Bitcoin hardware wallets are the most secure way to securing Bitcoin fortunes. However, some Bitcoin hardware wallets out there are also great for storing other forms of cryptocurrencies that you might be hoarding.
Whether you are collecting Bitcoin, Litecoin, Namecoin, Dogecoin, Dash, Testnet, Ethereum, or Zcash, you can find a hardware solution to make sure your cryptocurrency doesn’t get hacked, stolen, or compromised in any way.
Best MultiCoin Hardware Wallet?
You might have heard of Trezor already, and there’s a reason for it. It was one of the first hardware wallets for Bitcoin and in a lot of ways, it paved the future of hardware solutions for cryptocurrencies with its unique secure software. However, I think Trezor is a bit outdated now and prone to bugs which make updating the software tricky
However, I think Trezor is a bit outdated now and prone to bugs which make updating the software tricky–to say the least. Also, Trezor also doesn’t support other cryptocurrencies like Litecoin, Namecoin, Dogecoin, Dash, Testnet, Ethereum, or Zcash.
There are two options for a multicoin hardware wallet. If you want Zcash support, then you have to go with the Ledger Nano S. The Ledger Nano S is super affordable under $70, but it supports all the major cryptocurrencies.
Sure it’s screen is a bit small, and it can be fiddly to use, but one of my favorite things about it is that it also doubles as a two-factor authentication device with 2Fido support. It’s also very nondescript and you can even hide it as a cheap thumb drive.
Secondly, if you don’t really care about Zcash support, but you still want support for Litecoin, Namecoin, Dogecoin, Dash, Testnet, and Ethereum, I would recommend going for the KeepKey. The KeepKey is a bit more of a premium device than the Ledger Nano S, but it’s also a tad more expensive at $100.
You get a bigger sharper OLED screen and better buttons to make the device more usable. It’s also heftier (doesn’t get lost in your pocket as easily), and it looks much cooler.
Why Use Hardware Wallets?
If you have a lot of Bitcoin or other forms of cryptocurrency, storing it on a hardware wallet is the best choice. There are many reasons why storing crypto on a hardware wallet is safer:
- To date, there have been no reports of Bitcoin stolen from hardware wallets whereas there have been reports of Bitcoin theft from internet-connected computers.
- Hardware wallets often use open source software which allows a user to validate the entire operations of a device.
- Private keys are stored in a protected area of the microcontroller and cannot be transferred out of the device.
- Hardware wallets don’t have operating systems vulnerable to viruses or malware.
- Hardware wallets, if lost, can easily be backed up through protecting a secure passphrase.
Further Ways to Secure Cryptocurrency?
If you want to step up your security even more, I would recommend checking out VPNs. VPN stands for virtual private network, and they are popularly used in the Bitcoin community to encrypt internet data.
You can use VPNs in public Wi-Fi hotspots to protect your information from leaking out, and you can also use them to protect sensitive work data or even Bitcoin activity. VPNs are a great way to ensure that your computer’s traffic doesn’t get monitored, hacked, or compromised.
Check out this TorGuard review for a good VPN. They even accept Bitcoin, Zcash, Altcoin, and tons of other cryptocurrencies as payment, so you can pay completely anonymously.
You can read this article here if you want to know exactly why you should use a VPN in conjunction Bitcoin use.