Last Updated on September 11, 2021 by cryptocreed
You are in the crypto world for many years or have just landed in the crypto industry but still don’t know what is cold storage wallet?
Then you should know what is cold storage wallet and list of the best cold storage bitcoin wallet that is safe and secure to use.
If you are holding a big bag then you should start using cold storage wallets rather than hot wallets.
What Is Cold Storage Wallet?
Cold storage is a type of wallet which allows you to store cryptocurrency offline. By using cold storage wallets you get access to your wallet and no one can’t get access of wallet.
Cold Storage wallets are stored and created on devices that are not connected to the internet, so there is no chance of unauthorized access, hacks, or theft.
The best format of cold storage wallets is a paper wallet and hard wallet.
Pros and Cons Of Cold Storage Wallets
Following are the pros:
- Easy to create
- Cheap to use
- Not connected to the internet so safest way to creat
- You have full access to your wallet by having Private Keys
Following are the cons:
- Once you lose your Private key there is no way to recover
- If your device is already corrupted by hackers then there is a chance that hackers can steal your keys
4 Best Cold Storage Bitcoin Wallet
There are many cold wallets available that you can use to store Bitcoin and other cryptocurrencies easily. Let’s check out each 4 of them.
There are many paper wallets available on the internet. Using a paper wallet is very simple and easy, you just need to scroll your mouse and you will get keys. Just print it out or save that on your pc.
Each coin mostly has its own paper wallet if they do not have an official paper wallet then there are paper wallets that are developed by the community.
Here at cryptocreed.com, you will find a list of paper wallets for different coins under the wallet category.
Ledger is a hardware wallet that is in the industry for the last many years. You can transact AVAX coin and can do staking of Avax coin through your Ledger wallet.
Ledger supports more than hundreds of crypto coins plus tokens. The wallet will cost you around $80.
Follow the below steps to check how you can access the Ledger wallet to store your Bitcoin or any other currency..
- Open the Manager in Ledger Live.
- Connect and unlock your Ledger device.
- If asked, allow the manager on your device.
- Find Avalanche in the app catalog.
- Click the Install button of the app.
- Your device will display Processing…
- The app will be installed.
Trezor is another hardware wallet that supports Bitcoin and more than 1500 other coins. They have currently two models one is Trezor Model T and the second one is Trezor Model One.
Trezor Model T will cost you around $55 and Trezon Model One will cost you $188.
You can compare both hardware wallets and check if they are easily available in your country or not and then make your purchase.
KeepKey is founded and developed by ShapeShift, the first it was released in 2015. With KeepKey you will get PIN protection, passphrase protection, customizable transaction speed, and limitless wallet address.
The major con of this wallet is that it doesn’t support on as many platforms as Trezor & Ledger hardware wallets are accepted.
Conclusion: Paper wallets are the cheapest cold storage wallet whereas hardware wallets will cost you some dollars. In hardware wallets, Trezor is the cheapest one but you can compare them from your side for better knowledge of cold storage wallet for cryptocurrency.