3 Best Cryptocurrency Cold Storage Pros and Cons
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There are many things that people need to consider when they are thinking about the process of storing cryptocurrency. The truth is that regardless of how safe any kind of storage system might be, there are always going to be some situations in which the potential for hacking could end up allowing people to steal information from others. Cryptocurrency is very safe in transactions, but the digital wallets that are used to store them are not bullet proof and this means that there is a chance that someone could break into security and steal those coins, which is definitely a very unpleasant thing to experience.
One of the biggest issues that people face in modern times is the lack of understanding on how cybersecurity works. There are many individuals who feel that their cryptocurrency is protected if they leave it inside these digital wallets. The truth is that there is a good level of protection, but hacking has already taken place even with the best and most reliable wallets, so there is the need for another option.
Cold storage is the solution
Do you want to be able to keep your coins stores safety for a long time? The best way to do this is to store them in a cold storage in order to avoid any issues. This is simply to store them in any location that is not accessible online. The best and most reliable way to avoid hacking is to keep your information stored offline. Hackers can’t touch anything that is not connected to the web, so this is without a doubt the best and most reliable way to do this.
There are currently a few options that are quite reliable, but we are going to be talking about the 3 most reliable of them.
This is probably the most popular of all of the available cold storage wallets. The interface is simple and the process of storing and saving your coins in this hardware device via USB is extremely simple. This is the main reason why so many people prefer this particular storage over the rest that are available right now. You can find Trezor for around $100 or less in some stores when they have deals going.
This is an excellent storage for multiple coins and is has a very accessible system that allows you to plug it and store your coins easily without any worries. The Ledger Nano is an option with a similar price tag, but some people seem to prefer it in terms of durability. Ultimately, this is going to be about personal preference, but the most common thing to see is for these kinds of wallets to be extremely easy to use and to maintain. What this means is that only a very small number of people have ever complained about these products so far, so you can expect a good purchase.
This is the latest cold storage available right now and it also offers a perfect solution for anyone who is looking to get results. The biggest issue with Keepkey is the lack of feedback sue to how new it is, but there are quite a few reviews available in major online stores that claim that it has been a great option. The price is a bit higher than the others we have mentioned at $130 on average, but things are looking good for this particular cold storage wallet.
The advantages and the disadvantages of cold storage wallets
Now that we have mentioned the importance and the value of these wallets, we need to consider the pros and cons that come with their purchase.
- Extremely safe
- PIN for extra layer of security
- Proper offline cold storage
- Very durable
- The wallet could be physically stolen
- The PIN could be vulnerable to hacks
- They are a bit expensive
- Very few options are currently available
Now that you have heard the basics on these wallets and you know which ones are worth looking into, the next step is to evaluate if you have enough digital currency in your possession to purchase cold storage. For example, if someone has a few Bitcoins, they are storing something that is worth thousands of dollars, so the process of securing those coins offline is a good idea, but other coins can have very little value and you might not need to be storing them in these cold wallets just yet.
The cheapest cold storage option
You could always use a regular USB for this purpose, but there is an element of risk that comes with the low level of encryption use by USB drives that are meant for regular storage of files. This means that it could easily be infected with malware and hacked by someone with basic hacking knowledge. Not only that, but a regular USB is also likely to malfunction for no apparent reason and you would lose all of your coins if that happened.
Think of the USB as a last minute solution if you have an urgent need to get your coins offline and avoid being hacked, but investing in a proper cold storage wallet is going to be essential. That is if you want to get results that provide peace of mind when you are storing a large number of coins in a single location. You don’t want to lose everything because you wanted to cheapest solution available.
You don’t need to be worried about the kind of storage that you use as long as you can keep it safely stored. If you do use a USB, you need to consider the importance of using one that is going to be strong enough to handle any weather conditions or any external damage, but we do recommend that you consider the cold storage wallet as the best investment for this purpose. It’s the best option for those who are serious about cryptocurrency storage and it will keep your coins safe from online attacks.
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