It is widely known that hardware wallets are known to be the most secure devices for safely storing cryptocurrencies.
Ever since hardware wallets for cryptocurrencies came into motion in 2014, there has been an ever-increasing number of hardware wallets on the market.
Key Takeaways
• The Coldcard only supports one cryptocurrency which is Bitcoin (BTC). This is in stark contrast to the majority of other cryptocurrency hardware wallets, such as the Ledger Nano X, which allows users to store and manage thousands of different digital assets.
• Ledger uses a custom-built OS (BOLOS) and CC EAL5+ certified Secure Element (SE) chip to ensure the hardware is as resilient as possible. The device’s security has also been audited and verified by ANSSI, France’s national cybersecurity agency.
The majority of these adhere to the same formula: support as many cryptocurrencies as possible while providing a good balance of usability and security.
We’ll compare the features of the Coinkite Cold Hard Wallet and the Ledger Nano X to see which one is superior.
Features of the Coinkite Cold Hard Wallet
Coinkite is the maker of the ColdCard wallet. The company was founded on March 1, 2012, and its headquarters are located in Toronto, Ontario, Canada. Coinkite has so far raised CA$125,000 from its only funding seed round, which took place on March 1st, 2013.
Supported Crypto Assets
The Coldcard is a hardware wallet that only works with Bitcoin and is one of the few that supports multi-signature.
The Coldcard only supports one cryptocurrency which is Bitcoin (BTC). This is in stark contrast to the majority of other cryptocurrency hardware wallets, such as the Ledger Nano X and Trezor One, which allows users to store and manage thousands of different digital assets.
Coldcard is a wallet that for now supports only bitcoin hence the likelihood that it will support other cryptocurrencies is on the slim side.
Even though Coldcard doesn’t actively have built-in support for altcoins, the firmware is open source, meaning that developers can develop their cryptocurrencies if need be.
Ease of Use
The large buttons on the Coldcard wallet make using the device simple. Using the device’s numeric keypad is far more efficient when compared to the structure of other wallets.
The Coldcard lacks built-in wireless connectivity and instead communicates with other devices via USB or the microSD card as an intermediary.
Security
Coldcard is up there when it comes to the most secure bitcoin wallets in the market. The device has in it so many security features and design patterns put in place, to ensure a 100 security level in terms of individuals’ bitcoin assets.
Users can also generate their seed by rolling dice and entering numbers 1 through 6, while the secure element is also protected by a one-time pad, which keeps the secrets safe even if the secure element is compromised.
Visit CoinKite ColdCard Wallet
Security
Ledger uses a custom-built OS (BOLOS) and CC EAL5+ certified Secure Element (SE) chip to ensure the hardware is as resilient as possible. The device’s security has also been audited and verified by ANSSI, France’s national cybersecurity agency.
The Nano X has all of the features of its cheaper sibling, the Ledger Nano S, but with the added ability to store a wider range of assets at once and manage your portfolio on the go by connecting the device via Bluetooth to the smartphone app.
SEE ALSO: World Most Popular Hardware Wallet-Ledger Nano S and Nano X
Features of the Ledger Nano X
The Ledger Nano X is a high-quality hardware cryptocurrency wallet designed to keep your digital assets as safe as possible. In contrast to hot wallets, which are connected to the internet and thus vulnerable to attack, the Nano X stores your private keys offline, on the device itself.
Interface and Ease of Use
When there are only two buttons available, there isn’t much that can go wrong when using the Ledger Nano X. When you turn on the device, the buttons are used to navigate left and right within menus, and pressing both at the same time confirms your selection.
However, this process feels clumsy at times, especially when returning to a previous menu, and we wished for a touchscreen or, at the very least, a third button.
To manage your cryptocurrency, connect the device to either the Ledger Live desktop or mobile application, using a USB-C to USB-A cable for the former and Bluetooth for the latter. All major operating systems, including Windows, macOS, Linux, Android, and iOS, have native clients.
Supported Cryptocurrencies
The Ledger Nano X is one of the best wallets out there when it comes to cryptocurrency flexibility and varieties.
It supports a variety of major cryptocurrencies, including Bitcoin, Ethereum, Bitcoincash, Litecoin, EOS, and Ripple, to name a few.
Individuals should visit the official Ledger website for a complete list of supported cryptocurrencies and tokens.
Verdict: CoinKite or Ledger Nano X, Which is Better?
Coldcard is the way to go if you want the most bulletproof security for your bitcoins in cold storage.
Some people may want the Coldcard simply because they are in tune with the fact that it has a screen that displays a QR code, as well as larger buttons than the Ledger Nano S or Nano X. To conduct transactions, they could simply plug the Coldcard into their PC.
Although Ledger is quite good and supports a greater number of cryptocurrencies than Coinkite.
Coinkite has a better interface due to its amazing large buttons and provides stronger security measures.
Regardless, they are both efficient in their ways, and crypto wallet users may choose to use any of these wallets based on a distinguishing feature.
SEE ALSO: How to Backup Your Hardware Wallet – Best Practices
Frequently Asked Questions
1. Can you hack a cold storage wallet?
According to recent reports, cryptocurrency cold wallets, also known as hardware wallets, are vulnerable to cybercriminals.
Researchers from Ledger, one of the leading manufacturers of cold wallets, discovered that cold storage wallets are capable of being hacked by hackers.
2. What wallets are compatible with Coldcard?
Coldcard support is built into several popular Bitcoin wallets. Electrum, for example, supports the Coldcard and allows users to create offline transactions using an air-gapped Coldcard.
3. What is the Battery life of a Ledger Nano X?
The battery in the Ledger Nano X is 100 mAh. On a full charge, the device will last beyond 8 hours. The battery can be charged simply by connecting the USB-C port to the USB port of a laptop or desktop computer using the included cable.
SEE ALSO: Can a Hardware Wallet Truly Get Hacked Without PINs?
SEE ALSO: 6 User-friendly Features of the Coinkite Cold Card Wallet
Final Thoughts
If you decide to use a Ledger Nano X or a Coldcard, is that your 24-word seed phrase is protected.
A large number of cryptos were lost as a result of someone leaving their seed phrase in a place that is not safe which a hacker can get to or find or the individual not remembering the seed phrase thereby being unable to gain entry to the wallet.
Although Coldcard has one of the best security features around, if not the best, don’t think your seed phrase can never get missing hence be too relaxed as by using Coldcard, you have only eliminated one of the 100 possible ways to lose your bitcoins.
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