Are cold wallets worth it ?

Are they worth it? was the question I used to ask myself a while ago, but right after I thought my metamask was hacked, I nearly had a heart attack. I just couldn’t think about how I knew this was inevitable and I just didn’t… do anything about it.

Fortunately my wallet wasn’t hacked but I learned the importance of hardware wallets and why anyone that plans on long-term holding crypto should not be a brave individual and risk it!

The thing about software wallets is that they are connected to internet all the time. So it’s natural that they are in the way of constant attack of different kinds of forces and hackers. The best thing after not getting your wallet hacked is a white hat hacker hacking and returning your funds, but we all know that’s not gonna happen. That belongs to fairy tails :)

So if you want to secure your funds and digital assets, whether it’s NFTs, digital lands or crypto, you MUST buy a hardware wallet.

But what kind of cold wallets are out there and how do I choose from them?

The thing is that there are not only Trezor or Ledger, there are some good and more economical choices out there. If you’re a collection owner, yeah just go for ledger different wallets and put them in your cabinet. But if you want to buy only 1 wallet (maximum 2 wallets) continue reading this

If you’re a long or mid term hodler, you need a cold wallet. for security measures, it’s better to have 2 cold wallets but that’s another talk . So if you’re a day trader and trading cypto is your main focus, cold wallets are in your way of comfort.

If you’re a holder of Bitcoin, Ethereum or large market cap tokens and coins, many wallets are available for you. Ledger, Trezor, Prokey to name a few. for an average user they are equally fine.

You are beginning your journey in crypto space? you should go for something simple and easy to use. Among those 3 that I mentioned, Prokey and Ledger are easiest to use and the learning curve is not that much annoying.

If you want to hold NFTs, again, they are the best options you can find. But the thing is, 2 of those 3 use an app for managing your wallet. and those 2 are Ledger and Trezor!

The risky business here is that hacking an app is much much easier than the cold wallet! There are Phishing scams and ransomwares made just to get into their apps. So if you want an extra layer of security, you have to go for the prokey .

They all use the same interface which is USB, but Ledger has the edge here. it also uses a Bluetooth interface which can make your life a tiny bit easier.

For advanced users, You can use Trezor different models. The security is insane I heard but the learning curve of how to use it, will hit you right in the face. So go for it when you are at least 2-3 years knee-deep in crypto

But there is an issue with Trezor and Ledger that Prokey actually made a use of it and has the edge here. Trezor and Ledger support up to 1000 tokens and coins. but what if you couldn’t send your assets to your cold wallet? will they be hanging in your software wallet until your cold wallet supports the token?

Shockingly, Prokey is supporting up tp 3000 tokens and coins ! I don’t even know how did they manage that but it made them the best option for low cap token/coin holders!

Anyway I’ll leave 2 articles about why you should buy hardware wallets. you can check below for links. enjoy
https://www.reddit.com/r/ledgerwallet/comments/7jjw3d/is_it_worth_it_to_own_a_hardware_wallet_usd/
https://www.wellrigged.com/are-hardware-wallets-worth-it/
https://prokey.io/blog/are-hardware-wallets-worth-it-%3F