The market for cryptocurrency hardware wallets is set to become a multimillion industry by 2029. Over the next seven years, it will experience a huge spike in revenue as increasing numbers of crypto owners purchase hardware wallets. But with market hikes come seemingly endless options.
So, it will no doubt become harder to choose the perfect option. Therefore, Moshe Hogeg reports that cryptocurrency users should consider these seven options below to make the right choice for them.
Supported Coins
No two wallets were created equally. Therefore, they don’t all support the same types of cryptocurrencies.
For those who know which currencies to store, it’s an easy decision. But those who are still on the fence should pick the one that works with the broadest coin range.
It’s worth noting that some hardware wallets allow space for specific coin types, but don’t allow the ability to buy, sell, stake, or exchange them.
Connection Type
Wallets on the lower end of the price scale connect to computers or smartphones using a USB (or USB-C) port.
As they grow more expensive, Bluetooth comes into the mix, and some don’t require connections at all — they scan QR codes with their built-in cameras to provide offline transactions.
One connection type isn’t necessarily better than the other. However, Bluetooth and QR-code scanning are certainly superior for ease and flexibility.
Screen
The majority of crypto hardware wallets currently available come with a small OLED display with buttons to navigate the features. However, some options, like SafePal, come with a larger, colored screen.
Depending on the user’s wants, they could also choose a Ledger Blue or Trezor T for larger, smartphone-esque touchscreens.
Design and Aesthetics
The design is the first thing many notice about hardware wallets.
Most of them are discreet, allowing them to blend seamlessly with other everyday items like car keys. That said, others are made to draw attention as they’re constructed from precious metals.
Personal taste plays a major role in choosing an aesthetically pleasing hardware wallet. However, users should also consider the build quality for phenomenal durability and sturdiness.
Price
Experts recommend purchasing crypto hardware wallets from official sites only. After all, the fewer third parties involved, the better.
The cheapest options are the Ledger Nano S, SafePal S1, and Trezor One. Those with bigger budgets can consider the Ledger Blue, Trezor T, and Ledger Nano X, which are over $100.
Ease of Use
Most wallets are easy to configure and use. Although, some require paying an additional setup fee.
Ease of use won’t be an issue for crypto owners who have uncomplicated devices or don’t plan to use many features. But those who frequently deal with transactions between different wallet addresses will need extra security measures, making ease of use more pressing.
Backup Options
Some wallets let owners use private keys, while others necessitate using their services. Since funds can be lost if the device is compromised, owners should think carefully about their hardware’s backup options.
