The Bitcoin Wallet won’t hold the bitcoin like some other normal money wallet. The Bitcoin Wallet is of different types such as Software Wallet, Paper Wallet, Online Wallet, and Hardware Wallet. The Software Wallet is like a software which will be installed in our system or devices. The Bitcoin will be in the hold of our control. Paper Wallet in which we hold the private key information in the way of paper through a printout. It makes sure that the bitcoin information is not available in the Online and it’s safe with us. Online Wallet or Web Wallet, here we want to trust the third party application to hold our transaction details.
It is a special kind of Bitcoin Wallet, here we can store the private key information of the user in the secured devices. There are some advantages of Hardware Wallet over the software wallet and those things were mentioned below.
- In Hardware Wallet, the private keys are stored inside the microcontroller which is protected and also I can’t be transferred out in a plain text format.
- Viruses may affect the software wallets easily but hardware wallets will keep the private key protected inside the microcontroller.
- The Wallet will be secured and interactive such that it will be stored without any change in location. For example, The Paper wallet must be brought to Online to perform some transaction.
- Most of the time, the software will allow the users to validate the operations of the device and also software may be an open source software.
Trustable Hardware Wallet
Ledger Nano S Hardware Wallet is a USB Smart Card Hardware Wallet. The Advantage and the difference between the Ledger Nano, Ledger HW.1, and Ledger Nano S Hardware Wallet are the Ledger Nano S is having the display in it. Getting Virus Attacks and Bitcoin Theft is the major problem. But the Ledger Nano S Wallet is the Trustable Hardware Wallet which is certified against all kind of virus attacks in physical as well as logical ways.
Even this is used in the Banking Industry which shows the trust level of this Bitcoin Wallet. There will be second-factor verification to keep the system safe. Here we can use the paired smartphone as a second-factor verification.
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