The introduction of cryptocurrencies brought alongside it a whole range of terms that the users have to get familiar with in order to invest and trade bitcoin, ethereum, and other coins. Everyone knows what mining is nowadays, as well as a thing or two about blockchain technology. However, do you know what electronic wallets are and how they can be hot and cold?
Hot wallets exist on computers and mobile devices and they are entirely digital, while cold wallets exist in the real world and come in the shape of drives. For the purposes of this article guide, we will be focusing on the cold variety and check to see what the top four models are right now.
More About Cold Wallets
A cold storage wallet is the best option to store digital currencies for long-term purposes. Most of us love to wait for a dip and a sudden upward swing to make use of our digital assets and gain some profits. This phenomenon calls for a safe place to store your balance as you wait for a new investment and while handling your cryptocurrencies. A cold storage wallet will secure your digital asset in the long run while you wait for the next golden opportunity and is the best and most preferred for long-term storage.
Hacking and crypto theft are the two main reasons why hot wallets are not that safe nmor preferred. To access a cold wallet, you will need a pin and another two-factor authentication code, and they cannot really be hacked into like the ones that exist online. However, all cold wallets are not created equal. In this guide, you will get to know reliable and safe hardware wallets. Here are the top four cold wallets you can buy in 2023.
Ledger Nano X
The Ledger Nano X is an upgrade from the Ledger Nano S that came before it. The Ledger brand has added new properties to this wallet that make it even higher-quality and an even better option for any type of user. The Ledger Nano X has a wider screen equipped with a luminous OLED display that is a joy to use, and more storage memory than its predecessors.
This cold wallet has Bluetooth connectivity and the capacity to work with more coins at once. If you have been smart about your investments so far and have a diverse portfolio of cryptocurrencies, you will enjoy this feature a lot.
As a matter of fact, it can hold more than 100 different cryptocurrencies compared to the Nano S that can only store a maximum of five different coins. Five is not enough when there are thousands to choose out there these days. The Ledger Nano X currently supports over 1800 cryptocurrencies, not all that exist but the vast majority, and probably every single one you are interested in. The Bluetooth connectivity will help you to connect to the live mobile app on your phone. If you own a lot of coins, this wallet is the best thing to buy in 2023. The rechargeable 100 mAh battery is enough to keep the device running while you do your thing.
Ledger Nano S
Although we mentioned a few of its features already, this drive deserves its own entry point. Ledger released this affordable and efficient hardware wallet back in 2016, and since then a lot has changed in the crypto world. It comes with a tough military-grade security feature (CC EAL5+). The Ledger Nano S supports over 1000 different cryptocurrencies, which was enough some five years ago but could prove problematic nowadays. You can connect the Ledger Nano S with devices that use a USB micro-B connectivity.
Its physical dimensions are 17.4mm by 9.1mm by 56.95mm. The Ledger Nano S is compatible with smartphones that have Android 7+ or iOS 9+ operating systems at least, and 64-bit desktop computers with either mac OS 10.8+, Windows 8+, or Linux operating systems.
One downside of the Ledger Nano S is the absence of a USB type C cable, something most modern gadgets use. You might have difficulty connecting it to some newer android phones, especially if you are used to upgrading phones every other year or so. For more tips and updates on how to store your coins, visit BitcoinPrime.org.
SatoshiLabs released this cold wallet in 2014, ancient times in cryptocurrency time. Still, the reputable company is known for crypto-related projects like CoinMap as well as other projects, making their drive a worthwhile investment. The Trezor One has been the number one competitor and rival to the Ledger Nano S and a very affordable choice. This hardware wallet uses a 120MHz ARM Cortex M3 chipset.
Trezor One can support over 900 cryptocurrencies, slightly less than the Nano S, but all of the popular coins like Bitcoin Cash, Litecoin, Zcash, and Ethereum are supported. This cold wallet uses pin codes and passphrases to deter hackers and works equally well on all systems, including Windows, macOS, and Linux.
Trezor Model T
The Trezor T is an improvement on the Trezor One model and the newer version with better features and options. It is a second-generation wallet from SatoshiLabs with a larger touchscreen without any buttons. The Trezor T has a stronger security protocol compared to the Trezor One and will make your assets that much more secure.
Its dimensions are 39mm by 10mm by 64mm and it weighs only 16g. The Trezor Model T supports more than 1000 digital assets, including over 100 that were not available on the Trezor One. It also comes with a USB-C cable to connect to newer android devices, so if you have a newer phone and prefer Trezor as a brand, go with the Model T instead of the One.
Conclusion and Takeaways
Cold wallets are the best options against theft and you should seriously consider using them for your cryptocurrency needs. If you want a reliable and secure hardware wallet to be your main wallet, the Ledger Nano X is the best option right now. The Ledger Nano X can store more digital assets compared to other wallets and is the obvious choice if you want to invest in multiple coins, which is how crypto business should be done anyway.
While it has the best properties and security measures for smooth handling, the rest of them are still great options in their own right. The other three wallets we talked about in this guide are also good and there is no reason why you should not purchase them if you find them more attractive and suitable for your current needs. Whatever you end up doing, if you make sure to stick with one of the wallets on the list, you will ensure that the security of your digital assets is as strong as it gets with cold wallets.