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Holding your crypto currency?

You’re going to need a wallet.

Without a wallet, it can be difficult and often unsafe to store, receive or spend cryptocurrency. This is because the keys that are generated by the wallet enable the transactions to occur.

Private keys are a sophisticated form of cryptography that allows a user to access his or her cryptocurrency.

You can think of a wallet as your personal bank account within the crypto currency network. Much like needing a bank account to hold your regular domestic currency, you will need a wallet in order to hold and transact your crypto currency.

What is a Hardware Wallet

A hardware wallet is a physical electronic device, built for the sole purpose of securing and storing crypto currencies, such as Bitcoin, Ethereum, Litecoin and Dash.

When you want to receive coins, you just have to provide your address to the payer. The device doesn’t need to be connected to the internet for receival of payment as the transaction is made on the blockchain, not on the device itself. Next time you connect your wallet, it will synchronize to the blockchain network and display all your past operations and your balance.

When performing trades, the private keys that are used to distinguish your wallet from others, is generated offline and out of reach of hackers.
Hardware wallets are a great choice if you’re serious about security and want reliable cryptocurrency storage, no matter the amount.

How Hardware Wallets Work

The main principle behind hardware wallets is to provide a full isolation between the cryptographic secrets (private keys) and your easy to hack computer or smartphone. Vulnerabilities of modern PCs and smartphones are well known, and if you keep your private keys there (private key = your bitcoins) it’s just a matter of time before you’ll get hacked and lose everything.

A paper wallet may be secure, but only until you want to use your funds, requiring you to import your private keys on your computer. And if you think a password encrypting your keys is enough, malwares are smart enough to wait for the inevitable decryption before sweeping your funds.

Hardware wallets are convenient, affordable, portable and backed by a paper wallet allowing an easy recovery in case of loss. If you have any significant amount of bitcoins, using a hardware wallet should be a no brainer.

Private Keys

Generating and storing private keys offline using a hardware wallet ensures that hackers have no way to reach your bitcoins.

Security

Hackers would have to steal the hardware wallet itself, but even then, it can be protected with a PIN code.

Lost or Stolen

Don’t worry about your hardware wallet getting stolen, lost or damaged either; so long as you create a secret backup code, you can always retrieve your bitcoins.

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