One of the main points of Bitcoin, and crypto as a whole, is to provide users with full control over their money. With the rise of centralized crypto exchanges, lending platforms, and centralized online wallets, many aren’t aware of the significant risks of not having control over their funds.
Having your coins on an exchange is not safe. These unregulated, and dangerous crypto exchanges can disappear at any moment with everyone’s funds, and most of the time there is little that can be done to retrieve it.
Mt. Gox is a prime example, this used to be the largest Bitcoin exchange in the world before they faked a massive hack, and stole billions worth of cryptocurrencies. To date, few have been able to retrieve their Bitcoin. Binance is now the largest Bitcoin exchange in the world, and many are speculating a similar fate as they are also riddled with deception and fraud.
My mission has always been to help others fully understand cryptocurrencies, and keep their coins safe. This industry is still relatively new, and many investors often fall for traps that can end with large losses. This article will dive into several different hardware wallets that are highly ranked and can help you safely store your cryptocurrencies.
What are Hardware Wallets?
Hardware wallets are portable devices that provide users with full security, and unwavering access to their funds. In a truly decentralized world, the banks, and crypto exchanges will NOT have control of your funds.
Think of hardware wallets as mini-computers that have been stripped down of all logic except for a tiny screen, a button or two, and the simple action of storing private keys and signing transactions.
They often look like small USB devices, and they offer a minimalist approach to securing your digital assets. This is based on the logic that the more complex a device is, the more opportunities hackers have to infiltrate it.
The Trezor Model T
is the latest product developed by Satoshi Labs which was the first hardware wallet provider of note in the world. I’ve been using this wallet for several months, and am very pleased with its functionality.