There are two omnipresent words in the crypto space. These two words can save your investment and your life. The first word is “do your research” and the second is “not your keys, not your coins”.
One of the best crypto hardware wallets rode to fame on the back of these words. But what do these words mean?
In this article, we will be reviewing the suite of Ledger crypto hardware wallets. We will highlight what it does, the features, and why it’s considered a must-have crypto wallet for every crypto investor who’s serious about securing their digital assets.
Not Your Keys, Not Your Coins
The phrase “not your keys, not your coins” simply means you need to own the private keys where your fund is stored.
Owning your keys means you’re in charge of how your funds are managed, and more importantly; the security of your funds.
The Ledger hardware wallet allows you to own and store your private keys offline.
What Is a Hardware Wallet?
Before we talk about hardware wallets, we need to tell you about software wallets and why the hardware wallet is superior in terms of the security of your digital assets.
A software wallet is certainly more popular and widely used by crypto investors. This is because it’s easy to get. You can easily download a software wallet to your computer or your mobile device.
Software wallets are used more because it is more convenient and easy to send and receive crypto to your wallet and it is free.
A cryptocurrency hardware wallet on the other hand is less flexible than a software wallet but more secure. A software wallet can be easily breached by online hackers by sending malware to attack your device and installing a keylogger that steals not only your private key but your digital asset.
You can avoid this security issue with hardware wallets like Ledger Nano. The Ledger hardware wallet holds your digital assets offline in a physical storage device. Because your coins are always offline, it’s hard for a hacker to target your coins remotely and steal them.
The security Ledger hardware wallet provides is bliss.
What Is Ledger Wallet?
The Ledger hardware wallet is a wallet management device that allows you to safely store your cryptocurrencies and private keys offline.
You can do more than store your digital assets on a ledger wallet, you can also send and receive over 1500 different tokens on your Ledger hardware wallet.
Platform offers two variants of hardware wallets: the Ledger Nano S and the Ledger Nano X hardware wallets.
The Ledger hardware wallet is the most popular physical crypto wallet in the world and was created by a French startup led by Pascal Gauthier in 2014. Since then it has sold millions of devices to millions of security-conscious crypto investors worldwide.
The Ledger Nano S
The Ledger Nano S is known as the original hardware wallet. You can buy and store cryptocurrencies on this hardware wallet while integrating a secure chip and store about 20 different apps on it.
The Ledger Nano S was introduced in 2016 and has refined its security processes over the years. It sells at $59 on the official ledger store.
Never buy your Nano wallet from Amazon or any other online store except the official ledger Nano store
It allows you to hold your private keys and lets you manage about 27 coins and 1500 different tokens from your hardware device from the Ledger App on your smartphone or desktop computer.
The Ledger Nano X
Nano X was introduced 3 years after the Nano S and retails at $119 on the official Ledger Nano store.
Like the Nano S, the X allows you to store and manage your digital currencies but this time you can manage even more tokens and apps (over 100 apps).
Nano X keeps track of the new development in the Blockchain industry, allowing you to do more. You can buy, sell, exchange, lend, stake, and manage more than 27 coins on Nano X. All this is done on the Ledger app on your smartphone or desktop.
The Ledger wallet can be connected to your smartphone via Bluetooth, which makes it more secure than connecting them online.
The unique selling point of the Ledger wallet is keeping your private keys and Cryptocurrencies offline, and they deliver on that promise without fail.
Advantages of Ledger Hardware Wallet
The Ledger Nano wallet has some features that make it ideal for crypto investors with large amounts of crypto assets to protect.
These are some of the advantages of owning a crypto wallet.
- It’s easy to set up your hardware wallet and easy to use in sending and managing your cryptocurrencies.
- It’s portable. You can safely store it in your pocket or somewhere without making it too obvious.
- Long-lasting battery that’s built to last for at least 5 years after use.
- Wallet stores and supposed over 1500 different digital currencies
Disadvantages of Ledger Hardware Wallet
The Ledger wallet is one product that has no disadvantage except for being too pricey. Yes, that’s the only disadvantage with the Ledger Nano hardware wallet.
Is Ledger´s Hardware Wallet Truly Secure?
This question has been asked many times by uneasy investors with large amounts of tokens stored on their Nano Hardware Wallet.
“Is this wallet truly secure”?
Yes, the wallet is tamper-proof. The Ledger development team employed the highest form of security to ensure the wallet is unhackable.
How to Send and Receive Funds using the Hardware Wallet
You’ll need to set up your wallet before you start sending or receiving funds on your wallet.
This guide explains how to set up your wallet after purchase.
When you’re done setting up your hardware wallet, it’s time to start receiving and sending assets from your secure wallet.
You must own a hardware wallet if you’re a cryptocurrency investor with a lot of money invested in crypto assets. There are several hardware wallets out there, but the Ledger suite of hardware wallets takes the win for so many reasons like credibility in the crypto industry and rave reviews.
The Ledger Nano wallet comes preinstalled with a Bluetooth connection and can be connected to your mobile app via Bluetooth.
Connecting your mobile app to your hardware wallet using a Bluetooth device is safe. You’re not going online and the private keys never leave the security chip.