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Tag: wallets

Paper and Hardware Wallets

PAPER WALLET

Once your crypto is printed, store it at some safe place. When ready to cash in the currency use some online or mobile wallet app to get the coins from the paper to the wallet or your bank. Some exchanges allow you to go straight from the paper wallet to the exchanges´s online wallet.

Pros

– Cannot be hacked online
– Can be stored in a safe place like a safety deposit
– Dont worry about outages or hardware issues.

Cons

– Accidentally lost or destroyed
– Your password can be stolen while creating the paper wallet

HARDWARE WALLET

In the form of USB device where you can store ether or any other crypto. Trezor is the most popular one

Pros

– Backup your wallet and restore them later even if the hardware gets lots
– Water resistant, durable
– Can store multiple cryptos at the same time

Cons

– Vulnerable as any other electronic device
– If someone has your PIN you may loose all cryptos
– If someone get your recovery card, they can reset your pin
– Can be hacked when online