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Cold wallet? Is it safe? Safety is the most important thing in the crypto world in general and the Vietnamese cryptocurrency market in particular.
Loss of Money Heartbreaking
Recently I received 2 rather painful emails talking about all your bitcoin and ethereum contained in Blockchain wallet wingless but fly.
After researching carefully, perhaps she does not carefully secure her email, computer and phone, leading to that situation.
Since cryptocurrencies are digital assets, methods of protecting CryptoCurrency must also be digital.
And most investors overlook this most important stage. Like a wallet to save money, Crypto also has its own “wallet” to store electronic money (virtual money).
So we can find out about hot and cold wallets in advance
Bitcoin hot storage wallet also known as online wallet for example Blockchain wallet, Coinbase wallet, …
is a wallet where users can perform activities for, receive, and purchase on shops that accept payment in Bitcoin, buy and sell, … any time when a transaction is required.
As long as you have an internet connection, you can perform these activities easily.
Usually hot wallets are free and can store a lot of different cryptocurrencies.
cold wallet and hot wallet, which one should I use?
Bitcoin cold storage wallet (also known as hardware wallets, hardware wallets) As I mentioned earlier, cold wallets are specially designed devices designated as physical cryptocurrency storage.
Cold storage wallets, like hot wallets, have their own pros and cons.Once you have a cold wallet address, without an internet connection you can still receive money when others send you .
Currently, most cryptocurrency exchanges and storage services keep 80-90% of crypto assets on cold wallets to avoid hacking and theft.
Therefore, the advantage of a cold wallet is that it is very difficult to hack and so your assets will be very safe if stored in a cold wallet.
Why should you use a cold wallet?
In terms of cold storage wallets, there is a reputation for being impenetrable. The fact that your private key is nowhere else, but in that tiny device certainly gives a great sense of peace.
Moreover, this Device emphasizes security so that even if you plug them into a computer with a virus (keylogger, leacher or any other type of malware), your device stays safe and secure.
When thinking about the right cryptocurrency storage wallet, security should be your number one priority. Who cares if you get the best free wallet available and get hacked and go blank just a few days later?
Most investors in Vietnam are now new users of cryptocurrencies like Bitcoin, Ethereum, ..
So they do not have much knowledge about security, and most of today’s devices are not absolutely safe.
The use of cold storage solutions for ETH, BTC instead of hot wallets will be more secure.
Top 3 Cold Wallet Best Crypto Storage in Vietnam
Ledger Nano S
Ledger Nano S is a USB-sized cold wallet (as shown above), with a metal case for high durability. The design is simple and compact, and it has a very easy to use interface.
The device works through Ledger Live, a desktop application that allows interaction with the device. CHK has article specific instructions on this cold wallet
According to the latest update, Ledger Nano S supports over 1,100 different Coins and Tokens.
And according to information from Binance ExchangeCEO CZ said they will integrate with Ledger to provide absolute support between Ledger Nano S and decentralized exchange Binance.
Trezor Model T is SatoshiLabs’s 2nd generation hardware wallet, after the first hardware wallet was released by Trezor, Trezor One.
Trezor One is designed to store a wide variety of cryptocurrencies offline in an easy-to-use format with 2 buttons and a screen.
Model T is an upgrade of the Trezor One, removing 2 buttons and becoming a full-color touchscreen.
While the Trezor One was already comparable to the Ledger Nano S, the Model T was designed to be more secure with PIN entry, passphrase entry, and device recovery done on the device (not on a computer. or cell phone).
Trezor Model T comes with a magnetic dock (for certain safety protection). It also has a seal letting you know if the device has been compromised.
According to reviews from international websites, Keepkey is also very safe if you intend to store crypto assets.
Launched in 2015, Keepkey has a slightly different look and is slightly larger than the Trezor and Ledger (as can be seen above).
Keepkey is a decentralized (HD) wallet, making it optimal for creating and storing an unlimited number of keys.
Keepkey supports 54 coins, including Bitcoin, Ethereum, Litecoin, Dash, Dogecoin, Bitcoin Gold, and several ERC-20 tokens.
The wallet has a desktop application that is used to communicate with the wallet. The wallet has a large screen and requires no technical knowledge to use.
Because it supports few coins / tokens, this type is less popular in Vietnam.
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