Hardware Wallets

tag: [Engineer/Developer, Security Specialist, Operations & Strategy, Finance]

Hardware wallets are physical devices designed to securely store private keys offline. They are one of the most secure options for managing cryptocurrency. It is strongly advised to only purchase hardware wallets directly from the creator or one of their approved vendors, as there has been cases of people falling victim of stolen assets after purchasing hardware wallets on amazon market place, ebay, and other places.

Popular Hardware Wallets

Ledger Nano X

• Description: A hardware wallet that supports multiple cryptocurrencies and features.
• Features: Secure Element chip, mobile compatibility (certain versions), large storage capacity for apps.
• Incidents: None reported for the device itself, but Ledger experienced a data breach affecting customer information.
• Note: Ledger Nano X has bluetooth, so depending on your security requirements you may want to look at their non-bluetooth wallet options.

Trezor Model T

• Description: A touch-screen hardware wallet supporting a wide range of cryptocurrencies.
• Features: Open-source firmware, password manager, Shamir backup.
• Incidents: Phishing attacks targeting Trezor users through fake websites.

KeepKey

• Description: A hardware wallet with a large screen for easy transaction verification.
• Features: Aimed to be user-friendly.
• Incidents: None reported.

BitBox02

• Description: A compact hardware wallet with a focus on security and privacy.
• Features: Dual-chip architecture, native support for Bitcoin and Ethereum, microSD card backup.
• Incidents: None reported.

Importance of Hardware Wallets

• Offline Security: Private keys are stored offline, significantly reducing the risk of online attacks.
• Physical Protection: Hardware wallets are designed to be tamper-resistant and provide a secure environment for key storage.
• Backup and Recovery: Most hardware wallets offer robust backup and recovery options to protect against loss or theft.

Comparison