Understanding Hardware Wallet - Advantages & Disadvantages
Having to store Cryptocurrencies can be a challenge for you, especially if you have a large amount of crypto. With the rise in hacking, individuals are increasingly looking for the finest and most secure way to safeguard their digital assets. I was going through Khaleelkazi's TikTok videos when I came across one where he discussed "The best way to protect your crypto asset", in which he explained Hardware wallet and why it's the ideal wallet to store crypto, especially if you own a large amount of crypto.
WHAT IS HARDWARE WALLET?
Hardware wallet wallet is a physically detachable device that generates a set of private keys, stores them offline and out of reach of digital threats, and is protected by a PIN.
E.g Ledger Nano S, TREZOR T.
| ADVANTAGES | DISADVANTAGES |
|---|---|
| The private key is kept concealed. | A hardwallet is expensive. |
| Different digital assets can be kept in one wallet. | They are mostly good for storage and not frequent transaction. |
| It is immune to virus attack. | A user can lose his entire assets if they lose their password/key. |
| Very high access security due to pin encryption or biometric login. | A misplacement of the hardware wallet will result to lose of entire stored asset. |
| All transaction verification are done on the hardware wallet. | Private key extraction can sometimes be difficult. |
You will conveniently enjoy the benefits of a Hardware Wallet if you bear the disadvantages listed above in mind and take extra precautions to prevent them. Finally, if you own a considerable quantity of Cryptocurrencies, it is recommended that you keep them on a Hardware Wallet for protection and safety.
Thank you for reading!
Don't forget to download TikTok if you haven't, sign up, search for khal_leo, follow, like and turn on notification.
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Haha awesome post! I love how you’re utilizing the Tik tok and helping us promote it
Hardware wallets are key. If you hold any significant amount of crypto in them, they’re 100% necessary in my opinion
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Since I started following you on TikTok, my crypto understanding has greatly improved. I've learned a lot of crypto tips, one of which is Dollar Cost Average, which I've been using to buy coin during these dips, and I'm confident that if the market returns to bullish, I'll be in profit.
Thank you for all of your efforts to promote Hive, leofinance and Crypto in general.
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I’m really happy to hear that!! I think dollar cost averaging is one of the least understood but most valuable concepts in investing. If you understand that, you’re 10 miles ahead of everyone else! Thanks for your support 🦁
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This is awesome. I always wanted to buy a hardware wallet. It's really a question of which type. I need one that can store lot of crypto and preferably with Bluetooth !