Crypto Hardware Wallet: Fully Explained
 
 
 
 
 
 

Crypto Hardware Wallet: Fully Explained

/ 11:26 AM December 19, 2022

You risk losing everything you worked hard for when you store all your crypto assets on exchanges. 

A hardware wallet that is not connected to the internet (commonly known as a “cold wallet”) is a better and much safer way to store your crypto assets, using technically advanced features to protect users’ digital assets and increase privacy.  

We’ve put together the best crypto hardware wallets for you, but before we get right into it, we need to know what a hardware wallet is.

What are Crypto Hardware Wallets?

If you’ve been in the crypto world long enough, you must have come across different crypto wallets, from online crypto wallets like Coinbase (commonly known as a “hot wallet”) to cold wallets like the Ballet REAL Series Wallet. These terms may be challenging to new crypto users.

Crypto hardware wallets are offline storage devices used to store crypto assets. And just like hard drives and flash drives, hardware wallets are detachable and very secure. They present the safest way to store cryptocurrencies. 

Crypto Exchange vs. Hardware Wallets 

Crypto exchanges like Binance, FTX, and CoinBase have become very popular in the world today, and this is because most users leverage these centralized exchanges for crypto transactions on their mobile devices and computers. 

On the other hand, a hardware wallet stores your crypto assets offline. Storing your crypto this way means that only you can access your assets with private keys. A crypto hardware wallet gives you complete control over your digital assets and an extra layer of security and privacy. 

Crypto hardware wallets take advantage of the main advantages of cryptocurrencies, including fast transactions, self-custody, and decentralization. Ballet REAL Series hardware wallets provide these features and an excellent user interface, which is far superior to hot wallets.Crypto Exchange vs. Hardware Wallets 

Why Hardware Crypto Wallets are Safe For Beginners 

Many crypto newbies get worried when they come across any offline wallet. This is mainly because the user interfaces that most hardware wallets feature seem complex. 

However, hardware wallets do not only give you privacy; they also allow you to make transactions with custom transaction fees. This does not apply to exchanges like FTX and Binance, as they have fixed transaction fees. 

Exchange wallets are just custodial accounts that exchanges provide. Users are at the mercy of exchanges when they store their crypto assets. In the event of a hack or compromise, users risk losing everything. 

As a new user, you should first consider your funds’ security. A hardware wallet ticks all the boxes regarding security, as users can only gain access to their wallets with their private keys. Additionally, users are always advised to keep most of their funds off exchanges to avoid losing them.  

A simple case is what happened with FTX, the world’s fourth-largest exchange in trading volume. Days after Coindesk leaked Alameda’s balance sheet, which had a $10 billion hole, FTX’s CEO Sam Bankman-Fried filed for Chapter 11 Bankruptcy, which means users’ funds cannot be accessed. 

This shows that a hardware wallet is the safest crypto wallet available today. Are you still wondering if you should get a hardware wallet? Let’s explore the pros and cons of having a cold wallet.

Pros of Hardware Wallets

Some advantages of hardware wallets include:

Extra Security

Although many hot wallets claim to be extremely secure, they don’t come anywhere close to a good cold wallet. Cold wallets provide extra security for your coins even when your computer isn’t secure. Because hardware wallets have users’ private keys stored on a piece of hardware, they are much less vulnerable to cyber attacks or phishing. 

One Wallet, Many Assets

A multicurrency hardware wallet interacts with multiple blockchains at the same time. Therefore, users can store different digital assets on one device. For example, you can store Bitcoin, Ethereum, Litecoin, Dogecoin, and hundreds of other cryptocurrencies on the same Ballet REAL Series Wallet.

Convenience

Most hardware wallets leverage very sleek designs so that they are easy to carry from one place to another. The Ballet REAL Series Wallet is made in the size and shape of a credit card, which is the most convenient shape of any hardware wallet on the market today.

The QR code on the front side of a Ballet wallet makes it incredibly easy for users to deposit funds without any configuration or setup. 

Cons of Hardware Wallets

Some disadvantages of hardware wallets include:

Expensive

The average price of a wallet is around $100. Although it is a one-off purchase, it can be discouraging, especially for those who are newer to crypto. 

Buying these expensive wallets can be a bad investment if you don’t have so many assets. However, the Ballet Real Series Wallet is quite affordable. Starting at only $35.00, it’s a convenient and secure wallet you can trust.

Replicas

It becomes easy to look for cheaper alternatives when considering a hardware wallet’s price. People often look for discounts, and, as a result, they buy counterfeit or compromised wallets and lose their assets. 

Users should always put funds safety first and use brands like Ballet. The brand has several security measures to ensure users buy authentic wallets while providing a way to confirm validity.

Best Hardware Wallets For Crypto For Beginners 

Many wallets are available in the market today, and selecting the best hardware wallet to store your assets can be challenging. We’ve put together a list of trusted crypto wallets that offer the best security and an amazing user interface.  

#1 – Ballet Wallet

#1 Ballet Wallet

Ballet is a U.S company founded by Bitcoin expert Bobby Lee. Bobby Lee, a seasoned crypto pioneer with over a decade of experience in the crypto industry, is also the author of The Promise of Bitcoin, a Wall Street Journal bestseller, and co-founder and former CEO of BTCC (the first Bitcoin exchange established in China). He founded Ballet in 2019 after BTCC was sold to a Hong Kong investment firm.

The Ballet REAL Series Wallet is a non-electronic physical hardware wallet that gives users complete control over their assets while providing maximum security. Ballet features a two-factor cryptographic private key, which is meticulously concealed on the body of the wallet.

Ballet Products

Since its inception, Ballet has rolled out two carefully designed products:

Both products are secure, offer amazing features, and have an easy user interface; however, they have different use cases. 

The REAL Series is perfect for you if you’re looking for a non-electronic multi-currency physical crypto wallet to store your assets. It delivers premium features and does not require any maintenance or updates. 

The PURE Series is a great option if you want a Bitcoin-only, single-use product. It is a great gift for family and friends,enabling people without crypto experience to safely store crypto for a long time. It is not a wallet.

Features of the Ballet REAL Series Wallet

Besides the elegant design, the Ballet REAL Series has several other premium features.

Multi-Asset Support: You can store and manage hundreds of digital assets on your Ballet Wallet. This includes cryptocurrencies like Bitcoin, Ethereum, Litecoin, Dogecoin, and countless other tokens and NFTs.

Deposit Crypto: You can easily make deposits into your wallet by scanning the QR code on the front side of the wallet or manually inputting the deposit address shown in text right below the QR code.

Swap Crypto: You can swap between different cryptocurrencies with the Ballet Crypto app in 6 easy steps.

  • Select the cryptocurrencies you’re swapping from and to
  • Enter the amount
  • Input the laser-etched passphrase under the scratch-off material
  • Peel off the top QR code sticker with your public address 
  • Scan the encrypted private key under the sticker (shown on a yellow background)
  • Confirm the transaction details, then tap “Swap” to complete the transaction

Buy Crypto: You can buy cryptocurrency using your credit or debit card on the Ballet app in 4 easy steps.

  • Open the Ballet Crypto app and select the crypto wallet you want your crypto deposited into
  • Select the cryptocurrency  you want to buy
  • Enter the last three digits of your wallet serial number
  • Enter your card details and confirm the transaction

Send Crypto to Multiple Addresses: The Ballet Crypto app allows you to send crypto from a REAL Series Wallet to multiple wallet addresses.. 

Also, this feature currently only supports the following cryptocurrencies: BTC, BCH, BCHA, BSV, BTG, BCD, LTC, Doge, DASH, QTUM, RVN, ZEC, DGB, and QTC.

Benefits of Using a Ballet REAL Series Wallet

Benefits of Using a Ballet REAL Series Wallet

There are lots of benefits to using Ballet, which include:

Trusted and Secure: Ballet secures its users’ funds with BIP38 two-factor private keys, giving them complete control over their assets. BIP38 is an open-source encryption method that has proven to be unbreakable since it was created in 2013. 

Non-Electronic And Requires Zero Setup: Ballet offers the best experience as far as crypto hardware wallets are concerned. Their wallets are non-electronic and on no account connected to the internet. This makes it impossible to get hacked.

Also, the wallet’s design allows users to deposit into their wallets and enjoy full functionality once they unbox it.

Anti-Counterfeiting Design: When it comes to your finances, it is important to always buy brands that prioritize safety. Ballet hardware wallets boast a rigorous anti-counterfeiting design and multiple verification levels to protect people from counterfeits, so it is easy to know if your wallet is genuine.

Perfect Gift for Family and Friends: The classy design of the wallet makes it an amazing gift for friends and family. It is also a great starting point for people new to the crypto space. 

And similar to gift cards and cash, the person holding this crypto wallet owns its assets. 

Supports 100+ Coins: Ballet’s flagship product – REAL Series, supports hundreds of cryptocurrencies, tokens, and NFTs. From Bitcoin and Ethereum to Dogecoin and Litecoin, this device can store most of the major crypto assets.

Verdict

Ballet offers everything we want in a hardware wallet. From a sleek and easy-to-carry design and industry-leading security to an amazing user experience that requires zero tech knowledge, the Ballet Wallet is an absolute steal for the price.

#2 – Ledger Hardware Wallet                   

#2 Ledger Hardware Wallet

The Ledger Nano X is a hardware wallet produced by Ledger, a company in France. The Nano X is a typical cold wallet that looks like a USB flash drive. This device is an upgrade to its predecessor – the Nano S, and users can connect to their computers or mobile phones via Bluetooth and USB.

Similar to other multi-currency wallets, this device supports over 30 crypto tokens, including Bitcoin and Ethereum. 

Pros of Ledger Hardware Wallet

Having been around for a long time, Ledger is a household name when it comes to cold wallets. This device can store different types of coins in a single wallet. The user interface allows users to transact directly from their wallets to centralized and decentralized exchanges.

Cons of Ledger Hardware Wallet

Ledger wallets need continuous updates. This can be time-consuming for users, as they have to reboot the Ledger Live software after each update. 

Although this brand is the first to allow wallets to connect via Bluetooth, it is far from efficient. Different reviews show it’s not easy to establish these connections. 

The data breach that happened in 2020, where over a million customer IDs were stolen, makes users an easy target for phishing scams.  

#3 – Trezor Hardware Wallet

#3 Trezor Hardware Wallet

Satoshi Labs rolled out their latest product – The Trezor Model T. Being a well-known brand in the crypto space, the brand took user experience to a new level by including a touchscreen interface. The Model T is a multi-currency wallet, so users can store several crypto tokens, including Bitcoin and Ethereum.

Pros of Trezor Hardware Wallet

Supports different crypto tokens and allows users to swap to fiat on the wallet. 

Cons of Trezor Hardware Wallet

Compared to top-tier wallets, the Model T is very expensive. At $213, you get basic features and a touchscreen which is rather unnecessary in a wallet.

Ballet Wallet vs. Ledger Nano X

Ballet is a new but firm competitor in the scene. Run by trusted names in the crypto space, the company has grown in leaps and bounds while prioritizing users’ security and experience. 

The Nano X offers several features but comes up short in executing what is supposed to be its best feature – Bluetooth connectivity. The security concerns at Ledger is another thing to consider; this keeps customers on their toes and takes away the peace of mind that a hardware wallet promises.

The REAL Series easily takes the win for user experience, as it is the only wallet you can use straight out of the box, requires zero technical knowledge, and doesn’t need any updates or maintenance. 

As far as security, Ballet takes it home. Since its inception in 2019, the brand has had zero security failures or product defects resulting in loss of user funds. Their non-electronic and anti-counterfeiting approach is the first of its kind. 

Conclusion

Storing your entire net worth on cryptocurrency exchanges puts you at great risk. And although it may be pricey, managing your cryptocurrency from a hardware wallet is a big step towards insulating yourself from exchanges and phishing attacks. 

Starting at $35, the Ballet Wallet is a good buy whether you’re new to crypto or you’re simply looking for other options. This feature-rich brand offers the safest and easiest way to store crypto. It is also a great way to gift your family and friends while introducing them to cryptocurrency.

Read More:

Ballet Crypto Wallet: The Best Hardware Wallet for Storing Crypto

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