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HomeCryptoCrypto storage: should you invest in a cold wallet?

Crypto storage: should you invest in a cold wallet?

A cold wallet is not essential for small amounts of cryptocurrency. If you have less than €100 in cryptocurrencies, the cost of a wallet will be comparable to the value of your coins. It doesn’t make sense to spend €50 to keep €50 worth of Bitcoins.

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When looking at the typical price range for cold wallets, you should consider getting one when you have at least $500 or more in cryptocurrency. However, each person’s risk tolerance is unique, and there is no amount for all. It would be perfectly normal for a person to buy a cold wallet to store €250 worth of cryptocurrencies. Especially since these tokens can increase in value.

If you want to include cryptocurrencies in your long-term investment plan, a cold wallet is also recommended.

The cold wallet is also recommended when you are not actively using your cryptos – for trading or shopping online.

Cold wallet options for you

After choosing to acquire a cold wallet, the next step is to decide which one to buy. There are other brands to choose from, but the two most popular are Ledger and Trezor.

Both have never had any major security issues. However, following a data breach in July 2020, Ledger’s reputation took a hit. His hardware wallets were unaffected, and no funds were lost.

However, the data of more than 250,000 customers was exposed, and some investors were victims of phishing attempts.

Despite the incident, many crypto enthusiasts believe that Ledger wallets are of high quality.

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