What is Hardware Wallet?
Hardware Wallet can be described simply as the wallet to store your cryptocurrency. It’s a physical device that has your private key. To understand this more easily let’s have an example of E-mail sending, to send email you need an app just like Gmail; now you need your username and password to login and send emails. In this article we are going to discuss the pros and cons between the best & most popular hardware wallets i.e Trezor vs ledger nano vs keepkey and let you decide if one you would prefer !
A hardware wallet has a public address and a private key. You can send your public address to others in order to receive cryptos and your private key is of course private. In spite of the fact that hardware wallets are the most secure methods for putting away your cash, their value implies that regardless of whether you feel they deserve the investment, it depends on the money you hold.
To utilize hardware wallets, you will first need a digital wallet to connect with the gadget. Although all equipment wallets have their own particular default programming wallets, some digital wallets, for example, MyEtherWallet, may likewise be utilized alongside your hardware wallet.
Trezor Vs Ledger Nano Vs KeepKey : The Best hardware wallet
Ledger Nano S is probably the cheapest crypto hardware wallet available in the market which support more than nine cryptocurrencies at the moment. Ledger Nano S is pretty much slim and has attractive design which is made by a French based startup. Its price is around $75 and from the first look it feels like another USB.
To recover your bitcoins, Ledger Nano S has a backup seed key. This is one of its best core feature. It also a nice OLED interface which is simple and easy to understand. It doesn’t have a built-in battery as it connects with your PC via USB port.
Trezor is the world’s first Bitcoin hardware wallet as it laid the foundation of hardware wallets. It is created by SatoshiLabs, who have this slogan of making security easy. That’s what its core feature is about, ‘Security’. In the situation where your device is lost or damaged, it generates nine different pins and 24-word seed key for recovery and make sure that it is firmly secured.
It always changes the numeric pattern on OLED screen, so nobody can judge the finer impressions. Thus, making it secure. It is available in the market with a price of $99. Aesthetically, it looks like a mini calculator with small OLED screen. Trezor also features smart phone and app connectivity, which makes it even more easy to use. Currently, trezor supports almost 8 cryptocurrencies.
KeepKey is jus another hardware wallet available in the market. It has the same price as of Trezor, which is $99. It also has the same backup seed key feature but it weighs almost double than the Ledger and Trezor. It also has a big size which doesn’t come easy in pocket. It supports almost 5-6 cryptocurrencies. It doesn’t have enough to offer in comparison of market leaders Ledger Nano S and Trezor.
In Comparison, all three of them can be used to send or receive cryptocurrencies. But Ledger Nano S cost around 75$ and Trezor costs around 99$. Trezor somehow has better software which can sync your transactions in DropBox. In the end, it always depends upon the budget one has. Ledger Nano S and Trezor, both are dominant in the hardware wallet.