARDWARE WALLETS

Let’s have a look at all the different Bitcoin hardware wallets you can choose from. Below we will introduce to you the 5 best options to store your Bitcoin, Ether, Ripple, Dash, or any other serious cryptocurrency.

Option #1: Ledger Nano S

The Ledger Nano S is one of the first and most trustworthy cryptocurrency wallets. Having sold more than 1,5 million devices since 2014. It is independently certified by ANSSI as the most secure wallet option in the crypto market.

Benefits of Ledger Nano S:

Supports more than 1100 coins and tokens, including a built-in exchange function that you can use to trade them
It’s easy to use and navigate even by complete beginners. The device has two buttons on its sides and all action can be seen on the screen
Convenient fund recovery even if you lose your device, through a secure 24-word phrase
Includes a built-in security chip that matches those found in passports

Drawbacks of Ledger Nano S:

Older versions are non-Bluetooth compatible, requiring an OTG cable to connect with your computer or smartphone
Not able to customize the design. This is not a big problem but it can make the device blatant for some

Price of Ledger Nano S: $59 including free worldwide shipping.

The device retails at a relatively low $59 which includes free worldwide shipping and a 14-days return without any questions asked. Finally, if you decide to buy the Ledger Nano S, we also have the perfect Bitcoin Wallet tutorial for you.

Option #2: Trezor One

Trezor One is more appealing and unique than the Ledger Nano S. The device has many similarities with its competitor, and the competition is mostly related to the brand and design.

Benefits of Trezor One:

All funds are stored in a “cold” wallet, meaning that they remain offline
High security and continuous update to the software to ensure the safety of your funds
The wallets include optional exchange support which you can use by whitelisting your wallet
Supports 1064 coins and tokens that can be traded within the device
Great design and OLED screen make it more appealing to those who don’t want a wallet that reminds of a USB stick

Drawbacks of Trezor One:

Older devices may lag or not connect well with your desktop. This can be somewhat scary for beginners
Its price does not cover shipping costs. When added together, the cost of this wallet is more expensive than the Ledger Nano S

Price of Trezor One: $55 excluding shipping.

This device retails at a dropped price of around $59 but shipping is not included but they offer a 15-days return and money-back warranty.

Option #3: Ledger Nano X

The upgraded, premium version of the Ledger Nano device comes with an additional set of features that make it more luring for tech-savvy investors. Let’s have a look at its benefits and drawbacks.

Benefits of Ledger Nano X:

Bluetooth support and easy to connect with your smartphone
Heavier and bigger in size than its predecessor
High level of security than web-wallets or apps
Additional memory space to store up to 100 apps (coins) at any given time
Bigger screen

Drawbacks of Ledger Nano X:

Price of Ledger Nano X: $119 including free shipping worldwide.

Option #4: Keepkey

This hardware wallet is somewhat unpopular but comes with many great features. The Keepkey is not our first option when it comes to this list, there are many reasons for which you might want to obtain one.

Benefits of Keepkey:

It is a Hierarchical Deterministic (HD) wallet, which turns it into a tiny computer built to store your keys
Regularly hosts large discounts which makes it a great budget option
Its price has dropped nearly 60% due to (we assume) low demand. That being said, the wallet has the same level of security as all the other options mentioned above and a very sleek design

Drawbacks of Keepkey:

Limited cryptocurrency storage options. The wallet currently supports 7 popular cryptocurrencies, including Bitcoin
No web wallet extension. Users will need to download external software like Electrum or Multibit to access the device’s applications
Significantly larger in size than the other options in this list, which makes it less portable

Price of Keepkey: $49 including worldwide shipping.

Option #5: Ellipal

The Ellipal hardware wallet is the most unique option out of the five on this list. It is the only option that operates on its own accord and does not require any sort of connection to the internet. Therefore, it is kind of a real cold wallet.

Benefits of Ellipal:

No wires or USB connectivity; communication happens through QR codes
Very easy to use as the device reminds of a typical smartphone
Easy to set up and use since the app is simple and well-built

Drawbacks of Ellipal:

No information on the device’s founders. This makes it somewhat hard to trust
A complex process of firmware updates, since the device does not connect to the web
The price, which is more expensive than any of the options mentioned above

Price of Ellipal: $149 excluding shipping costs.

CONCLUSION

So in conclusion, which Bitcoin hardware wallet should you buy for securing your cryptocurrencies? Sure we can say, all 5 wallets have their pros and cons. In the end, it’s up to your budget and your needs to pick the right one.

To make your decision easier, we have created a small decision matrix. You’ll definitely find yourself in there somewhere. Simply click on the image of the bitcoin hardware wallet that fits your needs below and buy it online.

The Best Selling Wallet — Ledger Nano S

The OLED Wallet — Trezor One

The Bluetooth Wallet — Ledger Nano X

The Cheapest Wallet — Keykeep

The Most Unique Wallet — Ellipal

Need help to get started?

With the right hardware wallet in your hand, you’re ready to buy, trade, and spend Bitcoin. Of course, there are many different aspects to cryptocurrency. Just be aware of scams and fake trading platforms. Therefore, you better be prepared and know what you’re doing.

To learn everything about cryptocurrencies or blockchain, check out the other posts on our blog. If you’re ready to talk with us to learn more about cryptocurrencies, then book a free consultation today!

Originally published at https://imiblockchain.com on October 29, 2020.