The Best Crypto Hardware Wallets in Australia
What are crypto hardware wallets? If you want to find the best crypto wallets in Australia, hardware wallets are the most secure cryptocurrency storage system.
What are crypto hardware wallets?
If you want to find the best crypto wallets in Australia, hardware wallets are the most secure cryptocurrency storage system there is. To use them, just connect them with a USB cable to the computer and install it. Once this process is done, your cryptocurrencies can be deposited there and kept offline. This form of cryptocurrency storage is called cold storage.
The cryptocurrencies are stored in the wallet under the protection of a pin. That is exclusive to the device and not the computer. Its special technology to protect crypto makes it possible for you to connect it to an “infected” computer and not take any risk for it. The most advanced hardware wallets in this technology are also the most expensive.
This type of wallet is open source. A hacker attempt will be dealt with immediately by the many programmers who work on the wallets. In addition, thanks to this, they are developing by uniting talent and working together to improve their safety. Hardware with a screen is more secure, as they show us important details and allow us to verify them.
Why should we use a hardware wallet?
- Protection against computer viruses, malware and spyware.
- The private keys do not leave the device and are stored in a secure space where they cannot be deleted. Thus, trust in third parties is not required for the management of the keys and the management of cryptocurrencies; as with online wallets or hot wallets.
- It can be used safely and interactively, if we compare it with a paper wallet that must be imported into a software wallet in order to use it.
- You can store and manage multiple cryptocurrencies in the wallet.
- Likewise, hardware wallets allow adding extra security layers. For example PIN settings of choice or 2-factor authentication (2FA). These methods prevent a third party from using the device in the event of theft or loss.
- Hardware wallets usually have limited means of communication, thus seeking to maximize security.
- They are compatible with most of the operating systems available and have a seed that allows you to restore the keys and recover the funds.
Here are the best crypto hardware wallets available in Australia
There are actually different hardware devices from separate brands, so we will be reviewing the best crypto hardware wallets in Australia:
Ledger is a French company focused on security for cryptocurrencies. It began operations in 2014, made up of eight professionals from the security, cryptocurrency and entrepreneurship areas. They currently have two hundred employees and offices in Paris, Vierzon, New York and Hong Kong.
The company’s main occupation is the development of hardware wallets, being the creators of three devices: Ledger Nano S, Ledger Nano X and Ledger Blue. With the exception of the Blue, which is currently discontinued, Nano devices have a simple appearance, very similar to a pendrive, which is positive in terms of security as it goes unnoticed by those who do not know about hardware wallets, thus reducing the chances of physical attacks.
The first physical wallets were actually developed by the Trezor company, which has an excellent reputation in the field of security and information technology. Trezor wallets are physical devices that provide secure storage of private keys. It is also a deterministic wallet (HD), so it can generate an unlimited number of addresses starting from the seed.
Its system is compatible with Android, Windows, Linux and OS X, and when it is configured for the first time, it shows on the screen a seed of 24 keywords generated by an RNG without an internet connection. This guarantees that the seed will never be in another device. Thus, this device creates an ideal isolated environment for executing offline transaction signing. So it significantly reduces the chance that your private key will be discovered, even if the device you connect it to is infected or compromised.
KeepKey is a hardware wallet for cryptocurrencies that allows its users to generate and save an infinite amount of private keys, thus allowing to establish a reliable and secure system for the storage of tokens. This device was launched on the market in 2015 and was quickly acquired by many people.
What captivates KeepKey users is that it is not only a Bitcoin wallet, but it can also process transactions with LTC, DOGE, DASH, ETH, and more (50 cryptocurrencies in total). In addition, you can quickly change your tokens thanks to the Shapeshift integration of this hardware wallet.
During the initialization process, the device creates a 12-digit recovery phrase or seed that will allow you to recover your private keys (in case they are lost). For this and many other features, many crypto users choose KeepKey in Australia.
How to use hardware wallets?
Cryptocurrency hardware wallets such as the Trezor One or Ledger Nano S wallet are specially designed to raise security levels since the private keys are stored in the wallet itself and not on a computer or mobile device. For this reason, users must know how to use the device correctly.
To begin the configuration process, the wallet must be connected to a computer with an Internet connection, since this process is done online through the provider’s website, where they will specify the type of device and complete a data verification. In some cases, the verification will have to do with the hologram that comes in the device package.
For other cryptocurrency wallets such as Ledger Nano S, when using it for the first time the user must assign a PIN himself and note the backup. In addition, the user will have to make sure that this data is not provided by any other person.
In any case, it will be necessary to connect the device to the computer and complete the process through said link. The setup can last 10-15 minutes maximum. The longest time is used to enter the keywords in the notebooks provided on the packaging.
Upon completion of the process, the wallet will be ready to send or receive cryptocurrencies. The send, receive, transactions, signature, and verification tabs appear at the top of the computer screen. On the left side of the menu, the accounts that you as a user can create are displayed, one for each specific currency.
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Disclaimer: Information is current as at the date of publication. This is general information only and is not intended to be advice. Crypto is volatile, carries risk and the value can go up and down. Past performance is not an indicator of future returns. Please do your own research.
Last updated August 30, 2022