A hardware wallet is a physical device that allows you to safely store your private keys on a piece of hardware. The private keys are stored on the hardware wallet and protected by a PIN and optional passphrase, allowing the user to easily create transactions without exposing their private key.
If in the unfortunate case where the hardware wallet is stolen, the bad actor won't have access to the private keys and won't be able to create any transactions (unless they know your PIN and passphrase). Many Hardware wallets also come with lock-out features where when a PIN is incorrectly entered, it either locks out the user or has a time delay enforced.
Hardware wallets do not expose your private keys to the internet, preventing unauthorized use. This is also why hardware wallets are also often referred to as cold storage.
If your hardware wallet is ever lost, the assets are backed up with a single seed phrase. This seed phrase, also known as a recovery phrase (often a list of 12-24 words in a specific order) can be used to regenerate your private key, allowing you to move your keys to a different hardware wallet with relative ease.
What are the Best Hardware Wallets?
Richard Knight
Learn to Profitably Invest in Low-Cap Gems
Some of the best returns ever seen within the cryptocurrency market have come from low-cap gems. In the beginning, there was only Bitcoin and if you purchased it when it was only a few dollars, this could have been considered a low-cap gem. While the opportunity to purchase Bitcoin for only a few dollars no longer exists, there is a thriving cryptocurrency market of over 10,000 actively traded cryptocurrencies - some of these are diamonds in the rough, also known as low-cap gems.
Follow us as we explore the cryptocurrency market in search of the next low-cap gem.
Signup for our FREE Newsletter
If you would like to learn more about the cryptocurrency space and new opportunities within this space such as low-cap gems (+100x returns), subscribe to our free newsletter below to learn more.
