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Hardware wallets are typically considered as one of the safest options out there for storing cryptocurrencies. We know that one of the biggest benefits of using hardware wallets lies in the fact that they let you store your coins in a physical device.

The cryptocurrencies stored in the wallet are held offline, which means they can’t be hacked. At the same time, when needed, the coins stored are readily available to use. are not that well-versed in coding and technical details, the hardware wallet is a great way to store the majority of your cryptos.

Are hardware wallets the safest storing option?

But are hardware wallets the safest option for storing your coin? Before we answer, let’s take a deeper insight into the different types of crypto wallets. Hardware wallets are a type of cold wallets.

What is a cold wallet?

A cold wallet is a wallet completely offline and it’s used for storing cryptocurrencies. It is also known as cold storage. Cold wallets can be divided into two different categories: paper and hardware wallets.

What is a paper wallet?

A paper wallet is a piece of paper. It is made of a record that gathers all the data needed to produce private and public keys. 

What are the cons of having a paper wallet

If you use a paper wallet and you lose your private key, or the paper wallet gets damaged somehow, there’s no way you can retrieve it and get back your money. Paper wallets have a single use only, which means they are good for storing long-term money.

Are hardware wallets expensive?

It depends on your priorities. If you hold coins worth a few dollars, hardware wallets might be a bit costly. On the other hand, if you’re storing a large amount of money through bitcoin or other cryptocurrencies, getting a reputable hardware wallet should be a top priority.

Are they the safest storing option?

If you use a hardware wallet, your wallet’s private keys are safely stored inside the device. The only way you could be in danger of losing your money is if you intentionally sent the funds to a scammer.

Discover LYOPAY’s CoolWallet-s

LYOPAY’s hardware wallet is the ultimate solution for your storing needs. It’s the size of a credit card. It provides offline storage and you can manage it via your smartphone – both iOS and Android devices. Do you want to discover more? Join us! 

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