A crypto hardware wallet is one of the most secure ways to store your cryptocurrencies. Unlike banks, the blockchain is available 24/7 and you will be able to hold and trade your assets at all times. But that’s not all, the assets in your banks account are not necessarily ready to withdraw. In urgent situations, banks can limit your withdrawal amount or in some cases freeze the account. Sounds unreal? Just know that it has happened before in Cyprus and Argentina, Canada and numerous other countries. So, a crypto hardware wallet is basically the answer to all that uncertainty. You carry all your assets in your pocket and all it takes to unlock is a simple pin code. In this article, we will give you a general overview as to how they work and what benefits they provide. Finally, we will show you how to buy and sell your crypto on HiExchange platform without going through KYC or even sign up. HiExchange gives the user the ultimate privacy.
What Is a Crypto Hardware Wallet?
Basically, a crypto hardware wallet is a device that allows the user to store cryptocurrencies. It is usually a small device that connects with a computer or a phone in order to operate. When it is disconnected, all the assets are safe inside the device which is in possession of the owner.
As for convenience, most hardware wallets simultaneously support various blockchains. Thankfully, you can store a wide variety of cryptocurrencies on a crypto hardware wallet. However, before making a purchase, please make sure that the device supports the cryptocurrency you have in mind.
With that, you get to carry all your assets in one single device that is readily available to work from anywhere in the world. Looking at the current situation in eastern Europe, a vast variety of refugees have lost access to their bank accounts simply because the banking infrastructure is gone. In that regard, no matter the situation, a hardware wallet is always a superior choice.
On the other hand, no sanctions or government regulations can freeze the assets inside a hardware wallet.
Technically speaking, a crypto hardware wallet does not contain your cryptocurrencies. The assets always remain on the blockchain but they are secured with a private key from the wallet. The private key opens the door to the assets on the blockchain. Basically, the key could be in the safest possible place which is in the user’s memory. Furthermore, you can make transactions from your hardware wallet without paying extra transaction fees.
All the private keys within your wallet are secured by a security PIN and an optional security phrase. And, there are new wallets coming with fingerprint sensors very soon. The PIN is all it takes to gain access to the wallet.
Buy and Sell On a Crypto Hardware Wallet
Just like a software wallet, the hardware wallet provides you with an address. Once you set up the device, you get to operate the dedicated software on your computer or phone. From there, you will be able to make transactions with the address that is provided for you. In order to do that, you must:
- Plug it into a computer
- unlock it via the PIN code
- Open the dedicated software on your computer
- Make transactions
And that’s it! However, here is the important part about privacy and anonymity. As secure as a crypto hardware wallet sounds, your transactions are still traceable. Large exchange apps are legally required to work with governments in order to keep their business afloat. In that sense, your transactions history will be surrendered to any legal body that demands it. Furthermore, the most valuable commodity of our times is data. There is no guarantee that the exchange you’re using wouldn’t sell your data to the highest bidder. Having stated the problem, the best solution is to not disclose your personal information.
HiExchange respects the user’s anonymity by not requiring KYC (know your customer) or even sign up. That combined with a crypto hardware wallet is the ultimate secure way to store cryptocurrencies.
How to buy and sell from a hardware wallet? The process is no different than a software wallet. Just type in your hardware wallet address and HiExchange will make the transaction to the address.
HiExchange is a decentralized online platform to exchange your cryptocurrencies and e-currencies. We utilize an automated system to determine the best exchange rates at any moment. Furthermore, HiExchange does not require KYC or a sign-up process. Also, the platform offers 24/7 customer support.
To learn how to exchange your cryptocurrencies to PayPal you can read our instructional article.
For more instructional content, you can always visit HiExchange Blog