The Best Hardware Wallet for Cryptocurrency

8 Mar 2022 Patricia Smith
Prokey Optimum Hardware Wallet

The year 2022 will surely bring with it new projects, opportunities, mass adoption, 100K BTC, and many more besides prosperity. Such an unexpected journey, as you might have thought, requires special measures, and the best cryptocurrency wallet. But, what matters most about the best cryptocurrency wallet? Is it security? Privacy? Transparency? Wide cryptocurrency support? Or being user-friendly? What if we tell you that there is one Bitcoin wallet covering all those features? Interested? Stick with us to the end of this article, to find out about one of the most valuable cryptocurrency hardware wallets.

Cryptocurrency Wallets: How Many Types Are There?

Before jumping to the best part of this article, which contains detailed information about the best hardware wallet you could get your hands on, let us review the different Bitcoin wallet types, and what makes one better than the other:

  1. Mobile Wallets

This is the most popular cryptocurrency type, with the best-known ones being metamask, and trust wallets. These cryptocurrency wallets can be downloaded at any time from an android, or iOS app website, and used for trading purposes for free. Although the zero price paid for these wallets makes them most appealing, the security implications coming with these wallets make them the least likely contender to be named the best bitcoin wallet.

Pros
  • Mobile wallets are free.
  • Since they are installed on Smartphones, mobile wallets can be easily carried around while on the go.
Cons
  • The security issues with these wallets are significantly grave, and many like the Trust Wallet, are still in the development phase.
Suitable For
  • Entry-level Users
  • Small Investors (shrimps, and crabs)
  • Transferring Small Amounts
  1. Desktop Wallets

In a competition about the best cryptocurrency wallet, desktop wallets would probably end up just above mobile wallets; and that is no coincidence, as these PC-friendly wallets function in a way very similar to mobile wallets. Desktop wallets most of the time, also come at no cost, but leave you exposed to the various sorts of threats and malware from the internet. The most popular desktop wallet seems to be exodus, and regarding portability, checking your balance on an exodus wallet from a 15.6-inch laptop while participating in the new year celebrations, might not prove as easy as on a Trust wallet.

Pros
  • Desktop wallets are also free.
  • Due to the bigger screen size, it is possible to carefully study all transaction details.
Cons
  • Desktop wallets are under the constant threat of an online attack.
  • Considering the size of laptops, checking wallet balance on the go might not be as smooth an experience as with mobile wallets.
Suitable For
  • Entry, or beginner-level users
  • Small to Medium Investors (fish, and octopuses)
  • Storing small amounts
  1. Exchange, or Online Wallets

These are the least reliable ones among cryptocurrency wallets, due to the storage of your private keys online. Exchange wallets are any wallet, like a Binance, or Coinbase wallet which could be accessed using a username, and a password. Considering login information is stored on the exchange websites' databases, you will need to put a lot of trust in the owner of an exchange website, and its security aspects to store your private keys there.

Pros
  • Ideal for trading.
  • Traders who store their coins, and tokens on exchange wallets, pay lower transfer fees.
  • An exchange wallet like the previous two is also free.
Cons
  • Exchange wallets are the least secure type of cryptocurrency wallets; leaving your funds exposed to the constant threat of online attacks, and at the mercy of whoever has access to website databases.
  • An exchange wallet will not function in the absence of an active internet connection.
Suitable For
  • Traders (more specifically day-traders)
  • Overly Small investors (shrimps)
  1. Hardware Wallets

Hardware, cold, or offline wallets, while being the main focus of this article, have also been at the center of attention of those investors seeking a more secure, and sustainable way of storing digital money. The reason is clear; cryptocurrency hardware wallets store private keys offline, and away from the threat of cyber attacks, these bitcoin wallets are also a sustainable choice for storing cryptocurrencies, as the wide cryptocurrency support will hardly leave you looking for another wallet. Overall, most cryptocurrency hardware wallets are preferred due to their impenetrable design. 

Pros
  • Hardware wallets store private keys offline.
  • Hacking hardware wallets require physical access to the device and therefore is nearly impossible.
  • Most hardware wallets offer wide cryptocurrency support.
Cons
  • Hardware wallets come at a price (this is probably the only mentionable setback of a cold storage device, but remember, nothing good is ever free!).
Hardware Wallet Features

While all hardware wallets do store private keys offline and offer support for numerous coins, and tokens, there are several distinct features a cryptocurrency hardware wallet may or may not have that could put it in a place higher or lower than its rivals.

  1. Closed-Source, or Open Source

This certain feature could be addressed under transparency, which confirms whether the source codes utilized for storing private keys could be accessed, and examined by users, or not. And as it is, transparency for a closed-source cryptocurrency hardware wallet is at its lowest degree, due to the unavailability of source codes, and enjoys the highest values with an open-source bitcoin wallet, where source codes are shared on an open platform, usually Github, to be inspected by security experts, and the public.

  1. Size

The size of a hardware wallet directly affects its portability, with bigger cryptocurrency hardware wallets being harder to carry around, and the small ones most preferred for in-pocket carrying.

  1. Material

What your hardware wallet is made of, directly affects its durability, and how long it will last under harsh conditions. Although it is highly unlikely, there might be readers from the Antarctic, or the Sahara wondering which material they must be looking for in the outer body of a cryptocurrency hardware wallet, to those readers we recommend hardware wallets from the most resistant material.

  1. Wide Cryptocurrency Support on Different Chains

Although most cryptocurrency hardware wallets provide support for various coins, there might be cases where a token is supported only on ETH, and there is no support for the contract on BSC yet. In such cases, you will need to pay the 10X amount of what would be required in BSC, in fees. A good example of that would be ERC20 and OMNI USDT; as a stable coin USDT provides financial stability in the most volatile crypto markets, but would you like to pay a portion of the profit you made in BTC in fees when converting it to ERC20? 

Of Course, you would not! For that reason, it is vital to find bitcoin wallets supporting OMNI USDT as well, so that in a bear market, you could easily convert your BTC into OMNI, and not pay a fortune for it.

  1. A User-Friendly Interface

No one would be happy to find out after paying the price for a cryptocurrency hardware wallet, that they would still need to rely on an unreliable software wallet for certain operations. This is why you will need to make sure the one you are going to buy covers all your needs. A good cryptocurrency hardware wallet will allow you to send, receive, and exchange cryptocurrency without the need for any third-party service. 

While the send, and receive features come as default with all hardware wallets, some go a step further, and offer users features like exchanging without leaving the wallet interface, or signing their transactions for Proof of Fund.

  1. Security

While storing private keys offline does the trick in most cases, it might not be enough in all cases; especially when the firmware is exploited. Firmware attacks through the supply chain are pretty common, and seriously threaten the safety of users' funds once successful. As such, the best hardware wallet is one that has taken substantial measures to avoid such a calamity.

Why Prokey Optimum Covers All

We have finally gotten to the best point of this article; which is naming the best hardware wallet that would cover all the features mentioned in the previous section, and provide a seamless experience in cryptocurrency trading. What is the name? Well, there's one massive spoiler in the above subtitle, but if you need more hints, the name starts with a P and ends with an M; Yep, you guessed it right! It's Prokey Optimum!

The Hardware Wallet That Offers 100% Transparency

You can find all the source codes of the firmware installed on Prokey Optimum on our Github page, and if you are a developer, you might fancy customizing one or two processes.

The Hardware Wallet Relying on No Third-Party Services

Prokey Optimum relies on no third-party bridges, applications, or executables; in fact, the initialization process of the cryptocurrency hardware wallet starts instantly after plugging it into a PC. Such a magical experience has been made possible through the hardware wallet's WebUSB feature.

The Hardware Wallet That Cannot Be Exploited

Remember about the supply chain attacks we mentioned earlier in the article? Those attacks are highly unlikely to happen on a Prokey Optimum, why? Well, all Prokey Optimum hardware wallets get thoroughly checked by a process called mutual authentication, which will not let you store your private keys if the firmware is exploited.

Sounds complicated? There is one other extremely beginner-friendly method of detecting exploited firmware on a Prokey Optimum; it is the absence of any installed firmware on the device. So, if you turn on the device, and it asks you to enter your PIN, send it right back to the company.

The Hardware Wallet That Offers Wide Cryptocurrency Support

More than 3200 coins and tokens are now supported by Prokey Optimum; but most importantly of all, USDT support is available both for ERC-20, and OMNI. If you are looking for a hardware wallet to store your USDT in the current bear market, and wait for the next bull run, Prokey Optimum is the right hardware wallet for you.

The Hardware Wallet That Allows You to Trade On-the-Go

Wouldn't it be nice to exchange without registering at an exchange website? We think that would be magnificent, which is why Prokey Optimum users will now be able to exchange without leaving the interface, or signing up at an exchange. The cooperation with ChangeNow will see users exchange crypto in the absence of any KYC requirements, and in complete anonymity.

The Cryptocurrency Hardware Wallet That Can be Carried Anywhere

Prokey Optimum's small, and light design will make it easy for users to carry their wallets in their pockets, and check balances whenever they wish to. Besides, the ABS plastic outer body of Prokey Optimum hardware wallets has proven to be pretty resilient.

The Hardware Wallet That Provides Proof of Fund

Are you a cryptocurrency influencer? Do you earn in crypto? This feature will save you when preparing tax statements. It simply allows you to sign a message, and make it clear that it was you sending, or receiving the amount. Banks would be pleased to know that you are not involved in embezzlement activities, or hacking other people's wallets.

The Hardware Wallet That Is Reasonably-Priced

The best hardware wallet comes at a cost but is not overpriced. The Prokey Optimum hardware wallet costs around $69, which is a fairly reasonable sacrifice for storing precious BTC, which, according to PlanB will reach $500K by the end of 2022.

The Best Hardware Wallet Is Not Here to Stay for Good

Are you worried about the worth of your fiat belongings constantly declining? Are you ready to jump-start your crypto journey? Then you would need a hardware wallet, and with that, the very best of all to minimize risks. But there are thousands of others thinking the same way, and the best hardware wallet has a limited supply. So, hurry up, and place your order before Prokey Optimum runs out of supply!