Keeping your crypto coins safe is important. Most crypto buyers store crypto coins in desktop and software wallets. But if you are in crypto investment for the long haul, you should consider opting for a hardware wallet. A wallet acts like a bank where you can store, send and receive coins. They are immensely popular with people who love to HODL. Hardware wallets are more secure, unlike software wallets they cannot be hacked. It is too soon to say if they are tamperproof, but they are quite secure. There are many hardware wallets available in the market. Trezor and Ledger are two popular hardware wallet types. It will be interesting to see who will win the battle of Trezor vs Ledger.
How do hardware wallets work?
Hardware wallets are small physical devices that store private keys of your coins offline. Private keys act as the secret code that allows you to spend coins. They use 2FA verification. 2 FA is 2-factor authentication using the physical wallet and Pincode of the wallet. If you want to send your coins from your wallet to someone then the process is fairly simple. Connect the hardware wallet to your computer. Enter the Pin code and send the funds.
Trezor Hardware Wallet
Trezor is an offline hardware wallet made of plastic. It was the first physical storage utility for crypto coins. Trezor is a secure cold storage device. It is a trusted device to store private keys. Trezor is compatible with most desktops and Android devices. Trezor supports MacOS, Windows, and Linux. It supports all major cryptocurrencies like:
Trezor’s wallet software allows you to sync transaction information with a DropBox account. The firmware and wallet software is more advanced than Ledger wallet.
Trezor wallet versions
TREZOR One: It is the oldest hardware wallet in the market.
TREZOR Model T: This version of the Trezor wallet has a large touchscreen.
Ledger Hardware Wallet
Ledger is a USB drive shaped hardware wallet. It was the first physical storage utility with full Ethereum support. It comes encased in stainless steel, which provides damage resistance. Ledger wallet can be accessed by Ledger Live. It is a free application which you can use to check balance, send and receive cryptocurrencies.Ledger supports more cryptocurrencies than Trezor. It supports cryptocurrencies as well as many new altcoins like:
- Stealthcoin (XST)
- Stellar (XLM)
- Hcash (HSR)
- Digibyte (DGB)
- Qtum (QTUM)
- PivX (PIVX)
Ledger wallet Versions
Ledger Nano X: This wallet can manage 100 crypto assets simultaneously. It has Bluetooth. It is the first hardware wallet which you can connect with your iOS devices.
Ledger Nano S: This affordable hardware wallet supports all major coins.
It is difficult to declare a winner in the Trezor vs Ledger battle. Both Trezor and Ledger hardware wallets go through constant software updates. Both hardware wallets are adding more coin support and functionality. Tell us your pick in the comments. Which hardware wallet are you using and why?
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