Hardware wallet is a device that is designed specially to store cryptocurrency and carry out crypto transactions securely. It plays a very important role in maintaining crypto security.
The hardware wallet's main job is to keep the private key as securely as possible at all times. Securing private keys can be done in many ways such are keeping the hardware wallet offline at all times (aka. Air-gapped) or using a secure chip to prevent private key hacking.
The hardware wallet has been around for many years ever since cryptocurrency trading became popular. There are many brands of hardware wallets to choose from and they all have different strengths and weaknesses.
One thing for certain is that every hardware wallet's purpose is to keep your cryptocurrency safe and every crypto investor should learn how to use them.
Popular Hardware Wallets Brands of 2022
Ledger Hardware Wallet
Ledger is one of the most popular hardware wallet brands thanks to its simple and accessible design. The design of the Ledger looks like a USB stick which everyone is familiar with.
The Ledger works by connecting to the Ledger Live APP which is available on a PC or a smartphone. The Ledger connects to the APP via a USB cord or BlueTooth. Once connected, the APP helps carry out transactions and other actions.
The Ledger keeps your crypto secure by staying offline when it is not in use. Once connected to the Ledger Live APP, the Ledger switches to using its secure chip to prevent online hacking instead. Although the Ledger has abundant security features, a few talented hackers over the years have shown that it is possible to hack the Ledger by taking advantage of the USB port.
Usage-wise, the Ledger Live APP is easy to use and supports many currencies. Its simplicity to use makes it a popular choice among many crypto investors.
Trezor Hardware Wallet
Trezor is the first company to mass produce hardware wallets. The Trezor has a simple design: a screen and two buttons to navigate. Given Trezor's long experience in the crypto-world, its wallets are also among the most popular in the world.
The Trezor works by connecting to the Trezor APP on a PC via a USB cord. The Trezor is well known for being open-source, meaning all its code is available for the masses to audit. Users who are coders themselves enjoy this because they can make sure that the Trezor is secure.
Similar to the Ledger, the Trezor keeps your crypto secure by staying offline while not in use.
Usage-wise, the Trezor is not as beginner friendly as the other hardware wallets. Nonetheless, it has one of the most functions. It can be synced to other wallets or exchange platforms such as Metamask. The Trezor also supports a wide range of cryptocurrencies. For crypto traders who trade often, the Trezor is a very good choice.
ELLIPAL Hardware Wallet
ELLIPAL is a "new generation" hardware wallet. It is called “next-generation” because it has achieved full air-gapped status. What this means is that the ELLIPAL is 100% offline at all times, even during transaction.
The air-gapped status has not been achieved by previous hardware wallets such as the Ledger and the Trezor, that is why the ELLIPAL is considered "next generation".
The ELLIPAL is considerably easy to use and suitable for beginners. The device has a large touch color touch screen which makes it easy for the user to navigate.
The ELLIPAL can be synced up with the ELLIPAL APP to perform transactions and other crypto actions. QR codes are used to exchange data between the ELLIPAL and the ELLIPAL APP making it possible for the hardware to be offline, even during a transaction.
The ELLIPAL is a perfect choice for any crypto investor that is looking for an extremely secure solution that is also easy to use.
Cool Wallet Hardware Wallet
Cool Wallet has been around for a while. It has one of the most unique wallet designs ever because it is shaped exactly like a credit card. It can fit inside an actual wallet. Weighting at just 65g, you can take the Cool Wallet anywhere you go.
The Cool Wallet must be one of the most portable hardware wallets out there because it works with the Cool Wallet mobile APP through a BlueTooth connection. When the Cool Wallet is linked up to the APP, it can start carrying out transactions.
The Cool Wallet keeps your cryptocurrency secure by staying offline when not in use. When it is connected to your smartphone via BlueTooth, it has a secure chip to protect against possible tampering.
The Cool Wallet is suitable for any crypto investor that enjoys keeping a hardware wallet in their pocket.
Best Hardware Wallet of 2022 - Verdict
It is hard to pick the best hardware wallet, simply because there is so much variety currently in the market. Every crypto investor is different and will enjoy different things.
If someone is a coder and believes in open-source, they will choose the Trezor. If someone likes simplicity and portability, they may choose the Ledger or the Cool Wallet. If someone wants the highest level of security, which is air-gapped security, and uses a touch screen, they may choose the ELLIPAL.