The current economic climate in North America and elsewhere has led to a widespread curiosity in digital currencies. With so many people out of work and uncertain futures dominating the markets and the media, people are looking to diversify their financial outlooks.
Of course, cryptocurrencies were around long before the global pandemic. But could the current economic atmosphere create more use cases for Bitcoin, Ethereum, and other cryptocurrencies?
Whether you’re new to the crypto space or not, the importance of safe storage cannot be overstated. Cryptocurrencies operate in a decentralized manner. This means users holding currencies must function as their own bank. Keeping accurate records and maintaining control over private keys is paramount. Cryptocurrency hardware wallets present a range of options for meeting these needs. Let’s take a look at some popular hardware wallets, and explore how you can use them to store your cryptocurrency safely both during the current economic downturn and beyond.
Ledger Nano S and Ledger Nano X ($59 – $119)
Ledger Nano wallets are one of the most popular pieces of cryptocurrency hardware. With an early foothold in the market, the company delivers solid storage options. The wallet offers comprehensive security features. Furthermore, with one easy to use interface known as Ledger Live, users can check their balances and make transactions quickly and securely. Ledger Live supports over 1,200 ERC20 tokens, including those with staking rewards such as Tezos. These features make Ledger Nano wallets an excellent option for newcomers and veterans alike.
What differentiates the Ledger Nano X from the Ledger Nano S? The Ledger Nano X uses Bluetooth and USB Type-C to store private and public keys. The Nano S uses a USB Type Micro-B connection. The main difference comes in the mobility of asset management. With the Ledger Nano X, users can connect the device to the Ledger Live mobile app to manage assets anywhere. Meanwhile, the Nano S may be a better option for those who are looking to secure their holdings in longer-term storage, as assets are only accessible with a computer. The Ledger Nano X also allows for up to 100 apps stored on the device. The Ledger Nano S supports up to 20.
imKey Pro ($99)
The imKey Pro takes security to another level. The device uses a military-grade CC EAL+ security chip, a rarity in other cryptocurrency wallets. The physical design of the device also lends itself to long term durability. A robust sentry software enforces several layers of security measures for creating reliable backups in the event of loss or damage.
The imKey Pro runs at $99. The price point makes a convenient option situated between the Ledger Nano S and the Ledger Nano X. Thorough customer support options and a team that’s attentive to its customers and updates make this hardware wallet an exemplary device.
Cobo Vault ($99 – $479)
The Cobo Vault is a great option for anyone interested in supporting an open-source hardware cryptocurrency wallet. The company also offers a range of options catering to all levels of users. Cobo boasts the most diverse set of devices available on today’s hardware wallet market.
The devices are appealing to those concerned about real-world consequences, too. For example, the company offers some unique safeguards. The Cobo Tablet is a fireproof and waterproof storage container that protects your passwords and recovery phrases. The advent provides a much-needed solution for the potential vulnerability of sensitive recovery phrases needed to restore hardware wallets in the event of loss or damage.
Both the Cobo Vault Pro ($149) and Cobo Vault Ultimate ($479) offer a fingerprint sensor and self-destruct mechanism. Opting for the Cobo Vault Ultimate also introduces a slew of upgraded security features. An Aerospace aluminum body, waterproof case, and rechargeable battery make for an extensive security profile.
Taking care of your cryptocurrency is important during the current economic climate. Whatever hardware wallet you choose, remember that maintaining sovereignty over your private keys is the only way you can ensure full control of your assets. Storing your assets on exchanges leaves you vulnerable to unpredictable losses. By choosing to utilize a hardware cryptocurrency wallet, you protect your assets and control your financial domain.