6 Best Advantages of Hardware Wallets in 2021
A hardware wallet, otherwise known as a cold wallet, is an encrypted physical device designed as the sole access point for your digital currency and cryptocurrency portfolio.
With the only possible way to access your digital assets held in encrypted offline storage, safely in your possession, there’s no route for anyone other than you to gain access. In this sense, hardware wallets act as a vault for your cryptocurrency and in the case of Kinesis, your digital gold and silver.
Unlike the secure offline storage of a cold wallet, crypto wallets stored on a computer or database, accessible via the internet are labelled hot wallets. As hot wallets are constantly connected to the internet, they can be more vulnerable to the attacks of hackers or viruses.
As a hardware wallet is only connected to the internet when in use, it provides an additional layer of security and protection from external threats.
With that in mind, here are the specific advantages of a hardware (cold) wallet.
1. The private key remains unexposed
With a cold wallet, the only place you will ever be required to enter your private key is on your encrypted hardware device. Since your password never comes anywhere near a computer, it’s never exposed to the possible security risk of being copied or hacked.
2. The Increased Access Security of Pin Encryption
Most hardware wallets are encrypted with pin protection, while others also come with the extra security of biometric login.
In the unlikely event, someone manages to get hold of your physical cold wallet and attempts to figure out your code, the security features of the device will automatically lock them out after 3 attempts.
3. Hold multiple digital currencies in the same cold wallet
Conveniently, digital currency and cryptocurrency don’t take up much space at all. In fact, there is no limit to the amount of cryptocurrency or digital currency you can hold in your offline storage solution.
Some hardware wallets allow you to hold multiple cryptocurrencies at the same time, and the Kinesis CoolWallet S falls into that category.
4. No vulnerability to computer viruses
Crypto wallets stored on the PC or the internet can be affected by viruses.
The majority of computer viruses are designed to attack system software, which means they won’t compromise the security of a hardware wallet device at all.
5. Transaction verification on the hardware device
Every transaction you make must be verified through your encrypted hardware wallet. So, without access to your cold wallet, it’s impossible for anyone else to make a transaction.
Providing you keep your device safe, and out of the hands of any potential hackers, you can be sure no one will be able to get access to your stored cryptocurrency or digital currency.
6. Kinesis Only – Store gold and silver digital currencies
Kinesis Cool Wallet S is the only hardware wallet on the market that lets you store Kinesis gold bullion and silver bullion based digital currencies.
Securely store Kinesis KAU, KAG and KVT, alongside a wide selection of cryptocurrencies:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ripple (XRP)
- Ethereum (ETH)
- Litecoin (LTC)
- Horizen (ZEN)
- Omni Tether (USDT)
- Icon (ICX)
- Binance Coin (BNB)
What are the other benefits of Kinesis Cool Wallet S?
- Battery Life
There’s a reason we call the encrypted Kinesis CoolWallet S a portable vault. Users are offered the added security of a biometric login, plus physical 2FA checks, ensuring the safety of digital assets.
The battery of the Kinesis CoolWallet S is built for regular use. The battery life can be expected to last roughly 2 weeks, with just 2 hours full charge time.
The Kinesis Coolwallet S is built to withstand the tests of everyday life, the portable offline storage solution has drawn industry praise for its resilience.
The size of a credit card, the Kinesis CoolWallet S can be kept on your person and out of harm’s way, at all times.
Connect to the Kinesis app (iOS/Android) via Bluetooth helping you get the most out of your digital assets, safely.
How much does it cost?
The Kinesis CoolWallet costs $99 for a single device.
Or, if you want to be extra, extra secure, you can divide your digital assets between two Kinesis CoolWallets, and purchase two for $159.