Bitcoin cold wallets are storage devices specifically designed to store bitcoin offline so that it’s not accessible on a web server. This is security precaution often done when large amounts of bitcoin is being kept and you would like to avoid an online intruder or hacker having access to the entire bitcoin reserve online. This is especially useful for bitcoin investors that do not want to keep their bitcoin on an exchange, in fear that if the exchange gets hacked (MtGox, anyone?) they will lose their entire investment.
- Do I need a bitcoin cold wallet?
Answer: Bitcoin cold wallets are the perfect solution for storing bitcoin away from an online server ensuring that you keep your bitcoin secure.
- How does a bitcoin cold wallet work?
Answer: Similar to how USB flash drives, a bitcoin cold wallet allows you to transfer any bitcoin you own online into the cold wallet so that you can take it offline and protect it against potential theft or hacking.
- Is a bitcoin cold wallet the solution for me?
Answer: If you handle a small amount of bitcoin, it may be okay to leave it on an online storage space. However, if you handle a large amount of bitcoin, it may be a good idea to store in many places, and we would highly recommend placing at least some in a cold wallet.
Our Top Picks
Ledger Nano S – Cryptocurrency Hardware Wallet by Ledger
The Ledger Nano S – Cryptocurrency Hardware Wallet is the ideal storage for Bitcoin. In fact, it was designed to store multiple cryptocurrencies including Bitcoin, Ethereum, Litecoin, Dogecoin, Zcash and Dash. It’s sleek design makes it very handy and portable as if you own a simple USB flash drive. The device is also plug and play with easy on-device configuration and PIN protection. The Chrome App works great and is regularly updated. The device itself has limited wallet storage, it’s perfect to keep it safe from online hackers and all you need to do is to plug it in to start using the online currency. Want to know more about this cold wallet? Then check out this YouTube review.
Trezor One – Digital Bitcoin Hardware Wallet and Password Manager – Cold Storage for Cryptocurrency – Ultimate Security and Protection – Supports Multiple Coins including Ethereum and ERC-20 – Black
The Trezor One Digital Bitcoin Hardware Wallet and Password Manager is another great device for cold storage of cryptocurrency such as Bitcoin. The cold storage is very small and handy so It’s easy to carry around but also can easily be lost if not careful. Unlike other cold storage wallets, it does not have a built in USB socket but instead comes with a USB cable, albeit quite short. The device is fairly easy to use and is great even when connected to a computer as it provides 100% blocking of access keys. The application used is open source which means it will be easy to update, if necessary. This device is definitely handy to bring along and even store Bitcoin from your online. For more information on this device, you can check out this YouTube review.
KeepKey – The Simple Cryptocurrency Hardware Wallet by KeepKey
KeepKey is one of the most secure Bitcoin Cold Wallet storage with bank-grade security. It touts to be simple to use that even the most technologically challenged can use to safeguard their Bitcoin. The wallet does not have an operating system so it is protected against viruses, malware and keyloggers. The device is USB plug and play and will work with Windows, Mac, Linux and even Android. However, don’t expect a lot of functionality on this device as it does one thing and one thing alone, store your Bitcoin through walls of security. You also will not be able to remove old accounts so you will still have a purview of those accounts even if they are already defunct. However, in terms of simplicity and the level of security, this is definitely one to pick up if you need the cold storage. Find out more in YouTube about this product.
ColdTi: Cryptocurrency Seed Storage Wallet With Unique Anti-Tamper Seals for Unbranded Cold Storage by TopHat Technologies
Like the Cryptosteel, the ColdTi is a Seed Storage Wallet that allows you to store recovery seeds for your hardware wallets. This tool works with hardware wallets such as Trezor One, Ledger Nano S and KeepKey. This tool works with 12 or 24-word seed and in any language which makes it perfect for keeping your private cryptocurrency information. The design of the tool is simple and unbranded ensuring that it does not draw attention to itself. It has anti-tamper seals as well to allow you if the device has been opened. Some users have reported though that not all packaging includes the anti-tamper seals and decals which makes this level of security. Check out this YouTube review to find out more.
CoolWallet S Wireless Bitcoin Wallet by CoolWallet S
The CoolWallet S Wireless Bitcoin Wallet is probably one of the most innovatively designed hardware cold storage wallets out there. It is the size of a credit card that allows you to connect to an android or iOS device and lets you access your cryptocurrency conveniently and at any time. It’s almost as if you’re using a credit card when using this wallet. It allows for the use of multiple cryptocurrencies including Bitcoin, Ethereum, Ripple, and Litecoin to name a few. It has a paper thin display that allows you to view information when connecting to an android or iOS device. And for such a small device, it has an amazing battery life with up to 2 weeks of continuous use with only 1.5 hours needed for a full charge. Some users have complained that the android app sometimes crashes or will not work entirely requiring you to reboot the app and the button on the device does not as responsive. However, for its price point and convenience, it’s probably one of the best cold storage wallets out there. Check out this YouTube review to find out more.
Cold Storage Wallets are definitely not for everyone but if you are the type to trade and use bitcoin or other cryptocurrencies, you will want a way to secure your money offline away from the prying hands of computer hackers. Bitcoin cold wallets allow you to store this money offline that you can come back later to use later on. The added security measures allow you to be secure in the thought that no one except you will have access to your cryptocurrency. It’s definitely worth getting if you intend on holding a lot of bitcoin for a long time, and do not intend on checking up on it often.