How to Use a Hardware Wallet to Store Your Crypto

Home Technology How to Use a Hardware Wallet to Store Your Crypto
How to Use a Hardware Wallet to Store Your Crypto
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Photo: John Biggs/Gizmodo

Keeping your cryptocurrency in the exchange where you bought it, be it Kraken, Coinbase, or Gemini, is inherently dangerous. Most of us will dip a toe into the crypto markets by visiting one of these markets and buying a few hundred dollars in currency. But then what do you do with it? Well, you can buy a wallet to store it in.

I’ve been testing out a new metal-encased crypto wallet called the Corazon made by Gray, a metal gadget case manufacturer. The Corazon costs a cool $599 for the blue titanium model and the limited-edition “stealth” model costs $1,499. For folks who have already made a mint in crypto, this is pocket change. But for the rest of us, I wanted to answer the question: “What do I need this thing for?”

The Corazon is definitely quite pretty. Compared to other crypto wallets, it looks like a work of art. But the case doesn’t particularly matter as much as what’s inside. The Corazon contains a working Trezor Model T, a hardware cryptocurrency wallet made by the Czech-based SatoshiLabs. The Trezor is one of the most popular hardware wallets, in close competition to Ledger Nano. Both are more than capable and there haven’t been (many) security issues (yet)—plus cheaper, less popular models are far too new and untested to be trustworthy.

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With that, let’s walk through how to secure your crypto using a hardware wallet.

Don’t trust your exchange

The interesting thing about crypto is that you can buy fractions of a single coin. In the case of Bitcoin, you can buy fractional parts called Satoshis and they usually end up in your exchange wallet. I’m going to walk you through Coinbase’s interface since it’s one of the most popular.