If you are investing in Bitcoin or any other crypto, a reliable and secure cryptocurrency wallet is an essential tool to have.
Crypto wallets come in different forms, such as hardware, software, and paper. Each one provides a different level of security and safety.
Picking the right wallet is essential, especially if you adopt the HODL (hold on for dear life) strategy for a Bitcoin long-term investment.
The HODL strategy is when you buy crypto and hold onto it for the long term, regardless of the market volatility. The point here is that these assets will increase over time.
Today, in 2024, it is worth over US$64,000.
This is why informing yourself about crypto long-term cold wallets is so vital. You want to be able to “set it, and forget it“.
In this post, we will go over our top picks for the best long-term cold wallets. We’ll outline each one of their features, pros, cons, and price points.
Recommended Features for Long-Term Crypto Wallets
There are a few key features you want to look for when deciding on a crypto wallet for long-term storage. Usually, those who are investing with the HODL strategy are looking for ways to achieve financial independence, therefore ensuring your Bitcoin and other crypto’s safety, and security is vital.
Cold Wallet to “Set it and Forget it”
➡️What defines a cold wallet, is that it stores your private keys offline. This reduces the risk of hacking attempts, and malware making them the ideal option for long-term storage.
There are two types of cold wallets to consider: hardware wallets and paper wallets.
- A hardware wallet is always more recommendable simply for maintaining the physical integrity of the wallet.
- Paper can rip and the ink codes can fade over time with simple wear and tear.
Security and Safety
➡️Look for security elements such as encryption and tamper-proof chips to protect your private keys.
➡️Back-up and recovery options: Seed phrase storage and recovery security.
User Control
➡️Private key ownership
➡️Self-custody
Diagram: Comparison of Long-Term Cold Wallets
3 Best Crypto Wallets for Long-Term HODL
1. Material Bitcoin
Material Bitcoin has a unique approach to cryptocurrency storage, offering a physical wallet designed specifically for Bitcoin. There are separate individual wallets for Ethereum and USTD as well.
Material Bitcoin is one of the only ready-to-use cold wallets available. You can even buy BTC directly from the Material Bitcoin websites or withdraw it from an exchange and store it directly in the wallet.
👌Key Features:
- Material Bitcoin is a physical Bitcoin wallet that was created to be durable and secure.
- It has no digital components meaning that it is immune to digital attacks.
- The physical card is made of AISI 304L stainless steel, making it waterproof, shockproof, and fire-resistant.
- There is a separate seed phrase wallet that you can purchase to accompany your Material Bitcoin cold wallet. This card is also made of stainless steel and you must engrave your recovery phrase on it.
✅Pros:
- Resistant to damage.
- Easy to use: The wallet is straightforward, with no need for software updates or complex setup processes. This makes it accessible even if you aren’t too tech-savvy.
- Secure physical storage and self-custody.
- No digital elements or components.
❌Cons:
- Limited to Bitcoin, Ethereum, or USDT.
💲Price:
- Fairly priced at $89, it is a reasonable price point for a hardware cold wallet.
🙋Best For:
- Material Bitcoin is ideal for beginner investors who are looking for one of the best long-term cold wallets. It’s perfect for storing your BTC without needing to worry about digital attacks or physical vulnerabilities.
2. Blockstream Jade
Blockstream Jade is a Bitcoin-specific cryptocurrency storage but also supports Liquid Network assets (a sidechain to the blockchain). This wallet is designed with a digital screen and prides itself on balancing security with ease of use.
👌Key Features:
- Open source: The wallet’s firmware and hardware designs are fully open source.
- Security: The Jade wallet uses multisig and singlesig transactions, and has air-gapped operations through its camera.
- The device has a 1.14-inch color screen and a click-wheel for navigation, and it connects via USB or Bluetooth.
✅Pros:
- Advanced security features with multisig support and a self-destructing PIN.
- Open-source software and hardware.
- Allows for air-gapped transactions: Via its camera, you can connect without relying on a third-party app.
❌Cons:
- Limited crypto compatibility.
- Mobile app issues: There are user complaints about bugs and usability issues, in particular with Apple’s iOS system.
💲Price:
- Blockstream Jade is reasonably priced at $64.99.
🙋Best For:
- Bitcoin investors who want access to Liquid Network assets.
3. CoolWallet Pro
CoolWallet Pro is a card-like hardware wallet similar to that of Material Bitcoin. The main difference is that CoolWallet Pro has a built-in digital screen. It is portable and supports 30+ main chains and over 12,000 tokens.
👌Key Features:
- Supports a large variety of cryptocurrencies: Including Bitcoin, Ethereum, Litecoin, and tokens from the ERC20, TRC20, and BEP20 standards.
- Security: Has implemented a secure element (SE) chip, and two-factor authentication.
- Staking and DeFi integration.
✅Pros:
- Security features: CoolWallet Pro uses a SE chip, two-factor authentication, and encrypted Bluetooth communication.
- Multi-currency support.
❌Cons:
- Screen vulnerability: Less durable compared to Material Bitcoin as the screen can break.
- Adds an element of user responsibility as the device needs to be charged.
- Higher price-point.
💲Price:
- CoolWallet Pro is priced at $149. This makes it the most expensive option on our list.
🙋Best For:
- Investors who want a wider range of cryptocurrencies, tokens, and staking options.
Long-Term Cold Wallets – Our Final Thoughts
Investing for your future means diversifying your portfolio, but we know that with so many options it can get confusing. Crypto vs. Stocks, or ETFs vs. Bonds…which one is best for long-term growth?
Regardless of which asset classes you invest in, when it comes to cryptocurrencies, secure long-term cold wallets are your only choice in safeguarding your digital assets.
As Bitcoin continues to grow and demonstrates its bounce-back potential, even after strong market volatility, it’s an important asset to invest in for your future.
FAQs
What is the most secure crypto wallet available?
- For physical security and digital protection, Material Bitcoin is your best choice. As it’s completely offline and has no electronic components, it is virtually unhackable. Perfect for long-term Bitcoin investments.
Where is the best place to store crypto long-term?
- Cold wallets, especially hardware wallets are the best places to store crypto long-term. Cold wallets give high security by keeping private keys offline.
What is the best long-term crypto coin to hold?
- Bitcoin is considered the best long-term crypto coin to hold because of its established market presence, security, and global adoption.
How do you hold cryptocurrency long-term?
- To hold cryptocurrency long-term, pick a cold wallet, with a reliable backup and seed phrase recovery option. And remember to always keep your private keys secure and offline.
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