- Raspberry Pi is a cold storage option for storing cryptocurrency
- It is inexpensive in comparison to existing digital asset hardware wallets
- It can also be utilized in place of a personal computer
Raspberry Pi is a less expensive alternative to existing crypto hardware wallets, which charges a significant fee.
Cryptocurrency Wallets & Their Functions
A hardware wallet is a unique storage option for cryptocurrency users. It enables secure repository of the owner’s private keys in a unit of hardware equipment which doubles as a wallet for digital assets. It also holds several advantages over generally used wallets which are inbuilt into a software.
The private keys are stored in an extremely safe portion of a micro controller because of which the possibility of transferring them outside the device in plain text does not exist. This wallet can be accessed through the installation of software applications or designated devices which can be connected to the user’s desktop using a USB cable or cord.
However, certain drawbacks of hardware wallets include issues of availability in certain countries. Due to the increasing requirement of safekeeping the private keys, these wallets will have to be imported. The additional cost of shipping along with import taxes can add to the high prices which has to be borne by the users.
This is where the utility and cost-effectiveness of Raspberry Pi comes in.
Better Alternative To Hardware Wallets
While any advanced PC could be transformed into a cryptographic money wallet, it would be somewhat costly as well as inefficient to devote an entire desktop or work area for this undertaking. Due to this reason, a better alternative in the form of Raspberry Pi can be utilized. It is compact and economically viable along with numerous ways in which it can be used. One can purchase this device for $35.
The Pi is significantly tiny and inexpensive compared to the cost of purchasing any standard hardware wallet. It can easily outprice prominent wallets sold by any prominent companies such as Trezor and Ledger. Nonetheless, these gadgets are typically prepared to use immediately after they are received and get regular firmware upgrades. Meanwhile, the Pi will require some probing before it’s prepared to send and receive crypto.
If one wishes to use it instead of a PC, a suitable display along with an HDMI cable can be purchased. Additionally, to make the utility similar to traditional computers, a mouse and USB keyboard can be bought.
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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.