Since the creation of bitcoin in 2009, the universe of crypto-assets has grown larger and become quite popular, especially lately. The need to keep bitcoin secure subsequently falls on the investors. That is where cold storage comes in. Cold storage is a mechanism to keep crypto away from the internet.
Cold storage is considered much safer than a regular wallet. It includes storing bitcoin offline entirely, without any internet access. Keeping it offline considerably decreases the danger of hacking from hackers/programmers. There is no compelling reason to stress over a hacker acquiring access to your wallet when the actual wallet isn’t on the web. There are some service providers who provide cold storage as a service to their customers.
Here we present to you the ten best bitcoin storage (or cold storage) wallets of 2022:
- Coinbase Wallet
Coinbase was created in 2012 but was launched in India in April 2021. It is the best-known crypto exchange wallet in the US. The Coinbase wallet is the best bitcoin wallet to start with if you’re a beginner.
- You can schedule your currency trading as per your needs.
- It keeps the crypto-assets in a vault for efficient safety.
- Users can avail of $5 in free bitcoin for signing up.
2. Exodus Wallet
Exodus is a hot wallet, which means your bitcoin will be stored on the web. However, it’s noncustodial. This guarantees that you can access your coins without much time consumption. It permits clients to get live value charts for cryptos.
- It doesn’t need a sign-up, consequently making it simpler to use.
- Newly launched software guarantees higher security and speed.
- Compatible with mobile or desktop.
- It supports more than 100 bitcoin.
3. Ledger Nano
Ledger Nano is famous among bitcoin users, including companies and authorities willing to store bitcoin in large numbers. It offers equipment that upholds a large number of cryptographic forms of money. These hardware wallets have a PIN to confirm the handheld gadget, which is helpful and secure.
- You can access it through a USB viable gadget.
- It permits you to keep up to 100 applications on your ledger.
- It provides a 2-factor authentication feature.
- Compatible on Windows (7+), Mac (10.8+), and Linux.
The Trezor bitcoin cold storage device assists you with safely storing your bitcoin. It lets you generate a random pin code that keeps the wallet free from any danger. It can hold more than 100 bitcoin offline and away from hackers’ risks of getting stolen.
- It has the best ultra-secure offline storage.
- It supports over 1,000 assets.
- It lets you view your private key.
- Compatible on Windows, Mac OS X, or Linux.
Kraken is a solid contender of Coinbase. It helps you maintain your financial stability by keeping up your reserves, connections, and legal compliance norms.
- It offers the most comprehensive security approach.
- More accessible methods of selling and buying crypto-assets.
- Efficient and reliable customer care system.
Mycelium is a hot wallet that lets you store multiple digital assets on your device. This guarantees that you can easily exchange your bitcoin or other coins in a familiar setting.
- It offers hardware wallet integration options.
- It supports multiple backup systems for single address accounts.
- It has a mnemonic seed that generates from your bitcoin address.
Electrum makes a local backup of your key on your mobile or desktop. Thus, your private key doesn’t leave your device, which means it is safer to use than other wallet providers. The wallet is highly encrypted and requires a password to be accessed.
- It can sync with other hardware wallets such as Trezor and Ledger Nano.
- Compatible on mobile and desktop as well.
- It supports offline transaction signing.
Wasabi bitcoin cold storage wallet uses an incorporated CoinJoin exchange mixing type to disguise the character of receives. The wallet records all the individual UTXOs or unspent exchange yields. Subsequently, the transactions are cleared.
- It uses the Tor network to maintain transaction anonymity.
- It can sync with Coldcard, Trezor, and Ledger devices.
- Compatible with desktops only.
BitPay is famous for exporters who receive Bitcoin payments and want to follow their bitcoin value. The wallet works with pre-paid MasterCard debit cards for a more straightforward bitcoin conversion to fiat.
- It supports ERC-20 tokens, nine crypto, and stable coins.
- It has a multi-signature feature for better security.
- You can also shop for gift cards here.
- Compatible with Android, Mac, and Windows
10. Green Address
Green Address is most suitable for multi-signature users. You can store your bitcoin with two-factor authentication and a multi-signature feature.
- You can fix certain spending limits and rate limits on your transactions.
- A newly generated address after each transaction improves privacy.
- The automatic pre-signed transaction (nLockTime) allows the users to get their funds after a set time if the service is taken down.
Q.1 Do I need a bitcoin wallet for bitcoin?
You do not essentially need to have a bitcoin wallet for bitcoin, but it is safer to improve security by reducing the risk of your bitcoin being stolen by using bitcoin cold storage. You can keep your bitcoin in third party wallet providers like an exchange.
Q.2 What happens if your hardware wallet breaks?
If you had created a backup earlier, you can recover all your assets and then clone them to a new bitcoin cold storage wallet by entering the recovery phase.
Q.3 How do you use a hardware wallet?
Steps to use your hardware wallet:
- Buy a bitcoin cold storage device. You can choose one of the best bitcoin cold storage wallets listed above.
- Install the software. You can download it directly from the official company website. Then, it would be best if you create your wallet.
- Lastly, transfer your crypto to the wallet because hardware wallets don’t allow you to buy crypto using traditional currencies.
Q.4 What are Hot wallet vs Cold Wallet
Hot wallet: Hot wallet is a cryptographic money wallet associated with the web. Hot wallets are simpler to set up access and can contain more tokens. But they are more likely to be hacked by programmers and have other technical weaknesses.
Cold wallet: It is a cryptographic money wallet that is offline. Cold storage is safer, yet they don’t acknowledge as many digital assets as hot wallets. Bitcoin cold storage devices cost near USD 80, whereas hot wallets are free of cost.
You can rely on the above-mentioned bitcoin cold storage wallets for the safekeeping of your crypto-assets. But it is also essential to ensure safe transactions, selling, and buying of bitcoin. Unocoin can be your one-s
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Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).