Why should you get more than one hardware wallet?
Having a backup of your trusted cold storage wallet could save you a lot of hassle. Today we’re going to talk about why you might want to own more than one hardware wallet at the same time.
You got into crypto and you’ve seen that your portfolio has slowly grown bigger every day. It’s reached the point where you feel like you need to upgrade your security. You have heard about cold storage before and have now decided to give hardware wallets a try.
If you don’t know what a hardware wallet is, read here about how the CoolWallet hardware wallet keeps your digital assets safe. In a nutshell, they are devices that keep your private keys offline and decrease the chances of your portfolio being emptied by hackers and other cyber-attacks.
With the rise in decentralised finance, or De-Fi, it’s becoming more important to have proper storage for your crypto assets, since there’s an increased degree of self-custodial responsibility.
We’re talking about hard-earned money here, which for many account for a hefty sum and large portion of their life savings. Your crypto funds are important. That’s why you should take your crypto security seriously.
Here’s six reasons why you should consider getting more than one hardware wallet:
1. To have it as a backup
If your hardware wallet gets damaged, lost or stolen you can still recover your funds with your seed phrase. Having a backup of the wallet that you trust and have been using until now will allow you to make this process quick and painless. You save yourself the pain of getting used to a new wallet or waiting for your replacement wallet to arrive in the mail.
Keep your cryptocurrencies safe for the long run and ensure a quick and smooth transfer of your assets into your backup wallet. The CoolWallet has an advanced seed recovery system which provides a quick and secure way to transfer your data to your backup.
2. To have a duplicate of your wallet
As the saying goes, don’t put all your eggs in one basket. If you hold a very large amount of crypto that you don’t want to risk losing access to at any time, you can have your main seed key on both hardware wallets. If you misplace your wallet, you won’t have to stress about setting it up all over again by keeping your duplicate safely in storage for a rainy day.
3. To diversify your portfolio:
The crypto universe is highly diverse and there are many ways that you can invest in your portfolio. For the sake of simplifying and having clear organisation with your investments, you can have different wallets for different tokens, one dedicated to BTC and another one for altcoins.
4. One for trading, another one for hodling
A second wallet can also come in handy to make a clear distinction between different functions. The CoolWallet Pro comes with extra features such as staking and in-app NFT trading. To avoid confusion with your digital assets, you can get two hardware wallets, each one with a different purpose.
For example, if you’re planning to save up and pay off part of your debt or mortgage with crypto, you can use one wallet to do your main trades and the other wallet to keep your funds untouched until the day you decide to use them.
5. To introduce someone to crypto
If you’re reading this chances are that you are in it for the long run. Your family and friends may have heard you talk about crypto and expressed some interest but are missing someone to help kick start their journey. You could be the one to give them that final push and introduce them with the basics. And what better way to start than with proper crypto storage?
If a special event is coming up and you’re not quite sure what to give, you can always give them your extra hardware wallet. Gifting a hardware wallet is also a good way of letting someone you love into a part of your life.
6. Start your journey with crypto with a friend
If you have been thinking about upgrading your security or even starting your crypto journey, why not bring someone along? Your journey with crypto can be lonely and arduous, it could be a good idea to share this experience together. In this case, this might be the push that you both needed to kickstart your journey and by purchasing a hardware wallet bundle like the CoolWallet Duo Plus you also get a bundle discount.
Today we have talked about the benefits of getting more than one hardware wallet. In addition to other hardware wallets, the CoolWallet comes with a Secure Element (SE) microchip and in-app support for Rarible and OpenSea was recently added, making trading NFTs safer and reducing room for error when transferring your tokens.
The CoolWallet S is a good option with encrypted Bluetooth and a tamper-proof and portable design, but the flagship CoolWallet Pro comes with an industry gold standard EAL6+ SE and is an excellent choice for people that are looking for more advanced options and DeFi opportunities.
Finally ready to get more than one CoolWallet? Order your duo bundle here!
The opinions of the author and information available in this article are shared for educational and entertainment purposes only and should not be considered as financial or security advice of any kind. Always do your own research in order to best protect yourself and your financial assets.
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Text source: News – CoolWallet
