Having a cryptocurrency hardware wallet is a necessity for any person who regularly buys and sells any form of cryptocurrency, whether it is bitcoin, ethereum, lite coin, dash, or any other type of cryptocurrency. The more experienced users will know just how easily some people end up stealing bitcoins or other digital currencies from other people when they have not put the information about the bitcoins in a separate safe wallet of sorts.
Since this is a decentralized, digital currency, you cannot really put it in any sort of bank so you need to store the information about the various cryptocurrencies you own in to a wallet specifically made to hold that sort of information. While a cryptocurrency hardware wallet is clearly the better option, you can also store bitcoins or other currencies in to a hot wallet which is basically an online storage or a storage on a laptop or a mobile phone.
Hot wallets are not generally recommended because they are consistently connected to the internet and are not quite as well secured. To hack someone else’s cryptocurrency wallet you need it to be connected to the internet in some way or the other. Phones and computers or laptops are not good candidates for this reason exactly.
The hot wallets are almost always connected to the internet and that makes them easy targets. A cryptocurrency hardware wallet on the other hand does not need to be connected to the internet, instead they can operate offline. You can simply plug them in to a computer when you need to move or transfer any currency. On top of that you also have the benefit of the devices that hold the cryptocurrency being virus proof. Even if connected to a computer with malware on it you still cannot lose your bitcoin information.