Bitcoin is the most expensive cryptocurrency, with the largest market capitalization, hence ranked one in terms of that. Hence, investors or traders have always been eyeing on the most secure wallets, which will make them sit back and relax, without having to worry about hacks and thefts. Hardware wallets are the most secure wallet types, as it comes with different levels of security. Before getting to know the best bitcoin hardware wallets in 2020, let us understand more about hardware wallets.
Cryptocurrency hardware wallets are physical tamper-proof electronic devices made to store private keys of Bitcoins and altcoins in offline settings. You will generate the private keys and digital signatures you need to spend your Bitcoins through the hardware wallets. Just like you set up other types of wallets, writing down the recovery phase (seed word) on a notebook and storing it in a safer place – such as that place you store your academic certificates, your cash savings and any other valuable item – is important. Also, you can make at least 2-3 copies and distribute them. Because the keys will remain offline, there will be no chance of them being hacked.
The top 4 Bitcoin hardware wallets in 2020 are:
The Ledger Nano S, from a France-based start-up company, is a battery-less and easy-to-connect USB like device which can be connected to any mobile devices or personal computer through USB. The device features two buttons on its side to help navigate the interface. The backup seed key and the OLED interface allow for easier recovery of Bitcoins. It supports around 40 cryptocurrencies like Bitcoin, Ethereum, Litecoin, Ripple, Dash, etc. This is regarded as one of the best bitcoin hardware wallets as per hardware wallets review.
Pros: Allows storage of the world’s leading digital currencies. Integrates with a multitude of software wallets.
Cons: The price is relatively high as compared to the other hardware wallets.
Click here to Read more about Ledger Nano S
Trezor, developed by Satoshi Labs, is among the first best hardware wallets to enter the market. The hardware wallet creates keys offline and offers numerous basic features, which are necessary for the Bitcoin trade. Trezor supports around 20 cryptocurrencies, which include Bitcoin, Namecoin, Dash, Dogecoin, and Ethereum, and is even considered as one of the best hardware wallets for altcoins.
Pros: Supports many other currencies other than Bitcoin and can convert transaction amounts to and from fiat currency. Trezor beta app supports in-wallet exchange from CoinSwitch. In-wallet exchange provides risk-free conversion of cryptos.
Cons: It has a complicated PIN which takes time to set up the plug-in.
Click here to Read more about Trezor wallet
KeepKey is a high definition best bitcoin hardware wallet that allows backing up of a Bitcoin wallet using the 12 words brought forth during the setup process. Even though the hardware wallet supports seed lengths between 18 and 24 words, the 12 words represent the default setting.
The seed is brought forth using entropy from the KeepKey Hardware Wallet and the personal computer used during the setup. KeepKey generates the seed offline and displays it on its screen. The offline screen prevents the display of the seed on internet-connected devices.
And if you lost the backup seed, you can use the backup seed to recover your Bitcoin wallet. You can use KeepKey’s Chrome extension to recover the wallet. Keeping multiple backups and following other best practices is also important.
Pros: More secure and feature-packed hardware wallet for your crypto coins available. Metal body and digital screen to keep your coins safe
Cons: A lack of web wallet means users must add software such as Electrum or MultiBit to make use of its applications.
Click here to Read more about KeepKey wallet
It is the world’s first Bitcoin stick wallet which is a small USB like object that allows you to spend Bitcoin like a dollar bill and acts like a read-only USB flash drive. Opendime, created by a company named Coinkite, is compatible on any computer, laptop, and phone. A QR Image and Text files inside contain Bitcoin address and helpful information. That makes it one of the best Bitcoin hardware Wallets as per the hardware wallets comparison.
Pros: It is comparatively cheap and very easy to use bearing all the security features. It also has an easy verification chrome feature. It removes problems like transaction times and miner fees while still depending on cryptographic security and other bitcoin advantages.
Cons: As it is based on the concept of ‘piggy-banks’, you have to destroy the wallet to spend the funds accumulated within the device. Once the wallet is unsealed, it basically becomes a ‘waste’ because you need to dispose of the USB. This certainly isn’t environmentally friendly.
Click here to Read more about Opendime
Trezor supports more than 1000 cryptocurrencies including Bitcoin.
Ledger Nano is one of the best cryptocurrency hardware wallets and supports many tokens.
Ledger Nano S supports multiple currencies like Bitcoin, Ethereum, Dogecoin, Litecoin and many more.
Trezor wallet is one of the reputed hardware wallets for multiple cryptocurrencies, hence considered safe.
All of the above-mentioned wallets are good, but mostly Ledger and Trezor are more often mentioned on a regular basis.
Hardware wallets act like USB devices, which when connected to the computer can be accessed easily.
CoinSwitch enables businesses to convert over 300 cryptocurrencies with our powerful Fixed and Dynamic rate APIs. CoinSwitch exchange APIs are being used by many top cryptocurrency wallets across the globe like Trezor, Exodus, imToken, Guarda etc. Are you interested in providing your users an option to exchange coins within the wallet? For more information please reach out to firstname.lastname@example.org or refer our API documentation.
CoinSwitch.co is the world’s largest cryptocurrency exchange aggregator which supports 300+ coins and over 45,000+ pairs. It provides an easier way of trading through the global exchanges like KuCoin, IDEX, Changelly, Cryptopia, ChangeNow and Changer without creating an account on them. If you are interested in buying cryptos, do give it a try!
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