Best cold crypto wallets in India are designed to store cryptographic keys in such a way that they cannot be compromised through Internet access. Cold wallets generally refer to hardware devices, but also include paper key printouts. The best cold crypto wallet should combine high crypto wallet security, wide choice of currencies for storage, ease of use and flexibility of adjustment.
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Cold wallets VS. hot wallets
The undeniable fact is that best cold wallets 2021 are the safest way to store Bitcoin and other cryptocurrencies. However, this option is not as popular as the top hot crypto wallets. This is due to two factors:
| Operability | There is no point in choosing a hardware wallet for everyday payments. In addition, «hot» solutions often provide many additional options, ranging from crypto loan without collateral to embedded exchange market. |
| Cost | Any lightweight crypto wallet can be downloaded for free, while the device may have to be ordered from another country. |
However, long-term investors and those, who operate in large amounts, immediately appreciated the benefits of top cold crypto wallets. The keys are stored in a compact device that resembles a flash drive, and the device can be placed in a safe or carried in a pocket all day.
Internet connection is not required for storage, eliminating many of the risks associated with theft and fraud. Don’t trust third parties, service providers, third-party servers. Even in case of theft or loss of the device itself one can protect it with PIN-code.
As for the price, this may indeed be a problem for beginners, but experts are convinced that the risks will be much more expensive. Moreover, prices for such devices are not sky-high — from 5000 to 15 thousand rubles, so it is possible to choose a variant on means. Cheaper models are no less safe, but have limited functionality.
Choosing the best wallet
Before one creates a cold crypto wallet, he or she has to choose a device that fits all the parameters. The following models have been popular for years:
- Ledger Nano X. A USB device equipped with Bluetooth and a functional screen. It supports more than 1800 digital coins and tokens. Work with the wallet is carried out through the native application Ledger Live, but also through third-party crypto connections. The price is 10 700 rubles.
- Trezor Model T. The USB device is equipped with a touch screen, an intuitive and convenient interface for checking and validating operations. Simple access reset with a seed-phrase of 12 words (compliant with the standards (BIP32, BIP39, BIP44, SLIP39). The price is 14 100 rubles.
- Coolwallet S. It has an original form — like a bank card — so it is convenient to store it in an ordinary wallet or a card case. It is a waterproof construction. It connects to a computer or phone via Bluetooth. It supports cryptocurrencies — BTC, XRP, ETH, LTC, BCH, BNB, ZEN, ICX, stable coin, any tokens ERC-20. The price is 7 400 rubles.
When choosing a wallet, a number of factors should be taken into consideration. The device must give full control over the keys. Keep in mind that if one wants to run a full node, for example for Bitcoin, hardware solutions do not allow it. Another nuance is open-source code. It is desirable that developers share the code on which their software works. While the absence of this factor does not mean that the software is of poor quality, the level of trust is simply somewhat reduced.
Operating principle
Cold storage crypto wallet can be freely replenished with a cryptographic address, but one will need to connect it to a PC or phone to get the funds off. At the same time, the device must have the appropriate software — a wallet with support of hardware storage.
To adjust a newly purchased wallet:
- Connect it to the computer.
- Install the software from the official website, which will create open and private keys, as well as a phrase of reset.
- Set the PIN code. This code will be used when you want to send a transaction from your wallet.
- Some devices also require hardware confirmation.
- How to get funds out of a cold wallet: connect the device, run the associated software, then use it as a normal hot wallet — send a payment, confirming the operation with a PIN code.
Keep the reset phrase in a safe place and don’t forget the PIN-code. By owning one or the other, the user takes full responsibility for the safety of the funds. In case of their loss — no one will return anything, no button «Reset password» or similar. This is how the cryptocurrency works.
Paper crypto wallets
A private and public key printed on a sheet of paper is called a paper cryptocurrency purse. As with hardware wallet, it can be easily replenished, and in order to send a transaction or cryptocurrency exchange a crypt, it will be necessary to scan keys presented in the form of QR-codes, any convenient application of a mobile wallet.
Services for creation of paper wallets providing cold storage of cryptocurrency:
- org
- WalletGenerator.net
- Mycelium (Special USB generator required).
- A crypto wallet with the keys printed. Many native wallets of cryptocurrency allow to generate keys for printing with the help of the built-in functionality.
It is recommended that the resulting sheet should be laminated and then safely stored against moisture, fire and other hazards.
Conclusion
So, some witty and skillful people came up with a cheap way to make a cold crypto wallet with their own power — you can take any smartphone, you can take the simplest one, and you can install a wallet in it. Replenish the account by transferring the cryptocurrency to its address, and then completely disconnect the Internet on the phone, you can even withdraw the SIM-card. This method is also viable, but security here is much lower than in professional devices, due to the lack of cryptographic security — a phone can be hacked if you want to. So, if safety is really important to you, consider top cold crypto wallets.