- Cryptocurrency hardware wallets
- More about Trezor Hardware Wallet
- What is Ledger Nano S cryptocurrency hardware wallet?
- 1. The currency they support
- 2. How much does the hardware wallet cost?
- 3. The size of the display screen
- 4. Physical durability of cryptocurrency hardware wallets
- 5. How easy are they to set-up?
All things being equal, competition breeds innovation, drive, and excellence. Think of Windows and Mac, BMW and Mercedes, MIT and Stanford, the list is endless. In the cryptocurrency world, we have Trezor and Ledger, two fierce rivals battling to get possession of your digital assets. Cryptocurrency hardware wallets are now available everywhere, however, these two seem to be leading the pack.
Are you looking to buy one of these hardware cryptocurrency wallets? Do you even know what hardware wallets are? Perhaps, you’re considering hard wallets and soft wallets and you can’t seem to make up your mind? Here’s everything you need to know about Trezor and Ledger.
Let’s start with why you need a hardware wallet for cryptocurrency.
Cryptocurrency hardware wallets
When you’re thinking about a hardware cryptocurrency wallet, the major concern is the security of your assets. One benefit of cryptocurrency hardware wallets is that it provides an added layer of security by being offline. On a normal soft wallet, a virus, ransomware, or malware is able to infiltrate the computer’s security and then compromise your asset.
You are also vulnerable to phishing and other methods of conventional fraud schemes. A hardware wallet for cryptocurrency eliminates the chances of this happening because you are not even privy to the keys or pin. Even in the case of thefts, there’s a double layer of security available which can disallow transactions and keep your funds safe.
More about Trezor Hardware Wallet
Trezor is one of the few offline Bitcoin wallets which offers cryptocurrency users safety and flexibility. It is also referred to as a cold storage device because it operates offline. People tout it as one of the best cryptocurrency hardware wallets because of its wide range of applications and the positive reviews it has garnered over the years.
What is Ledger Nano S cryptocurrency hardware wallet?
Designed with aesthetics in mind, this cryptocurrency hardware wallet resembles a USB drive and provides storage services excellently. It also offers an excellent method of initiating digital payments. This hardware wallet has excellent compatibility with almost any device, so you have no issues with connectivity.
What are the important points to note before buying either wallet?
1. The currency they support
Let’s paint a scenario, you open an account with a bank (you parted with a significant amount of your earnings in the process) and then you realize that the currency you use the most is not supported. This is one of the worst rookie mistakes to make when buying a cryptocurrency hardware wallet and this guide is here to ensure that you don’t fall into the trap. Fortunately, altcoin lovers, lately, wallets have significantly expanded the list of supported cryptocurrencies. Trezor allows you to store, receive and transfer more than 600 cryptocurrencies.
You should also note that full support is not provided for some of these coins. In most cases, you need to use a third-party application to store some of the coins. One notable example is the Ethereum coins which require MyEtherWallet.
Ledger Nano S cryptocurrency hardware wallet, on the other hand, supports in total more than 20 cryptocurrencies and their forks. Also, you can connect MyEtherWallet, which will give you the opportunity to use all ERTs-20 tokens This is one of the reasons users refer to it as the best cryptocurrency wallet hardware. Here is a list of some supported cryptocurrencies:
2. How much does the hardware wallet cost?
Price is one factor many people take seriously when buying any device. However, the price difference is not so much and can be overlooked when making a purchase. For example, Trezor is available on the official store for 69 dollars while Ledger Nano S cryptocurrency hardware wallet is selling for 87 dollars on their official store.
On Amazon, the everything store, it is considerably cheaper, with Trezor selling for 64 dollars and Ledger selling for 59 dollars.
3. The size of the display screen
When Ledger released initial versions of their wallet, there was no screen display screen available. For a long time, Trezor remained the only hardware wallet with this function and this gave them an edge over other hardware wallets.
However, the Ledger Nano S cryptocurrency hardware wallet now features a display screen which can display the recovery seed and the details of the recipient of your coins. This allows no room for errors and the global crypto-community is safer for this reason. Trezor has a wider screen, glossier appearance, and more mature display technology and this makes viewing much more convenient.
4. Physical durability of cryptocurrency hardware wallets
In the physical duel between these two, the hardware wallet of steel emerges victorious. Trezor is made of plastic and Ledger boasts a sleek, stainless-steel finish. This gives the Ledger Nano S cryptocurrency hardware wallet a superior feel and protects it from any damage which can otherwise be disastrous. If style and elegance are all you want in a hardware wallet, then Ledger wins the race by a wide margin. In terms of functionality though, Trezor makes up for the lack of aesthetics.
There are buttons for managing transactions and initiating payments and on Trezor, these buttons are well-spaced and easy to use. On Ledger, they appear muddled together and you’re almost certain of pressing the wrong button every time you make an attempt.
5. How easy are they to set-up?
Finally, the ease of set-up. Both hardware wallets are compatible with the popular Operating Systems - Windows, Linux, and MacOS. To begin, you require a micro USB cord to connect the device to a computer and then set up the hardware cryptocurrency wallet.
To set up, the process revolves around security. Setting up a PIN code, and then you will be shown a recovery seed which you are required to store offline. This recovery seed is a combination of random words (usually 24) and is automatically generated by the wallet. It is used when there’s a security breach and you have to regain control of your account. Trezor also has an Android app which gives you control over your digital assets without the need for a computer.
Depending on your needs, you will find either Ledger or Trezor more appealing. Hopefully, this article will help you make an informed decision on the best hardware wallet for cryptocurrency to purchase. Hardware wallets are preferred when you consider security, flexibility, and risk avoidance.
Ledger Nano S cryptocurrency hardware wallet and Trezor will secure your cryptocurrency and offer you functional add-ons. Whichever hardware wallet you end up choosing, ensure you keep it safe by adhering to the tips on cryptocurrency security here.