Is There a Need For Ethereum Hardware Wallets?

Bitcoin users have been enjoying a wide variety of hardware wallets for several years now, and new companies present their products on a regular basis. But the same principle does not apply to Ethereum users just yet, as there are no hardware solutions available. Will we see new manufacturers pop up, or will the first hardware wallets supporting multiple currencies come to fruition?

Ethereum Hardware Wallets

When it comes to keeping cryptocurrency safe, there are various ways to go about it. Most consumers will stick to software solutions as they are in full control of the private key associated with the wallet which let us spend funds. Given the broad range of software solutions available, Ethereum users will not have too much trouble finding an option that suits their needs.

Another option, although ill-advised, is to use an exchange to store Ethereum funds. More experienced cryptocurrency users know this option should never be considered in the first place, as it results in giving up full control over coins at any given time. While exchanges provide a convenience factor, there is no reason to keep any amount of funds in their wallets for longer than needed.

Hardware wallet solutions, such as the one found in the Bitcoin ecosystem, would be a welcome addition for Ethereum users all over the world. However, up until this point, no one has come forward to offer such a solution, which seems quite strange. Then again, there is a question as to whether or not it is financially viable to develop an Ethereum hardware wallet solution in the first place.

A hybrid approach might be a better solution although it would require existing hardware wallet manufacturers to tinker with their software package. There is no reason to believe existing Bitcoin solutions could not support multiple currencies in the future, rather than developing new hardware.

In the end, it all comes down to whether or not there is enough demand for Ethereum hardware wallets or not. Some users prefer such a type of solution, but it is not something everyone will flock to all of a sudden. Most regular consumers will either use wallet software on their computer or install a mobile app.

Source: Reddit

Images credit 1,2

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.