What is a hardware wallet?

A hardware wallet is a device that allows an individual to create and securely store their own private keys. The key advantage over a software wallet (web, desktop, mobile, etc.) is that a hardware wallet does not share confidential information with any other device to which it is connected in any way.

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How does the hardware wallet work?

The user’s private key is on the hardware wallet, not the cryptocurrency, which is a unit in a blockchain called a block. Crypto coins are stored on a “blockchain”, which is a record of all transactions and balances, and is continuously accessible via the internet. The private key acts as an authentication of a certain amount of cryptocurrency on the blockchain, but it also allows the funds to be moved around, for example, sent to another address.

The primary role of a machine wallet is to sign transactions, i.e. the transfer of value between different addresses. The signature can be made using a (unique) private key.

WHY BUY A HARDWARE WALLET?

Hardware wallets also keep secrets in case of an attack on the computer, phone or operating system of the device to which the wallet is connected. Software wallets cannot provide this level of security.

Consequently, it can be argued that digital assets only actually belong to the user when they are stored on a hardware wallet that is the exclusive property of the user or persons of his/her choice.

In the event of loss, theft or damage to a hardware wallet, assets are still protected if the user has created and properly protected a backup. With modern wallets, the backup only needs to be created once at the start, and as long as the wallet is not deleted, there is no need to update the backup after each transaction.

If the backup is created according to a standardised procedure (e.g. BIP39 for bitcoin), the private key can be safely moved to another hardware wallet that uses the same secrecy method.

Using hardware wallets is becoming easier and easier as time goes by. Simply connect your wallet to your computer or phone to access your crypto assets.

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WHICH WALLET TO CHOOSE?

There are already a large number of providers of hardware wallets on the hardware wallet market. Most manufacturers offer their own software solutions to facilitate the storage of cryptocurrencies. As there are many factors that influence the choice of a wallet, we’ve put together our guide to choosing a hardware wallet to help you decide.

Find a hardware wallet that is tailored to your needs

What do you plan to store on your wallet?

If you intend to store only Bitcoin in a hardware wallet, we recommend a wallet that exclusively supports Bitcoin, as it is a safer option. If you plan to store other currencies as well, choose a wallet that allows you to do so. Please select what you intend to store..."

BITCOIN

BITCOIN + CRYPTO

How much are you willing to spend on a wallet?

How good is your sight?

How well can you see? If you believe you are facing a more significant vision challenge, it may make sense to consider purchasing a wallet with a larger screen. For those with normal vision, this choice is expected to be less important, so you can choose both options.

SMALL SCREEN

BIG SCREEN

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