Why are these USB hardware wallets so popular? They are popular for users that take security very seriously. The number of money stolen every year is astonishing and you'll not need to look further than Youbits getting hacked a 2nd time and going out of biz.
What do we like about the Ledger Nano S
- Quality device
- It works!
- Stores Bitcoin, Bitcoin Cash, Ethereum and a big list of others
- Looks the best out of the others on the market
Get the Ledger Nano S:
Alternatives to the Ledger Nano S
The Ledger Nano S is of course not the only hardware wallet available but it's certainly one of the most popular along with Trezor. Next in line is a lesser known brand that is still considered in the top 3 and that is the KeepKey wallet. For the big 3 wallets, they all are compatible with Windows, Mac and Linux.
Trezor has been possibly the most popular wallet around. We do admit the design of their wallet is possibly the ugliest but then again users don't always care what looks the best, what works the best. Overall you shouldn't notice any issues using any of the big 3 hardware wallets.
The KeepKey actually looks like a nice device although it is not as well known as Trezor or the Ledger wallets. However we have to warn you the KeepKey wallet is the heaviest in terms of price coming in over $300 per unit. Of course if you have over a million worth of cryptocurrencies then price is no object, having a quality device is!
Storing your cryptocurrencies on a hardware wallet vs exchange
Just to get something out of the way, typically you don't want to just store money on an online wallet unless you have no intentions of making a trade. You'll either store your cryptocurrencies in an exchange or ideally it should be on your computer, on a hardware wallet or cold storage.
If you have your money on an exchange, it gives you the ability to make a fast reaction if you want to make a trade for any reason. If you think a currency is going to either tank or go up, then it makes sense that you'll want to be able to make a trade right away. If you don't have anything in an exchange then you won't be able to facilitate that trade and react.
At least when you keep your currencies on a hardware wallet of some sorts, you are in theory limiting your exposure to hacks. It doesn't mean you are hack free but certainly you don't want to have your money tied up in an exchange and learn later on if that exchange has been hacked.