Which hardwarewallet is the best ??? Do not buy them on Ebay or Amazon
Let's talk about hardware wallets!
My recommendations are:
- https://www.ledgerwallet.com/
- https://trezor.io/
Note: I am not paid to share them, this is my personal opinion. I am using Ledger Nano S for 6+ months and it works perfect. So, if you ask me ledger or trezor I will say ledger because I tested it but I heard that trezor is very good to.
So, what are these wallets. It is something like USD stick ( especially Ledger Nano S ) where you can store your coins. You can store ETH, LTC, ETC, BTC, XRP, STRAT...
So, they don't offer a lot of coins but it is enough. I am holding ETH, ETC and STRAT on my Ledger and thinking to send soon some BTC but I am using BTC mostly for trading so that's reason why I don't hold it on my hardware wallets.
How it works? When you get it, you have to download wallet and to connect your ledger to that wallet. Then you will have to create pin. Before you could make one 4-digit pin but now you have an option to create even 8-digit pin so it is less hackable. What is advantage of these wallets? At the moment you will say, ok you have pin but isn't it same as password on sites like coinbase?
Yeah, it is harder to hack but it is not possible. Real power of this is that you own private key and it is very important. On online wallets, you have password and maybe 2fa but you are not owning your coins because you do not have private keys.
What is private key? It islist of 24 words. These words are words from real life like tree, flower, song, car... All these words has number, For example : 1. tree, 2. flower, 3. song... So I hope you know how it works. So if you forget pin, you can login and create new password using these words. So, pin is not important, these words are important and you need to keep them safe. Even if your lose your ledger, you can recover your money using private key.
So, if you want to have your coins on safe, my suggestion is one of these 2. You must know that you will wait at least 1 month to get them because they are very busy because demand is huge. I was waiting my for 45 days and it was 7-8 months ago so now demand is much higher.
Why I do not recommend buying these wallets from Ebay or Amazon?
Simply, you will get your wallet, it is not problem, they will tell you how to change pin and set up new one. They will explain everything but they will not tell you about private key. They will keep it for them. If you are new, you will believe them, you will sotre your coins and sooner or later you will lose your coins because they will simply using private key steal your money. It is very easy, it would take few minutes. It would be the same process if you forgot the pin and you want to recover your account and create new one. So buying from Ebay or Amazon is NOT RECOMMENDED!!!
I hope you got some value, cheers!
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*Disclaimer: We are not crypto gurus nor we are claiming to be. This is not financial advice nor investment recommendation. Please ask licenced financial advisor in your country for financial advice. This our humble opinion and the main purpose is to share it and learn new things along the way