Bitcoin is a crypto-currency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly through the use of cryptography, without an intermediary. These transactions are verified by network nodes and recorded in an immutable public distributed ledger called a blockchain. We all know nowadays the bitcoin value is keep on increasing. You can google the value of bitcoin if you don’t believe. Due to the rapid growth of the bitcoin, the chance of getting hack is also high, recently we heard lot hacking news about bitcoin. Once you have any idea about getting the bitcoin the first question is where to store the digital currency. There are several ways to store bitcoin. First, for storing bitcoin you need a wallet, so what is wallet? Crypto-currencies often store their value in file stores known as wallets. Wallets can be compromised, manipulated, stolen and transferred, just like any other store of value on a computer. Worse yet, people often forget their protective PIN/passwords, or lose the hard drive where the store is located, and often that means the value store is forever inaccessible. Ransomware can cause the same issue. With a regular bank account, you can just use another computer to access your online account where your value sits untouched. Not so with wallets.
Types of wallets
- Software wallets: These function like mobile or PC apps. They are mostly free.
- Hardware wallets: Hardware bitcoin wallets are pen-drive like premium wallets that provide the best security by controlling access to bulk amounts of bitcoin.
- Paper wallets: These are private keys printed off of an offline computer.
- Online wallets: You operate these via the internet. Since you can’t take it offline, these are less secure than software wallets. For example, Blockchain.info and Coinbase.
Most experts recommend keeping your valuables in an offline wallet that can’t be accessed by malware or hackers. This can also make it harder to use that value. The offline nature can add days of waiting to use or update the value store. If you use an online wallet, protect it with multi-factor authentication if possible.
Top 5 Hardware bitcoin wallets to store bitcoin safely.
Trezor:
TREZOR is an isolated environment for offline transaction signing and using a small display you can visually verify the transaction contents. That’s why all operations using TREZOR are entirely safe. The ultimate in ease of use and super high levels of security. A Bitcoin safe if you like. Trezor keeps private keys on its device and signs transactions through hooking up via USB. So you will need a wallet such as Mycelium on your phone or desktop. Trezor lowers the risk of your private keys being discovered even if your PC is compromised by malware. Although not the most practical wallet system for hot wallets and being on the go, but definitely the gold standard in what it does.
Ledger Nano S:
Ledger Nano S is a secure Bitcoin hardware wallet. It connects to any computer through USB and embeds a built-in OLED display to double-check and confirm each transaction with a single tap on its buttons. It is architecture around a Secure Element (ST31 family) and built on top of the BOLOS platform, a powerful and flexible Operating System allowing the secure execution of multiple Open Source applications in full isolation.
KeepKey:
KeepKey is a USB device that stores and secures your bitcoins. When you entrust KeepKey with your money, each and every bitcoin transaction you make must be reviewed and approved via it’s OLED display and confirmation button. KeepKey has a unique recovery feature utilizing a rotating cipher to restore private keys with a BIP 0039 recovery seed. This means it is not necessary to store your private keys on KeepKey the recovery process is secure enough so that KeepKey can be used as a transaction device for paper wallets
Opendime:
This is the first Bitcoin Stick. It is a USB stick that enables easy transactions with bitcoins. You just need to connect it to a USB port to make it functional. Opendime is compatible with any OS on PC and mobile. The privacy and security features in Opendime are reliable and easy to use.
Ledger:
The Ledger Unplugged is the first contactless Ledger Wallet, a Java Card-based wallet you can use on any NFC compatible device, like on Android last generation’s phones, or with a USB contactless reader. When you own bitcoins, storing and protecting them is your own responsibility. Secured thanks to the highest banking industry standards, Ledger Unplugged is an excellent compromise between mobility and security, and your account can be backed up and restored if your Unplugged is lost or stolen.
