Why cold is still preferred over hot? Get your Ballet Wallet: 5% OFF

15 Apr

15Apr

As cryptocurrencies become more mainstream, the security of digital assets is becoming increasingly important. One crucial aspect of securing your cryptocurrency is choosing the right type of wallet. In this article, we'll explore the differences between hot and cold wallets and why the Ballet wallet is the best choice for long-term cold storage of your crypto.

In many areas of our lives, cold is still preferred over hot. For some people, cold water is much enjoyed over hot water. Cold pizza over hot pizza. Even colder weather is preferred over hot weather. In a study by a PhD candidate at UC Berkeley, research shows that hot weather makes us unhappy as compared to cold weather based on sentiment analysis. Research has also shown that cold showers actually better prepare you for the day because of their similarities to the benefits of cold therapy, which is used amongst all athletes in professional sports.

Cold can also be said to be the preferred way of storing cryptocurrencies and bitcoin.

There are a variety of wallet types that span the hot and cold spectrum available for users of cryptocurrencies, but there are key differences between each. We will go over these differences and give a conclusion as to why the Ballet wallet is the best overall for crypto users in 2023. We’ll also use this piece to reiterate the importance of what it means to truly store your crypto offline in cold storage.

To briefly recap, a cold storage wallet means that the wallet is offline, and not actively connected to the internet. Non-electronic means that the wallet uses no electronic components. Something could be offline, but still electronic, like a computer being shut off. Being non-electronic and not actively connected to the internet is the true essence of cold storage.

Firstly, let’s do a brief recap on the types of crypto wallets that are currently available amongst crypto users.

Major types of crypto wallets and its associated risks

Some of the major risks and issues that users have experienced and described, specific to each wallet type, are the following;

Hardware Wallets (Some are considered “cold”, in the sense that they are not actively connected to the internet, but are prone to electronic component obsolescence)

Difficulty of integration for new adopters of cryptocurrencies.
Lack of internal storage space for adding and approving the storage of multiple cryptocurrencies.
Your device being damaged and thus becoming inoperable.
The risk of having your device stolen and losing every last bit of your funds.
Your device being hacked through unknown malware installed on your computer, and having your wallet holdings stolen maliciously by hackers.
Constant firmware updates and third party cloud server issues.
You forget your password to access your Hardware Wallet, such as with Ledger wallets, and thus; Activating the protocol within the wallet that wipes your entire wallet’s cryptocurrency holdings by putting in the incorrect password 3 times.

Software/Mobile Wallets (These are hot wallets)

Your wallet software becomes unsupported, leaving you with a wallet that has cryptocurrencies stranded in limbo without a way to access the user interface in order to withdraw them.
Regulations in your country may require that your smartphone manufacturer is not allowed to host these Mobile Wallets for download any longer on their App Store, cutting you off from having what used to be an easy to use wallet-on-the-go.
Lack of integration for cryptocurrencies on certain Software and Mobile Wallets may limit your ability to store the cryptocurrencies you would want, such as ERC-20 or BEP-20 cryptocurrencies.
Incompatible software updates

Paper Wallets (The oldest form of a cold wallet but not commonly used in practice these days)

You lose your paper wallet.
The paper wallet becomes damaged and inaccessible.
The paper wallet only can be used for one cryptocurrency, leaving it very inflexible and maladaptive.
Ability to access and utilize crypto is extremely difficult

Simply put, there are far too many risks and barriers to entry associated with older wallet storage forms. For the average cryptocurrency user, these risks are just needless and easily avoidable by just using the Ballet wallet. The Ballet wallet has essentially provided a true form of cold storage with a compatible crypto asset management app that can interact with the physical Ballet wallet.

Below is a side by side comparison between the Ballet wallet and its popular “hot wallet” competitors.

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Conclusion

Although there is no gold standard of crypto wallet security, each type does come with its own advantages and disadvantages. Wallet diversification should be top of mind when managing your own crypto assets. Having hot and cold wallets should not be mutually exclusive but the Ballet wallet should be considered your primary choice for true long term cold storage of your crypto.

As in the words of Katy Perry:

’Cause you’re hot then you’re cold

You’re yes then you’re no

You’re in then you’re out

You’re up then you’re down

You’re wrong when it’s right’

Don’t complicate both spectrums of having your crypto all in hot or cold, or some in between convoluted state. Manage both accordingly to your crypto needs and investment goals.

Ballet is a U.S. company that provides simple and secure cryptocurrency storage solutions for the global mainstream market. Ballet is the team behind the world’s first multi-currency, non-electronic, physical crypto wallet. The company was founded in 2019 by Bobby Lee and an international team of cryptocurrency industry veterans.

Ballet is headquartered in Las Vegas, Nevada in the United States, and has an office in Shanghai, China.

Ballet is the world’s first multi-currency, non-electronic, air-gapped, physical crypto wallet.

Ballet is the world’s first multi-currency, non-electronic, air-gapped, physical crypto wallet.

In terms of security, the non-electronic two-factor private keys employed by Ballet wallets keep user funds safe from electronic hacking, reduce the risk of user error, and are ultimately more durable and reliable than devices with electronic components. Ballet gives users peace of mind that their funds are safe and accessible at all times because the users have full and exclusive control of their cryptocurrency private keys.

Content

What is Ballet?
Ballet Crypto Ecosystem Map
Layer 1 - The BIP38 Open Source Standard
Layer 2 - Various Crypto Asset Communities.
Layer 3 - Buy & Exchange Infrastructure
How REAL Works?
Ballet Crypto App
Ballet Crypto App Features
What are the Characteristics of REAL Series?
How does the REAL Series compare to other crypto storage solutions?
1. Ballet REAL Series VS Exchanges
2. Ballet REAL Series VS Software Wallets
3. Ballet REAL Series VS Electronic Hardware Wallets
What are the Characteristics of REAL?
Other Ballet Products (Ballet PURE & PRO)
Ballet Technologies
Choose your Ballet Wallet
Promocode: Buy BALLET Hardware Wallet - 5% Off

1. What is Ballet?

Ballet is a U.S. company that makes easy, safe, reliable cryptocurrency storage products.

Ballet’s flagship product is the REAL Series cryptocurrency wallet - the world’s first multi-currency, non-electronic cryptocurrency wallet.The company was founded in 2019 and is based in Las Vegas, Nevada.

2. Ballet Crypto Ecosystem Map

Layer 1 - The BIP38 Open Source Standard

Layer 1 consists of the technological and physical components that combines to form the actual physical Ballet wallet. It is these components that are crucial in bringing the digital into the physical realm. This is the root basis that gives way to the important differentiating fundamental of making the Ballet wallet easy to use.

At its raw core, the physical Ballet wallet uses the BIP38 private key generation scheme, which is pivotal for the security of the Ballet wallet. This open source standard, written in 2012, is the basis for Ballet’s patent pending Two Factor Key Generation process (2FKG). The BIP38 standard is open source and free to use by anyone with current tools including a JavaScript and Python implementation, as well as open source tool, BalletCrypto.org.

The Two Factor Key Generation process then gives way to the production phase of the wallet. Made from 304 stainless steel, all of physical Ballet wallets utilize the BIP38 standard and are given an extra layer of security through the usage of tamper evident QR code stickers.

The full spectrum of current Ballet wallets includes the below:

Ballet. The World Easiest Cryptocurrency Wallet. Ballet wallets are our solution to make cryptocurrency easy for everyone. They offer a simple and elegant user experience that allows new crypto users to receive, store, send, buy and sell cryptocurrency. Our innovative wallets are the world’s easiest-to-use cryptocurrency wallets.

LEARN MORE

Layer 2 - Various Crypto Asset Communities.

The Ballet Crypto app currently supports over 100+ cryptocurrencies which includes the popular mainstream currencies such as Bitcoin, Ethereum, Litecoin, Filecoin, and Dogecoin.

Recently, NFT support has been enabled but only limited to ERC721 NFT standards.

Layer 2 allows anyone to receive, hold, and send their crypto assets on their physical Ballet wallet with the Ballet Crypto App allowing accessible interaction with the crypto held on the wallet.

Layer 3 - Buy & Exchange Infrastructure

The Ballet Crypto app has expanded its crypto offering by enabling the Buy Crypto and Exchange Crypto functionality through the app. These functions give our users the functionality of a regular exchange without ever having to give up their private keys.

On the Buy Crypto side, Ballet has partnered up with MoonPay, Simplex, and Wyre to allow users to convert their fiat into crypto seamlessly.

On the Exchange Crypto side, Ballet has partnered with SWFT, ChangeNOW, and Changelly to offer quick and transparent token to token exchanges.

If you want to buy cryptocurrency with the lowest fees, without overpayment, then the ideal tool is the Onramper widget. It compares all the offers of leading Fiat-to-Crypto gateways (Wyre, MoonPay, Coinify, BTCdirect, Mercuryo, Indacoin, Utorg, Xanpool) in real time and offers the best option. Try it now.

3. How REAL Works?

The Ballet REAL Series wallet is a physical cryptocurrency wallet that gives you full and exclusive control of your digital assets. A two-factor cryptographic private key is securely concealed on the physical wallet itself, which allows the wallet to function as a bearer asset like cash or gold.

The prominent feature on the front side is a QR code of the wallet’s cryptocurrency deposit address. This allows you to immediately deposit funds to the wallet without needing to set up or configure anything.

Ballet Crypto App

Ballet Crypto is an app that acts as a companion to your Ballet product, allowing you to manage your cryptocurrencies, check their market value and add additional ones to your wallet.

Ballet Crypto is a companion app that serves as a digital interface for physical Ballet products. The app provides all the essential functions of a cryptocurrency wallet while allowing private keys to remain securely offline.

Download Ballet Crypto, scan the QR code of the deposit address (see figure 1.) on the REAL Series wallet, you can create your virtual wallet in the app. Ballet Crypto can help you send, buy, exchange cryptocurrency, check their market value and many other functions.

LEARN MORE

The Ballet Crypto app is a companion app to your Ballet wallet. When using the app, your assets are kept completely offline on your wallet. The app does not store the credentials of your wallet and cannot access your private key. Your assets are kept offline and no one can hack or otherwise gain access to your funds through the app.

Please note that all cryptocurrency purchase services in the Ballet Crypto app are handled by third parties. Ballet does not sell or transmit cryptocurrency in any form. By using these third party-services you agree to be bound by their terms and conditions and any applicable laws or regulations.

NOTE:

● The Ballet Crypto app does not actually store cryptocurrency or private keys on your device.
● Both REAL Series private key components (see figure 2. & 3.) are contained on the physical wallet, so please be sure to keep your REAL Series wallet safe.
● Do NOT peel off the QR code sticker or remove the scratch-off until you are ready to send crypto out from your wallet.

Ballet Crypto App Features

No Account Registration

Scan the QR code on your Ballet product to start using the app. There is no need to register an account.

Real-Time Market Value

The app allows Ballet wallet customers to check the market value of their assets in real time.

Privacy Guaranteed

The app does not store your wallet’s private keys. It also does not track, store or transmit your personal or financial data outside the app.

Open-Source Industry Standard

Ballet wallets and the Ballet Crypto app use the open-source BIP38 protocol.