So many experts talk about Bitcoin and Cryptocurrency in order to bring more people into the crypto space, but they far too often ignore the most important factor why everyone doesn’t own crypto. In this post, I’m going to give you the most secure ways to store your cryptocurrency available on the market today. By the end of this post, you will have all the information you’ll need, to start your cryptocurrency journey.
Security is most people’s main concern, and it may have stopped, or delayed you from getting into the market. However, whether you like it or not, Cryptocurrency is the future and it is here to stay. So, my aim today in this blog is not to convince you how safe Cryptocurrency is. But rather, give you an insight into where the safest place is to store your Cryptocurrency.
Top 2 Cryptocurrency Wallets
Here is a list of the safest and most secure Crypto wallets: The first two wallets I am about to mention are by far the most secure in comparison to their competitors. Think of them as the Playstation and Xbox of the Crypto space. In terms of security, they both are both solid and to date have never been hacked. They are said to be impossible to hack. There are some differences in features and functionality so I will leave it up to you to decide which is best for you.
Ledger Nano X
The Ledger Nano X is what you would call a “Cold Wallet” or an “Offline Wallet”. An encrypted hard ware that looks like a high-tech usb. It holds your private keys (aka your twelve-word seed phrase), your Cryptocurrency and other digital assets offline.
- The Ledger Nano X supports over 1800 currencies.
- It has a Bluetooth feature that allows you to connect to your crypto wallet apps on your phone or desktop when you need to make a transaction.
- A great security feature with the Ledger Nano X is that when you require your private key to confirm a transaction, you are required to physically push buttons on the Ledger Nano X, making it impossible for anyone to move or use your Cryptocurrency without the Ledger Nano X.
- A Ledger Nano X will set you back around $200. But it is a staple when entering the world of crypto.
Also known as a Cold Wallet or an Offline Wallet. Let’s start off with the features that the Trezor T offers that the Ledger Nano X does not.
- It has a colour touch screen which makes it easier to use.
- It offers Shamir Backup. Let’s speak a little more on Shamir Backup. When opening any crypto wallet, whether it be online or offline, you will be provided with what is a called a seed phrase or private key. It is usually a twelve-word sequence but the number of words can vary depending on the wallet you choose. This key is needed when recovering your wallet and acts as a second password. If you ever lose these set of words, it will be impossible to recover your wallet and its contents.
- With Shamir Backup, you can choose up to sixteen recovery shares and choose how many of those you require to recover your wallet.
- The Trezor T supports 1649 currencies.
So, say you chose to make eight recovery shares and required three to recover your wallet. Even if you somehow lost five of those shares, the remaining three would be enough to recover your wallet. In my opinion, the Shamir Backup is a great security feature and is one I wish I had had when I lost the only copy of my recover seed phrase for another wallet of mine. Although I only have ten Ripple in that wallet, worth around $20. Someday that might be worth thousands and that’s just something I’ll have to accept and live with.
Difference Between Trezor T and Ledger Nano
The only other real difference between the Trezor T and the Ledger Nano X is that Trezor has an open-source firmware that allows the public to see what is going on and give input on how they think Trezor could upgrade their security system. Whereas Ledger is a closed source firmware.
These are by far the best wallets when it comes to security. But if you’re not looking to spend on a wallet just yet and are looking for something that is free whilst you’re beginning your crypto journey, I have some
online wallets that serve as crypto exchanges and digital wallet apps you might want to consider.
Kraken, Binance, and Coinbase are all online crypto exchanges that allow you to buy, sell, trade, and hold Cryptocurrency on their platforms. Kraken, Binance and Coinbase all have millions of users. All three are
the largest exchanges by trading volume and all have top security. They all have built-in wallets on their platform you can use to store your coins and review your portfolio growth and loss. They all have helpful and prompt support teams and have means available to help you for tax purposes.
Digital Wallet Apps
- Atomic Wallet
- Trust Wallet
- Im Token
Here is a list of digital wallets I think are great for everyone no matter where you are in terms of experience with Cryptocurrency. Some have lower transaction fees than others. Some have quicker response times
with support. Some require you to always hold a certain amount of coins in the wallet that you can never withdraw (these ones usually have the lower transaction fees).
Some, like Metamask, have a lot of features and functionality that allow you to easily interact with dAPPS (Decentralised applications), DeFi (decentralized finance) Dex (decentralized exchanges), and online
gaming. These are all great ways to farm and stake your coins. And is a great way to find out ways to use your coin to get the most out of them.
A lot of these wallets will let you know about upcoming airdrops of certain coins (free Cryptocurrency).
I personally use all of them and have not had any problems with security.
When it comes to security, which is the most important aspect when dealing in this space. Cold Wallets trump all others. They are impossible to hack and although they cost money it is insurance on the money you
have already invested.
Here’s a list of other articles I recommend on Bitcoin and Cryptocurrency:
- What is Bitcoin (BTC)?
- How to be a Bitcoin millionaire
- Is Bitcoin a good investment?
- How to swing trade cryptocurrency
- How to download a crypto wallet
- Which Hot Wallets are the Best?
As always, DYOR! (do your own research) before investing your money into anything!
Author Jordan Suavaga