How safe Is your hardware wallet really?

A lot of people are already familiar with the saying ‘not your keys, not your coins’. And it’s true. While hardware wallets have gained recognition as one of the safest methods to store crypto, there are still some vulnerabilities that people should be aware of…

The significance of hardware wallets

Hardware wallets (a.k.a. cold wallets) are devices designed to securely store the private keys. You can use this access your crypto. These devices offer a level of security that are much better than software wallets or centralized exchanges (like Binance, Kraken, Coinbase), which are more susceptible to hacking and theft.

Hardware wallets are a superior choice to hold your crypto, because: - Online wallets and exchanges are vulnerable to various cyberattacks and hacks. - With a hardware wallet, you have full control of your private keys. - Hardware wallets are airgapped from your computer. Even if your computer is infected with some virus, your private keys remain safe on the hardware wallet. (Tip: keyloggers are still a threat, so always type in your password on the hardware wallet)

However…

While hardware wallets provide good security, they are only as secure as the methods YOU use to back up and recover your funds! If you lose the backup of your seed phrase, you lose access to your wallet!

Many users make the mistake of writing down their seed phrases on paper and storing them in a "safe" place. While this may seem secure, it's not foolproof. Paper can deteriorate over time due to environmental factors like humidity or fire. It can also be damaged by accidents or theft. To ensure the best security for your crypto holdings, you have to consider alternatives.

The importance of metal plates

Metal plates are a robust solution to the vulnerabilities of with paper-based seed phrase storage. These plates are typically made of materials like stainless steel, ensuring durability and resistance to fire, water, and physical damage. It is:

• More durable, unlike paper
• Resistant to environmental factors (fire, theft, floods)
• Tamper-proof
• Easier to use

TL;DR: it is wise to use metal plates to backup/access your seed phrase, especially if you hold a significant amount. Hardware wallets provide good security, but they are only as secure as the methods YOU use to back up and recover your funds!