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Before buying Bitcoin, it's important to understand how to protect it. In my opinion, the easiest way for new users to safely store their Bitcoin and other cryptocurrencies is with a hardwallet.
A hardwallet is physical hardware that stores your private key in a manner where they never leave the device. When using a hardwallet to make a transaction, it facilitates a handshake so the private key isn’t exposed during the transaction. Hardwallets use a variety of security-rated chips that allow them to be used on a compromised computer or phone. A key feature of Hardwallets is the internet isn’t required to generate new private keys. This makes daily use easy and secure.
I highly recommend you invest in one. These devices range from US$64.99 and up.
A softwallet is a software wallet that can be downloaded on your phone or computer. I do not recommend starting with one.
If the softwallet or the computer or phone is compromised, you will lose all your funds. For softwallets, the device itself is a common attack vector for hackers because beginners tend to leave their 24-word phrase on a file or save it in a screenshot. I recommend you get a hardwallet till you understand the proper cybersecurity steps needed to use softwallets safely.
A metalwallet is a physical wallet made of metal alloy. This type of wallet can only store 24-word phrases. So if you want to use a softwallet or hardwallet, getting a metalwallet can ensure your 24-word phrase survives fires, floods, and being buried. Some can withstand gunfire like Cryptotag’s Thor.
No legitimate crypto business of any kind will ask for your 24-word seed phrase.
No legitimate crypto business of any kind will ask for your 24-word seed phrase.
Hardwallet vendors
Hardwallet vendors
It’s important to know what cryptocurrency you will hold when considering a hardwallet. If you only care about Bitcoin, any of these hardwallets will do. There are other cryptocurrencies, for example, Cardano. Only Trezor Model T or Ledger hardwallets can generate Cardano addresses. It’s common for newer hardwallets to add support for coins in the future they don’t support today. Trezor is the world's first hardwallet and Ledger came soon after, so they have a head start on the competition and have the dependence of years in operation, But I do not recommend starting with Trezor, get a ledger or Coldcard.
Bitbox - has Bitcoin only hardwallets.
ColdCard - open-source, best for bitcoin holders.
Bitbox02 - best for multiple cryptocurrency like Cardano
When setting up a hardwallet, you must pay attention to the directions your vendor has provided. The first setup of your wallet can take an hour or two. Give yourself uninterrupted time to do this in a secure place.
Some hardwallets will auto-erase when an incorrect pin has been entered three times.
After finishing the setup of your hardwallet and before sending Bitcoin to it, I recommend that you erase the private key from the hardwallet and do a recovery of your private key with your 24-word phrase. This will get you familiar with doing a recovery while no Bitcoin is at risk and ensure you wrote your phrase down correctly.
Metalwallet venders
Metalwallet venders
I recommend you get a metalwallet. Take time to look at various vendors. Some vendors are better than others. It makes sense to spend a fair price on your only insurance. Stay away from hardware wallets made from Aluminum as you can see from the left, that is from just a blowtorch, imagine a house fire.
Bitcoin seed backup cost $50 USD
A Single steel plate that only needs to be hole-punched.
Blockplate costs $70 USD
A Single steel plate and they have a neat blog
Cryptotag costs $130 USD
Two titanium plates. I feel like John Wick would use Thor.
They send you a caramel-filled waffle with your order.
Paper and aluminum won’t survive fire, titanium and steel will.
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