Jul 18•4 min read
What Is A Hardware Wallet?
Basics Of A Hardware Wallet
If you are new to Bitcoin, you know by now that there are specific terms and terminology that you need to learn to understand what you are doing when you buy Bitcoin. There are different types of wallets to choose from, each with its pros and cons.
Out of numerous wallet options, a hardware wallet is the most secure and best suited for the long-term holding of Bitcoin.
A hardware wallet is exactly what it sounds like. It's a piece of physical hardware that has the private key to your Bitcoin. Hardware wallets are not connected to the internet, making it impossible for a hacker to gain access to your device and steal your Bitcoin via the internet.
The only way they could gain access to it is if someone physically attacked you or extorted it from you somehow. The more hardware wallets you have, your Bitcoin will become more secure. A typical secure setup consists of 2 of 3 or 3 of 5 multi-signature or (multi-sig) wallet configurations.
Don't let the multi-signature terminology scare you. Every Bitcoin transaction requires a signature from the wallet it is being sent from. So if you have Bitcoin on your mobile wallet and send it to a friend, your private key has signed off on the transaction. With a 2 of 3 multi-sig setup, you must sign off on the transaction with two private keys instead of one. The purpose is to add redundancy and make it harder for thieves to steal your Bitcoin.
So if you keep your hardware wallet with someone you trust and you have the other private key on your phone, you won't be able to spend Bitcoin unless you physically go to the place where your hardware device is and sign off on the transaction.
Multi-signature makes your Bitcoin ultra-secure and safer than the fiat dollars that you have in the bank. Your bank account isn't nearly as secure as these banking institutions tell you. Here is some statistic that will keep you up at night.
Hackers attack banks every 39 seconds
Russian hackers can infiltrate a computer network in 18 minutes
Hackers create 300,000 new pieces of malware daily.
Two hundred nine thousand payment card numbers and expiration dates were stolen from Equifax.
JPMorgan Chase spends nearly $600 million a year on security alone.
As you can see, banks are a huge target for cybercriminals and will be for the foreseeable future. So how can you protect your money and your wealth?
Bitcoin Is Your Protection Against Hackers
Bitcoin will protect your money from theft. The Bitcoin protocol has never been hacked in the 13 years of its existence. It is true that hackers have broken into exchanges and stolen the private keys to the Bitcoin that was kept with them, but the code itself is secure.
With Bitcoin, you truly have complete ownership over your Bitcoin if you take custody of it.
The communist state of Canada is learning the hard way that you can't "freeze" Bitcoin. The Canadian truckers raised close to $1 million worth of Bitcoin from all over the world, and there wasn't a damned thing the communists could do about it! They announced they would freeze the Bitcoin in the 34 IP addresses associated with the protest movement last week.
Guess what happened next? The funds were split up and given to the truckers! You can't stop Bitcoin. If you want your freedom, you should adopt Bitcoin. If you wish to secure the future of your children and grandchildren, you should adopt Bitcoin.
Bitcoin allows us to exit the debt-based international dollar system that has been used and abused by the powers that be.
On a Bitcoin standard, your savings will increase in value over time. On a Bitcoin standard, your purchasing power will steadily increase over time. On a Bitcoin standard, you will have time to invest your blood, sweat, and tears in worthwhile endeavors that benefit you and your family instead of working some job you hate simply to make ends meet. This might sound like pie in the sky, but this is how the future can be on a monetary system based on money you can trust.
Bitcoin is the way.
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