Where to Store Cryptocurrency
What is the best option to keep your crypto safely?
If you already bought Bitcoin or any other cryptocurrencies through an exchange platform, you might think it is be safe to keep your cryptocurrencies on the exchange (which is called a custodial wallet). However, it is strongly recommended for everyone to have a separated crypto “wallet” to secure their own digital assets. This article will go through what a crypto wallet is, how it works and the best crypto hardware wallets available in Australia.
- Content
- 1. What is a Crypto Wallet?
- 2. Public Keys and Private Keys?
- 3. How a Crypto Wallet Works?
- 4. Types of Crypto Wallets?
- Hot and Cold Wallets
- Custodial Wallets
- Software Wallets
- Paper Wallets
- Hardware Wallets
- 5. The Best Crypto Hardware Wallets in Australia
- Ledger Nano S
- Ledger Nano X
- KeepKey
- Trezor One
- Trezor Model T
- 6. Revews of Hardware wallets
1. What is a Crypto Wallet?
It is like a bank account where you can store or transfer your cryptocurrencies.
Unlike traditional currencies, Bitcoin and other cryptocurrencies are digital assets, your coin will be stored in a crypto wallet regardless of where you live in the world. The wallet can be on your mobile phone, your laptop, physical hardware devices (most recommended) or even a piece of paper.
However, it is important to note that your crypto wallet does not store your cryptocurrencies, but remain on blockchain. It may be a bit confusing but let’s look at the details in the following columns.
2. Public Keys and Private Keys?
Even though you have a crypto wallet, your cryptocurencies still remain on the blockchain. A public-key cryptography or asymmetric cryptography is a cryptographic system that uses public keys (which is published for ANYONE to see) and private keys (which ONLY the owner knows).
Every public keys matches to ONLY ONE private key. A public key and a private key are used to encrypt and decrypt messages. For example, Amy wants to send Ben an encrypted message. She uses Ben’s public key to encrypt the message. When Ben receives the encrypted message, he uses his Private key to devcrypt it to read the message.
3. How a crypto wallet works
Simply put, a public key is like a bank account number made of long numbers and letters, which forms an address of a crypto wallet. It is used to send cryptocurrencies to the wallet. A private key is like a PIN number to access the cryptocurrency thtough the wallet. So when a public key matches with only one private key, the transaction will be processed.
4. types of crypto wallet
It is important to understand the pros and cons of each type of wallets in order to choose one that suits your needs. For instance, if you want to trade your cryptos frequently, you might want to use a hot wallet, so that you can access your cryptos easily, whereas if you want to buy and hold your cryptos long term, a hardware wallet may give you the most benefits.
Cold wallets are not connected to the internet, which may be more secured as it is stored offline but it’s less convenient. (eg. a hardware wallet and a paper wallet).
It is recommended to keep your crypto in a cold wallet if you have a few thousands dollars' worth of coins.
Custodial Wallets
It is very convenient to use but you don’t have the private keys for your coins, which means you’re not in full control of your cryptos. Essentially, you’re entrusting the exchanges to keep your cryptos safe. Crypto exchanges typically hold millions of dollars’ worth of cryptos for their customers and are prone to be the targets of hackers.
Paper Wallets
Paper wallets were used a lot back in the early days of Bitcoin. Nowadays, they are not as popular due to their disadvantages. These include, the need for printers, which are unsecure devices, paper wallets are also prone to damage and to be misplaced, and copies of the paper wallets can be seen by other’ if they are not stored properly.
Software Wallets
Usually they are free to use and very convenient to make transaction. However, the main downside is that your private keys are exposed every time you connect to the internet.
Hardware Wallets
This is the most recommended option to keep your digital assets safely. Hardware wallets can store your private keys offline, which means your private keys are never exposed to the outside world. Also, you can use the hardware wallets safely on a computer even if the computer has been compromised by virus.
5. the best crypto wallets in Australia
The following table shows the best hardware wallets available in Australia. (*Prices are subject to change and should be used as a general guide only)
*Please remember that you have to purchase one from reliable sources. It is the best to purchase directly from the manufacturers. It is NOT recommended using consumer-to-consumer sales platforms like eBay for the security reason. The links for the official websites will be provided in the following table. When receiving your hardware wallet, carefully examine if the packaging has been tampered.
Hardware Wallets
COMPARE FEATURES
Price*
Supported Cryptos
Size (mm)
USB HD device
Display Screen
Display Screen (pixcels)
Control
PIN Code
Certified by ANSSI
Starter Pack for Begginers
Back Up
Review
ledger nano x
$184
1,100 +
72 x 18.6 x 11.75
128 x 64
OLED
2 Buttons
24 words recovery pharse
Go to Section 6.1
keepkey
$58.42
6 + 47 ERC20 Tokens
32 x 93.5 x 12.2
256 x 64
OLED
1 Button
Touchscreen
12 words recovery pharse
Go to Section 6.2
trezor model t
$231.05
1,200 +
64 x 31 x 10
240 x 240
Colour
Totchscreen
12 words recovery pharse
Go to Section 6.3
Hardware Wallets
COMPARE FEATURES
Price*
Supported Cryptos
Size (mm)
USB HD device
Display Screen
Display Screen (pixcels)
Control
PIN Code
Certified by ANSSI
Starter Pack for Begginers
Back Up
Review
Ledger Nano s
ledger nano x
$184
1,100 +
72 x 18.6 x 11.75
128 x 64
OLED
2 Buttons
24 words recovery pharse
Go to Section 6.1
keepkey
$58.42
6 + 47 ERC20 Tokens
32 x 93.5 x 12.2
256 x 64
OLED
1 Button
Touchscreen
12 words recovery pharse
Go to Section 6.2
Hardware Wallets
COMPARE FEATURES
Price*
Supported Cryptos
Size (mm)
USB HD device
Display Screen
Display Screen (pixcels)
Control
PIN Code
Certified by ANSSI
Starter Pack for Begginers
Back Up
Review
trezor model t
$231.05
1,200 +
64 x 31 x 10
240 x 240
Colour
Totchscreen
12 words recovery pharse
Go to Section 6.3
1. Ledger Nano S & Ledger Nano X
1. Ledger Nano S & Ledger Nano X
- One of very popular hardware wallets founded in 2014.
- Support over 1000 cryptos
- Only certified hardware wallets by ANSSI (The Agence nationale de la sécurité des systèmes d’information. English: National Cybersecurity Agency)
Pros
- Less cost
- Support over 1000 cryptos
- Ideal for beginners and people who only want to store a few cryptos.
- Less capacity (up to 6* apps)
Capacity
Up to 6* apps installed on your device, among 1.100+ compatible crypto assets
*depending on app size
Compatibility
Computer
- Windows 8+
- MacOS 10.10+
- Linux
Mobile
- Android 7+
- Not iOS
Contents
- 1 hardware wallet
- 1 USB-C to USB-A cable
- 1 getting started leaflet
- 3 recovery sheets
- 1 keychain strap
Pros
- Support over 1000 cryptos
- High capacity (100+ apps)
- Ideal for people who own and plan to own multiple cryptos
- Connect Ledger Nano X to the mobile app via Bluetooth
- Expensive
Capacity
Up to 100* apps installed on your device, among 1.100+ compatible crypto assets
*depending on app size
Compatibility
Computer
- Windows 8+
- MacOS 10.10+
- Linux
Mobile
- Android 7+
- iOS 9+
Contents
- 1 hardware wallet
- 1 USB-C to USB-A cable
- 1 getting started leaflet
- 3 recovery sheets
- 1 keychain strap
Ledger is currently offers a Crypto Starter Pack for beginners.
Contents
- Ledger Nano S
- Beginner’s guide in PDF with ultimate tips and tricks
- $25 voucher, which will be mailed 14 days after purchase that allows you to buy your favorite crypto!
So, technically you’ll be buying a Ledger Nano S for $82 (More details at Official Site).
- Founded in 2015 and acquired by Shapeshift in 2017.
- Shapeshift is a non-custodial crypto exchange platform and KeepKey is the premier wallet of the platform
Pros
- The cheapest hardware wallet in this comparison.
- Ideal for beginners and people who only want to store a few cryptos.
Cons
- Limited supported crypts (6 + 47 ERC20 Tokens)
Compatibility
- Windows, Mac, Linux,
- Android, Chrom OS
Contents
- KeepKey hardware wallet
- USB cable
- Recovery sentence backup card
3. Trezor One & Trezor Model T
3. Trezor One & Trezor Model T
- The first cryptocurrency hardware wallet founded in 2014 and still very popular choice
- Support over 1000 cryptos
- Trezor One is the first generation and Trezor Model T is the second generation, which more advanced, secure and also expensive.
Pros
- Less cost
- Ideal for beginners and people
- Less supported cryptos compared with Model T
Compatibility
Computer
- Windows 10+
- MacOS 10.11 +
- Linux
Mobile
- Android
- NOT for iOS and Windows
- ChromOS is not yet officially supported, but it should work via Google’s WebUSB+
Contents
- Trezor Model One device
- Micro USB cable
- 2x Recovery seed card
- Trezor stickers
Pros
- More supported cryptos compared with Model One
- Ideal for people who own multiple cryptos especially newer tokens
- Expensive
Compatibility
Computer
- Windows 10+
- MacOS 10.11 +
- Linux
Mobile
- Android
- NOT for iOS and Windows
- ChromOS is not yet officially supported, but it should work via Google’s WebUSB+
Contents
- Trezor Model T
- Model T magnetic dock
- USB-C cable
- 2x Recovery seed card
- Trezor stickers
Trezor is also currently offers a Starter Pack for beginners.
Contents
- Trezor Model One hardware wallet
- Seven-step illustrated leaflet
- Coinify promo code worth €10 of cryptocurrency
More details at Official Site
