While the debate over the virtues and life expectancy of the various mainstream forms of cryptocurrencies like Bitcoin and Etherium continue to be endlessly debated, one thing we can all agree on is losing access to a fortune due to improper security measures is a tragic but easily avoidable fate. Rather than simply entrusting your main and altcoins to a solely digital wallet solution or directly on your own PC, investing in a hardware wallet can give you valuable peace of mind by providing physical storage for your coins while providing some truly impressive levels of security. With a slim and powerful unit like the Ledger Nano S Cryptocurrency Hardware Wallet v1.4 keeping your cryptocurrencies safe, you can “HODL” to your heart’s content while ensuring that your precious coins remain exactly where you intend them to be.
First and foremost, it is important to note that this article should in no way be interpreted as legal or financial advice regarding the acquisition and storage of crypto assets, alternative or otherwise. Despite what some factions of true believers on the internet would have you believe, there is absolutely no such thing as a “guaranteed investment” and this is especially true of any speculative asset, no matter how anyone else refers to it.
Given that the value of single cryptocurrencies like Bitcoin and Etherium can vary as much as almost $65,000 USD for a single coin to just over $30,000 and finishing at $38,000 in the course of a single day, to say that the market is prone to volatility is something of an understatement. As stated previously, BestReviews.com cannot be held responsible for any changes to the prices of cryptocurrencies, outside market forces, government regulations, or other unforeseen events.
Though you might be forgiven for thinking that “HODL” was some strange misinterpretation of a much-beloved character from “Game of Thrones”, it is actually an acronym that many people in the crypto community hold as a lodestar and guiding principle. For those who are unfamiliar, “HODL” stands for Hold On (for) Dear Life, though it originated from a 2018 post on the online forum Bitcointalk by an enthusiastic and inebriated crypto trader determined to ride out any market fluctuations by “hodling on”.
Since that fateful post, “HODL”ing has spread far and wide across the internet with countless memes and high-profile advocates including entrepreneur Elon Musk. If you are genuinely invested in cryptocurrency as an enduring form of payment options, having the ability to safely store access to your coins and altcoins in a physical location with no internet access or intermediaries can save you incalculable amounts of stress and hassle.
While it might seem like an overly simplistic solution to a complex problem, the best way to prevent valuable data from being hacked is not to put it on equipment that can be hacked in the first place. While some crypto traders are only comfortable with old-school paper receipts which are stored securely behind lock and key, a hardware wallet for altcoins provides a physical means of security with no independent means of connecting to the internet in any form.
In addition to preventing electronic access to your crypto assets in the first place, a hardware wallet can also allow you to safely retrieve your data or login credentials by following the manufacturer’s proprietary processes. One such process includes the creation of a twelve-word recovery sentence that will allow you to access your wallet, coins, apps, and more without having to compromise your incredibly important security keys. By giving you truly individualized methods to confirm your identity, you can recover all of your valuable data and assets in the event that your hardware wallet is stolen or becomes misplaced.
Being able to invest in the more well-known cryptocurrencies such as Bitcoin is fairly easy as long as you have the money to invest, but what if you are more interested in taking a gamble on a more affordable but lesser-known altcoin? Purchasing hardware with the idea of investing in altcoins will require you to purchase a wallet that is capable of trading, storing, and retrieving not just the most well-known crypto assets but also those still trying to make a name for themselves.
In addition, your hardware wallet will hardly do you any good if you can’t even successfully make it connect to your PC and operating system of choice. As such, all of the selected models have been specifically chosen for their ability to plug and play with Windows, Mac and Linux PCs via USB-cable as well as being able to accept, store and trade hundreds and even thousands of different cryptocurrencies. Depending on the model of hardware wallet, users can install anywhere from three to twenty different apps to seamlessly control and manage their assets across multiple platforms for both security and convenience.
Depending on how much of your personal wealth is tied up with “HODL”ing crypto assets, having the ability to instantly recover lost or stolen coins and even hardware wallets can make all the difference in protecting your financial solvency. As such, who on earth wouldn't choose to buy a hardware wallet from a company that offers a 100% money-back guarantee in the event of some unforeseen catastrophe?
Furthermore, many hardware wallets insulate your coins from viruses and other malware by the simple virtue of not being connected to the internet as well as by providing multiple forms of authentication and account verification. Whether you are interested in “HODL”ing until you hopefully get rich or are engaging in a little speculative crypto day trading, having a hardware wallet for altcoins is truly the only sensible solution to keeping your assets safe and secure.
Depending on your desired features as well as any budgetary considerations, a quality hardware wallet for altcoins can cost anywhere from $55-$69, and sometimes more.
A. So long as your hardware wallet is safely stored in a location that can’t be physically accessed by others, it should remain impervious to electronic attacks. However, should you leave your hardware wallet in a position to be stolen, having physical access to the device could potentially lead to your data becoming compromised.
A. While many people chose to go with digital wallets because they are generally considered safer than cryptocurrency exchanges, they are still more vulnerable than hardware wallets. All someone needs to do to access your digital wallet, is compromise your internet security, install a keylogger, or other more conventional cybercrime techniques.
Ledger Nano S Cryptocurrency Hardware Wallet v1.4
What you need to know: A robust and reliable hardware wallet for altcoins with everything you need included.
What you’ll love: This unit offers support for over 1,250 altcoins such as XRP, Bitcoin Cash, EOS, and Stellar as well as being able to securely exchange, buy, sell and develop your crypto assets with ease. Users can install up to three crypto management apps depending on their file size along with their proprietary Ledger Live app, giving them the ability to confirm transactions and keep them secure.
What you should consider: Users have reported issues including a buggy user interface as well as problems following firmware updates.
Where to buy: Sold by Amazon
KeepKey - The Simple Cryptocurrency Hardware Wallet
What you need to know: A super simple hardware wallet for altcoins that anyone could use with ease.
What you’ll love: This unit offers complete protection from all forms of viruses and malware by having no means of connecting to the internet as well as the ability to set a twelve-word sentence to retrieve data without compromising security codes, works on PC, Mac, Linux, and Android, a clear and easily-readable display and a keylogger-proof PIN system.
What you should consider: Users have reported issues with being unable to use non-KeepKEY crypto exchanges as well as issues with the app’s connectivity.
Where to buy: Sold by Amazon
Trezor Model One Crypto Hardware Wallet
What you need to know: A dependable hardware wallet for crypto that lets you store, manage and sell assets with ease.
What you’ll love: This unit offers full compatibility with Windows, macOS, and Linux as well as a 120-MHz embedded ARM processor Cortex M3 which uses a custom operating system, the ability to connect your TREZOR to third-party wallets and services, a simple three-step setup process that doesn’t require registration and offers users a 100% money-back guarantee.
What you should consider: Users have reported issues such as being constantly spammed by ads on the wallet as well as significant issues after firmware updates.
Where to buy: Sold by Amazon
Sign up here to receive the BestReviews weekly newsletter for useful advice on new products and noteworthy deals.
Daniel Martin writes for BestReviews. BestReviews has helped millions of consumers simplify their purchasing decisions, saving them time and money.
