The 3 Cheapest Bitcoin Cold Storage Wallets in 2019 (Reviewed)

Properly securing your digital assets is absolutely crucial when dealing with cryptocurrency, since the risks of thefts or hacks are somewhat higher than many would like. 

As it stands, hardware wallets are the number one option for properly securing a cryptocurrency portfolio, since they are relatively easy to use, and offer significantly better protection against loss by storing your coins offline. However, as it stands, the most popular cryptocurrency wallets such as the Ledger Nano S and Trezor wallet are relatively expensive, costing upwards of $60 each, making them out of budget for many investors.

Although the most full-featured hardware wallets are somewhat pricy, there are plenty of less expensive options that still manage to provide a good range of features and excellent security. With that said, while you can’t expect the very best from any of the options on this list, they do provide excellent value for money, making them a suitable first step for those looking to secure their assets.

OpenDime

OpenDime is a Bitcoin hardware wallet operates a small read-only USB stick that allows users to store BTC, allowing owners to easily give away BTC by simply giving the device to its new owner.

At a price of just £31, or roughly $40 for a pack of three, the OpenDime comes in at a unit cost of just over £10/$13 each, making them one of the cheapest hardware wallets on the market. For this price, you can load up each of the three OpenDime sticks with as much or as little as you want, and store them in a safe place to access whenever needed.

Despite being among the cheapest wallets around, OpenDime is extremely secure, since the private key is generated within the device and never exposed to anybody — even the owner of the device.

Pros Cons
  • Extremely Cheap
  • Only compatible with Bitcoin
  • No transfer fees
  • No access to private keys
  • Compatible with desktop and mobile devices
  • No additional functionality

Bitbox

Bitbox is a compact, minimalistic hardware wallet that allows you to securely store a variety of cryptocurrencies, including Bitcoin (BTC) Ethereum (ETH), Litecoin (LTC) and a variety of ERC20 tokens.

Unlike most other cheap hardware wallets, Bitbox also provides additional functionality, acting as a two-factor authentication key for FIDO compatible websites, such as Google, Facebook, and Dropbox.

Bitbox is easy to use, making it suitable for less experienced cryptocurrency holders, thanks to its easy to navigate desktop app, and simple setup, backup, and recovery processes.

As a cold-storage device, Bitbox can reliably protect your private keys from external threats by ensuring that only officially signed Bitbox firmware can run on the device, while all other third-party code is blocked.

Pros Cons
  • User-friendly interface
  • Limited documentation available
  • Additional security key functionality
  • Unattractive design
  • Support for multiple cryptocurrencies
  • Relatively new to market

Secalot

Like the Bitbox, the Secalot wallet is a small USB device that offers both cryptocurrency cold storage, and a variety of additional features, acting as both a one-time password generator and U2F security key.

Currently, Secalot supports three of the most popular cryptocurrencies — Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP), and also includes support for ERC20 tokens.

In terms of security, the Secalator use a secure microcontroller with a cryptographic co-processor to ensure the safety of your private keys, while all firmware updates must be installed manually.

At a size of 60x15x10mm, the Secalot is similar in size to the Ledger Nano S, and has a rather minimal appearance, with its only notable design feature being two silver stripes

That being said, the Secalot is one of the more expensive wallets on the list, at around €50 (~$55), making it just slightly cheaper than the Trezor wallet and Ledger Nano S, but its additional features may make it worth the added cost.

Pros Cons
  • U2F support
  • Slightly overpriced
  • Includes OTP and smart card functionality
  • Bland design
  • Support for multiple cryptocurrencies
  • Hasn’t been battle tested


Image credits:
Bitbox, OpenDime, Secalot

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