Overview of Ledger Hardware wallets
Ledger wallets have never been easier to purchase, you can simply visit the official site and pick one up for $59-269.99. It is never recommended to buy a device from a third party, always use the official site to make a purchase. Ledgers and Trezors are the top hardware wallets in the game currently, but Ledger seems to have some of the best reviews as per the cryptocurrency community. Cryptocurrency has been hard for many to understand, especially for those who go into it early on. However, ledger has noted that there may be a slight disconnect and so their technology is extremely easy to understand and so anyone with cryptocurrency will be able to purchase and use within minutes. The ledger uses a secret pin in order to interact with your private key which is not publicly announced when interacting with a computer wallet. A 24 word seed phrase is given which should be written down as it will help with any sort of recovery that may occur if the pin code is lost, or the device is damaged. Users are not required to make any separate wallets as it will have them built in for a majority of the coins which may come in handy for those who do no want to do any extra work. The ledger also allows easy access to an interface that will make it extremely easy to manage multiple wallet address so it can cater to really any cryptocurrency users needs.
Different ledger models
Currency there are 3 models available for purchase:
- Ledger Nano S – $59.00
- Ledger Nano X – $119.00 (This ledger has bluetooth built into it)
- Ledger Blue – $269.99 (Color touchscreen, has the look of a tablet)
Note: Prices may change, check the updated ones from Ledger official website.
Is Ledger safe?
The ledger wallet is one of the safest ways to hold your cryptocurrency since it is not saved on a desktop or a device that is connected to the internet. When the ledger interacts with a computer it uses encryption to add another layer of security, so even if the computer has a virus it will still be difficult to actually steal the private keys. For anyone who can afford the initial purchase of the wallet, it will be worth it and will allow for better night time sleep.
Why to use Ledger hardware wallet?
Cryptocurrency allows for pure ownership so if your private key is known, then hackers will be able to steal your coins/tokens and no refund can be given. So it is important to have personal security. Spending 10 minutes to add layers of security will be very beneficial regardless of how many coins/tokens that are owned. Don’t fall victim to a scam.
How to use a Ledger?
Starting up your ledger can be done in 8 easy steps.
- Connect your device to your computer
- Read the simple instructions that are put out on the Ledger device screen
- Press the right button on the device which will confirm that a new device is being created
- “Choose a pin” will come up on the device and ask you to press the right and left button
- You will now select the pin (which should be written down on a piece of paper)
- Now you should take the recovery paper that comes with the device and write down the 24 word seed phrase
- You will now confirm that you have written down the recovery by verifying that you know each of the correct words in the order that they appeared
- Your device is now ready