The best and safest XMR wallets
This is also the reason why large investment firms and cryptocurrency exchanges store most of their customers’ money on cold wallets to keep Monero (XMR) and other cryptocurrencies as secure as possible for their customers. You should take this as an example! Before we delve deeper into the subject, it is very important that you have a basic understanding of cryptocurrencies, cryptography and crypto wallets. Therefore we would like to give you a short theoretical introduction.
The term originates from asymmetric cryptography, a process in which each user generates his or her own key pair consisting of a private key and a public key. The private key is a randomly generated string that represents the ownership of the cryptocurrency. The public key is (to put it simply) the wallet address or its hash value. In contrast to the public key (the address), the private key must never be passed on.
The best hardware wallets are not only protected against digital theft, but also against “analog” theft. If a thief steals the device, hardware wallets offer different security levels so that the cryptocurrencies cannot be stolen. Each of the three hardware wallets presented below requires both PIN activation and 2-factor authentication (if activated). This means that theft of stored private keys is virtually impossible, even in the event of physical theft.
Because of this, hardware wallets are by far the safest way to manage your Monero (XMR). Especially if you want to buy larger quantities of Monero, we think you can’t avoid buying a hardware wallet. The price (of 120 Euro) for our test winner, the Ledger Nano X, is not only fair, but in relation to your investment probably to be regarded as comparatively cheap.
Author : Jake Simmons