Cold Wallet | Best Crypto Hardware Wallet

What is a cold wallet? This is simply a crypto wallet that is not connected to the internet. When choosing a crypto wallet, it’s important to consider several factors such as security, ease of access, costs, functionalities and more.

Hello, I’m Blooming Umoren.👋 Today’s tutorial centers on cold wallets for crypto investing. This is a crypto for beginners tutorial and I’ll walk you through everything you need to know about cold wallets to get started with crypto investing.

If you have any question(s), leave them in the comments section below and I will answer them. Feel free to connect with me on Youtube, Facebook, Instagram or Twitter.

So let’s go straight into today’s tutorial:

What is a Cold Wallet?

A cold wallet is simply an encrypted (protected) device that is not connected to the internet. It enables users to store their Bitcoin, Ethereum and cryptocurrencies safely and securely offline. One of the amazing features of a crypto cold wallet is its ability to help secure your crypto investments from potential loss due to security breaches and hacks. So because these devices are not connected to the internet, it makes them incredibly quite difficult to hack.

Cold wallets are sometimes called hardware wallets.

Examples of some cold wallets are:

  1. Ledger Nano X,
  2. Ledger Nano S Plus,
  3. Trezor Model T

What is the safest crypto wallet?

Cold wallets are the most secure type of crypto wallets and the best type of crypto wallets to store Bitcoin and other crypto coins and tokens long term. Cold wallets (hardware wallets) store cryptos on physical devices like a USB stick or flash drive and are not connected to the internet. Hence, they are incredibly secure and protected from theft and hacks. The Ledger Nano X is one of the top crypto hardware wallets.

Where can I buy the best crypto hardware wallet?

It’s highly recommended to buy directly from the manufacturer. It’s important to never buy your cold hardware wallet from third-party websites such as Amazon, EBay, BestBuy, Staples, AliExpress etc. This is because when you buy from third parties, you are more susceptible to receiving a compromised device, which could make you lose any coin stored on the device. Essentially, you are more vulnerable to losing your crypto investments because of the possible exposure to a device that has been tampered with.

As explained in the crypto for beginners tutorial – 5 Things To Do Before Investing In Crypto, it’s essential to move your crypto offline to a cold wallet.

📚  READ:  5 THINGS TO DO BEFORE INVESTING IN CRYPTO  ✅ 

There are several crypto cold hardware wallets and the best are the Ledger Nano X or the Ledger Nano S Plus.

Best Crypto Wallet - Ledger Nano X -Blooming Umoren

✅ To buy your cold wallet securely and safely directly from the manufacturer:

SHOP LEDGER WALLET? CLICK HERE 
Why should I store crypto on a cold wallet?

Cold wallets serve essentially as bank accounts that enable users to store and hold cryptos safely and securely offline. If you store your Bitcoin and cryptos on any crypto exchange, the exchange essentially owns and controls your digital assets and crypto investments.

In addition, you run the risk of losing your crypto should the exchange go bust, bankrupt or run away. Essentially, whenever you buy any coin or token on any crypto exchange, it’s important that you transfer it immediately to your cold wallet such as Ledger Nano X. By so doing, you own and control access to your crypto.  

Remember, the first rule for investing in cryptocurrency is: Never Leave Your Bitcoin or any crypto on any exchange. If you do, you run the risk of losing your investment to hackers or crypto exchange runs. You need to store your crypto offline in your cold wallet so no one has access to your digital assets, especially hackers.

What is the best way to protect and store Bitcoin?

The best way to protect and store your Bitcoin and crypto is to transfer off a crypto exchange into a cold wallet such as a Ledger Nano X.

Below is the next article to walk you through how to buy your first Bitcoin.

Questions?🤔

If you have any question(s), leave them in the comments section below. Feel free to connect with me on Youtube, Facebook, Instagram or Twitter.

See you in the next class! 👋

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I’m Blooming Umoren. I enjoy teaching about stock market & cryptocurrencies investing as long term cornerstones for creating and building multi-generational wealth.


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