5 great benefits of hardware wallets that you need to know

<h2>Why is a cold storage wallet better than exchange wallets?</h2>
Have you bought any crypto coins recently? What type of storage option do you use to store your crypto coins? If your answer is a mobile wallet or a web wallet that is provided by exchanges like Coinbase, then I will suggest you reconsider your decision. Why? Two years ago, the biggest ever theft happened on the Chinese based cryptocurrency exchange named Bitfinex where hackers stole bitcoins of worth close to $70 million USD. Till date, the investors were not able to recover their coins. Recently, there was an attempt made by the hackers to stole coins from the popular exchange named Binance. (Source: OracleTimes). So, the trend of hacking popular cryptocurrency exchanges and stealing coins from the same has not stopped yet.

Now, how will you build a strong wall to protect your crypto coins? Because it seems that the firewalls provided by the cryptocurrency exchanges are not strong enough to block the hackers. Whether you are buying 1 BTC or 10 ETH, you need to make sure that it is 100% safe. Otherwise, you will lose your money. So, the ideal solution is to buy a cold storage wallet (also called hardware wallet) for storing your crypto coins. As per the name, hardware wallet will protect your coins in a "hard" way so that it is completely fail-safe and hackers cannot even think of stealing your coins. Why is a hardware wallet considered as the best storage option for storing your cryptocurrencies? See the below points:
<h3>Offline storage</h3>
Are you someone who likes to stay connected to the internet 24/7? Good. But, don't follow that procedure for your bitcoins and other cryptocurrencies. Because web and mobile wallets are always the targets for phishing attacks by hackers and fraudsters. Cold storage wallets are not susceptible to this kind of attacks as they always stay offline and will be connected to the internet only during the time of a transaction. That's why cold storage wallet is the best buy for storing your private keys.
<h3>Open source software</h3>
Trezor is the #1 leading manufacturer of cold storage wallets. Currently, the Trezor hardware wallets are available in two models namely: Trezor and Trezor Model T. The software which runs in Trezor are available as open source so that anyone can validate &amp; cross-check the security aspects of the device.
<h3>Extra layer of security</h3>
Any cold storage wallet will have a secondary screen which is nothing but the device's screen. Whenever you are doing some kind of transaction with your crypto coins, it will get approved only if you give confirmation from the device. Not clear? Let me explain with an example. Let's imagine that you want to send BTC to someone else. After entering all the details on your computer screen, you need to type your private key from the hardware wallet. Then only you will be able to complete the transaction successfully. As the key is visible only to you, your coins will be safe because no one can see your private key even if they are able to hack your computer.
<h3>Eliminate the risk of viruses &amp; malware</h3>
Desktops and Laptops always posses the risk of viruses and malware infections. So it is not advisable to use the desktop clients for storing your cryptocurrencies. If your computer is malfunctioning or broken completely, then it is impossible to recover your crypto coins resulting in a great financial loss.
<h3><strong>Support for Recovery</strong></h3>
Generally, cold storage wallets will allow you to restore the private keys, in case if you had lost your device somewhere or it is broken. Every hardware wallet will provide a unique recovery seed during its installation procedure. You can use those keys to recover your data. Recovery procedure depends on the device manufacturer. You can refer the instruction manual that is shipped along with the product to know the exact procedure for recovery.

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