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Hardware wallets are non-custodial wallets that give you complete control over your crypto funds and are very secure when compared with the other available options. Hardware wallets add an extra layer of security to your crypto funds by requiring a physical device that is needed to access your accounts.
Crypto funds are coded into the blockchain, hardware wallets can be imagined to be a key that can give access to the account coded into the blockchain. Generally, a pin code must be used to access the account using a hardware wallet to make transactions.
Every hardware wallet comes with a Seed Phrase, which is a string of 24 randomly generated words that are unique to every user. If a user loses his or her hardware wallet, he or she can order a new hardware wallet and set it up using this unique Seed Phrase.
However, Hardware wallets aren’t secure as a fully air-gapped cold storage device, but it is much safer than the widely used online layers of security to protect an account.