Best Crypto Wallets for 2022-2023
Today in 2021, there are an array of crypto wallets available for HODLers, but are they all equally safe? Better yet, is it safe to hold your coins on an exchange? By far one of the best ways to store your crypto is through cold external storage. This means an external device that plugs into your computer and allows you to store your cryptocurrency. When you are finished, you can simple eject your device from your USB port or adapter and you’re done.
What are Cold External Wallets?
A cold wallet is a physical device that keeps your crypto offline entirely. Other popular names you may have came across include “hardward wallet” or “cold storage”. Most crypto wallets resemble USB drives and by storing your crypto on these devices, it makes it very unlikely for hackers to get your holdings.
What are the benefits of an external wallet?
First and foremost, peace of mind. Especially if you plan to hold for a long time (months, years, etc.). You are in full control of your crypto. Of course as the value of the wallet in question increases, the argument for external storage grows increasingly stronger. Someone who has $100 in crypto may not see the significance of investing in a cold wallet as much as someone who has $10,000, $100,000, or more invested in cryptocurrency. Nevertheless, whether you have .0001 of a coin or 100,000,000, an external wallet is the safest way to store your crypto.
#1 Trezor Model One
Trezor.io store on Amazon
The Trezor Model one is a great introductory cold storage wallet for your crypto. The device itself is quite small being just a bit bigger than your average USB stick. There is an outer plastic shell that feels secure, but by no means is indestructible, so being careful with it at all times is important. Another attractive feature is the trezor model one stores over 1000 coins. I personally own a model one and I bought it 2 years ago right at the time when I decided I was going to start accumulating. Everyday, hackers are trying to find vulnerabilities in website security and you don’t want to be that person who left $5,000 or more sitting on an exchange when it got hacked. Often times, the behavior of exchanges can vary especially in times of bleeding markets. It’s always nice to know that your crypto is in your full control. From a functional standpoint, the trezor is a USB 3.0 it with your purchase you get a cable that will a connect your computer to your trezor. The onboarding is farily painless and the only real hiccup was I needed to download the trezor bridge, which you can find more starting here.
#2 Ledger Nano S
Ledger.com store on Amazon
The Similar to the Trezor Model one, the Ledger Nano S is a great introduction into cryptocurrency for those just getting serious.
