Well, let’s start this article assuming that you know where to buy cryptocurrencies online, our article is about the best alternative cold wallets to hold cryptocurrencies like Bitcoin.
What are cold wallets?
In short, a cold wallet is a physical device with no connection to the network that allows the storage of cryptocurrencies and private keys. By storing the private keys of your cryptocurrencies you get a high level of security. This reduces the possibility of someone hacking into your wallet.
For this reason, these types of wallets tend to be more expensive, however, you are paying for higher security, and if you have a large number of cryptocurrencies this is an almost mandatory purchase.
Best cold wallets to hold cryptocurrencies
In the market, we can find different types of cold wallets that stand out and prioritize certain functions over others.
Trezor Model T
The Model T is the latest product of Satoshi Labs, the first company to produce hardware wallets in the world.
Trezor provides randomly generated nine-digit pins and a 24-word recovery startup key to ensure security in case the device is lost or damaged. In short, its purpose is to store private keys and sign offline transactions.
This cold wallet incorporates a touch screen and allows storing several cryptocurrencies including Bitcoin, Ethereum, or Dash. It has some advantages and disadvantages:
- Pros: It allows conversion to fiat money.
- Cons: Its price is among the highest on the market.
Ledger Nano X
Developed by a French company, this model looks like a USB flash drive and is a battery-free device that can be connected to any mobile device or computer via Bluetooth or via USB.
This cold wallet supports more than 30 cryptocurrencies, including Bitcoin, Ethereum, Dash, or Litecoin.
- Pros: Ledger is the world’s most popular cold wallet provider so the device is highly integrated at the software level.
- Cons: While it is the only company to incorporate USB connectivity this is seen as a potential attack vector for much of the industry.
KeepKey is another cold wallet developed by a relatively new company. It looks relatively similar to the Ledger but incorporates a much more convenient screen.
It offers no major advantages compared to the Ledger or Trezor, as it offers support for fewer cryptocurrencies.
- Pros: Its display stands out for high readability and allows synchronization with the Shapeshift wallet which makes it very easy to transact.
- Cons: It does not yet have a large community like Trezor or Ledger and can only be used when connected via USB.