Discover the Top 3 Cold Wallets for Safely HODLing Bitcoin!
In the Immortal Words of the Philosopher Jedi Master Samuel L. Jackson: What’s in Your Wallet?
In today’s digital age, the question of what’s in your wallet has taken on a whole new meaning, especially when it comes to cryptocurrencies. With exchanges being hacked and decimated like casual gamers playing Elden Ring, it’s more important than ever to keep your head on a swivel and your coins in a cold wallet. But what exactly is a cold wallet, and why is it the most secure place to hold your digital assets? In this article, we’ll break down everything you need to know about cold wallets and which ones are the best for long-term storage during this bear market.
The Power of HODLing
HODLing, or holding onto your cryptocurrencies for the long term, has proven to be one of the most effective strategies for accumulating wealth in the crypto market. Just ask successful investors like the Winklevoss twins, who turned an $11 million investment in Bitcoin into a billion-dollar fortune, or CZ, the founder of binance, who became the world’s 19th richest person after investing a mere million dollars in Bitcoin. The key to HODLing is patience and staying invested in the market for the long haul, even if you don’t have millions to invest upfront. By securing your investments today, you can potentially turn them into immense value in the future.
The Dangers of Storing Crypto on Exchanges
While crypto exchanges have come a long way in terms of security, it’s important not to be fooled into thinking that any place that allows you to trade tokens is the best place to store them. When you store your crypto on an exchange, you don’t actually own the private keys to your assets. The exchange holds the keys, which means that the funds you see in your account are just numbers on a screen. If something were to happen to the platform, such as a hack or insolvency, you could be left with nothing. That’s why the rule “not your keys, not your crypto” is so important to remember.
The Importance of Cold Wallets
Cold wallets, also known as hardware wallets, provide a secure way to store your crypto offline. Unlike hot wallets, which are connected to the internet, cold wallets keep your private keys offline, making them less susceptible to hacking attempts and data breaches. Cold wallets are one of the most googled crypto topics these days because they offer an extra layer of protection for your digital assets. In the next section, we’ll take a look at some of the best cold wallets available on the market today.
The Best Cold Wallets for Long-Term Storage
1. Ledger: Ledger is one of the most well-known cold storage wallet brands. They offer three different wallet types: Nano X, Ledger Nano S Plus, and Ledger Nano S. These wallets store cryptocurrencies and NFTs and come with a durable metal casing and a smaller screen. The Nano X is the premium option, compatible with desktop computers and smartphones via Bluetooth pairing. Ledger devices support over 1,000 coins and tokens and can be connected to hot wallets like MetaMask.
2. Trezor: Trezor is another popular cold wallet brand that offers a larger screen and various case options. The Trezor Model T is their premium offering, supporting over 1,200 coins and securely managing digital identity. The Trezor Model One is their more affordable option, supporting over 1,000 coins and compatible with major computing operating systems. Recent firmware updates have also unlocked the Model T to interact with cardano smart contracts.
3. SafePal S1: SafePal S1 is an affordable hardware wallet option with a light plastic build and a large color screen. It has a camera for easy QR code pairing with the SafePal mobile app and is backed by Binance Labs. The wallet supports Bitcoin, ethereum, Binance Coin, ERC-20 tokens, and some Binance Smart Chain tokens. It uses air-gapped QR codes for secure communication and does not require Bluetooth, WiFi, USB, or NFC.
Frequently Asked Questions
1. Are cold wallets the only way to store cryptocurrencies securely?
While cold wallets are considered one of the most secure ways to store cryptocurrencies, there are other options available. Paper wallets, for example, allow you to print out your private keys and store them offline. However, paper wallets can be easily lost or damaged, so cold wallets are generally recommended for long-term storage.
2. Can I buy a cold wallet from a retailer like Amazon or Best Buy?
It is not recommended to purchase a cold wallet from a retailer like Amazon or Best Buy. The integrity of the cold wallet may be compromised, and there have been cases of counterfeit wallets being sold. It is best to buy a cold wallet directly from the manufacturer to ensure its authenticity and security.
3. Can I use a cold wallet to interact with decentralized applications (dApps) and decentralized finance (DeFi) platforms?
Yes, many cold wallets, such as Ledger and Trezor, allow users to interact with dApps and DeFi platforms. They can be connected to hot wallets like MetaMask or have their own companion apps that provide access to DeFi platforms, exchanges, and other services.
4. How much do cold wallets cost?
The cost of cold wallets varies depending on the brand and model. Ledger’s Nano X, for example, retails for around $200, while Trezor’s Model T is priced at approximately $295. There are also more affordable options like the SafePal S1, which is priced competitively.
5. Can I store all types of cryptocurrencies in a cold wallet?
Most cold wallets support a wide range of cryptocurrencies, including Bitcoin, Ethereum, and various altcoins. However, it’s always a good idea to check the wallet’s compatibility list before making a purchase to ensure that it supports the specific cryptocurrencies you want to store.
In conclusion, cold wallets provide a secure and reliable way to store your cryptocurrencies for the long term. By owning the private keys to your assets and keeping them offline, you can protect yourself from the risks associated with storing crypto on exchanges. Ledger, Trezor, and SafePal are among the top cold wallet brands, offering different features and price points to suit individual needs. Remember, true ownership of your crypto begins with securing it in a cold wallet.
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Do crypto stored on the ledger loose value after sometimes??
Cryptos are NOT stored on the hard wallet, they are stored on the blockchain not on the physical device (Hard Wallet) only your private keys which give control over your wallet are stored on the device.
Your the boss thnx now ill withdraw btc holding from ….exgange tocold
Cold wallets are COOL.
The BTC ATM had poor ink and now it's faded and I can only use the private and public keys (cuz i wrote them separately) so how do I transfer with just the keys????
Why should we trust the hard wallet manufacturers? Crypto is the modern-day wild West!
stop beating around the fucking bush.
Thanks bitboy crypto for always helping your people with good information appreciate you very much 🙏
how much money in your coinbase or whatever crypto exchange you use to make sense on getting a cold wallet? because if were talking about hundreds or even a few thousands, is it worth it ?
This video is about to take heat because of ledgers new update.
Well ya better update this one bud
This video didn't age very well. Both Trezor and Ledger have proven themselves to not be trusted after the recent news from these companies. ColdCard and Blockstream Jade trump all of these wallets
This didn’t age well. Ledger anyone?
BC Vault?!?
outdated video since ledger missed up with firmware may extract private key to 3rd parties.
NGrave
Do I need this if I’m on kraken?
Stay away from Trezor model T. Bloggers should stop advertising those. Many people lost life savings on the Trezor T even though they secured their seed and protected their device at all time
I didn't realize how relieved I would feel after finally pulling my XRP off Uphold Exchange (U.S. KYC/AML compliant), PEPE off Uphold & BYDFI, & JESUS off Uniswap V2. I had no problems with the exchanges – the SEC jackboots are too unhinged. Having my own keys in my own hand is priceless! Most crypto people on YouTube say it all the time – “not your keys, not your coins,” but I procrastinated UNTIL SEC/Binance. I pulled the trigger that morning.
Can I remove my crypto from robinhood with one of these cold wallets?
Cold card…
What happens now ?? how can we fight back against the sec , taking away are freedom s in crypto china and all the other countries are laughing at us … 9:47
I followed your advice on your recent upload and immediately purchased a BC Vault. Thank you!….
Tangem by far the best now!
Now I work hard 12hour shifts, the question is, can I put money from my check directly into a physical wallet like as my own personal bank the ones you mentioned?
I'm wondering which cold storage wallet to buy, to hold XRP and XLM? I don't have alot, but want to keep what I do have, safe.
Is it possible to just buy a mini computer, like Mele, and store crypto off line that way?
I am researching cold wallets. I have never bought and crypto before, but, considering it. I heard Ledger had a data breach in about 2021. I wouldn't use them personally. They gave up a lot of information according to the channel.
Hi Ben. I’m 1 1/2 years into crypto and did everything right. Ordered my ledger from their site. Created the seed phrases as described. Did not share my info with anyone. Moved my eth, xrp, matic and doge safety over from kucoin and 2 hours later it was gone.
Ledger is not helping get to the bottom of it and i told them i would be taking my story to every major crypto influencer. I lost about 8500 US and am sick about it. I can even see the exchange it left to but have no idea what to do. They don’t seem like sites you can contact.
Ledger’s response? Sorry you lost your crypto. No number to call. You can only email them and then give “stock” type answers on how to keep your crypto safe. Disgusting customer service. I said “how do we know you don’t have staff swapping tampered with devices for the good ones.
I just have no words but am starting to share my story to keep others safe.
How can we trust the most trusted cold wallet with an answer like sorry. It seems clear to me this is happening more than they are letting on.
No to ledger.
Please share my story.
Thanks for all you do Ben. Much love from Canada 🇨🇦
Alison
Checked in on this video to see if Bitboy pushed Ledger’s garbage “cold wallet”. I wasn’t disappointed
I don’t know who’s advice to take on these, YouTube channels cause they may be getting paid by the sponsors to promote
Hardware wallets are too important to allow only a few coins per listed coins? Hardware wallets way too expensive for long term storage?? More affordable wallets out there? 😐🌹🌹🌼🌸
Start at 4:00 save time. (good info thought).
This didnt age well
great