Today our aim is to find the best bitcoin wallet in India. If you want to keep your crypto safe, storing it on a hardware wallet is the best way. This is due to the fact that your crypto is the hottest target for hackers around the world. The last few years have seen a huge rise in the value and fame of cryptocurrencies. The value of a single bitcoin is above $11000 at the time of writing. And this huge value gain has drawn the attention of hackers and frauds over the world.
While it is easy to create wallets online and store your coins but it also raises the risk. Read about the Mt. Gox attack on the internet if you are still in doubt. This company was allowing people to trade their bitcoins for fiat coins. By 2014 a large portion of world crypto trading was being done in Mt. Gox. Mt Gox made a huge mistake, and they stored the wallet address and key on the server. This information was present in a cleartext format in the file. This was a huge scam leading to a panic in the bitcoin world. Even though this was a human mistake but there was a huge price to pay. In 2014 Mt. Gox file for bankruptcy in 2014.
Even though we can not think of such a mistake today from online wallets but hackers have grown much smarter. There is no better way to protect your crypto than a hardware wallet.
Also, one of the motives behind the origin of crypto was to avoid an agent for handling your own money. Online wallets are exactly that. They are an agent to manage your own money. With a cold wallet, you can take charge of your coins.
What is a hardware wallet or cold storage?
Let’s have a look at the security behind bitcoins. Bitcoin and other such coins are stored in a wallet which is a unique address. This unique address is formed randomly from a huge pool so that nobody can guess it. You have to provide a private cryptographic key for any transaction from this address.
Cold storage is a device to store cryptocurrency offline. It stores your wallet address and key offline. As long as this data is online it will be prone to attacks. Clod storage remains offline when you do not need it. to make a transfer you can just plug it when you want.
Best bitcoin wallet in India
Let’s have a look at the best cold storage in India. The most popular cold storage for crypto around the world is Trezor. Another popular one is Ledger Nano S
Trezor is easily the most popular cold storage around the world. its simple to use and has a sleek design. Apart from this it is also highly secure and open source. Apart from bitcoin it can store many other crypto coins. for instance you can store Ether on this device.
Ledger Nano S
The Ledger Nano S is another popular hardware wallet. It supports a wide variety of coins like bitcoin, ether, ripple, etc.. The Ledger Nano S is highly secure. You can manage your coins, via an easy to use interface.
Features of Best bitcoin wallet in India
Both Trezor and Ledger are among the most secure devices to store crypto. There are no cases of these devices getting hacked unless hacker can get access to the actual device. Even then they need to use highly complex method for hacking the device. Storing the seed on internet may make them weak but that is a user fault, and we can not blame the device for it.
In spite of both devices being very secure there is one point which goes against the ledger. Ledger is not fully open source. Trezor is open source and every one can see code behind it.
Design and durability
Cold storage devices are a bit costly. And as such, it is natural to expect them to be cool looking and lasting. In this area Ledger is a clear winner. Not only it is a better-looking device but it is also better built. On the other hand, Trezor is made up of plastic.
Both Trezor and Ledger support many crypto coins. They are almost on par in this area. Native support of ether gives a slight edge to Ledger. Trezor is still in beta as far as Ether support is concerned.
While Nano S is a cheaper device outside India, it is more expensive within India. Although the listed price of the ledger is less than the Trezor if we add VAT and customs duty the final price will be more than the Trezor.
Ease of use
Trezor and ledger both have a very simple and easy to use interface. Both devices use a two-button system. In this area, I will say that it is a tie and both these devices are equally good.
Trezor is available online on Amazon in India. While Ledger is also available but sold by some third party and for a steeper price. So Trezor wins this easily.
Ledger Nano S
After looking at all points our winner for Best bitcoin wallet in India is Trezor wallet.
You can visit the official Ledger shop if you are looking for a higher range model with more features.
If you are new to the crypto world then please have a look the earlier post which will help you in getting started.