Best Cold Wallets: 2023 and Beyond
Cold wallets (which aren’t connected to the Internet) are much safer than cold ones. Now you must not lose or shower with it and hope no one robs you. Other than that, you can breathe easy
“The reason why an air-gapped device is considered an additional layer of security for cold wallet crypto storage is that it ensures that the user’s private keys are never connected to the internet, meaning it is protected against hacks, malware and viruses. Much of ELLIPAL’s security lies in the fact that it is air-gapped and does not come into contact with internet, Bluetooth, mobile networks, or any other network connections.
The ELLIPAL app is a great one-stop app that is capable of multiple functions, a very powerful little crypto management combo indeed. ELLIPAL can be used to transfer, exchange, stake, buy crypto, buy and store NFTs, access hundreds of DApps, all while the Titan and private keys remain completely offline.”
Coin Bureau
What are cold wallets?
“Cold” wallets, which are devices that more or less look like a flash drive and store your private crypto data, are different from “hot” ones in that “hot” wallets in your browser or in an app are constantly connected to the Internet and therefore stand a much greater chance of an attack.
Why?
There are plenty of viruses out there, and inevitably when a new virus is born, it takes a very long time for the authorities/security companies to catch it (if they do), analyzie it, and create a vaccine, and then implement it into a new security update on your PC. Thus, the odds are that there are more than a few viruses on your machine, even if you do use antivirus software, and you’re much better off storing your data on a hard drive somewhere else.
The downsides are that if someone unknowingly throws away your hardware wallet with the trash or if it gets damaged, you’re in big trouble.
Learn more How to Store Bitcoin
Advantages of cold wallets
Still, cold wallets are considered to have more advantages than disadvantages (which is they cost money). You’ll be storing your ID data on your physical wallet device and not on a PC where it can easily be keylogged or otherwise tracked.
It’s also locked using a PIN, which will log out someone who stole it after three unsuccessful attempts.
Newer models have even more sophisticated security models, like different PINs to boot different settings. If someone is pointing a gun at you, you can enter a different PIN, which will boot data showing you only have a few hundred dollars in your account. Since Bitcoins are stored on the Internet, the attacker will only withdraw that much, never knowing that if you entered a different PIN they would have access to thousands. Which, you have to admit, is pretty cool.
So physical wallets are more secure, but they offer other advantages too. They enable you to take enormous amounts of money with you in a physical wallet anywhere by hiding it in everyday things or other locations (wink wink).
Bear in mind that (like you) cold wallets really don’t like water and fire, and also getting run over by cars and being shot at. Newer versions are waterproof, but you still need to be careful and protect them from harm of any kind, even magnetic damage. So basically don’t throw them into volcanoes, in a fish pond, or onto a particle accelerator.
Best cold wallets
Below you’ll find the latest and greatest cold wallets around. Note that being voted the best and retailing at a high price doesn’t stop them from being exploited. It’s just that with the tried and tested system your chances are higher.
Read How to Choose Bitcoin Wallet
Ledger Stax: 16 shades of grey
This new Ledger wallet comes with fancy features like NFT storage and a sensor screen, and it’s more expensive by an order of magnitude than its collagues. So what are you paying for?
Well, it’s better secured with ST33K1M5 and CC EAL5+-cerified, which...the question you have to ask yourself is whether that means its security is better than that of its competitors.
Ledger Stax are like books – you can customize the spine according to what digital assets you want to manage.
— Ledger (@Ledger) December 9, 2022
Here is how: pic.twitter.com/jRd9NBy8uZ
Ledger wallets are not strangers to break-ins, but what conclusions should you draw from that? Does that mean their history is compromised and the team is not up to the challenge of keeping your money safe?
We say that having been exposed to attacks is a plus, because now Ledger developers have real-life battle experience, which is very valuable, and they know, hopefully, what they’re up against. That is the reason why it’s at the top of the list. Stax’s other features, like cool magnets, aren’t really worth paying the difference in price for, and mostly the functionality is the same as with the previous models. But…It’s a veteran.
Trezor One
Unlike Ledger, which is very focused on additional functions, Trezor is single-mindedly focused on its one function, which is to handle your crypto. And that’s a pretty genius idea: experienced users know that the more infrastructure there is in something, the easier it is to break in.
Trezor, which was manifctured by the company that created the first hardware wallet, received awards for it, and still remains one of the best-known companies in the field so far, is unequivocally your second best bet (if not the first).
🎉 Today we celebrate 7 years of the Trezor Model One!
— Trezor (@Trezor) July 20, 2021
We've prepared a special bundle for the occasion:
Grab a Trezor Model One and get a second for half price.
Secure your funds and back them up for less!https://t.co/J3zYoBT2RC pic.twitter.com/Astm8bjoG3
It comes with pretty impressive functions like ultrasonic welding amongst many other things, and its price is democratic to say the least. And that’s why the chances are, whenever you start asking about cold wallets, Trezor is the firs name you hear. You can’t beat a classic!
ELLIPAL Titan Bundle (complete network isolation and can never be connected to the internet)
Hackers like “tried-and’tested” security systems more than bears love honey and consider them a personal challenge, so there is a healthy chance safe systems aren’t safe for very long. if you like to hedge your bets, Ellipal Titan wallet is your thing.
Battle-tested Trezor and Ledger are great, but remember to give newcomers a chance! After all, Bitcoin was a rookie newcomer too.
And one more thing: Ellipal Titan wallets may be new, but they’re certainly no rookies. For example, the very idea of cold wallets is that they need to stay away from connecting to networks they can be hacked through.
Summary of #2022, #coldwallet
— ELLIPAL (@ellipalwallet) January 16, 2023
#2023 Looking forward 💙 pic.twitter.com/jp6Ee9nsBB
Ledger and TRezor wallets do that - but only to some extent. They still need to connect to a PC during the process of transfer. This new wallet provides complete network isolation and can NEVER be connected to the internet. It’s also a lot bigger and more convenient, with a vast array of other functions, like QR code scanning, and even staking, which is nice, but also makes it more difficult to conceal or disguise (and thanks to its size it’s a nightmare if you try to get it over the border in the, how shall we put it, traditional fashion).
Summary
Tempted? We’d say all these wallets provide great advantages, all in their own fashion, so, if you can, the best thing to do is to probably get the three of them, try them out, and see if you can take advantage of the new opportunities. And simultaneously protect yourself by diversifying. Good luck!
