We have all heard about Bitcoin, tokens, and non-custodial investments. As the political volatility of the world changes and popular figures like Elon Musk and Zack Zuckerberg continue to make headlines by buying and selling crypto – not to mention the infamous “pump-and-dump” scheme played by Musk for DogeCoin – normal people like you and me also want in on the action. As the world seems to be changing, investing in cryptocurrency is leading the way in 2024.
In this post, we are going to lay out all the ins and outs of Ethereum.
We all use the term Bitcoin as a general name for crypto, but here we are going to explore Bitcoin’s competitor in the cryptocurrency domain and explore your best options for storing Ethereum.
What is Ethereum and Why Should I Be Buying It?
Ethereum is another platform of crypto that uses a blockchain, similar to Bitcoin in this way, however, it also differs from Bitcoin as Ether (what the coin of Ethereum is called), allows for several different methods of exchange other than cryptocurrency, such as smart contracts and the Ethereum Virtual Machine (EVM).
As of right now, Ether ranks below Bitcoin in terms of value, however, it is estimated to jump in the coming years. The DeFi sector is estimated to grow rapidly from now until 2025, causing many of the top crypto experts to buy ETH, which is further driving its value to grow to an estimated $5,000 by 2025. With further predictions estimating a $10,000 value by 2030 if the SEC approves EFTs on the blockchain.
Our prediction? Ethereum is here to stay and should be considered a long-term investment for any crypto enthusiast.
Why Choose a Cold Wallet for Ethereum?
The basics are simple when trying to compare the types of wallets available for safeguarding your crypto, and ETH is no different.
You have hot wallets, those linked to the internet and therefore can be easily hacked and tampered with. Cold wallets, that do not rely on the internet to store crypto, and a few more versions, like paper wallets, software wallets, and electronic wallets.
But, cold wallets, which do not use the internet nor have separate devices that need to be connected to other external devices that can be tampered with, like a computer, are hands down the safest way to store your long-term digital investment.
Top 5 Cold Wallets for Storing Ethereum
1. Material Bitcoin:
Made out of AISI 304L stainless steel, the Material Ether Wallet is a great choice for anyone looking to keep their ETH coins safe for the long haul. As the wallet is a hardware ethereum cold wallet, it is offline, making it 100% hacker-proof and is also water and fire-resistant. Syncing your ETH to Material Ether is easy as step-by-step tutorials are provided for this user-friendly wallet.
2. Trezor Model T:
Security features include a PIN and passphrase with an additional backup wallet available if you ever lose or break your Trezor wallet. The Model T uses an LCD digital touchscreen and a MicroSD card slot. It can connect to Apple, Microsoft and Android devices. Unlike that of Material Ether, this hardware wallet still physically connects to a computer, which can be susceptible to hacking.
3. Ledger Nano S Plus:
Different from its counterparts Ledger Stax and Nano X, the Ledger Nano S Plus is truly offline as it does not allow for Bluetooth connectivity. It has a large memory and allows you to install over 100 apps simultaneously and manage over 5500 digital assets, however, as this is an electronic wallet, users must be responsible for charging the wallet and keeping it safe from the elements.
4. KeepKey:
Is an offline ETH storing wallet that is creating some buzz with new crypto investors as it is known to be extremely user-friendly. It works on PC, Mac, Linux, and Android as it is a USB HID-class device. Like Ledger Nano S Plus, this is electronic and relies on devices that connect to the internet to later manage your ETH. Keep in mind if buying KeepKey, that it is made in the US and therefore voltage and plugs will differ for international buyers.
5. GridPlus Lattice1:
A unique hardware wallet, it is connected to the MetaMask blockchain, which means that you can have multiple wallet addresses associated with the GridPlus. It has a 5” touchscreen display, making it a bigger hardware wallet option than the other ones on our list. What makes this wallet more secure, is the option of using SafeCards, which is a physical credit card-like plaque that stores your seed phrases for added security. It is a pricy option, coming in at $397!
Cold Wallets: Electronic vs Non-Electronic
As mentioned on our list, there are various types of hardware cold wallets available, some being electronic and non-electronic. But what is the difference? Is one more secure than the other?
✅ Pros of an Electronic Wallet:
- Digital and offers visual displays.
❌ Con of an Electronic Wallet:
- Relies on a digital device that usually needs to be charged (user responsibility).
- Connects to devices using internet connections, making it easier for hackers and scammers to get hold of your funds and information.
✅ Pros of a Non-Electronic Wallet:
- The safest option for protecting seed phrases and PIN codes.
- Unhackable.
- Doesn’t rely on users to charge or change the battery for functionality.
❌ Con of a Non-Electronic Wallet:
- You can’t send or receive crypto from the physical wallet itself.
Storing Ethereum for the Long-term
The advantage of storing ETH long-term is that you get full control of your private keys and how it is managed. You can control when and to whom you send and receive funds without relying on a third party, such as a bank.
Picking the Right Hardware Cold Wallet for Your Ethereum Assets
The choice is yours when deciding how and where to store your ETH long-term. You need to evaluate what is important to you. Accessibility? Safety? User-friendliness?
Luckily for you, all of these are found with Material Ether. It checks all the boxes as a safe place to store your digital investment with easy access to your crypto by scanning the QR Code on the steel plate and guaranteed assistance through its live chat and website tutorials.
FAQs
Can You Cold Store Ethereum?
Of course! Ethereum can be securely stored in cold wallets, which are offline storage devices like hardware wallets. Storing it offline on a hardware cold wallet is the safest and best option for long-term ETH investors.
What is the Safest Cold Crypto Wallet?
Material Ether is the safest cold crypto wallet available on the market. It is made of steel and indestructible, unlike other offline options like paper wallets.
Is It Safe to Leave ETH on Exchange?
Leaving Ethereum on an exchange has risks, like hacking and security breaches which is why a hardware cold wallet is the safest place.
0 Comments