What is a Hardware Wallet?
SAFEST WAY TO STORE YOUR CRYPTOCURRENCY
Simply put, a hardware wallet is a physical device in which you can safely store your cryptocurrency.
Since it's a physical device, you can hold your "private keys" in your hand, and not on a public exchange or wallet that is out on the internet vulnerable to thieves and hackers.
Or in the event your online exchange or wallet shuts down, you can rest assured that your coins are safe in your hands.
How does it work
A hardware wallet stores the “private key” to your cryptocurrency in a secure hardware device. Every time you send out your Bitcoin, you will need to verify and confirm it using this device. Without this device, no one can touch your coins.
Hardware wallets are by far the most secure type of Bitcoin wallets as they store your coins on a physical piece of equipment that needs to be plugged into a computer via a USB port.
Why you need one
Anyone who owns more than a thousand dollars in Bitcoin or any cryptocurrency, it is vital that you take care of the safety of your funds.
Leaving your cryptocurrency on an online wallet on your phone, or on the internet is vulnerable to hackers and thieves.
If that wallet is hacked, or you lose your phone, you lose everything!
Therefore, we highly recommend keeping your Bitcoin credentials / private key in a hardware wallet even though it comes at a slight price.
A hardware wallet is practically immune to most of the virus attacks.
How do you choose one
Fortunately, there are only a handful of types on the market.
But based on security, ease of use, popularity, and cost, we highly recommend the
Ledger Nano series.
About the size of a USB flash drive, Ledger devices need to be connected to your phone or computer to store and access your coins.
The device is encased in a stainless steel cover, which makes it very durable.