The Card Wallet is particularly characterized by its simplicity and security. All you have to do is keep the physical card safe. You don’t need high software affinity and you don’t need to be a crypto expert to keep your crypto currencies safe.
Crypto currencies are a comparatively young phenomenon in which users are often confronted with many question marks and application problems, especially at the beginning. The example of securing crypto currencies makes this particularly clear. The majority of crypto users cannot generate secure paper wallets. Likewise, very few hardware wallets can operate securely and correctly and rely 100% on the many different influencing factors such as manufacturer, hardware, firmware and software.
Software wallets and exchange wallets can also be manipulated or hacked relatively easily. As a result, there are numerous security risks for the user – partly due to his own ignorance – which is why simple handling without many risk factors is the most important security feature.
In this article we would like to compare the Card Wallet with other types of wallet and highlight the most important differences in tabular form:
Card Wallet vs. Paper Wallet
The Card Wallet is securely generated in the high-security room of the Austrian State Printing House. Nobody has access to the Private Keys at any time. A paper wallet has several uncertainty factors. For example, it is not clear who is behind the paper wallet creation website and what the motivation of the site operator is. At the same time, paper wallets are not a long-term security option, as external influences can damage the paper. This is not the case with Card Wallets.
Card Wallet vs. Wallet App
Like the entire Bitcoin network, the Card Wallet is a decentralised system and does not require any updates. The system is up and running – forever. With Wallet Apps, things are different: First, you have to trust an authority that you don’t know, unlike the Austrian State Printing House, and whose motives are therefore unclear. Secondly, updates have to be made and thirdly, you always have to trust the functionality of the Wallet App.
Card Wallet vs. Hardware Wallet
Hardware Wallets are suitable for everyday use as they offer a relatively high level of security and constant access. However, hardware wallets require good technical know-how, especially for updates or the like. In addition, the annual meeting of the Chaos Computer Club in 2018 showed how hardware wallets can be hacked and the coins stolen. The mantra that hardware wallets are the best security solution for crypto currencies has therefore been revised.
In addition, there are some other risks that hardware wallets expose you to: Electronic, mechanical and water damage must not be ignored in a long-term storage solution. It is the small things that make the difference in a long-term backup solution.
However, it must also be added that the Card Wallet is not in direct competition with hardware wallets. For users who would like to trade frequently, a Hardware Wallet offers better conditions than a Card Wallet. The Card Wallet, on the other hand, is ideal for secure, long-term storage and is not designed to directly replace hardware wallets.
Card Wallet vs. Exchange Wallet
In the past, there have been several stock market hacks in which all or some of the customer’s coins were stolen. It all started with the Bitcoin robbery at Mt.Gox. Over the past five years, stock exchanges have been hacked in droves and customers‘ crypto currencies stolen. Only recently, the world’s largest crypto exchange, Binance.com, was the victim of an attack in which 7,000 Bitcoins were stolen.
Keeping crypto currencies on exchange wallets is, we believe, the least secure way to store crypto currencies.