Coinkite's Coldcard MK3 vs Ledger's Nano S & X Hardware Wallets - A Review to Compare Both

In the 2020s, more travelers will want to make bitcoin transactions anywhere on the planet. Most will use their smartphones, which is somewhat secure.

However, if you the best security, you should use a bitcoin hardware wallet.

In this faceoff, we'll review the two best hardware wallets: Coinkite's Coldcard MK3 versus Ledger's Nano S. Since there is substantial information about the Ledger Nano S, we'll focus on the Coldcard MK3.

Because the Nano X is similar to the Nano S, much of what I say about the Nano S also applies to the Nano X.

What I love about the Coldcard MK3

Big, fat numeric keypad and decent vs. the Ledger's tiny buttons and screen
The Coldcard MK3 offers bulletproof security.
Ingenious double-PIN security system.
The Coldcard MK3 comes with a Duress PIN that is useful if someone is forcing you to reveal the PIN
Even better, the Coldcard MK3 comes with a Brick PIN, which allows you to erase the Coldcard completely with one PIN - that's also useful in an emergency.
Unlike other hardware wallets, its process is in effect a flash ROM (read-only memory) with a pathetic 10k bits of storage. This is good news for you because it makes it effectively impossible to be reprogrammed.
12-word encrypted backups.
The Coldcard MK3 can fool an unsophisticated person into thinking that it's just a geeky calculator.
Its display can show QR codes.
The Coldcard MK3 supports Partially Signed Bitcoin Transactions (PSBT), thereby giving you supreme security through its air-gapped technology.

Coldcard MK3 Tips

Verify that the tamper-evident bag has not been opened or altered.
Backup your file on a MicroSD card, but do not put that file on any computer (unless it's an emergency). If you need to restore the backup, it's better to buy a new Coldcard and restore that.
Connect it with the Wasabi wallet (or Electrum), but only in an air-gapped fashion (i.e., never plug your Coldcard directly to a PC).
Be careful because there is no factory reset!
Do not lose/forget your PIN. If you do, nobody can help you.

You should buy the Coldcard if you . . .
Want the most secure hardware wallet in the solar system.
Want to store a significant amount of BTC (over $10,000) - although it works great for $10 too.
Make fewer than 100 bitcoin transactions per year (and if you make more than that, you could still use the Coldcard as your cold storage bank and use a hot wallet for your daily use).
Are technically competent and somewhat geeky.
Want a superior device interface than the Ledger S.
Manually create a random seed with 99+ six-sided dice rolls!
Want encrypted backups.
Are a bitcoin maximalist (bitcoin is the only cryptocurrency you own).
Are familiar with one of these bitcoin wallets: Bitcoin Core, Electrum, or Wasabi. (It also works with Generic JSON wallets).
Are willing to trade-off convenience for extra security.
Want a login-countdown option: this forces a delay of your choice (mins to 28 days) before you can access the device, which would be useful if a criminal who is in a hurry wants to quickly access your funds (the downside is that you're also limited).

You should buy the Ledger Nano S or X if you . . .

Want to manage multiple cryptocurrencies with one device (the Coldcard only stores bitcoin).
Plan to do many transactions while on the road; the Nano X's Bluetooth makes that easy with a smartphone.
Are a novice.
Are not much of a geek: if you're often asking other people to help you with your smartphone or computer, then get the Ledger since it's a simpler system than the Coldcard
You like the Ledger Live software interface.
You're afraid that you will royally screw up. You can factory reset a Ledger, but (for added security) you cannot reset a Coldcard.
Verdict: Coldcard MK3 Wins!
If you're looking for the most bulletproof security to safeguard your bitcoins in cold storage, then Coldcard is the way to go.

Some people may want the Coldcard mainly for ergonomic reasons: they like that it has a screen that displays a QR code, as well as the buttons that are also larger than the Ledger Nano S or X. They could plug the Coldcard directly in their PC to make transactions and ignore Coldcard's air-gap feature.

Final security point
Whether you use a Ledger or Coldcard, what matters more than anything else is protecting your 24-word seed phrase. Probably 99% of the lost/stolen bitcoins are due to someone putting their seed phrase in an insecure location (which a hacker or thief can access) or forgetting/misplacing the seed phrase (thereby permanently locking yourself out of your wallet).

Therefore, don't think that because you have a robust Coldcard that you're safe. All you've done is to eliminate one of the 100 different ways that you can lose your bitcoins.

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