What are hardware wallets?
Firstly you have to know what are hardware wallets?
A hardware wallet is a special type of Bitcoin wallet which stores the user's private keys in a secure hardware. Device wallet is a physical electronic device, built for the sole purpose of securing bitcoins. The core innovation is that the hardware wallet must be connected to your Computer, Phone or Tablet before Bitcoins may be spend.
How hardware wallets work?
Hardware wallets are secure, offline devices. They store your private keys offline so they can't be hacked. This means you can even use one on a malware infected computer.
A hardware wallet is a special type of Bitcoin wallet which stores the user's private keys in a secure hardware device. they have major advantages over standard software wallets:
- Private keys are often stored in a protected area of a micro controller, and cannot be transferred out of the device in plaintext.
- Immune to computer viruses that steal from software wallets.
- Can be used securely and interactively, as opposed to a paper wallet which must be imported to a software at some point.
- Much of the time, the software is open source, allowing a user to validate the entire operation of the device.
Why a hardware wallet with a screen is important?
In the table below, you'll notice we show which hardware wallets have screens.
Screens provide extra security by verifying and displaying important wallet details. Since the hardware wallet in nearly.
- All the operations and transactions are executed on the device. It can display only the result of it: a HASH of each operation.
- Have a screen to display some information
- Have one or more physical buttons
- Display transaction information
- Require a manual confirmation of an operation using a hardware button.
- Allow to create a backup of private keys if the device is broken, lost or stolen.
- Require to install manufacturer provided software.
- Works on all modern versions of Windows Linux and Mac OS
- Does it work on Android
- Doesn't allow to install any software on the device.
- Require to set up a pin code or even multiple pin codes.
- Support only few top crypto currencies.
Find out more at cryptoversal.com.