Hardware Wallet or Lose It ALL

Hardware Wallet or Lose It ALL
Why you need a Hardware Wallet Now for your Cryptocurrencies

Photo Credit: Raven Security

Get Real

Let's get real, would you hand your wallet full of cash to a stranger to hold? Why not, all your friends are doing it and the guy you want to hand it to says he is responsible and has really good security.

Sounds Dumb - Right

So why do most people hold their Bitcoin and other Cryptocurrencies in Windows Wallets, Phone Wallets and at Online Currency Exchanges. It's simple, easy and they say it is secure.

Its ALL Gone

In an interview with Jeff Berwick on his Dollar Vigilante YouTube Channel, guest and crypto expert Trace Mayer of Bitcoin Knowledge, told a story about a friend whom he helped buy his first $100 in Bitcoin and kept it on deposit at an exchange.

Much later, his friend called to say ALL his Bitcoin was missing and could Trace help him get it back. Most of you know the answer, it was all gone forever, a total of $1.5 Million USD.

The friend had secured his account with a 2 character password and the account was hacked. The friend reflected that when he only had a $100 in his account, he put $100 thought into securing his Bitcoin. When he had over a Million Dollars in Bitcoin, he still was only putting a $100 of thought into securing his Bitcoin.

Stupid is as Stupid Does

Now Trace's story is an extreme example of carelessness, costing the victim big time. If you think about it objectively though, many people are basically doing the same thing, only with a little more due-diligence.

In any case, if your entire wallet is on your Phone, PC or even worse sitting at an Exchange, the time to act is NOW. Don't wait until you are a victim, be proactive.

Hacking is here to stay

Have you ever had a virus on your computer, malware and spyware on your tablet or cellular phone. Unless you're living in a cave with no WiFi, the answer is, "Yes".

Photo Credit: dailystar.co.uk

Luckily no one wants naked pictures of me, that were hacked from my cloud accounts or copies of e-mails from spammers or bill collectors. The stuff on my PC is just not that important or worth much to a potential hacker.

Firewalls and Security Software never offer 100% Protection

I don't keep passwords or personal information on any electronic device, especially bank passwords or other financial information. Neither should you.

Keep your Keys and Keep your Cash SAFE

Photo Credit: IBTimes UK

While the Blockchain has remain very secure, currency exchanges have proven, again and again to be very vulnerable

Relying on Software protection alone is a mistake. Any software can be eventually hacked. Besides the infamous MT GOX exchange hack, that cost depositors millions of dollars in stolen Bitcoin, many other exchanges and software wallets have been hacked, with Poloniex Exchange recently losing 12.3% of its customer's Bitcoin and recent revelation of the JAXX Software Wallet exploit.

All-in-all, a total of 36 Bitcoin Exchanges have shut down. Customers have lost millions of dollars.

Go HARD or Go Home

The big problem with exchanges is the vulnerability that occurs when you give someone else your private key to hold for safe keeping. Although many exchanges like Kraken have excellent security, no system is 100% secure.

https://www.kraken.com/

Hardware Wallets offer the most secure storage for Bitcoin and other Cryptocurrencies, period.

They accomplish this a couple of ways, firstly you keep your private keys private. Secondly, the actual wallet requires the user to confirm transactions through physically pressing buttons or other physical actions on the device to confirm transactions.

Available Hardware Wallets

Below is a sampling of some of the most popular wallets.

All information and images is taken from each company's official website respectively, unless otherwise noted.

Trezor Wallet - $99 USD

https://trezor.io/

The most trusted and secure way to store your bitcoins. Isolate your private keys into the safety of TREZOR and enjoy Bitcoin without risk. The best protection at no cost to your convenience.

Case Wallet - $199 USD

https://choosecase.com/

Photo Credit: CoinDesk

We've built the world's most secure wallet platform. Case is a multi-signature, multi-factor wallet that requires 2-of-3 keys for a transaction to take place. Each key is generated and stored in a different location and protected by a different authentication factor so there’s no single point of failure.

• Dedicated hardware that's malware/virus proof

  Case servers only control one key so we don't have possession of
  funds

  Open source firmware and third party security audits of all systems
  Designed to meet CryptoCurrency Security Standard Level III

Ledger Nano S - 58 Euro (Two for 110 Euro)

https://www.ledgerwallet.com/products/ledger-nano-s

Ledger Nano S is a Bitcoin, Ethereum and Altcoins hardware wallet, based on robust safety features for storing cryptographic assets and securing digital payments. It connects to any computer (USB) and embeds a secure OLED display to double-check and confirm each transaction with a single tap on its side buttons.

Ledger Blue - 229 Euro

https://www.ledgerwallet.com/products/ledger-blue

Ledger Blue is the most advanced hardware security gear on the market. It boasts multi application execution, and packs enterprise-level crypto-capabilities into a lightweight handheld device designed and crafted in France. It is architected around a Secure Element, featuring a touchscreen and USB & Bluetooth* connectivity.

Don't Wait

With the recent massive price surge of almost all Cryptocurrencies, what used to be "Good Enough" is simply not enough today. If you are not using a Hardware Wallet, your coins are not really yours and they are not secure.

Don't be the person who spends a $100 worth of thought to secure a Million Dollars.

If you have any questions, don't hesitate to ask. And if you liked this post Please VOTE UP, RESTEEM, COMMENT and FOLLOW @clearshado for more Insightful Commentary in Support of Liberty and Freedom, Natural Rights, Alt Currency, Preparedness, Survival & Guns.

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