How to Store Cryptocurrency Offline?

How to Store Cryptocurrency Offline?

As Bitcoin and cryptocurrencies gain more and more in value, there is a higher incentive for hackers to steal your coins. Bitcoin and cryptocurrency is real money. Safety of these coins should not be taken lightly. Storing your coins in an offline wallet is the safest way to store cryptocurrency right now. Although it is not without its flaws.

A hardware wallet is just one type of offline wallet. You can learn about other types of cryptocurrency offline wallets here. This article is focused on hardware wallets as a method of storing cryptocurrencies offline.

Hardware wallets are the most desirable way to store cryptocurrency offline. Apart from keeping your cryptocurrency safe, a hardware wallet can also be used to store all cryptocurrencies in one place. So, here is the list of best cryptocurrency hardware wallets:

Ledger Nano S

How to Store Cryptocurrency OfflineLedger Nano S is probably the most popular hardware wallet that can be used to store cryptocurrency offline. The initial setup is fairly simple and very straightforward. When you set up the wallet, you are required to create a pin. Later on, you are given a seed phrase, in case you need to recover your private key. It only takes 4 minutes to set up your Ledger Nano S.

Your cryptocurrencies are stored offline in your Ledger Nano S, but you are required to install different apps to send and receive coins to/from this wallet. These apps include chrome applications and various software.

One advantage of this wallet is you can use Ledger Nano S with your existing wallet. Some of these wallets include Copay, MyEtherWallet, Bitgo, etc. A wallet like MyEtherWallet allows you to store all Ethereum based tokens. So, you can literally store thousands of coins on your Ledger Nano S when connected with MyEtherWallet. The Ledger Nano S natively supports 23 coins as of today.

As of now, there is no known security flaw in this wallet. Accessing coins on this wallet requires you to connect to a computer with a USB. If you transact with Bitcoin regularly, this is not a convenient way of accessing your coins. But this is exactly why this wallet is so secure. Whenever you disconnect this wallet from the computer, it essentially makes it offline. making it nearly impossible to hack.

Ledger Nano X

ledger nano xThis is the successor of Ledger Nano S. Nano X was officially released in 2019. Storing cryptocurrency offline has never been this easy with Ledger Nano X. It has Bluetooth connectivity and a built-in battery for mobile use. Your private keys are securely stored offline in this wallet. Even if the Bluetooth was hacked, your keys and coins are safe, because the Bluetooth connection is only used as a transport layer for public information.

Just like the Nano S, this wallet gives you a recovery phrase in case you need to recover your wallet. Nano X has more storage than the Nano S (up to 100 apps). So, you can store all your crypto assets in one place. As of now, Nano X supports 1185 coins. You can check out all the supported coins here.

To send coins from Ledger Nano X, first, you need to connect to the computer or mobile application. Nano X is very simplistic with only 2 buttons and a small monitor. You can get one here.

Trezor One

trezor one - store cryptocurrency offlineTrezor One wallet is another hardware wallet that can be used to store bitcoin and cryptocurrencies offline. It is said that this wallet is safe to use even on a compromised computer. With Trezor One, you are in charge of your private keys unlike many other types of wallets.

You can store, send, and receive cryptocurrencies through the wallet’s interface. As of now, this wallet has never been hacked and no known security flaws. Trezor One’s firmware and hardware is open source, so anyone can examine the internal components.

When setting up your Trezor One, you are required to create a pin and store your recovery phrase. These security measures make Trezor One even more secure. To access your coins, you have to connect Trezor One to your computer and go to wallet.trezor.io. Then depending on the operating system of your computer, you have to download the Trezor bridge.

Additionally, Trezor has a chrome extension and an Android app. As on now, Trezor One wallet supports 689 cryptocurrencies. Using Trezor One means you get to store all your cryptocurrencies offline in one place.

TREZOR Model-T

trezor model-t - store cryptocurrency offlineThis is the successor of Trezor One. The big difference between the two is, Trezor Model-T has a touch screen without any physical buttons. This wallet further improves security and just like Trezor One, it can be used even on a compromised computer.

Trezor hardware wallets are expensive than Ledger wallets. But, you could say, Trezor wallets are feature rich. The security of Trezor Model-T is second to none. You can rest assured that your coins are securely stored offline. Just like any other hardware wallet, the entire wallet is backed by a 12-word recovery phrase.

You are required to set up a pin when initiating the wallet. The pin number layer shuffles during each prompt for added security. Just like Trezor One, the code is open source. You can check out Trezor Model-T here.

KeepKey

how to store cryptocurrency offlineKeepKey is a thumb-sized, beautifully designed hardware wallet that can be used to store cryptocurrencies offline. The user interface is very simplistic and easy to navigate. Using the KeepKey client, you can send, receive and check all cryptocurrency transactions.

This hardware wallet does not take security lightly. The security features of this wallet are one of the main selling points. With KeepKey, your private keys are always offline and it is protected with the highest level of protection.

You are provided with a recovery phrase in case you need to restore your wallet. It is worth mentioning that, the process to recover your wallet is also secure.

When setting up your KeepKey wallet, you are required to add a security pin. This pin is asked whenever you send cryptocurrencies from your wallet.

KeepKey also supports hidden wallets. You can use your recovery phrase and an additional word added to it to access your hidden wallet. You can use the hidden wallet as your primary wallet and the surface wallet as your everyday wallet.

Additionally, KeepKey lets you use your hardware wallet as a paper wallet. As of now, KeepKey only supports Bitcoin, Namecoin, Dash, Litecoin, Testnet, Ethereum, Dogecoin, and 46 ERC-20 tokens.

Ellipal

how to store cryptocurrency offlineEllipal is another hardware wallet that can store your cryptocurrency, completely isolated from the internet. The design of this wallet is interesting. It does not look like a USB like other hardware wallets. The design of this wallet is similar to a smartphone. It has a 4-inch screen and a 5-megapixel camera. Unlike smartphones, this wallet does not support wifi, mobile connections or Bluetooth. So, it stays completely isolated from the internet.

Ellipal works with a mobile app and cannot be connected to a computer. To use this wallet, you need to download the Ellipal app. As of now, major cryptocurrencies and few ERC-20 tokens are supported. In case you damage or lose this wallet, you can still recover your wallet using the recovery phrase. Ellipal goes for $149. You can check out here.

Conclusion

These are some of the hardware wallets that enable you to store cryptocurrencies offline. However, there are many other ways to store cryptocurrencies offline. You can check out this article for that. All hardware wallets listed in this article have very good security measures. Although hardware wallets are expensive, they are quite feature-rich. You can rest assured your coins are safely stored offline.

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