Why Do I Need One?
As the cryptocurrency industry grows, there are several security concerns that go along with it. Because cryptocurrency is not backed or insured by any third party like a bank, it is your sole responsibility to ensure your coins are protected and in your possession.
Here are the most commonly asked questions on why you need a hardware wallet for bitcoin and other cryptocurrencies:
1. What is a bitcoin hardware wallet and why do I need it?
A hardware wallet is a secure device that is resistant to malware, viruses, and any other type of malicious attacks in an attempt to steal your cryptocurrency. It is designed to be stored offline and keep your private keys safe and in your personal possession.
This is also called “Cold Storage” or an “Offline Wallet”. If you want to control your crypto, you need this to be in order to have full control.
2. Do these wallets support all my cryptocurrencies?
Yes and No. Each of the 3 trusted wallets we offer are issued by trusted and innovative companies and have a very solid track record. If you review our FAQ pages, you will see that some wallets will support coins or tokens that others do not, but all will support the industry standard ERC20 tokens built upon the Ethereum platform, and of course Bitcoin and it’s various forks.
3. How is this more secure than keeping it on Coinbase or any other exchange?
When you keep your coins on Coinbase (or any other exchange) they control you private keys and you are trusting that they will keep them safe for you. History has shown us that exchanges, even the most trusted ones, can be compromised, hacked, or even shut down due to high volume or their own personal interests.
When this happens you have ZERO recourse. There is no one that can recover your private keys, regardless of the situation. Once they are gone, that’s it. They’re gone.
It is absolutely crucial to have your private keys (the actual coins) in your possession at all times and ensure their safety.
4. I already have a wallet setup online, how do I move them to a hardware wallet?
This is a very simple process, and in fact, we outline the steps to setup your wallets and walk through the transfer process on our FAQ page. Whether you are using a mobile, desktop, or any other wallet connected to the internet, our videos and tutorials walk you through the process step by step. If you have any concerns or issues, you can reach out to us by emailing [email protected] and our team will usually respond within 24 hours or less.
5. Are there any trade-offs or features I am missing by using a hardware wallet vs. an online wallet or exchange?
Having your current wallets on the exchange or on your phone or desktop is very convenient. Having internet access more readily available makes this possible. However, anything that is online has the potential to be hacked. Period. I would say that the trade-off may be that you have an extra step of having to physically have your wallet on your person and connect to a computer to transfer or spend your coins or tokens in order to complete a transaction. By doing so, you are ensuring that you are not exposed to any nefarious hackers.
6. Why should I buy from BitcoinLockup.com?
Bitcoin Lockup was started by an entrepreneur and crypto enthusiast who found it very difficult to obtain one of these wallets easily. The manufacturers are mainly based overseas and have minimal or even no customer service. Buying these wallets on large sites like Amazon or eBay is also problematic because you cant trust the source of the product, or determine if it is a scam or an attempt to steal your coins. We wanted to improve the overall customer experience by having experienced professionals help you gain access to the most relevant information and at the best possible price.
7. Do you price match? Or have any Guarantees of quality?
Yes we do. As the cryptocurrency market in general is extremely volatile, most of the the price of wallets are too, based upon what the supply/demand is at the time. We want to instill confidence that you are getting the best price on the web at all times. If you find the same model wallet being advertised for a cheaper price than ours thats available for immediate delivery, we we won’t just match it, we will give an additional 10% off the price. That’s our promise to you.
Our products are sourced directly from the manufacturer and you are entitled to all warranties and benefits thereof. You can refer to the FAQ page for each models specifications.
8. If I have any more questions, how can I get in contact with you?
You can email us at anytime at [email protected]. Our support staff is based in the United States and are very friendly. We take customer service and satisfaction very seriously. In fact, if the situation calls for it, we will even setup a phone call with you to ensure you have any questions or issues resolved. We want to ensure you have the absolute best possible experience with us.