Hardware wallets are a popular cryptocurrency repository. Many Canadians find them superior to other cryptocurrency wallets, but what makes them so great?
In this article, we’ll cover the benefits of using a hardware Bitcoin wallet Canada users consider it the best cryptocurrency storage method. Let’s see why.
What Are the Advantages of Hardware Bitcoin Wallets?
You get a lot of advantages using a well-made hardware Bitcoin wallet. Canada citizens and millions of users worldwide depend on this cryptocurrency storage due to many impressive qualities:
Pin Encryption to Increase Security
Hardware Bitcoin wallets are protected by encrypted PIN codes. Only the owner of the device can generate and access this code. If another user tries to access the storage, the hardware self-destructs after a few attempts. Furthermore, the private and public keys are deleted to prevent a loss of funds.
Your Private Keys Are Unexposed
Users of hardware Bitcoin wallets are only required to enter their private keys in the device itself. As a result, their information doesn’t reach their computer, eliminating the potential to be copied or hacked.
As most viruses are meant to attack software, they’re powerless against a hardware wallet. These devices can’t be attacked by malware, making them much safer than other online cryptocurrency storage solutions.
Verification on Your Device
When making Bitcoin transactions, you can verify them through your hardware and don’t need to depend on your computer or online sources. This way, nobody can complete transfers without accessing your device first.
Access to Multiple Cryptocurrencies
Cryptocurrencies aren’t physical objects that require space, meaning you’re not limited to just one currency on your device. Besides Bitcoin, hardware wallets can hold Ethereum, Ripple, and many other types of cryptocurrency coins simultaneously. This gives you more flexibility, enabling you to send payment to complete transactions to a wide variety of recipients.
You might think that such a safe device would be bulky, but the reality is entirely the opposite. An average hardware Bitcoin wallet weighs around 20 grams and is approximately five centimetres long. You can easily carry it in your pocket, purse, backpack, or briefcase.
How Do You Make Your Hardware Bitcoin Wallet Even More Secure?
Hardware wallets are the safest way to hold your Bitcoin, but this doesn’t mean you’re invulnerable to loss of data. You still need to be extra careful while using your device to minimize the risk of losing precious information. These tips will help you do so:
Use a Strong PIN and Memorise It
The PIN you enter when setting up hardware wallets is integral to the security of your device. Instead of typing in names or birth dates, choose an alphanumeric combination only you can make out.
Naturally, you’ll need to memorize your password. If it’s too complicated, write it down on a piece of paper and store it safely.
Keep the Recovery Words Safe
Another crucial part of setting up your hardware wallet is memorizing the recovery words. They allow you to regain access if the device gets damaged, stolen, or lost. It’s vital to keep them in a safe location. Otherwise, you may lose your funds and access to your account.
If you can’t memorize the recovery words, store them in a secure location, such as a lockbox in your bank.
Store the Wallet in a Convenient Yet Secure Place
You should treat your hardware Bitcoin wallet like your money – you want to shield it from prying eyes. As you don’t need to carry it with you always, put it somewhere safe. Make sure the location is also accessible if you need to make an urgent transaction.
Moreover, don’t mention your wallet to everyone. Only talk about it with close friends, family, and other trustworthy people.
Split the Funds Into Multiple Hardware Wallets
Storing all your Bitcoin in just one wallet is risky. Dividing the funds into multiple parts stored on several devices is much safer. Even if one of them gets compromised, you won’t lose access to all your cryptocurrency.
Cybercriminals Don’t Stand a Chance
The best way to protect your Bitcoin is to store it in a hardware Bitcoin wallet. Canada users enjoy the peace of mind it provides due to robust encryption features that prevent exposure to cybercriminals. To enhance your security further, use a strong password and keep the device hidden.