So you're into crypto? Great start. Maybe you bought some bitcoin off an exchange like Coinbase. Maybe you even went so far as trading some of your BTC on other exchanges like Binance or Bitmex. Now that you hopefully made some profit, it’s time to store some of those Bitcoins on a secure device. The last thing you want to happen to your precious Bitcoins is for them be hacked, right? Mt Gox’d, lost forever on the World Wide Web.
So the question now becomes: "Which is the best form of storage for your Bitcoins, and why?" This is one of the biggest debates and controversial questions in the crypto currency space, and it often reduced to: "Which is better, Trezor or Ledger Nano?" Let's take a look!
Two words! Cold storage. Trezor is an extremely safe way to store your cryptocurrency. This cold storage wallet is meant for long term storage of your cryptocurrencies offline, with the quick access to put them back online to trade at the snap of a finger. This is different from the Ledger Nano, which is designed more like a wallet.
Ledger Nano: A crypto enthusiasts and everyday users best friend. This wallet's storage is adapted more towards the crypto spender. Without the same offline "cold storage" characteristics of the Trezor, the Nano Ledger is more adaptive towards adoption and everyday use of today’s crypto currencies.
Whichever way you choose to store your long term crypto investments, make sure you keep security in mind. Unfortunately, with all the new ideas and innovation added to this space everyday, so does come its share of exploitation.
This author recommends everybody has at least 0.1 BTC put away in cold storage. That’s because someday in the future ten million toshis will be worth a whole lot. If a toshi ever becomes worth a dollar you will be sitting pretty around US$10 million. This is not financial advice, but regardless: Make sure you store your Bitcoin securely!