There are a few different crypto investment strategies when buying Bitcoin and other cryptocurrencies. Some people have purchased portions of BTC and other coins, tokens, and NFTs as a way of diversifying their general investment portfolio, along with traditional stocks, bonds, and real estate; others rely on it to make international purchases or send money anonymously; while some have invested in crypto because they see and understand the future of decentralized finance.
These types of investors, usually have a HODL strategy. HODL, is a term in crypto investing that comes from a blog post back in 2013, where the word hold was misspelled.
The concept stems from the traditional stock market, but in this case, a crypto trader declared that he was going to HODL his Bitcoin during a market nosedive, hoping to wait out the volatility.
It went viral and is now commonly used to describe a way of long-term investing in crypto.
This blog post will look into the safest places for safeguarding your crypto best suited for long-term holding.
Best Crypto Wallets for Long-Term Hold
Before getting into each wallet and why we picked them as our top choices, we need to express that for anyone looking to HODL their crypto long-term, you need to do so on a cold hardware wallet.
NEVER leave your crypto, no matter how big or small the value, on a hot wallet or crypto exchange.
EVER.
Here are our picks for the best hardware wallets for hodling your crypto:
1. Material Bitcoin
One of the more unique cold hardware wallets available, Material Bitcoin is perfect for anyone looking to use the HODL method to build a crypto portfolio.
Material Wallets support BTC, ETH, and USDT and puts its focus on giving you a tangible holding of your digital assets.
🫰Price: Material Hardware Wallets start at $96 and can vary in price depending on customization and combo packs.
💸Fees: Apart from the initial investment of buying the hardware wallet, there are no additional fees associated with storing crypto on the wallet.
🔎Features: Gives you 100% offline storage, which significantly reduces the risk of online hacking and scams. The physical wallet is made of stainless steel and is therefore fire and waterproof. The slim and sleek size allows you to keep it in your back-pocket wallet, or a safety deposit box or safe.
✅Pros
- High Security.
- Easy to use and straightforward to move your Bitcoin, Ethereum, and USDT from an exchange to the wallet.
- Resistant to hackings.
- Will not break due to technical or digital defaults.
❌Cons
- Since it isn’t connected to the internet, moving funds is more time-consuming than other wallets, as you need to connect via a QR Code to make transactions.
2. Cypherock Wallet
A 5-piece hardware wallet, Cypherock Wallet supports over 9000+ cryptocurrencies and tokens. It is a good option for digital investors who are looking to HODL a variety of coins and tokens.
🫰Price: Cypherock Wallet is priced according to how many cards you buy for the “set”. Prices range from $79 – $250.
💸Fees: There are no additional fees for keeping your crypto on the wallet but standard network fees will apply if you make any transactions on the blockchain via their platform.
🔎Features: An innovative take on safeguarding your crypto known as Shamir’s Secret, is to split your private keys into five parts (individual cards). To access your wallet, you need 3 of the 5 cards.
✅Pros
- High security as you have split the keys onto multiple physical objects.
- Supports a wide range of cryptocurrencies.
❌Cons
- Expensive to use if you buy the full pack of 1x vault and 4x cards.
- It’s time-consuming and difficult to set up, especially if not familiar with the concept of Shamir’s Secret Sharing.
- You can potentially have security issues if you lose or misplace some of the cards or vault.
- The user responsibility is higher.
- The vault is an electronic component, which can break or have technical issues.
3. Ellipal Titan Wallet
The Ellipal Titan Wallet is a hardware wallet that uses an “air-gapped” digital device to store and control over 10,000+ coins, tokens, and NFTs. It appeals to the tech lover as this large touchscreen device has a 4” Lamination IPS display.
🫰Price: Retails for $169. Although the other wallets on our list have expensive add-ons, this is the most expensive wallet on our list for the basic version.
💸Fees: Transaction fees apply when buying and selling crypto, but there are no additional fees for storing your crypto long-term.
🔎Features: Air-gapped security, meaning that it isn’t connected to the internet, and also features a self-destruct mechanism to erase data if stolen.
✅Pros
- High security with self-destruct feature.
- Supports many cryptocurrencies.
- Easy to use interface.
❌Cons
- Price.
- Possible technical issues with screen and electronic components.
- User responsibility for charging battery and upkeep of device.
Key Factors to Consider When Choosing the Best Crypto Wallet to HODL
HODL has become so much more than just a meme; it is an approach to crypto investing that’s been tested out for over a decade. By holding onto assets through market fluctuations, investors aim to ride out short-term volatility and capitalize on the potential of big gains over time.
Since there are some dramatic price swings and volatility in crypto, the belief in holding your digital investments for the long run has become a popular strategy. Using the Bitcoin rainbow chart as a guide, many investors turn to it to know when to hold and when to fold their crypto.
When choosing a crypto wallet for long-term holding, there are several critical factors that you should consider:
- Security 🗝️
When selecting a crypto wallet for long-term holding you need to use a cold hardware wallet. Look for one that offers high protection not only for your private keys but also for your seed phrases. Some wallets, like Material and Ellipal have secondary seed phrase storage wallets available and also use a QR code-based scanning system to access your funds. This ensures that you are not connecting to the internet directly, giving you an extra layer of protection.
- Supported Assets🪙
Depending on your portfolio and whether or not you view Bitcoin as a good long-term investment, you want to pick a wallet that supports the coins and tokens you have chosen to keep long-term. From our point of view, there is a handful of crypto great for trading and making a quick buck, but for those who want to buy crypto and forget about it for a few years, picking BTC or a stablecoin is usually the “safest” option.
- Ease of Use 🕺
You want to make sure that you can easily set up your cold wallet and feel comfortable with being able to access it when you want to. It’s possible that you might not touch your hardware wallet for months or even years, so a simple setup and backup are vital if it’s not in everyday use.
A Secure Crypto Wallet for Long-Term Hodling
Picking the right wallet is crucial when it comes to storing your crypto, especially when all you want to do is set it up and forget about it!
The peace of mind that you get knowing that your investment is secure without worrying and checking if you’ve been hacked or compromised is invaluable.
Material Bitcoin is a leader in this regard, offering security and worry-free peace. With Material Wallets, you never need to remember to charge the device or make sure that it’s intact. The stainless steel card is all you need to store your crypto safely.
FAQs
What is the best wallet for storing Bitcoin long-term?
- The best wallet for long-term Bitcoin storage varies based on your needs, but always use a cold hardware wallet for top security.
Which crypto is best for holding?
- Bitcoin and Ethereum are usually the top choices for long-term holding as they have a strong market presence.
What is the most stable long-term crypto?
- Bitcoin is seen as the most stable long-term crypto due to its established market position. Ethereum is also a stable option as its blockchain technology and dApps continue to grow.
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