When I started investing/trading into cryptocurrencies I quickly became aware of the risks involved. Essentially you are your own bank, everything you own of a currency is your own responsibility.
After reading different threats on https://bitcointalk.org/ I was ready to purchase a hardware wallet. In essence a hardware wallet is a cold storage for your cryptocurrency, a dedicated vault and not consistently connected to the internet. Being connected to the internet and having wallets stored on your computer is a potential risk. I have seen multiple risks such as:
_Copy/Past stealer. As different wallets work using chrome browser, there is a potential threat of the copy/past. You might store your send/receive keys in a file or sheet. This hack looks for a copy/past action and when pasting the receiving address is changed to spoof you.
_Hacking your computer and searching for wallets on your harddisk. Use tight and strong security for your computer and back up every single day!!
_Ransonware, a recent rise in the hacking is ransomware, use backups, print your codes, etc, etc.
_Be as safe as you can be, build your own Fort Knox, because everybody is vulnerable. You can run but you can’t hide…
I’m sure there are many more scams laying around the corner. Therefore I have invested in cold/hard storage to safely manage my cryptocurrencies.
After researching online and reading many blogposts, I came to the conclusion two brands are suitable with a strong security and offering multiple cryptocurrencies.
_Legderwallet https://www.ledgerwallet.com/
_Trezor https://trezor.io/
I am sure there are other good hardware solutions, but for now there the top market selections.
Both hardware wallets have a similar approach, connecting to your computer using a USB cable and both support all platforms from Apple, Windows and Linux. Also I have read many of the bigger/earlier investors in cryptocurrencies use a dedicated computer installed with Linux and not connected to the internet. Well maybe this will be my next step into the cryptocurrency adventure.
As I am testing the Leger Nano S, I came to the conclusion you and only install a few of the ALTCOINs onto the vault. I would have expected a higher capacity as for now I can only install five different cryptocurrencies. As far as this also accounts for Trezor, I have to find out. Just ordered one to do the testing.
Please let me know, I want to learn more. Share your favorite way of storing your cryptocurrency.
As always, thank you for reading.
Sander
