Benefits of a Hardware Wallet
Benefits of a Hardware Wallet
Most newbies looking to invest in cryptocurrencies wonder, “how do I get crypto?”
Soon after, they ask an even more important question about owning cryptocurrency: what is the most secure way to store it?
There are many options to consider for storing your crypto assets, however, very few offer as much ease of use and security as hardware wallets.
Simply put, hardware wallets are the most convenient and secure way to store your cryptocurrency. You can keep any amount from ten cents to ten million USD or more worth of crypto stored on a hardware wallet.
On top of that, your private keys will stay safe even if you have the misfortune of plugging your hardware wallet into a malware-infected device or, more commonly, losing your PIN number.
What are the benefits of a hardware wallet?
Safe storage is a major necessity for cryptocurrency; its where the rubber meets the road. As a crypto owner, you have financial information that is now secure because it’s cryptographic in nature, but you also have to choose between several storage options to keep it safe.
The ability to safely store crypto assets long-term is crucial, especially for those who are purchasing in bulk and planning to hold for a while.
Hardware wallets have a uniquely secure element, which is a hardened microcontroller with very few interfaces to the outside world, reducing the possible attack surface to a minimum.
The integrity of these systems is critical, and specific engineering is applied to the system to make it tamper-resistant. An SE, therefore, embeds rigorous physical protections to mitigate complex hardware attacks, such as side channel analysis or fault injection.
A normal microcontroller can be compared to a set of Lego bricks: practical to build, and easy to disassemble or reverse engineer. Secure elements–hardened microcontrollers– are much more complex in their design, due to encrypted memory and physical reinforcements that prevent unauthorized information extraction.
Private keys are stored in a separate part of the device
Hardware wallets are “intelligent” devices because they allow you to store your private keys in one area and your crypto assets in another area. This makes it nearly impossible to transfer the information out of the device. It is for this reason that hardware wallets are considered intelligent and secure.
Support multiple cryptocurrencies
A single device can store multiple cryptocurrencies such as Bitcoin, Ethereum and Ripple.
Before spending any cryptocurrency, the hardware wallet will request that you confirm the transaction. This guarantees that the crypto assets aren’t spent without your knowledge.
Even though there are many storing options out there, serious crypto investors will tell you hardware wallets are the safest and most effective. These wallets provide an extra layer of security against possible hacking.
Although it can be costly pay over $100 for a hardware wallet, it would be a lot more painful to lose a couple of thousand or more in crypto assets due to poor wallet security.
Visit our page here to purchase your hardware wallet so you don’t have to worry about losing your cryptos to hackers.