Best Bitcoin Wallet Options for Kiwi BTC Users – Hardware Wallet Reviews

Electronic vault lock representing safe bitcoin wallet security

What is the Best Bitcoin Wallet? – NZ’s Best Bitcoin Hardware Wallets

2019 is the year of crypto accumulation. However, buying Bitcoin without first researching the best Bitcoin wallet for your needs, can lead to hefty losses. Over $1.5 Billion dollars of cryptocurrency was lost and stolen in 2018. Worse, over $356 million in crypto was lost and stolen in just the first three months of 2019.

Sending cryptocurrency from your cellphone into a litecoin wallet graphic

What is New Zealand’s Best Bitcoin Wallet and Why?

If you are searching for New Zealand’s top Bitcoin wallets, your search should end here. The safest way to store any crypto coin involves using a trusted hardware wallet.

Of course, the best Bitcoin hardware wallets on the market currently start at $70 – $400 NZD. High prices deter some Kiwis. However, the simple fact of the matter is that hardware wallets are the best crypto storage option. It is that simple.

Ledger-vs-TREZOR-Which-hardware-wallet-is-more-secure

What is a Hardware Wallet?

Cryptocurrency coins like Bitcoin are comprised of two cryptographic keys. When using web, desktop, and mobile app wallets, there is always a risk that these keys can be hacked.

A hardware wallet protects coin private keys by storing these in a locked down area of a physical device microcontroller. It is, therefore, not possible to hack coin balances. It is also not possible to send coins to any other wallet address, before physically authenticating a transaction.

Man holding a black trezor cryptocurrency hardware wallet in front of a keyboard

Trezor – The Best Bitcoin Wallet for Most Kiwis

Trezor is the most trusted cryptocurrency hardware wallet on the New Zealand market. Launched in 2014, Trezor was the world’s first hardware wallet. More importantly, in the 5-years since launching, no Trezor wallet has ever had its security compromised.

EC logo on trezor

Trezor Security – How is Crypto Kept Secure?

Trezor hardware wallet security is unmatched. For the most part, this is thanks to two key security features.

First and foremost, every Trezor device is unpowered. As a result, wallets can only be used when physically connected to a PC or laptop. This makes coin private keys immune to Bluetooth and wireless vulnerabilities.

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Trezor wallets also use a limited USB connection.

When connected to a PC or laptop, connected computers can only interact with Trezor wallets like they can dumb PC peripherals like external keyboards. It is not, therefore, possible for PCs to install programs or control Trezor wallet hardware or software.

Treozr wallet in womans hand with fadfed white back ground

Even on a Malware Infected PC, Your Trezor Will Remain Secure

Limited USB connections ensure that even malware and viruses on security compromised computers can’t see, steal, or interact with stored crypto in any way.

The only conceivable way Trezor security could be compromised would be by using specialized keylogging software. However, Trezor wallets make even this impossible.

When logging into a Trezor device or confirming transactions, users must enter a pin code. However, each time a user needs to enter their pin, Trezor scrambles keys on the Trezor wallet touchscreen. Keylogging software can recognize what keystrokes are used to unlock devices on a single occasion.

However, the same keystrokes will never unlock a device a second time.

How to Use a Trezor Wallet

When using a Trezor wallet, cryptocurrency investors and traders can manage coin portfolios of over 100 coins via a Trezor web wallet interface at wallet.TREZOR.io. This interface displays current coin balances and transaction histories. However, coins always remain physically located on encrypted Trezor microcontrollers.

New for 2019, Trezor wallet users can now also manage wallet balances via the popular Exodus desktop wallet. When doing so, coins once again remain physically secured in Trezor microcontrollers. However, users may interact with coin balances via the Exodus wallet.

Trezor logo graphic with monero bitcoin and XRP logos

Safe Transaction Settlement and Trezor Wallet Backups

Whichever wallet interface Trezor wallet users use, every cryptocurrency transaction will need to be confirmed manually. Every time a user sends funds they, therefore, need to manually enter their pin on their Trezor wallet touchscreen.

Like App and Web wallets, Trezor wallet balances are also easy to backup. All a user needs to do is generate a 12-word recovery passphrase when first setting up a device.

ledger nano s in mans hands

Ledger – The Best Bitcoin Wallet for Mobile Crypto Users

After Trezor, Ledger is the most trusted manufacturer of for-purpose cryptocurrency hardware wallets. Unlike with Trezor, though, cryptocurrency users benefit from having more wallet options available.

At present, Ledger offers three different hardware wallets. These are classified as:

Nano legder x cryptocurrency hardware wallets with white back ground

Like with Trezor, it is not possible to hack a Ledger wallet. (At least, no attempts to do so have so far proven successful.)  All also use similar hardware and software security architecture. However, there are subtle security differences.

  • Leger Nano S and Leger Nano X devices benefit from being more physically durable.
  • Every Ledger wallet features an onboard battery.
  • It is possible to connect Nano X and Ledger Blue wallets with Android and IOS devices via Bluetooth.

Bluetooth support means that it is possible to use Ledger wallets to make real-world cryptocurrency payments. (In real-world retail contexts.) Though, Leder hardware wallet users should always exercise caution when doing so.

how to buy a trezor screenshot of trezor home

Always Backup Wallets and Always Buy Wallets Directly From Manufacturers

Whichever hardware wallet you choose will depend on your budget. All that needs to be remembered is the fact that wallets should always be purchased directly from wallet manufacturers.

Always remember also, to always back up wallets using a recovery passphrase, before storing this in a secure location.