Which Is the Best “Cold” Wallet for Your Crypto
FBI statistics show a bank robber nabs about $5,000 compared to an exchange hacker who averages $10 million in digital assets. That’s one reason a cold wallet is vital.
That credit card company is not the only One that wants to know, “What’s in your wallet”? Hackers have pretty much given up on hacking corporations to steal data when the hack of a cryptocurrency exchange will net them so much more.
In 2021, there were more than 20 exchange hacks that net more than $10 million in digital assets. However, according to NBC News, in six digital thefts, hackers got away with more than $100 million.
“Cryptocurrency-linked crime surged to a record high last year in terms of value, with illegal addresses receiving $14 billion in digital currencies, up 79% from $7.8 billion in 2020." —Reuters.
What’s more, there is no Federal Deposit Insurance Corporation (FDIC) to protect your investment if stolen. That job falls on your shoulders, and if you are hacked and lose everything, you might get a lot of sympathy from your friends, but that won’t pay the rent.
Some have asked, “Isn’t storing your crypto on a device in your home the same as keeping cash laying out?” No, what you are storing is the key to your digital currency. The cryptocurrency is not physically stored there. Keep your pin and seed phrase in a secure location other than with your cold wallet.
“If your device is lost or stolen you can use the recovery phrase/seed to create a clone of the missing device. You could also use this recovery to make a backup or clone of your existing device for alternate site storage.”
Granted, you might not have millions in digital currency, but what you have is yours. At least for now. The best method of protecting your assets is by:
• Never reveal your seed phrase to anyone!
• Using only reputable exchanges.
• Using secure internet with a VPN to trade crypto.
• Spreading out your buys between those.
• Using multiple wallets so that you won’t lose everything if one gets hacked.
• Changing your unique (use one password one time) passwords frequently.
• Not keeping your crypto on an exchange.
• Using hot wallets only temporarily, and recording your keys in written format in a safe place.
• Never opening unknown links in emails.
• Checking the URL carefully. Binance.com and Blnance.com are nearly indistinguishable at a quick glance.
This might seem like a lot, but hackers will not stop, so you must stop them from getting what’s yours.
What Is a Cold Wallet?
“A cold wallet, otherwise known as a hardware wallet or cold storage, is a physical device that keeps your cryptocurrency completely offline. Many look like USB drives. Taking your holdings offline helps protect from hacking and online attacks, but you can also risk losing your holdings.” —Time Online Magazine.
I cannot put it more succinctly than that, but which are the best? The following are the top five based on price and convenience, IMHO.
Be sure to buy an original that is new. Many of these cold hardware wallets are “knockoffs” from third-world countries. For instance, Ledger’s headquarters is in Paris, France.
#5 – The Keystone Cryptocurrency Hardware Wallet
The Keystone is a 100% air-gapped wallet with a 4” touch screen and fingerprint sensor. Conveniently purchase, send, and secure your cryptocurrency with Keystone Essential via your personal QR code and a seed phrase.
The multi-coin firmware will support BTC, ETH, and thousands of altcoins and tokens. This wallet is powered by rechargeable AAA batteries.
The Keystone Wallet has just two verified reviews from Amazon purchasers as it is a new cold wallet. One rated it a four and the other a five for an average of 4.5 stars out of five.
Although this seems like an excellent buy at $129, I would wait for more confirmations of its durability and security.
#4 - Ellipal Cryptocurrency Hardware Wallet - Cold Wallet Titan
The Ellipad is an open cross-chain protocol wallet, which allows it to support multiple chain accounts and multiple cryptocurrencies, such as BTC, ETH, AND altcoins like BCH, EOS, XRP, DASH, and many more. Plus, it accepts and secures your purchases of all TRC-10 & 20 or ERC-20 tokens.
The Ellipal wallet looks like a cell phone (it’s 2.6 x 0.4 x 4.7 inches), and you secure it with your personal QR code.
Although the $169.99 price is a bit higher than many cold wallets, you might prefer the convenience of a cell phone-sized, hand-held device to store your crypto.
The Ellipal Wallet has 176 reviews by verified Amazon purchasers. Out of those, 71 percent rate it either four or five stars, with an overall rating of 4.0 stars out of five.
#3 - Ledger Nano S Crypto Hardware Wallet (Saffron Yellow)
The different color is great if you and your significant other (SO) both decide to use the Ledger Nano S or X since they are so similar.
The Nano S is easy-to-use, safe, secure, non-web-based, and even the $59 price is attractive.
What makes this most convenient is its size. It’s not much bigger than your average flash drive (USB stick), but it delivers big value. Connect it with the Ledger Live App from Google Play to conveniently connect to your crypto.
The Ledger Nano S has 13,533 reviews by verified Amazon purchasers. Out of those, 87 percent rate it either four or five stars, with an overall rating of 4.5 stars out of five.
#2- SecuX W20 Cold Hardware Wallet
Although many of the others are smaller, cheaper, and easier to hide away in a secure space, I like the SecuX because you can see each asset and how many you have on the display. Plus, it is still under $100, if only slightly.
As a senior with bad eyes, I really like the 2.8” color touch-screen and on-screen keyboard. Plus, you can connect directly to your computer via USB, Bluetooth, or use the Chrome Extension.
You can safely store BTC, ETH, altcoins, or more than 1,000 ERC-20 tokens.
The SecuX W20 has 511 reviews by verified Amazon purchasers. Out of those, 78 percent rated it either four or five stars, with an overall rating of 4.2 stars out of five.
#1- Ledger Nano X Crypto Hardware Wallet
This is the storage device everyone is raving about to purchase, secure, and store your crypto. Ledger has sold more than 3 million devices, so it is one of the most popular storage devices available.
Use Bluetooth technology or the Ledger Live app to move crypto to and from your phone or computer to make secure transactions.
Ledger Nano X Full Beginner Guide (2021): Everything You Need to Know
#LedgerNano #Bitcoin #Hardwarewallet
The Ledger Nano X has 3,934 reviews by verified Amazon purchasers. Out of those, 90 percent rated it either four or five stars, with an overall rating of 4.6 stars out of five.
“I ordered mine on June 22 and got it on the 23rd. I've read lots of issues on Reddit regarding build quality and USB-C issues, but I did not have any of those problems.” — Theo Gravity.
Final analysis
One of the best methods to keep your crypto assets safe is a cold wallet, which you choose depending on what you consider more convenient or cheaper.
Get any of these cold wallets faster with Amazon Prime. Try this 30-day free trial with your purchase, and I will earn a bonus from Amazon.
Note: This post contains affiliate links. I earn a small commission when you buy. It does not affect your price.
Stephen Dalton is a retired US Army First Sergeant with a degree in journalism from the University of Maryland and a Certified US English Chicago Manual of Style Editor. Also, a Top Writer in Nutrition, Travel, Fiction, Transportation, VR, NFL, Design, Creativity, and Short Story.
If you found value in this information, feel free to heart and leave a tip so that I may continue to write and pay the rent. Thank you.
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