HARDWARE WALLETS BY NFT CRITICS
What are hardware wallets?
A hardware wallet is a high-security crypto/NFT wallet that enables you to store your funds offline. You connect it to your computer when you need to manage your funds.
Why use hardware wallets?
- They’re Super Secure
- Many Assets, One Location
- Convenient
- Wallet-to-Wallet Trading
How do they work?
Private Keys are the key. Now, what is a private key?
Cryptocurrencies are never stored within the hardware wallet itself; they always live on the blockchain. The hardware wallet merely holds your private key. That private key opens the lock to your address on the blockchain where your assets actually live. Since the blockchain is everywhere, all you need is your hardware wallet to interact with your tokens.
Hardware wallets are dual purpose :
- They protect your private keys
- They let you sign and confirm transactions on the blockchain
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Types of Hardware Wallets :
The best Bitcoin wallets make it easy to store and manage your crypto portfolio securely.
1.Exodus (Exclusively for the beginners) — Exodus is a closed source wallet. It is a desktop and mobile wallet with a simple user interface and an exchange built-in. It also has excellent support, an essential feature for beginners getting into what many would consider a confusing market.
- Purchase Cost: Free
- Cloud Storage: Yes
- Cold Storage: Yes
- Open Account — Here
Pros
- Huge variety of cryptocurrencies
- Built-in exchange
- Good customer support
Cons
- Closed source software
2. Electrum: Electrum is one of the original Bitcoin/NFT wallets. It is open-source, allows its users to set custom transaction fees. It also offers users the ability to determine the level of security they wish to use.
- Purchase Cost: Free
- Cloud Storage: Yes
- Cold Storage: Yes
- Open Account: Here
Pros
- Customizable transaction fees
- A greater level of security than most hot wallets
Cons
- Bare-bones user interface
- Only works for Bitcoin
- No formal customer support, only documentation and community
3. Mycelium- Mycelium is an open-source and mobile-only Bitcoin wallet. Mycelium currently only supports Bitcoin, ETH, and ERC-20 tokens. Mycelium also has a few more exciting features, such as hardware wallet support, allowing users to hold their Bitcoin in an offline storage device while still using Mycelium’s user interface to see their holdings.
- Purchase Cost: Free
- Cloud Storage: Yes
- Cold Storage: Yes
- Open Account: Here
Pros
- Customizable transaction fees
- Ability to use hardware wallets
- Open-source software
Cons
- Mobile-only
- Confusing for a first-time user
4. Ledger Nano X: The Nano X resembles a USB drive and connects to your device via USB or Bluetooth. This means that you can link the wallet to your iOS or Android device without needing a computer. The users can add new wallets for different cryptocurrencies to their devices and manage their portfolios. Ledger hardware wallets have been, and currently are, the most popular in the industry.
- Purchase Cost: $119
- Cloud Storage: No
- Cold Storage: Yes
- Open Account: Link
Pros
- Ledger Live has an intuitive and convenient user interface
- Storage for between 3 and 20 different apps
- Open-source software with the added benefit of customer and community support
- The convenience of Bluetooth connectivity
Cons
- Bluetooth integration is a potential vector of cyberattack (USB is still an option)
- Bluetooth feature not perfected
- Limited wallet storage
5. Trezor Model T: It has the most robust security features and tracks any reviewed hardware wallet record. The Model T utilizes a touch screen, which can be easier for beginners than their previous model’s buttons. The Trezor also has a MicroSD card slot, allowing you to use MicroSD cards to encrypt the PIN and further protect your device from attacks.
- Purchase Cost: $195
- Cloud Storage: No
- Cold Storage: Yes
- Open Account: Here
Pros
- Web-based user interface with exchanges built-in
- A massive list of supported cryptocurrencies
- Open-source software with the added benefit of customer and community support
Cons
- Higher price point than others
- Small touchscreen for typing
- Confusing for a first-time user
6. Ledger Nano S: The Ledger Nano S is the first generation hardware wallet introduced by Ledger, one of the first hardware wallets ever made. The Nano S only has enough storage to create wallets for a limited number of cryptocurrencies at a time. If you delete an app to add another type of cryptocurrency, their online guide says it will not affect your assets.
- Purchase Cost: $59
- Cloud Storage: No
- Cold Storage: Yes
- Open Account: Here
Pros
- Access to Ledger Live
- Secure storage for a low price
- Open-source software with the added benefit of customer and community support
Cons
- Max storage of three apps
- No wireless Bluetooth feature
