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The PERFECT Cold Hardware Wallet - ExplainedA �cold� cryptocurrency hardware wallet is a physical piece of hardware that exists offline, which allows the user to take control of their cryptographic keys. Hardware wallets are the safest way to store your cryptocurrency holdings, as they keep your private key offline and cannot be easily. Step 1: Select the hardware you want to use. � Step 2: Purchase the hardware and install required software. � Step 3: Transfer your cryptocurrency.