When buying and selling cryptocurrencies, you want to know your money is safe in a place where no one can get to it. The best way to safeguard your crypto tokens against thieves is to store them in a hardware wallet.
Let’s take a minute in this post to look at what a hardware wallet is and why it’s better than leaving your tokens stored in the exchanges where you buy and sell. Read on to find tips for keeping your crypto tokens protected.
What Is a Hardware Wallet?
A hardware wallet secures crypto tokens by locking your private keys away in an actual physical device. The device keeps the private keys separate from all the other information your computer allows access to.
How Does It Work?
Many who trade crypto tokens allow the popular exchanges to hold their tokens along with their private keys. That leads to a risky situation where others have access to your wallet and private keys.
With a hardware wallet, your private keys are in your possession, and only your possession. Should someone steal your hardware wallet, they wouldn’t likely be able to get your keys out as they’re 100% encrypted. They cannot transfer them out of the wallet in plaintext.
What Does a Hardware Wallet Protect Against?
This device will keep your cryptocurrency and private keys safe from malware and computer viruses. You’ll also be protected against keyloggers and phishing scams.
Generally, online token wallets are highly vulnerable to cyberattacks. A hardware wallet makes it nearly impossible for hackers to get to your private keys. It’s worth it to find one that meets your needs if you’re buying and selling crypto tokens.
How Much Do They Cost?
You’ll find them at different prices. A hardware wallet runs from around $20 up to about $200. Choose the right one for your needs and safeguard your crypto tokens from online criminals.