search instagram twitter facebook pinterest chevron-right chevron-left email menu cross
  • Skip to primary navigation
  • Skip to menu-404 navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Let's Eat Cake

Let's Eat Cake is the lifestyle site for Millennial women. We’re your source for lifestyle, entertainment, fashion, beauty, jokes, puns, food news, coffee trends, and baking recipes.

  • Lifestyle
  • Food + Drink
  • Funny
  • Recipes
  • Entertainment
  • Beauty
  • News
  • Sex + Relationships
  • Contact
  • About
  • Subscribe
  • Privacy
  • Terms
  • Advertise
© 2023 Let's Eat Cake
  • Food + Drink
  • Funny
  • Lifestyle
  • Recipes
Home » Lifestyle » Money

What’s the Most Secure Way to Store Your Bitcoin and Other Cryptocurrency?

By Rebecca Swanner | November 14, 2022 | Leave a Comment
This post may contain affiliate links that we collect a share of sales from. Click here for more details.
84 shares
Most Secure Way to Store Bitcoin - Trezor Model T

As ridiculous as it might sound right now, I still believe in Bitcoin and cryptocurrency. Both as an asset class for long-term investing and as a tool for inspiring interesting and, sometimes, useful applications.

However, I no longer believe in the exchanges. As of press time, I personally have Ethereum stuck on BlockFi, one of the exchanges that was impacted by the FTX collapse. Whether or not I will ever see that ETH again is to be determined. But, it goes back to the one of the common phrases in the crypto world: Not your keys, not your crypto.

I am not a financial advisor, and this is not investment advice. But, if you are looking for the most secure way to store your Bitcoin and other cryptocurrencies, you might want to consider a cold wallet. This could be a hardware wallet, like the Trezor or Ledger, or even a paper wallet.
Most Secure Way to Store Bitcoin

If you purchase either of them, I recommend going through their site and not purchasing it on eBay, Amazon, or from that high school friend who is also trying to sell you essential oils.

 

Hardware Wallets

1. Trezor Model T

SatoshiLabs launched Trezor in 2014 and they currently have two cold storage wallets: the Trezor One and the Trezor Model T. The Model T is their fancier model priced at $213. It holds Bitcoin, Ethereum (plus all ERC-20 tokens) as well as Litecoin, Cardano, BNB, XRP, EOS, Tezos, and others.

The Model T uses touchscreen functionality and a USB-C to connect. The Model T also offers Shamir backup, which allows you to create different recovery shares that will let you access your wallet in case your dog really does eat your seed phrase. Or someone steals it. Or you lose it.
Purchase the Trezor Model T

Most Secure Way to Store Bitcoin - Trezor Model T

 

2. Trezor Model One

The Trezor Model One is the more budget-friendly option, priced at $67. It holds Bitcoin, Ethereum (plus all ERC-20 tokens), Litecoin, and some other tokens, but does not support Cardano, BNB, or Tezos. (Neither support Solana or Polkadot at this time.)

The Model One has two clickable buttons for navigation and uses a USB-A (your standard USB) to connect. It uses the standard seed backup.

If you’re like, wait, but what about trading coins? You can trade coins using your wallet using either model within Trezor’s browser or mobile app and there are no transaction fees. Except gas.
Purchase the Trezor Model One
Most Secure Way to Store Bitcoin - Trezor Model One

 

3. Ledger Nano X

Ledger launched in 2014 and they currently have two cold storage wallets: the Ledger Nano X and the Nano S Plus. Like Trezor, their Ledger Live service allows you to buy or trade cryptocurrency directly from your wallet, depending on what country you live in.

One advantage the Ledger has over the Trezor is both devices support a wider range of NFTs and cryptocurrencies, including Polkadot and Cardano. You can find all of their supported coins and tokens here.

The Ledger Nano X is $149, Bluetooth compatible, has 2MB of storage space, and a battery that reportedly will last for months on idle.
Purchase the Ledger Nano X
Most Secure Way to Store Bitcoin - Ledge Nano X
 

4. Ledger Nano S Plus

The Nano S Plus is pretty similar to the Nano X. Like the Nano X, it supports more than 5500 coins, but it has less storage space for Web3 apps, is not Bluetooth compatible, and it does not have a battery.
Purchase the Ledger Nano S Plus
Most Secure Way to Store Bitcoin - Ledge Nano S Plus

Trezor Vs Ledger: Comparison of the Cold Storage Wallets

  Trezor Model T Trezor Model One Ledger Nano X
Ledger Nano S Plus
Price $213 $67 $149 $79
Port USB-C USB-A USB-C USB-C
Supported Assets 1456 1289 More than 5500 More than 5500
Supported Coins and Tokens Bitcoin, Ethereum, All ERC-20 tokens including USDC, Litecoin, BNB, Cardano, EOS, Tezos, and others Bitcoin, Ethereum, All ERC-20 tokens including USDC, Litecoin, and others Bitcoin, Ethereum, All ERC-20 tokens, Litecoin, BNB, Cardano, EOS, Tezos, Polkadot, Solana Bitcoin, Ethereum, All ERC-20 tokens, Litecoin, BNB, Cardano, EOS, Tezos, Polkadot, Solana
Interface Touchscreen Screen and two clickable buttons Screen and two clickable buttons Screen and two clickable buttons
Security Advanced Shamir Backup, Standard seed Backup
FIDO2 and U2F authentication standards
PIN and passphrase entry directly on touchscreen
Standard seed backup 24-word recovery phrase 24-word recovery phrase

Paper Wallet

All that said, the safest way might be to follow the route of the Winklevoss brothers, who, according to Investopedia, “distributed snippets of a printout of their private keys across multiple safe deposits around the United States.” Road trip?

If you don’t feel the need to spread your .01 Bitcoin over multiple states but also don’t feel comfortable putting it on hardware, you can create a paper wallet.

A paper wallet is simply a printout of your wallet address and public and private keys along with a QR code. When you printout the keys, you remove them from the cryptocurrency network. This means that without that piece of paper, your wallet is unhackable. So that’s cool. Less cool if your new puppy eats it. That’s what safe deposit boxes are for. (The wallet, not the dog.)

First step, buy a printer. Then, to create a paper wallet:

  • Make sure your computer is virus and malware free.
  • Go to Bitaddress.org. Save it to your computer as an html.
  • Disconnect from the Internet.
  • Open a private or incognito browser window and open the saved html.
  • Create your paper wallet.
  • Print out the wallet on a private printer not connected to WiFi.
  • Clear your browsing history.
  • Close the window.
  • Reconnect to the Internet.

Your wallet should look something like the one below. Now, place this somewhere secure, like in a safe deposit box or a cave guarded by Cerberus. Good boy.
Most Secure Way to Store Bitcoin - Paper Wallet

  • Author
  • Recent Posts
Rebecca Swanner
Rebecca Swanner
Founder + Editor-in-Chief at Let's Eat Cake
Pleased to meet you. I'm the founder and Editor-in-Chief of Let's Eat Cake: The world's first smart, funny lifestyle site for women.

I've written or worked for a wide range of lifestyle sites and magazines, including Billboard, Nylon, Parade, Men's Journal, Us Weekly, Stuff, Blender, Beachbody, Alternative Press, Electronic Gaming Monthly, and more. See more on my LinkedIn.

On the baking side of things, I've run my own baking company and competed on Cupcake Wars, so hit me up with your baking questions! I respond fastest on Instagram where you can find me @letseatcakeblog

Want to know more? Here's my full bio.
Rebecca Swanner
Latest posts by Rebecca Swanner (see all)
  • 75 Short Jokes That’ll Make You Literally Laugh Out Loud - March 25, 2023
  • Lady Gaga Stuns as the New Harley Quinn on the Set Of Joker 2 - March 25, 2023
  • Here Your Look At What’s Coming to Dunkin’s Menu for Summer 2023 - March 23, 2023
As an Amazon Associate we earn from qualifying purchases. This post may contain affiliate links from Amazon and other sites that we collect a share of sales from.
84 shares

Read This Next

Don’t Fall For These Crypto Scams

Don’t Fall For These Crypto Scams

The 8 Biggest Crypto Investing Mistakes

The 8 Biggest Crypto Investing Mistakes

40 Funny Crypto Memes for All You Hodlers Out There

40 Funny Crypto Memes for All You Hodlers Out There

How to Buy Cryptocurrency: A Beginner’s Guide

How to Buy Cryptocurrency: A Beginner’s Guide

Reader Interactions

Leave a Comment Cancel reply

Your email address will not be published.

Primary Sidebar

Trending Now

  • Adult Jokes 50 Adult Jokes That We Laughed At Because We’re Very Mature
  • Starbucks Spring Cups Tumblers 2023 Here’s Your Look at Starbucks’ Spring Cups and Tumblers for 2023
  • Adult Dirty Jokes 65 Dirty Adult Jokes You Should Text Your Partner

Footer

  • Categories
  • Food + Drink
  • Funny
  • Travel
  • Lifestyle
  • Recipes
  • News
  • About
  • Contact
  • Press
  • Advertise
  • Web Stories
  • Editorial Policy
  • Newsletter
© 2016–2023 Let's Eat Cake
  • Privacy Policy
  • Terms of Service
84 shares