If you have been in the blockchain or cryptocurrency world, you must have heard the terms hot and cold wallets. Hot wallets and cold wallets are 2 types of digital wallets to store your cryptocurrency or digital assets.
A hot wallet is a digital type of digital wallet, so your cryptocurrency will be stored in a digital form that does not require a physical medium. In contrast, a cold wallet is a digital wallet with a physical device.
Both of these digital wallets have their advantages and disadvantages. This article will briefly discuss the advantages and disadvantages of cold wallets.
One of the most significant benefits a cold wallet provides is taking your digital assets wherever you go. This allows for a greater security level than hot wallets, allowing for convenience and flexibility when transferring or simply carrying around.
Meanwhile, the weakness of cold wallets is the price of cold wallet devices which tend to be expensive. The typical price for a cold wallet is around $100 – depending on how sophisticated and varied the type of crypto the device can accommodate.
Here are 3 cold wallets that you can consider:
Trezor is the first cold wallet ever created. Since its launch in 2013, Trezor has been rated as one of the most secure physical devices for storing digital assets.
Trezor is relatively small with a minimalist shape, making it easy to carry around. The Trezor company is constantly updating its hardware to keep the security level of these devices as high as possible.
Trezor retails for $99 USD. It’s a price-to-quality ratio to match.
Ledger Nano S
The Ledger Nano S is rated as a major competitor to Trezor. This device is an excellent alternative for anyone looking to upgrade their crypto storage.
One of Ledger’s main compliments is that it is similar to the Trezor in functionality but at a much lower price.
The Ledger Nano S currently retails for around $80. However, at this price, the Ledger Nano S can already be compared to its main competitor, namely Trezor.
KeepKey is the most fashionable cold wallet compared to other cold wallets. Although KeepKey is still very young, KeepKey already has many fans and users who entrust their digital assets to KeepKey.
KeepKey retails for $129. At a higher price than the previous 2, KeepKey offers several additional functions and features that Trezor and Ledger don’t have.
Hopefully, this article can help you determine the cold wallet that suits you. If you decide to buy a cold wallet, don’t hesitate to do some more research on the internet beforehand. Maybe you will find another cold wallet that suits your needs.
Written by Faris