A hardware wallet is a special type of bitcoin wallet that stores the user's private keys in a secure hardware device. The risk of theft or unauthorised access to your digital currency is reduced almost to zero.
ContinueA hardware wallet is a special type of bitcoin wallet that stores the user's private keys in a secure hardware device. The risk of theft or unauthorised access to your digital currency is reduced almost to zero.
ContinueHardware wallets and safes for Bitcoin and other cryptocurrencies are considerably more secure than regular software wallets you can install on your computer. To connect them, you need a free USB port.
Although HW wallets and cryptocurrency safes offer the highest level of security, there are still risks you should know about.
Most HW wallets and safes are protected by a PIN code, so if you lose it, no one can access your virtual currency unless they have your PIN. A weak PIN can still be guessed, however, so make sure it's secure.
The longer the PIN, the more possible combinations there are. Some models start an automatic countdown timer that is extended for each time the PIN is entered incorrectly. There is also a recovery feature that can give you access to your cryptocurrency if you ever forget your PIN.
For example, a hardware wallet from the company TREZOR will prompt you to write 24 generated words on paper the first time you start it, which is used to regain access to your cryptocurrency in case you lose your device or somebody steals it from you.
Phishing is a social engineering method by which an attacker can try to misuse your sensitive data. In case of cryptocurrencies, an attacker may impersonate an acquaintance or relative and ask you to transfer money to his or her Bitcoin account.
Your hardware wallet can't check if the recipient's public key (address) is correct during the transaction. A malicious application on your computer may change this address, which means that you will unknowingly authorise a transaction that will send your money to somebody else. It is important to always double-check and triple-check the address before making any transactions and use up-to-date antivirus software.
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