Here's why you should use a Hardware Wallet

There are some ways to store your crypto assets, but hardware wallets are definitely the most secure

Innovations are the forerunners of technological advancements observed in the world we are living in today. If you are not innovative or creative in your field of development, there is a tendency for your technology to be overwhelmed by more advanced technologies. This is also applicable to every facet of life including the blockchain technology and cryptocurrency space.

A typical example is the creation of the bitcoin blockchain which is the foundation upon which every other blockchain was developed and deployed. It was developed with a very small block size unlike the second generation and third generation blockchain which are quite larger and faster to confirm transactions; they can even scale better on all fronts with the possibility of bridging their blockchain seamlessly on other platforms. The same is applicable to crypto wallets. 

What are crypto wallets? 

A cryptocurrency wallet is a device, physical medium, software or a service that stores the public and/or private keys for cryptocurrency transactions. There are several types of crypto wallets such as the hardware wallet, soft wallet, paper wallet, centralized wallet, and decentralized wallet. Let us look at their concepts:

  1. Centralized wallets and exchanges are trading platforms that, in essence, function in the same way that a traditional brokerage account or stock exchange would. Central exchanges are owned and operated by a central third-party that maintains ultimate authority over the exchange, account, wallet, and transactions.

  1. A decentralized wallet means that the holder of the keys will be the sole person who has access to the crypto wallet. It allows the holder to use the keys to send or receive cryptocurrency anywhere on the planet. Some people regard a decentralized wallet to be anonymous, but it is not. It is pseudonymous.

  1. A hardware wallet is a type of cryptocurrency wallet where you can store your private keys in a secure physical device. The cryptocurrencies stored in the wallet are kept offline, making it more secure against malicious actors. However, when needed, the coins stored are readily available. 

  1. A paper wallet is a piece of paper that contains the private keys that are used to facilitate cryptocurrency transactions. Because they are removed from the internet, at one point paper wallets were considered to be more secure than other forms of cryptocurrency storage.

The hardware wallet boasts of a high-level encryption technology which helps to prevent theft that can come in form of hacking, mobile SIM number swapping and other techniques used in defrauding users. It’s evident that the wallet devices are secured and thereby protect users from potential threats that can lead to loss of funds from hackers. Some of the reasons for using a hardware wallet include but are not limited to the following:

  • Security: To date, hardware wallets are the most secure way to store your private keys because they are kept offline and not susceptible to viruses. 

  • Self Reliance: Owning a hardware wallet allows you to be more self-reliant when it comes to protecting your crypto assets.

  • Physical size: Because a hardware wallet is smaller than a computer, storing your private keys on a hardware wallet makes it easier to transport your crypto assets when needed.

Using a hardware wallet can also provide peace of mind to the user. It can be stressful trying to manage private keys, software wallets, and other crypto-related programs, all while trying to ensure your computer stays very secure. With a hardware wallet, you can be more assured that your cryptocurrencies won’t unintentionally move. It can be hard to trust your ability to secure an intangible, internet-connected software wallet, but securing a physical offline hardware wallet provides another level of confidence in your method of crypto storage.

The Klever team has done a tremendous amount of work to ensure we maintain the level of security around our users and hence we have taken it upon ourselves by taking a step ahead, creating the Klever hardware wallet which will be our flagship physical hardware wallet. Klever will not stop at becoming the world's most innovative brand as we move into the next phase of our strategy.

After all, simplicity is Klever.

James Enajite
Klever Writer
Follow me on Twitter
https://twitter.com/jenajite

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