Cryptocurrency is digital money that we can carry through devices that can be either phones or hardware wallets. On our phones, we can install non-custodial wallets and these are the applications that we can use to keep our crypto with us in one of the safest forms. Another option we have is a hardware wallet where we can keep our crypto tokens safely and so far this has been proven as one of the best and safest methods to keep crypto.
Now there is a question of why we need a hardware wallet when we can have the same sort of security through decentralised wallets those are also known as non-custodial wallets. In my opinion, it depends on how much crypto you have then you need to determine the level of security for your funds. For example, if you are holding crypto in less quantity which can be about a few hundred dollars. I don't think for this much of an amount you need to buy a hardware wallet because you will have to spend quite a good amount to buy a hardware wallet.
Some brands manufacture these hardware wallets but most of the wallets are expensive and roughly you will have to spend about one hundred to two hundred dollars for one hardware wallet. You don't need a hardware wallet unless you own a decent amount of Crypto. Like in the case of steem, you don't need a hardware wallet because you can keep your coins in the form of power and it is safe.
If you own Bitcoin in a decent quantity then for sure it is highly recommended to keep those coins in a hardware wallet. Keeping those funds in an exchange wallet is never recommended and this is why we say that not your keys, not your crypto and this should be followed. So technically you need a wallet when you hold a good balance of Crypto; spending money on a hardware wallet is not beneficial. I have one wallet which I will be sharing in my future post and I will also share my experience of using the wallet.
Thank you
Such wallets are very important in terms of security as they allow for offline storage of private keys. Thank you for discussing a nice topic.
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Glad you like it. Funds safety is important and with wallets we can do this
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Honestly I feel a hardware wallet is the best security for our crypto asset, you did good sharing
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Absolutely. The hardware wallet has been proven the best so far
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