Bitcoin has been in the news quite a bit lately. You hear about it all the time. The price is rising at an incredible rate, and two people have become billionaires off of investing early. Due to this rise and increase in popularity, many see Bitcoin and, in turn, cryptocurrency as a venture that has already been milked. Many think that there is no point in investing in cryptocurrencies now, because there is none left. This isn’t true. While Bitcoin is a rather difficult platform to make money on, there are countless other cryptocurrencies that will provide much value if you choose to go that route.
Before we get into the topic at hand, let’s define a cryptocurrency. A cryptocurrency is a type of currency – just like the Dollar or the Euro – that is digital. So, in a sense, it doesn’t quite exist in the same way that a regular currency does. You aren’t printing Bitcoin. Of course, one could also make the argument that most of our currencies have taken form on the Internet and within computers, so they are equally as “digital” as Bitcoin.
The “crypto” part in “cryptocurrency” comes from the fact that cryptocurrencies use cryptography – the art of encrypting information behind codes – to encrypt the data from these currencies, making certain that the transactions and any kind of financial data are unable to be traced or hacked.
One of the interesting things about cryptocurrencies – and one of the things that makes them very appealing to a lot of people – is the organic nature of the currency itself. It belongs to no single central authority or governing body, due to its decentralized nature, and because of this, governments cannot, theoretically, interfere with the transactions instigated using a cryptocurrency.
Today, we are going to be talking about hardware wallets that can be used for Bitcoin. Again, we need to define the terms so you know what we are talking about.
A hardware wallet is a wallet that stores your Bitcoins – which takes the form of complex codes and algorithms – within the very fabric of the device itself. Software is easy to hack. Viruses and malware can easily do the trick, but hardware is more difficult because it requires a hacker to physically be there and to know how the processes work before he or she can actually hack the system. So even if your computer is filled to the brim with viruses and malware, your Bitcoin funds will remain safe and sound. In today’s chaotic times, purchasing a hardware wallet is the best thing to do, especially if you are active within the cryptocurrency community and you’d like to make sure your fortune is safe.
As for how a hardware wallet works, it’s very simple. They are tamper-proof electronic devices that store the codes/keys to your Bitcoins in an offline environment. As of right now, there has been no reported loss of Bitcoins due to theft or hacking. This is truly a feat, and one that I recommend taking note of due to how unusual this is in today’s world.
Some of these wallets have things like security grid cards and passwords, along with other forms of security that ensure you won’t be vulnerable to theft. This is very useful due to the fact that these security mechanisms protect your currency whether online or offline, and leaves nothing for you to worry about.
Now, let’s talk about the best hardware wallet for cryptocurrencies. Here it is!
The Ledger Nano S
This hardware wallet was created by a startup in France called “Ledger”. They specialize in making hardware wallets and making sure that your cryptocurrency funds are safe and secure.
One thing that is immediately apparent is the fact that this is a very sleek device. Small. Sleek. Easy to use. Those are three very important features that, unfortunately, many hardware wallets lack. While this sleekness and general style aren’t the most critical aspects of a hardware wallet, it is nice because it allows for easy transport and aesthetics does have a lot of value with regards to technology.
The Ledger Nano S has no battery, and you can connect it to your PC or Mac through USB. You can also, if you choose, connect it to your tablet or smartphone using once again the USB connection.
Within the device itself, there is a dual-chipset that is secured through intense cryptographic verification and authentication. Every time you, or someone else, plug it into the computer or any device, you need to input a four-digit PIN that will allow you to access the funds within the wallet itself. This is a very important detail, because it makes sure that no one except you and those you authorize to use your wallet can actually get in and access your funds.
Beyond the four-digit PIN, the funds you have are secured within the chipset itself. This means that they are never online and connected to the Internet, unless you choose to transfer them, and that they are locked within the firmware of the device itself, under layers and layers of encryption.
As of now, the Ledger Nano S supports many different cryptocurrencies. Bitcoin is the most popular one, but there are eight others that it supports – Ark, Ethereum, Expanse, Dash, Digicoin, Hcash, Komodo, Litecoin, Neo, PivX, Qtum, Stealthcoin, Stellar, Stratis, Ubiq, Vertcoin, Viacoin, XRP and Zcash. You may not have heard of many – or any – of those currencies, but they are popular and valuable in their own right. So if you choose to make that leap and move towards those other currencies, then you can easily do so.
The Ledger Nano S is a safe and secure hardware wallet that ensures your funds will be safe and that nothing can or will happen to them.
If you buy it today, it will cost just under $142. This may seem like a lot of money, but you are paying for top-of-the-line security, and that’s definitely worth it.