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Best Bitcoin Wallets Options for New Zealand Users

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What is the Best Bitcoin Wallet? – NZ’s Best Bitcoin Hardware Wallets

It’s safe to say that 2019 is the year of crypto accumulation. However, buying Bitcoin without first researching the best Bitcoin wallet for your needs, can lead to hefty losses. Over $1.5 Billion dollars of cryptocurrency was lost and stolen in 2018. Worse, over $356 million in crypto was lost and stolen in just the first three months of 2019.

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What is New Zealand’s Best Bitcoin Wallet and Why?

If you’re an avid crypto investor in New Zealand, it would be wise to invest in a storage option that would safely secure your digital assets. While keeping your assets on the exchange themselves are an option, a more secure option would be to invest in a physical hardware wallet.

Of course, the best Bitcoin hardware wallets on the market currently start at $70 – $400 NZD. High prices deter some Kiwis. However, the simple fact of the matter is that hardware wallets are the best crypto storage option. It is that simple.

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What is a Crypto Hardware Wallet?

Cryptocurrency coins like Bitcoin are comprised of two cryptographic keys. When using web, desktop, and mobile app wallets, there is always a risk that these keys can be hacked.

A hardware wallet protects coin private keys by storing these in a locked down area of a physical device microcontroller. It is, therefore, not possible to hack coin balances. It is also not possible to send coins to any other wallet address, before physically authenticating a transaction.

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Trezor – The Best Bitcoin Wallet for Kiwis

When it comes to hardware wallets, Trezor is one of the leading manufacturers in the crypto space. First launched in 2014, Trezor now offers the Model T and the Trezor One – both equipped with industry-leading security features.

However, what makes Trezor unique amongst other crypto hardware wallets is their transparency policy where they keep track and publish a list of past security issues of their devices and services. The list is publicly available on their official website, which includes a detailed description of the issue, its impact on security, as well as the corresponding firmware fixes to resolve the issue.

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Trezor Security – How is Crypto Kept Secure?

As we prefaced above, Trezor takes crypto security matters seriously. Being a cold wallet, Trezor devices benefit from having a secure offline environment to authenticate transactions.

Trezor also supports BIP39 passphrases, which are not stored on the devices it self. This adds another layer of protection from local hardware attacks.

With that said, Trezor’s extensive list of security measures doesn’t stop there. Other safety features that Trezor offers are the following:

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Bootloader protection

The bootloader of Trezor’s devices are protected by multiple layers of security measures. Upon activating, the bootloader always runs a verification code to its firmware signature. The firmware will only run if it detects a correctly signed signature from SatoshiLabs, any other instances will trigger a warning. Additionally, the bootloader is write protected with the JTAG disabled. This ensures any attacker or malicious program cannot modify or replace it.

Trezor has also programmed the bootloader to erase the device’s memory if it detects that the firmware signature is invalid. Any downgrade attempts to a vulnerable firmware version also triggers a format to the memory.

Hardware seal

In terms of physical construction, Trezor devices are ultrasonically welded making them difficult to be restored when tampered with. Additionally, they also have a holographic seal upon your first unboxing of the device to verify its authenticity.

Trezor wallets use a limited USB connection

Trezor wallets are unpowered by default and require a USB connection to a computer them on. This creates an offline environment that is disconnected from the internet for secure authentication of transactions.

Secure Trezor PIN

Trezor wallets are protected by a PIN code that can be configured up to nine digits long. This means it would take thousands of attempts to find the correct PIN, and with each failed attempt the waiting time between increases by a power of two. Trezor has also configured their devices to execute a system wipe after 16 failed attempts.

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How to Use a Trezor Wallet

When using a Trezor wallet, cryptocurrency investors and traders can manage coin portfolios of over 100 coins via a Trezor web wallet interface at wallet.TREZOR.io. This interface displays current coin balances and transaction histories. However, coins always remain physically located on encrypted Trezor microcontrollers.

New for 2019, Trezor wallet users can now also manage wallet balances via the popular Exodus desktop wallet. When doing so, coins once again remain physically secured in Trezor microcontrollers. However, users may interact with coin balances via the Exodus wallet.

Check out our unboxing, review, and setup of the Trezor One below:

Interested in getting a Trezor hardware wallet? We have them available for purchase at Easy Crypto on our products page.

Safe Transaction Settlement and Trezor Wallet Backups

Whichever wallet interface Trezor wallet users use, every cryptocurrency transaction will need to be confirmed manually. Every time a user sends funds they, therefore, need to manually enter their pin on their Trezor wallet touchscreen.

Like App and Web wallets, Trezor wallet balances are also easy to backup. All a user needs to do is generate a 12-word recovery passphrase when first setting up a device.

With that said, Trezor is an excellent and highly secure hardware wallet to keep your cryptocurrency assets safe.

Trezor currently offers two different wallets in their line up: the Trezor Model T and Trezor One Black, both supporting over 1000+ cryptocurrency coins and tokens.

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Interested in getting a Trezor hardware wallet? We have them available for purchase at Easy Crypto on our products page.

Ledger – The Best Bitcoin Wallet for Mobile Crypto Users

Another excellent option for crypto hardware wallets is Ledger. They’ve been on the forefront of crypto storage, with their Ledger Nano S being the first crypto hardware wallet ever made.

Since then, they’ve launched the new Ledger Nano X which is set to be the next generation of their highly secure crypto hardware wallets that comes with Bluetooth connectivity for managing your crypto assets on-the-go.

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Ledger crypto wallets incorporate sophisticated security features such as a custom OS running their devices and a certified security chip for an additional layer of security. Their compact physical constructions also enhanced with a stainless steel cover for added durability.

Currently, Ledger offers two crypto hardware wallets, the Ledger Nano S and the Ledger Nano X. The main differences between the two are as follows:

  • Capacity: Ledger Nano S supports up to 20 apps, whereas the Ledger Nano X supports up to 100 apps.
  • Display size: The Ledger Nano S has a 128 x 32 pixel display vs. the larger 128 x 64 display of the Ledger Nano X.
  • Connectivity: The new Ledger Nano X supports Bluetooth with its Ledger Live software for on-the-go crypto management.

Additionally, the Ledger Nano X now also features a USB Type-C port for universal compatibility and is also the only Ledger device with a built-in battery for its bluetooth functionality.

With that said, checkout our unboxing, review, and setup of the Ledger Nano X below!

The Ledger line up of hardware wallets offers industry-leading security features to keep your cryptocurrency assets safe. Both the Ledger Nano S and Ledger also support over 1500 cryptocurrency coins and tokens.

Shop the Ledger collection of crypto wallets on our products page at Easy Crypto.

Safety tip for crypto hardware wallets

Whichever crypto wallet you choose, it’s important to keep in mind the following safety principles to ensure your crypto assets are safe:

  • Verify your transactions by double-checking the receiving address and payment information that is displayed on your hardware wallets.
  • Safe storage of your recovery phrase and do not share it in any form, with anyone.
  • Routine backups of your wallet.
  • Buy from a trusted exchange or directly from the manufacturer.

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Last updated January 9th, 2021.

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