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Lately the universe of crypto went thru some historic roller coasters... It is well known that Cryptocurrencies and digital assets have subscribed to the "Thrill Seeker Pass" since the amusement park opened! Nonetheless, new unexpected partnerships and advancements in Web3 and DAO made crypto reach usership heights like never before. Growing astunishly fast every single day! With people now starting to restructure their finances and begin to consider investing in digital, also comes the soulless leaches in the dark. trying to take profit of your work!
Scam and rug pull stories keeps popping in the news like Trump headlines! I mean by that, let's be honest, people like to write about it and read about it. It's scary as hell and those atrocities kind of kills the reputation of the whole institution. I hope not too much will rally to the idea! The idea of stealing my tokens! I've read about Billions of dollar worth of Coins stolen or just vanished in the forever transfers of the block chain!
These Mordor Orcs travel fast, and just like Legolas said to Gimli, 'Certainly they will not rest by night.' It seems they are trying invading every single part of the honest free people's land! It would be stupid to think that they will ever stop trying! With NFTs appearing everywhere from NBA Player Footage, the opportunities to breach into peoples wallet are more appealing than ever for online thieves. I'm pretty sure, like a 100% sure, that if you ever joined a discord channel about NFT or Crypto. Or whatever platform where users can communicate with you involving this subject, you received private messages sent by heartless scammers trying to invite you to the next moon ride!
With all these disturbing "drama story" unfolding, I started to think about myself. I can't imagine losing my crypto to some thief! It would be devastating in some ways! Ok money can't buy love. No it's true! But losing the past year of investments in 2 seconds would hurt big time! With all those news about the Feds trying to find ways to control my money on top of that. I'd like to have more control over my own stuff. Can I? That is why I started to look into buying myself a hardware wallet for my Gold & Silver (BTC & LTC). In fact I ordered one and I think it may well be one of the best idea I ever had concerning my digital finance!
Here are some reasons why you should get one:
- : To this date, hardware wallets are the most secure way to store your private keys because they are not susceptible to viruses.
- Self Reliance: Owning a hardware wallet allows you to be more self-reliant when it comes to protecting your bitcoin.
- Physical Size: Because a hardware wallet is smaller than a computer, storing your private keys on a hardware wallet makes it easier to transport your bitcoin when needed.
Using a hardware wallet can also provide peace of mind to the user. It can be stressful trying to manage private keys, software wallets, and other bitcoin-related programs, all while trying to ensure your computer stays very secure. With a hardware wallet, you can be more assured that your bitcoin won’t unintentionally move. It can be hard to trust your ability to secure an intangible, internet-connected software wallet, but securing a physical offline hardware wallet provides another level of confidence in your method of crypto storage.
The cons to hardware wallets compared to software wallets:
- User Experience: The user experience of hardware wallets is typically worse than software wallets. It may take some time to figure out how your hardware wallet works, and you will always need the extra step of retrieving and connecting your hardware wallet.
- Upfront CostHardware wallets are more expensive than software wallets, and this upfront cost may not seem worthwhile if you are planning to buy and sell your bitcoin quickly.
- : You need to be in the same location as your hardware wallet in order to access your bitcoin, which means you might not be able to use your bitcoin when you want (or need) to.
- Of course, there are some people who simply don’t have the technical ability to keep their crypto on a physical hardware device and prefer to have exchanges take custody.
- It’s not a bad idea to keep a small amount of crypto on an exchange if you plan on transferring it frequently.
You can just leave your crypto on an exchange like the most poplar and adopted one. And that’s absolutely what a large number of crypto users do. It’s especially common for crypto traders who need their crypto online so they can swap it quickly between different digital assets. The issue is that when you leave your crypto on an exchange you don’t have access to your private keys, which means the exchange could technically get hacked or go bankrupt and you wouldn’t have a lot of recourse.
What is the best Hardware Wallet available right now?
After doing some research and sharing my thoughts with the crypto community, I ended up getting myself a Ledger Nano S. I find that for its price, it was all I needed, some extra stuff that makes it easy to use for Bitcoin. It was not hard to miss it since there are ads all over the web. I understand why now. And I am not a gadget geek but honestly, it looks neat! There are a several good other options to consider too! I might also get myself a SafePal S1 for my NFT collection! Who knows, someone might try one day to steal my Zombie Space-Kitty ha-ha. Never! Here is a list of, in my opinion, the best ones you could find right now!
Ledger Nano SBest for storing, trading, and transferring huge amounts of crypto, especially BTC, ETH & LTC. (My choice)
SafePal S1Best for and ERC token users. (My friend bought this one and really likes it!)
Trezor Model OneBest for multi-crypto traders and holders.
D’CENT Biometric WalletBest for mobile crypto users.
SecuX V20 One of the best for mobile ERC20, BTC, ETH, and LTC users.
Overall, I think Hardware wallet is a must if you want to hold on your crypto for long term investments. While you are not required to store your bitcoin on a hardware wallet, I highly recommend it. Even for small personal amounts, hardware wallets are a good investment because they protect your private keys and give you peace of mind that is not possible when using software wallets. I do enjoy a nice trip at the coasters too! Better if it's safer!
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