Best Cryptocurrency Hardware Wallets and Scams

Scam of the Bitcoin/Cryptocurrency Hardware Wallet: How It Operates

One of the things that has generated a remarkable buzz in the last few years all around the world is bitcoin. While many people are still learning about cryptocurrencies on their own, many are already ahead of the curve when it comes to the upcoming financial trend. We’ll look at the most secure coin storage options as well as a spooky scam that has been going on over the past week.

The bitcoin hardware wallets were an obvious and excellent invention when it came to investing in cryptocurrencies and finding a place to keep them. They are tamper-proof technological devices that hold the coins’ private keys offline.

These wallets produce the private keys and digital signatures needed to spend bitcoins. You must write the seed word (recovery phrase) down on a piece of paper and store it in a secure location, just like one would set up a wallet. There is almost any danger of being hacked because the keys are offline.

Here is what some con artists have been doing lately to get around the protection of these fantastic items, though. On websites like eBay or Oodle, they advertise the sale of cryptocurrency hardware wallets, and when a buyer purchases one, the seller sends them over along with a piece of paper that appears to be an instruction manual from the manufacturer (see image below, courtesy of a victim who shared it on Reddit).

The sheet of paper not only has the company’s logo on it, but it also has a scratch-off area that is painted or covered in silver foil, on which the user can locate his or her 24-word recovery seed in the event that their wallet is lost or stolen.

This suggests that the scammers previously activated the wallets, printed the recovery seeds, and passed them along to the victim as a “courtesy gesture from the manufacturing business.” Bitcoin hardware wallets activate these word recovery seeds automatically when the first user initialises the device.

The consumer feels more authentic because of the silver foil or paint. Due to the fact that the crypto wallet is a new product and the user (victim) is unfamiliar with it, he will lose all of his investments once he deposits them into the device since the criminal can access the cash using the word recovery seeds.

How To Avoid The Scam With Bitcoin Hardware Wallets

As was already said, when your cryptocurrency hardware wallet is active, the seeds are automatically produced. You can be sure it’s a fraud if someone else offers to sell you the device along with the PIN. Request a refund and let the selling website/platform know (eBay, etc).

The drawback of these fantastic wallets is that if you lose your seed, you can no longer access your coins. Make sure you store your PIN in at least two secure locations.

What Hardware Wallets For Cryptocurrency Are the Best?

A hardware wallet is your best choice if you want to store your cryptocurrency securely for a long period. Due to high demand, most of these devices have waiting lists of a month or two, so you should think about placing an order right away.

Here are the top 3 hardware wallets for bitcoin currently available:

Trezor

One of the industry’s early leaders in hardware wallets is Trezor. It comes highly recommended and sets the bar for crypto security. Experts and internet evaluations claim that Trezor has a reputation for offering top-notch security that guards against both digital and actual theft.

The gadget has an OLED screen and resembles a miniature calculator. With Android smartphones and applications like TREZOR Wallet, Mycelium, and Multibit HD, you can use the Trezor wallet. Nine cryptocurrencies are accepted by it.

The good news is that Trezor is more of a vault than a wallet because it will protect your private keys even if your PC is infected with viruses.

The ordering page is HERE.

Ledger Nano S

Just as secure as a Trezor is a Ledger Nano. It is lighter and more convenient to transport. It is a hardware wallet with an extremely low cost.

Additionally to supporting nine coins, it is a battery-free device. Through USB, you can connect to a computer or mobile device.

The ordering page is HERE.

KeepKey

This hardware wallet is beautifully polished in appearance. KeepKey appears to be a high-end wallet, but because it is heavier, it is more likely to fall.

Given that it is larger than both the Ledger Nano S and the Trezor, carrying it in your pocket is not as easy. The functionality of this wallet is the same as that of the other two described above, and it includes the same backup seed key feature with pin code activated. Six cryptocurrencies are accepted by KeepKey (including Bitcoins).

The ordering page is HERE.

Technical Evaluation

When it comes to more technical aspects, let’s now examine all three brands and provide a brief comparison:

Unscrupulous Cryptocurrency Hardware Wallet Activities: How To Report

Use the sharing buttons to let your loved ones and friends know about the Bitcoin Hardware Wallet Scam. Using the following URL, you can also formally report the dubious cryptocurrency and Bitcoin operations to the Federal Trade Commission.