Bitcoin is the most popular alternative to the government-backed currencies for everyone. It is the mineable virtual currency which enables to transfer millions of dollars in a single transaction. To store bitcoins and other cryptocurrencies, there are different types of wallets are available including the hardware wallet. Apparently, the hardware wallets are safe and protect you against theft of coins without your consent. In this article, we will show you the best cryptocurrency hardware wallet of 2020, from which you can select your choice of device and store your coins safely.
- 1 How does bitcoin hardware wallet work?
- 2 Best cryptocurrency hardware wallet in 2020
- 3 Which is the best cryptocurrency hardware wallet in 2020?
How does bitcoin hardware wallet work?
Hardware wallets are the most precious and the safest way to store bitcoin and altcoins. Hardware wallets are a small device, which holds the private key of your wallet. It’s all offline, no need to worry about providing active internet access to the hardware wallet unless you want to operate & transact with it.
In terms of the security measurements, the hardware wallet uses 2-factor authentication (You can say 2FA). Once you verify yourself with 2FA, it will give access to your funds.
Being a crypto enthusiast I suggest you get one if you are a regular crypto trader. There are many best cryptocurrency hardware wallet available in the market, let’s have a look at the best 5 hardware wallets for bitcoin which may prove handy to you.
Best cryptocurrency hardware wallet in 2020
These wallets are being manufactured by the company LedgerWallet. They are developing bitcoin hardware wallets keeping security as a primary requirement.
Ledger wallets can be accessed through a free desktop wallet called Ledger Live. This application allows you to control all of your ledger devices with ease.
As of now, the company LedgerWallet has two hardware wallets in its Ledger series. 1) Ledger Nano S and 2) Ledger Nano X. Both wallets support more than 100+ cryptocurrencies.
About pricing, the Ledger Nano X is available at around $115 and Ledger Nano S is priced at $56.
Trezor is a physical hardware device that needs to be plugged into your computer to access your stored coins. It supports cryptocurrencies and altcoins including bitcoin. Trezor can also work as a password manager, which holds important passwords in a hardware wallet.
Trezor wallet is a best hardware wallet in the market. It has some extra security configurations, by enabling it you can increase security. On top of that, it offers strong protection against lost passwords and lost devices. In case of, the loss of Trezor Wallet, you can configure a new Trezor device using your backup seeds and restore your wallet.
There is one downside of the Trezor wallet, it sometimes deletes your entire wallet, whenever you upgrade the firmware of your wallet. So, make sure to have the correct backup seeds of your wallet to recover it without any issues.
Trezor T wallet can store bitcoin and other altcoins, as well as Ripple (XRP). The previous edition is the Trezor One Wallet. Which lets you store Bitcoin, Bitcoin Cash, Bitcoin Gold, and other cryptocurrencies. While the Trezor T has a touch screen feature, it makes a difference.
When it comes to the design, the keep key bitcoin hardware wallet has a simple yet elegant look with a large screen. Keepkey has the same features as the Trezor and Ledger hardware devices. About sizing, the Keepkey wallet has a big screen size, it is 2x larger then Trezor and Ledger wallet.
Regarding the supported cryptocurrencies, it supports Bitcoin, Bitcoin Cash, Bitcoin Gold, Dash, DogeCoin, Ethereum, Litecoin, and Digibyte as well. It has extensive support to the ERC-20 tokens powered by Ethereum blockchain. Currently, the Keepkey devices are available as low as $49.
It is an opensource hardware wallet, that stores cryptocurrencies and altcoins. BitFi admits itself as an “unhackable” wallet. It provides protection against online and offline vulnerabilities. It is designed to target the beginner users as well as pros. The user interface of the BitFi wallet enables you to manage all coins from one single dashboard.
The BitFi wallet does not provide any seeds or backup keys to store in a safe place. In case of wallet theft, damage or loss, users have to simply buy a new wallet and get access to his/her funds through a simple passphrase. BitFi operates wirelessly, without a requirement to connect with mobile, laptops or any other devices. To purchase BitFi wallet, you can order one through its official website.
5) CoolWallet S credit card style cryptocurrency hardware wallet
CoolWallet S is a credit card-sized hardware wallet you can use with ease. Because of a simple and sleek design, users can hold it in a pocket, just like a credit card. According to the CoolBit X the creators CoolWallet S, “This wallet is waterproof, temperature resistant and tamperproof as well”.
Using this credit card style design cryptocurrency wallet, you can track your cryptocurrency investments, store coins, transact/transfer cryptocurrencies from your wallet to another in real-time with Bluetooth-enabled, dual-device technology. It comes up with a rechargeable battery inside which lasts up to 1 month.
The CoolWallet S is priced at approx $99 on its official website. It supports the majority of cryptocurrencies, such as Bitcoin, Bitcoin Cash, Binance Coin, Ethereum, Litecoin, USDT, XRP (Ripple) and ERC-20 tokens. It is also integrated with Changelly service, which lets you swap currency instantly.
Which is the best cryptocurrency hardware wallet in 2020?
The above 5 are the best cryptocurrency hardware wallet that might be trending in 2020. This list does not end up here. There are still more crypto wallets are available. When it comes to the safest choice, in terms of the safety of the hardware wallet, we should consider the seed generation technique wallet uses, 2FA security, backup & restore feature, lost password recovery feature and more. Also, make sure to note either you want to use extra features in your wallet or not, e.g; Trezor password manager. The final decision is yours. If you are using other wallets then talk about your experience in the comment box. We would be happy to review that hardware wallet in our next article.