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Hito Hardware Wallet
Hito Hardware Wallet
digital asset security made simple
Published Apr 12, 2024
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Bitcoin Magazine recently posted an article, 8 REASONS TO USE A BITCOIN HARDWARE WALLET. The article makes a strong case for the need for secure crypto key storage growing at the same (or faster) rate as the value of your Bitcoin.
Of all the options available - software wallets, paper wallets, “brain wallets” - Bitcoin Magazine urges readers to choose a hardware wallet, for the following reasons:
So the experts at Bitcoin Magazine says, use a hardware wallet. But here's the thing - these inarguably good reasons to take self-custody of your crypto have historically not been enough to overcome the historical fatal flaw of the hardware wallet category. This flaw is so bad, so fundamental, that most cryptocurrency investors do not hold their assets in a hardware wallet. This in turn causes most people thinking about investing, or just having recently invested, to conclude they, too, don't really need a hardware wallet. After all, "hot wallets" (aka software wallets) are ubiquitous and easy to use, and there must be a good reason that so many people skip the step of owning a hardware wallet, right?
This problem that has haunted hardware wallets is one of design. As Steve Jobs once said, ”Most people make the mistake of thinking design is what it looks like. Design is not just what it looks like and feels like. Design is how it works.”
User experience in the hardware wallet category has been famously lacking. While the primary mission of the category is to protect crypto holders from hacks, scams and rugs, hardware wallets have failed to achieve mass adoption, i.e. they have been unable to overcome the inertia of their (lack of) design.
Now, if you're an expert in the field of crypto, you probably have a hardware wallet, but if you're the average crypto holder, you are likely taking your chances leaving your digital assets in a hot wallet online. It's not even a matter of speculation but one of simple math, as the top two hardware wallet brands have sold about ~5 million units in a market of 250 million crypto holders.
But until the benefit of keeping your crypto on an exchange no longer outweighs the traditionally awkward and often anxiety-inducing user experience of using a hardware wallet, the average crypto holder is going to continue down the risky road of relying on custodial exchanges to safeguard their crypto. It's a little bit like buying a Tesla Model X and then letting the car park attendant take it home on the promise he'll take good care of it for you, just call him when you need it. Of course you'd never do that - but people take a similar risk when it comes to their crypto, leaving it in a hot wallet vulnerable to scams that get every more sophisticated and plentiful.
A hardware wallet that only experts can use defeats the entire point of crypto. What we need in this space are hardware wallets as simple and intuitive as hot wallets and exchanges; we need devices that can be used as easily and nearly thoughtlessly as our other secure devices, e.g. phones and laptops. What we need - what we've been needing for awhile now - is a hardware wallet like Hito, designed for the average person to self-custody their crypto in a device as easy to use as an iPod. The Hito wallet even looks like an iPod, with the same slim shape, two inch full color screen, and high quality tempered glass and metal construction.
With the Bitcoin halving just days away, with the historical lifts that follow the halving, more crypto holders than ever will be thinking about security for their assets. Will 2024 be the year of the UX breakthrough for hardware wallets? What do YOU think?
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- The Unexpected Link Between UX and Crypto Security May 17, 2023
- The Security Advantages of NFC-Enabled Hardware Wallets May 15, 2023
- Why Hardware Wallet UX Design is Mission Critical to Mass Crypto Adoption Mar 7, 2023
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