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Monero’s (XMR) steady growth is making it one of the most popular cryptocurrencies in the current crypto market. An increasing number of people are turning towards this crypto coin. This can be the effect of its privacy policy, investing purposes, and many more. With the increase in investment, it is important to find a reliable Monero wallet or a hardware/cold wallet to store your XMR coins.
If you take a single look at the reviews online, you will be able to find various Monero wallet sellers. In this article, we will see the types of crypto wallets and also the Monero wallet that are available in the market.
Monero Wallet Types
Primarily there are two types of Monero wallet and they are used for all cryptocurrencies in general. They come in two varieties – hot wallets and cold wallets.
Hot Wallets (Software, Desktop, Mobile App, etc.)
Hot wallets refer to those wallets that require an internet connection constantly. These include software and everything online. The main benefit of using a hot Monero digital wallet is you can use that anytime anywhere. It is very easily accessible. This means you can transfer your XMR coins easily and quickly.
This is important for those who are looking to trade Monero. An online wallet will allow you to respond to market changes instantly and also fastens up the process of buying and selling.
But along with advantages, hot wallets also come with some disadvantages. Since the hot wallet is connected to the internet in some form, there is a risk of data leakage that prevails. Since hackers are always targeting the crypto exchanges as there is a lot of money so hacking them is not a big deal. Anything on the internet can be hacked.
Cold wallets (Hardware Devices, Paper Wallets, etc.)
Cold wallets are just the opposites of hot wallets. It is any wallet offline. Mainly it comes in hardware devices that look like USB ports. Hardware Wallets are seen as a way to go. If you want to see top level security for your Monero cryptos then you should always opt for a hardware wallet. With Monero offline wallets there is no tension of your cryptos getting hacked or scammers trying to reach out to your funds. It is impossible since your device is not connected to the internet and harmful third parties will not get access to any of your information.
For starters, it is always recommended to have cold storage. There will be few hassles when doing a transaction as you have to transfer them on to an exchange and then transact. But that pain is worth the security that you are getting.
The only drawback of the Monero cold wallet is that the hardware device costs a certain amount. If you can invest there at the beginning then you will not have to worry about your Monero coin’s security.
Factors to Consider When Choosing A Monero Wallet
So now that you have an idea of the most popular Monero Hardware wallets on each platform, it’s time for you to make a selection. You need to pick the right wallet for your needs. Ask yourself questions like:
- What is the interface like? Can I use it easily?
- What are the protections and attributes each wallet has to protect my privacy?
- How secure is my XMR from theft if I use this wallet?
- Can I get support from the wallet’s provider if I find some issues?
- Is this wallet still developing, or is it an old wallet that does not receive any improvements or upgrades?
- Is this wallet generally liked by people looking for the same features and security as me?
Top 2 Monero Hardware Wallets That You Can Buy
As mentioned earlier, the demand for Monero cryptocurrency is increasing with each passing day. So now is the right time to think about its protection. Hot wallets and cold wallets both are available for storing these cryptos but it is always a safer option to choose cold wallets as that do not require any internet connection. Hence all your data are in safe hands. Here are the two best Monero cold wallets that you can choose from.
Ledger Nano X
The Monero Wallet named Ledger Nano X is the second generation Hardware wallet. Ledger is a French company that was started in 2014. This company is popular for making various types of hardware wallets. Its Nano S is one of the first hardware wallets and serves its best purpose.
Now coming to its physical get up, Nano X looks like a USB drive and is able to connect to your device via USB or Bluetooth. This means that in order to connect there is no need for a computer, the device can be easily connected to your Android or iOS. This device can store up to 1,500 digital currencies, which is a good number.
Along with that, this device is made very customer-friendly. It provides an interface where it manages all the transactions of the user. Additionally, there are options, that if the user wants then they can add other different cryptocurrencies as well. This is currently the most popular hardware wallets for cryptocurrencies along with others.
Trezor Model T
Trezor like Ledger is a name that is well connected to crypto wallets. This model is the same as that of Ledger, but this model gives access to third-party external exchanges like Changelly and Shapeshift directly from the interface of their website.
This model is a touch screen wallet that can be easy for beginners that are fumbling with unknown buttons. Along with that, it comes with a MicroSD card slot, where the user can use a MicroSD card to encrypt the PIN for more security. Since this device comes with a Type-C cable, the user can connect this to both a smartphone or a computer.
Conclusion:
Over the time, Monero cryptocurrency has become relevant and so the use has increased. With the use, there has been an increase in the usage of Monero wallet. Primarily Digital wallets and Hardware wallets are used. Both of them have their pros and cons. Do good market research and then choose the one that is ideal for you.
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