Why we need to secure our crypto investment
No matter how many stories you have read people becoming rich with their crypto investments; however this is also true that the world of crypto is highly volatile and your portfolio can become zero overnight. If you are a crypto investor, securing your crypto investments should be your priority. Do you know “Your crypto assets stored in a crypto exchange is not safe”?
In a recent statement by one of the popular crypto exchanges – Coinbase, in case the exchange goes bankrupt, the investors’ crypto assets stored in exchange wallets could be subject to bankruptcy proceedings and such customers could be treated as our general unsecured creditors, declared in a US Securities and Exchange Commission filing.
The fact that the crypto market is not regulated in India and there is no proper redressal mechanism for a crypto investor, it’s the duty of the investor to take proper steps to protect his/ her crypto assets.
Terra Luna Crash Scared Most of the Crypto Investors
What happened with Terra/Luna investors was nightmare for any crypto investor. The delisting of Terra (LUNA) by many exchanges left the investors numb. Some of them lost their entire savings and did suicides. Had they stored their coins in some hardware wallet and not at the exchange, they would have the chance to get their money back in case the coins get listed again on the exchange.
You need to take the ownership of your crypto assets
The best way to take this ownership is to store your crypto in hardware wallets. These are the wallets which are not connected to the internet hence, are considered safer option for storing crypto assets.
The market is loaded with numerous crypto hardware wallets but the most popular are Ledger and Trezor. Let’s take a quick look at both the wallets in terms of their hardware, security, accessibility, price, and supported currencies.
Ledger Vs Trezor
Both are leading hardware wallets in the crypto industry. Trezor (released in 2013) is a part of SatoshiLabs headquartered in Prague, Czech Republic. On the other hand, Ledger wallet was founded in 2014 and is headquartered in Paris.
Ledger Vs Trezor: User Interface Design
Trezor – Device Size: One: 60 mm x 30 mm x 6 mm, 12 g
Model T: 64 mm x 39 mm x 10 mm, 22 g
It offers colour touch screen.
Ledger – Device Size: Nano S: 56.95 mm × 17.4 mm × 9.1 mm, 16.2 g
Nano X: 72 mm × 18.6 mm × 11.75 mm, 34 g
It provides Bluetooth connectivity.
Ledger Vs Trezor: Security
When it comes to security, Ledger takes the lead. Ledger devices use double chip base, which is a bank-grade security element (SE) providing double security to the users. On the other hand, Trezor wallets are built on a single chip base. Moreover, Trezor uses open source technology, again threat to security while Ledger has its own OS named BOLOS.
Ledger Vs Trezor: Supported Currencies
The built-in crypto exchanges in both the hardware wallets help the users to buy, sell and trade cryptocurrencies. Ledger supports 1800+ cryptocurrencies while Trezor supports only 1650+ cryptocurrencies. There are a few tokens like GRT, UNI, AVAX, REEF which are not supported by any model of Trezor wallet but are supported by both the models of Ledger wallet.
Ledger Vs Trezor: Price
There are two models of Trezor wallet: Trezor One and Trezor T. The price of the former is 60 dollars and the latter is priced at 190 dollars.
The two models of Ledger wallet are: Ledger S and Ledger X. The first model is priced at 59 dollars and the second model costs 119 dollars.
Ledger Vs Trezor: Mobile Application
Again, Ledger Live App of Ledger wallet enhances the user experience with its features like initial wallet setup, managing crypto transactions, and more. Trezor wallet doesn’t have any mobile app as of now.