Bitcoin Hardware Wallet Guide
Cryptocurrency has provided an awesome way for crypto gamblers to transfer funds between casinos, but with that freedom comes a lot of responsibility. If you decide to use cryptocurrency then that means that you need to be a responsible custodian of your own funds.
Crypto is not like a bank, and if someone manages to steal your accounts it’s likely that you’ll never get your cryptocurrency back. That’s why it’s a bad idea to leave large amounts of crypto on your gambling accounts.
It’s incredibly easy for thieves to steal your account details through phishing or keyloggers, and once they do they can take all of your crypto, likely before you can do anything about it.
So, how do you protect yourself? Well, the best way is to keep your cryptocurrency in a hardware wallet. These devices are far safer than online accounts, and they’re actually even safer than desktop or mobile wallets.
That’s because a hardware wallet is not connected to the internet, and that prevents unauthorized transfers from happening. You can think of your hardware wallet like a safe that keeps your cryptocurrency protected, and in this article, we’ll be talking about the best hardware wallets for protecting your hard earned money.
TREZOR MODEL T (TOP PICK) - WWW.TREZOR.IO
Crypto is not like a bank, and if someone manages to steal your accounts it’s likely that you’ll never get your cryptocurrency back. That’s why it’s a bad idea to leave large amounts of crypto on your gambling accounts.
It’s incredibly easy for thieves to steal your account details through phishing or keyloggers, and once they do they can take all of your crypto, likely before you can do anything about it.
So, how do you protect yourself? Well, the best way is to keep your cryptocurrency in a hardware wallet. These devices are far safer than online accounts, and they’re actually even safer than desktop or mobile wallets.
That’s because a hardware wallet is not connected to the internet, and that prevents unauthorized transfers from happening. You can think of your hardware wallet like a safe that keeps your cryptocurrency protected, and in this article, we’ll be talking about the best hardware wallets for protecting your hard earned money.
TREZOR MODEL T (TOP PICK) - WWW.TREZOR.IO
This comprehensive hardware wallet allows you to safely store over 700 different coins and tokens. The Model T is Trezor’s newly updated model, and it features an attractive LCD screen, which makes it easier to use than the previous button-based model.
It features a tamper-proof seal, so you know the wallet has not been compromised by the vendor, and you can restore your entire wallet using a seed phrase. That means that if you ever lose or damage your wallet you’ll be able to easily regain access on a new device.
Trezor also has the benefit of integrating with lots of third party apps like Bitpay, MyEtherWallet, MetaMask and Coinpayments. This makes it easy to send and receive Bitcoin to your wallet from a variety of services.
Pros: Easy to use, touchscreen, open source supports tons of coins, third party app integrations, PIN support, add 13/25 word passphrase.
Cons: More expensive than previous model
LEDGER NANO X - WWW.LEDGER.COM
It features a tamper-proof seal, so you know the wallet has not been compromised by the vendor, and you can restore your entire wallet using a seed phrase. That means that if you ever lose or damage your wallet you’ll be able to easily regain access on a new device.
Trezor also has the benefit of integrating with lots of third party apps like Bitpay, MyEtherWallet, MetaMask and Coinpayments. This makes it easy to send and receive Bitcoin to your wallet from a variety of services.
Pros: Easy to use, touchscreen, open source supports tons of coins, third party app integrations, PIN support, add 13/25 word passphrase.
Cons: More expensive than previous model
LEDGER NANO X - WWW.LEDGER.COM
One of the most well known cryptocurrency hardware wallets, the Ledger packs tons of functionality into a tiny package. While it’s not as flashy as some other wallets, it does come with the benefit of having a very nice and compact design that protects the wallet well.
While some people don’t like the bluetooth functionality, it does make it convenient to setup the wallet without the need of a computer. You can use this feature to setup the wallet on an iPhone or Android device very easily.
As a whole, Ledger supports over 1,100 different crypto assets, but not every wallet supports each one, so you’ll need to verify yours is supported before purchasing the wallet. The only potential negative for the Ledger is that it lacks the fancier app integrations of other wallets that make sending or receiving crypto easier.
Pros: Easy to set up, compact, great mobile support, PIN support
Cons: Bluetooth could be a possible attack vector, smaller LCD screen, no app integrations, closed source.
COLDCARD - WWW.COLDCARDWALLET.COM
This little known wallet is an alternative to the shinier corporate wallets of big companies like Ledger and Trezor. Coldcard provides an interesting hardware wallet solution that’s open source, which means you can edit the software as you please.
The most interesting feature of this wallet though is a “decoy” pin code. If someone forces you to enter your pin code you can use the decoy to show false wallet information, effectively protecting your real wallet from the thief.
However, this wallet likely has a very niche audience, and if you’re not tech savvy, then a wallet that offers better support and ease of use features is likely the way to go. This wallet also only supports Bitcoin and Litecoin currently, so you can’t store privacy coins like Monero or ERC20 tokens if you use this one.
Pros: Customizable software, decoy pin, no PC connection needed, self-destruct feature, cheap
Cons: Not very easy to use, only BTC and LTC supported
OPENDIME - WWW.OPENDIME.COM
The smallest hardware wallet ever. This tiny USB stick device is likely the most discreet hardware wallet you’ll find on the market. However, it doesn’t work quite the same way as other hardware wallets, and it’s more of a one-time deal.
You might use this wallet for long-term storage like you would with legacy paper wallets or you might even use it to gift Bitcoin to someone else. Doing so in this manner allows you to transfer Bitcoin without a transaction appearing on the Blockchain, just like you handed them cash.
It’s also an interesting way to pass Bitcoin to another person without the need for trusting that party. That’s because not even the owner of the device knows the private key. Think of Open Dime like a super secure digital piggy bank. You’ll need to break it open to spend the funds, and once you do it can’t be put back together again.
Pros: Secure, trustless, instant and untraceable exchange of funds.
Cons: One time use only for spending.
KEEP KEY - SHAPESHIFT.IO/KEEPKEY
This wallet has a ton of great features, and it has a very attractive and slick design to boot. Its integration with Shapeshift allows you to swap cryptocurrencies right in the wallet, and it supports 40+ different coins and tokens.
KeepKey features a big and bright LCD, which makes it easy to navigate the device, but now that Trezor has done the same this feature doesn’t have the same appeal as it once did. However, it still has an edge over the Ledger wallet, because it doesn’t force you to hop from app to app to view your balances for your different coins and tokens.
Pros: Great design, in app coin swaps, and easy to use.
Cons: Less supported tokens than Ledger or Trezor, has to be plugged in to view balances
CONCLUSION
In closing, hardware wallets have become very affordable, and if you plan to use your cryptocurrency a lot for online gambling there’s really no reason not to have one. They’re an excellent tool for protecting your winnings.
Whichever hardware wallet you choose, it’s important to make sure you buy one new from the manufacturer! Don’t try to save a few dollars by going through a third-party distributor. This is a bad idea, because you could end up with a compromised wallet that could put your funds in danger.
Most good wallets should have some kind of tamper-proof seal that allows you to verify that the wallet has not been used by someone else. If you see that your hardware wallet has been used do not deposit any money to it and demand a refund.
While some people don’t like the bluetooth functionality, it does make it convenient to setup the wallet without the need of a computer. You can use this feature to setup the wallet on an iPhone or Android device very easily.
As a whole, Ledger supports over 1,100 different crypto assets, but not every wallet supports each one, so you’ll need to verify yours is supported before purchasing the wallet. The only potential negative for the Ledger is that it lacks the fancier app integrations of other wallets that make sending or receiving crypto easier.
Pros: Easy to set up, compact, great mobile support, PIN support
Cons: Bluetooth could be a possible attack vector, smaller LCD screen, no app integrations, closed source.
COLDCARD - WWW.COLDCARDWALLET.COM
This little known wallet is an alternative to the shinier corporate wallets of big companies like Ledger and Trezor. Coldcard provides an interesting hardware wallet solution that’s open source, which means you can edit the software as you please.
The most interesting feature of this wallet though is a “decoy” pin code. If someone forces you to enter your pin code you can use the decoy to show false wallet information, effectively protecting your real wallet from the thief.
However, this wallet likely has a very niche audience, and if you’re not tech savvy, then a wallet that offers better support and ease of use features is likely the way to go. This wallet also only supports Bitcoin and Litecoin currently, so you can’t store privacy coins like Monero or ERC20 tokens if you use this one.
Pros: Customizable software, decoy pin, no PC connection needed, self-destruct feature, cheap
Cons: Not very easy to use, only BTC and LTC supported
OPENDIME - WWW.OPENDIME.COM
The smallest hardware wallet ever. This tiny USB stick device is likely the most discreet hardware wallet you’ll find on the market. However, it doesn’t work quite the same way as other hardware wallets, and it’s more of a one-time deal.
You might use this wallet for long-term storage like you would with legacy paper wallets or you might even use it to gift Bitcoin to someone else. Doing so in this manner allows you to transfer Bitcoin without a transaction appearing on the Blockchain, just like you handed them cash.
It’s also an interesting way to pass Bitcoin to another person without the need for trusting that party. That’s because not even the owner of the device knows the private key. Think of Open Dime like a super secure digital piggy bank. You’ll need to break it open to spend the funds, and once you do it can’t be put back together again.
Pros: Secure, trustless, instant and untraceable exchange of funds.
Cons: One time use only for spending.
KEEP KEY - SHAPESHIFT.IO/KEEPKEY
This wallet has a ton of great features, and it has a very attractive and slick design to boot. Its integration with Shapeshift allows you to swap cryptocurrencies right in the wallet, and it supports 40+ different coins and tokens.
KeepKey features a big and bright LCD, which makes it easy to navigate the device, but now that Trezor has done the same this feature doesn’t have the same appeal as it once did. However, it still has an edge over the Ledger wallet, because it doesn’t force you to hop from app to app to view your balances for your different coins and tokens.
Pros: Great design, in app coin swaps, and easy to use.
Cons: Less supported tokens than Ledger or Trezor, has to be plugged in to view balances
CONCLUSION
In closing, hardware wallets have become very affordable, and if you plan to use your cryptocurrency a lot for online gambling there’s really no reason not to have one. They’re an excellent tool for protecting your winnings.
Whichever hardware wallet you choose, it’s important to make sure you buy one new from the manufacturer! Don’t try to save a few dollars by going through a third-party distributor. This is a bad idea, because you could end up with a compromised wallet that could put your funds in danger.
Most good wallets should have some kind of tamper-proof seal that allows you to verify that the wallet has not been used by someone else. If you see that your hardware wallet has been used do not deposit any money to it and demand a refund.
