In an age where everything has gone digital, it can be hard to imagine the need for a physical device to keep your things safe – even cars don’t use keys these days! But, when it dawns upon you that a physical device is less susceptible to cyber threats, going old school might actually turn out to be new school.
With hackers endlessly lurking, looking for an opportunity to steal your cryptocurrency, your digital assets are constantly at risk for as long as they remain online. So, it’s time to get yourself a hardware wallet or be prepared to drink in despair.
A hardware wallet is device like a flash drive widely considered to be the most bulletproof of ways to protect your cryptocurrencies. It’s currently the safest means of keeping your private keys secure and away from internet bandits. Its key features are:
Encryption – Encrypted pin protection is another security layer offered by hardware wallets. Any attempt to access it playing roulette with the pin will result in Mission: Impossible-style self-destruction of the device after three tries.
Immunity – Viruses and malware often go for the jugular of your system’s software, but imagine having an impenetrable force field protecting your cryptos. A hardware wallet’s presumed immunity to these threats is the closest thing to a bulletproof shield.
Transaction – While you need to plug your hardware wallet to an internet-enabled computer or other mobile device, cryptocurrency transactions and validations are performed in your device and not on your computer. This keeps your cryptos offline and hackers frustrated.
Convenience – The size of a hardware wallet is similar to an average flash drive. Carrying one in your pocket won’t rip a hole in it. It’s easy to store in your drawer, safe or locker. Just be careful not to tell everyone where it is.
All-In-One – Assuming you see yourself as a crypto king and packed yourself a whole lot of coins, most of the leading hardware wallets can store multiple cryptocurrencies. You don’t have to scamper around trying to figure out which coin is in what wallet.
Ledger Nano S and Trezor One are touted to be among the best hardware wallets in the market and can be purchased online at:
In Part 3, we explore open source password managers to beef up your crypto security.