Cryptocurrency is growing rapidly with nations of the world now adopting it as a legal tender. It has not been legalized in many nations of the world due to issues that include scams, theft, and volatility.
One of the ways of keeping crypto assets safe from hackers is by storing them in cold storage. It is one of the most secure storage methods.
As crypto investors who look to make a profit by investing in digital currencies, it is important to check the best out there.
In this post, we’ll see the top cold storage options for crypto investors today. For the sake of beginners, let’s learn about cryptocurrency cold storage and how it works.
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What is Cryptocurrency Cold Storage?
Cold storage is removing your cryptocurrency keys from your wallet and storing them somewhere that is not connected to the network or internet. It is a hot storage when stored online and not offline like the cold storage.
Cold storage shouldn’t have access to an electronic device except when plugged into that device when you’re accessing your keys. It is less convenient than other security methods, but that means it is more secure.
Originally, this storage method consisted of writing down the keys on a piece of paper and removing them from the wallet. Cold storage has since advanced because users have billions of dollars worth of cryptocurrency.
Understanding Crypto Storage Methods
You’ll need to have a knowledge of cryptocurrency wallets before accessing its storage options. For cryptocurrency users, wallets function somewhat similarly to physical wallets, which hold cash. However, these wallets hold cryptocurrency keys. They are digital storage tools that have both a public and private key.
These keys are strings of cryptographic characters necessary to complete cryptocurrency transfers to or from a wallet. The public key is similar to an email address—it identifies your wallet so that other users can send you coins. The private key is like your email password, used to access your email account to check your email.
For safety, you can store the keys somewhere other than your wallet. When you store in a place online (with access to the internet) is called hot storage while cold storage is not connected to the internet.
Top 10 Cold Storage Options for Crypto Investors in 2022
Here is a list of the top cold storage options for investors to securely store their cryptocurrencies. They are listed and discussed below in no particular order.
Trezor was launched in 2014, and has since become a favorite among bitcoin investors. Its latest version, the Model T, comes in black, with a color touchscreen. Here, the input is done via the device, thus preventing any risk of hacking by a keystroke logger.
2. Ledger Nano X
This is one of those physical crypto-cold wallets where you can manage, exchange, and buy your crypto on the go. Here, mobile users can use their wallets on their phones. This means that even if you do not have your laptop around you, you can still trade effectively from your Android and iOS devices.
3. CoolWallet Pro
This crypto-cold wallet has the size of a credit card. This wallet is produced by CoolBitX and works with Android and iOS devices and connects via Bluetooth. A point worth mentioning is that the CoolWallet Pro allows you to hold 55 crypto assets.
4. The KeyStone Pro
This is yet another hardware wallet that looks like a cellphone with its large full-color touch screen. It has an air-gapped option with no NFC, WIFI, USB, or Bluetooth connectivity! Additionally, Keystone Pro offers fingerprint security as well.
Arculus is a cold storage wallet that is protected by 3-factor authentication: a biometric lock, a 6-digit pin, and a tap-to-transact function. What can get better than this? Its easy navigation stands out to be another USP. Here, the users can send, exchange crypto for fiat, or swap crypto for crypto through their app.
6. Ledger Nano S
Yet another best cold wallet that Ledger introduced is Ledger Nano S. It is unique as one of the first cold wallets compatible with 1800+ cryptocurrencies.
7. Safepal S1
Safepal S1 takes pride in supporting 19 blockchains and 10,000+ crypto tokens, including non-fungible tokens (NFTs). This is considered to be one of the best cold storage wallets as it intends to provide crypto customers with a safe, simple, and easy-to-use crypto management solution.
8. Ellipal Titan
This is the world’s first air-gapped cold wallet, that aims at providing you with complete network isolation. Ellipal Titan is built with no online components or ports for cryptocurrency app support. It supports over 40 blockchains and more than 10000 tokens.
9. Keystone Pro
This air-gapped cryptocurrency cold wallet comes with a four-inch touchscreen, open-source firmware, and fingerprint sensor. The fact that one can integrate QR codes to sign transactions deserves a special mention. No wonder, it is one of the best crypto wallets that has reduced the risk of malware interruption.
It is a secure Bitcoin cold wallet that uses the same offline, cold-storage public and private keys. What makes KeepKey completely secure against physical theft is that it is protected by a personalized pin code.
Is Cold Storage Best for Cryptocurrency?
Yes, cold storage is the best for securely storing your digital assets. It removes your private keys from your wallet, so it is currently the best method for storing your cryptocurrency private keys because it denies anyone access to them.
What Happens When You Put Cryptocurrency in Cold Storage?
When you place your keys in cold storage, they are removed from your wallet. You still see your cryptocurrency in your wallet because ownership is stored on the blockchain, but you cannot use them until you move the keys you want to use back to your wallet.
Cold storage options are the best shot for crypto investors. It’ll help secure their crypto assets bought with their hard-earned money from hackers. It is important to look out for the best cold storage options that suits you.