Trezor vs Ledger: Which Cold Wallet Is the Best?

The crypto industry is a lucrative space. However, users have to battle two main threats to protect their investments: volatility and security. A user can safely navigate the former (volatility) with financial acumen and sound risk management strategies. However, the latter (security) can be more difficult, especially since crypto scams are growing in number and sophistication.

Typically, hacks are due to a strategic vulnerability or backdoor attack. Since 2011, the crypto world has suffered major hacks, resulting in the loss of millions of dollars worth of crypto assets. In extreme cases such as the Mt. Gox hack, the exchange had to suspend trading; it remains the biggest Bitcoin heist in history.

In the case of crypto, a major liability is and remains how (or where) a trader stores his or her crypto. As the saying goes, not your keys, not your crypto. If you store your crypto on an exchange, then you don’t actually have control over your coins, which is why using a “cold” or “hard” wallet (the two are synonymous) is so important, whether you’re a new trader or a more seasoned veteran (in which case you should already know the importance of cold wallets).

What Are Crypto Wallets?

In simple terms, a crypto wallet is a digital vault for storing any of the hundreds of popular cryptocurrencies available on the market. Technically, however, its first function isn’t to store cryptocurrencies; rather, it holds the private keys that give access to the…