Bitcoin investors rely on their wallets to store and manage their crypto, providing them with a place to store private keys and an address used to complete sending and receiving transactions. Safe storage for private keys is extremely important since whoever has access to them can access your Bitcoin and losing your keys can lead to the loss of your investment. In terms of security, cold storage has become the gold standard since it provides users with greater control over their assets. Let’s take a look at how cold storage works, their advantages and disadvantages, and explore some of the best Bitcoin cold wallet options.
What is a Bitcoin cold wallet?
Cold wallets include any wallet that is not connected to the internet and can’t be accessed remotely. These wallets include hardware wallets, which are small physical devices used to store your Bitcoin private keys. Cold wallets are carried with you, protecting your investment from outside threats. However, they do place a higher responsibility on the owner for caring for the device, remembering passwords and performing backups.
Best Bitcoin Cold Wallets
Trezor Model T
Trezor Model T is a second generation hardware wallet that allows you to store your Bitcoin (and many other cryptocurrencies) offline, complete in-wallet exchanges while giving you access to a desktop app. One of the advantages of the Model T over its predecessor is its improved touch-screen and its support for additional cryptocurrencies. As an extra security option, the Trezor Model T includes a microSD port which enables you to encrypt the PIN, boosting safety.
Ledger Nano x
Ledger Nano X is a hardware cold wallet supporting bitcoin and hundreds of other cryptocurrencies. The physical wallet integrates with the Ledger Live platform which allows you to exchange crypto assets with a user-friendly interface. Your hardware device can easily connect to your computer via USB and to your Android or iOS devices using Bluetooth connectivity.
KeepKey is a hardware wallet that allows you to safely store your Bitcoin offline and complete crypto transactions. Security is further enforced with a personalized device pin and payment validation features. Transactions completed with this wallet must be reviewed and approved directly from the device. KeepKey wallets also have a 12-word recovery sentence during initialization that can be used to retrieve your private keys if necessary. Additionally users can conveniently complete exchanges using its ShapeShift integration
The CoolWallet Pro is a safe hardware wallet option with improved accessibility features including encrypted Bluetooth connection for Android and iOS devices. For convenience, you can easily pair your device with the CoolBitX App. Another advantage of this device is its convenient credit card dimensions, and water resistant and tamper-proof qualities. It also comes with in-built trading features and supports multiple currencies other than Bitcoin.
How To Choose The Best Cold Wallet?
Overall, the best Bitcoin cold wallet for you will depend on your priorities and preferences. Being cold storage devices, all of the options above provide a high security solution to storage and manage your Bitcoin. Individual features relating to size, desktop and mobile platforms and connectivity, as well as available support, can help you choose the best device for you.