THERE ARE MANY DIFFERENT BITCOIN HARDWARE WALLETS AND SECURITY DEVICES ON THE MARKET. A QUALITY WALLET IS ONE THAT IS SECURE AND WILL KEEP YOUR CRYPTOCURRENCY SAFE WHEN YOU ARE NOT CONNECTED TO THE INTERNET. MINERS THAT ARE BITCOIN MINING UNDERSTAND THIS MORE THAN MOST.
My Bitcoin hardware wallet and security devices will be updated as soon as I've reviewed their features. I make the final say on all Truthraider approved devices that I will use for my own security.
Recovery Key/ Seed Word Protection
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The Trezor Model T Bitcoin hardware wallet is a leading product for safe storage of your cryptocurrencies. The price for a Trezor Model T is currently 149 Euros at Trezor.io. This hardware wallet has many unique features that others do not have. I will not disparage others, as I believe all hardware wallets serve a significant advantage over the best software wallet. I personally to not trust any software wallet on the market, especially one that is on an iphone or a samsung. Anyone who tells you a phone can't be hacked to get your bitcoin is lying to you. Hacking a phone is child's play. Let me provide you a few unique reasons why you should purchase the Trezor Model T Bitcoin hardware wallet.
I've owned the Trezor Model one for a long time. I have a lot of them. I recommend them. My biggest frustration as a Ethereum and ERC20 owner has been that it is a pain in the butt to use the hundreds of tokens I own. ERC20 ownership is a full time job. Now, why am I mentioning this while talking about the Trezor Model T Bitcoin hardware wallet? Simple, they made a deal that integrated all your ERC20 tokens into the Google App that you can safely store on the Model T Ethereum address! As you know, I love tech. This not only solved a problem that pissed me off, but also changed the way we look at ERC20 ownership and security.
2. Coins and Tokens supported.
The Trezor Model T Bitcoin hardware wallet is in primary support for Bitcoin, Litecoin, Ethereum, Ethereum Classic, Dash, Zcash, Bitcoin Gold, Bitcoin Gold, Bitcoin Cash, and NEM. Additionally, it can support Ethereum based ERC20 tokens through either My Ethereum Wallet or Metamask. More coins and tokens and coins are in development.
The Trezor wallet provides you with an offline seed key, as well as a password that is secured to ensure transactions are approved by the user. After a few uses, you will be a pro at using the interface. The Trezor Model T bitcoin wallet also manages digital security. It uses password manager, SSH, GPG, U2F, and Wallet based technology to insure privacy and security for the user. All authorizations appear on the touch screen for a secondary password approval of any bitcoin transfer. It ensures unauthorized access is denied through computer based hacks. A software wallet can’t prevent this. I don’t care who says otherwise. Again, my opinion. I’d love to be proven wrong about that.
4. Additional features.
The Trezor Model T bitcoin also has other unique features. It has a color touch screen that is unique to other similar wallets. This is a feature that makes smartphone uses more comfortable with the device. The support team for Trezor is bar none. They are extremely responsive to issues, if they arise. Their team focuses on transparency and have shown it ever since the Trezor One launch.
Make sure you go to Trezor.io and check out either the Trezor One or Model T Bitcoin hardware wallet today. I own a lot of different bitcoin hardware wallets. I believe that this wallet is a buy just for security and Metamask integration alone.
Go to Trezor.io for more information on the Trezor line of bitcoin hardware wallets.
The most important thing, I constantly talk about, is bitcoin security. For me, this is an element newcomers to cryptocurrency take for granted. The rise of centralized bitcoin exchanges are growing everyday and security is not always enforced. If you are new to this space, security for your bitcoin may not even enter your mind. You may just be chasing prices. That is why I always push people towards hardware wallets instead of software wallets. The software wallets are controlled by your devices that can easily be hacked. Hardware wallets and steel recovery storage are the way to go. Always secure your private key.
The second issue with bitcoin security is the storage of your recovery keys or seed words. This can either be words or numbers depending on the type of wallet. The folks at BILLFODL understood this and that's why they created a 24 word/character based security device. I will lay out a few reasons that make this device a good purchase.
1. The BILLFODL is made out of stainless steel. I believe this is the number one reason for recommending this product. All the major bitcoin hardware wallets will send you paper to store your seed words. This is not a good idea. If that paper is damaged or the writing is hard to read, you may have a hard time recovering your bitcoin. The steel based wallet can handle all the different elements to protect your 12-24 recovery word phrase. It is the perfect way to defend your bitcoins.
2. The BILLFODL has optional features to like a holder to hide your device. This is great if privacy is your concern. It comes with screws that can be mounted anywhere. Another feature that the BILLFODL team created was tamper proof stickers to ensure that your device hasn't been tampered with by an intruder. This comes with packs of ten. The BILLFODL has an easy design for inputing the seed words into it without any tools. This is also a great feature of the device.
Finally, I can't stress more the need for a metal based storage of your seed words and recovery key. Owning bitcoin is only one step in the process. It is actually the easiest step. I will continue to push safety of your bitcoin assets. Pick up a BILLFODL today and ensure your bitcoin is safe for years to come. You will be glad you did. Additionally, I had a good time setting it up. It makes for an interesting project as well, for the creative types.
By Paula Pettit at Coincentral.com
Cryptocurrency hardware wallets are physical devices (often times, USBs) that allows you to securely generate and store your private keys offline.
The cryptocurrency world is still a very young and under-regulated world. With the amount of money flowing, and the lack of law enforcement still in the space, it’s not a world where you would particularly want to subject yourself to possible hacking. Often times, if funds are hacked and stolen, it can be near impossible for you to get them back.
There are a couple options to consider when storing your cryptocurrency, however, few offer as much security and ease of use as hardware wallets.
A cryptocurrency wallet is a medium that allows you to store, receive, and send cryptocurrency. Most tokens come with their own wallet. However, there are a multitude of third-party wallets that allow you to store a variety of tokens as well.
Any wallet includes:
Wallets can be referred to as either “hot” or “cold”. “Hot” wallets are connected to the internet in some way, making them more vulnerable to cyber attacks. “Cold” wallets are generally more secure as they are not connected to the internet and typically require some sort of compromise to the physical device in order to be hacked.
A hardware wallet is a type of “cold” storage wallet that allows you to store your funds on a device (often a USB). Hardware wallets generate their own private key (that even you don’t see) and store it right on the device.
The beauty of hardware wallets is that, using pin access, they can connect to your computer and internet to allow you to easily exchange and manage your assets. However, when you are done managing your funds, you can disconnect your wallet from the internet and store it in a physically safe location – making your private keys off-limits to cyber hackers.
Most hardware wallets have additional features to make them more secure and easy to use such as small screens and two-factor authentication.
The setup for most hardware wallets is quite similar. To begin, you must set up your own pin code and generate “seed” words.
The pin acts as a second layer of protection in case anyone gets their hands on your hardware wallet. You must input your pin to access your funds on any computer. On most wallets, if the pin is input incorrectly multiple times in a row, all the data on the hardware wallet will be wiped.
In the event your hardware wallet becomes wiped, damaged, or lost, you can recover your funds using your list of “seed words” that were generated when setting up your wallet. You should store these seed words in a secure location separate from your wallet. Word of caution – if you buy a hardware wallet from an unauthorized distributor (not recommended), be sure to generate your own seed words upon setup to protect your funds.
There are a variety of hardware wallets out on the market, however, two of the most popular and trusted are the Trezor and Ledger Nano S.
The Trezor was the original hardware Bitcoin wallet on the market. It sports a small screen and generally goes for $110. The device is compatible with both desktop and mobile devices and comes with its own software interface to manage and trade your funds. The USB has physical buttons that allow you to scroll through their menus and authorize transactions.
As of January 2018, Trezor can support the following coins:
The Ledger Nano S came after the Trezor but quickly gained popularity and was listed as 2017’s most popular Christmas gift. The Ledger goes for a slightly lower price of $95 as compared to the Trezor. It sports a sleeker design than the Trezor with stainless steel design and a built-in OLED-display. It has a chrome extension that allows you to easily view your account, and send and receive funds. The Ledger also has physical buttons that allow you to scroll through menus and authorize transactions.
The Ledger’s biggest advantage on the Trezor is that it can support substantially more coins. As of January 2018, the Ledger can support:
Both devices are reliable, trusted wallets and are very comparable in most aspects. Either would be a great investment and secure place to store your funds. The biggest differentiator would be comparing to find out which wallet supports most of your coins.
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While hardware wallets are by far the most secure way to hold your funds, there are a few alternatives that may be better suited for day traders or users with very small funds.
Exchanges are often the easiest platforms to quickly trade your assets. While they may be more simple to trade on, they are the riskiest platform to store your funds on as they manage and store all their users’ private keys for them- making them prime targets for attack. It would not be wise to store significant amounts on them, specifically if they are long-term holds.
Desktop or mobile wallets are downloaded to your desktop or mobile device. With these, you can only access your funds from the device to which you downloaded the wallet. However, if your device gets hacked or you get a virus, you are at risk of losing all your funds.
Online wallets are wallets that can be accessed from any computer using your private login. While these wallets might be the most convenient to access, they are also some of the easiest to hack since the provider stores your private keys for you.
Since paper wallets are a type of “cold storage”, they have often been regarded as an equally secure, affordable alternative to hardware wallets. While in certain use cases they can offer as much security, their UX can be challenging and if not printed and stored properly, can be vulnerable to attacks.
Because a paper wallet is completely unencrypted, malware present on your computer may be able to read your keys when you finally attempt to access your funds. To protect yourself, you must sweep (empty) your wallet and create a new key everytime you decide to access your funds.
While there are a variety of wallets and options out there, most serious crypto investors will tell you hardware wallets are the way to go. The rule of thumb is that if you’re investing more than a week’s worth of salary, it’s probably time to invest in a hardware wallet. Hardware wallets give you an extra layer of protection against cyber attacks, phishing sites, and malware. While it may be painful to shell out $100+ now for this small device, it would be a lot more painful to lose a couple thousand or more due to poor wallet security.
By Paula Pettit at Coincentral.com
trezor bitcoin hardware wallet