You might have already heard of various types of crypto wallets, however sticking with one Crypto wallet for long term holding and choosing the reliable one would be harder, considering the various factors and the numbers of crypto wallet available for users. Today, we’ll look at Ledger Hardware Wallet and find out everything about it.
What is Ledger Wallet?
Ledger is one of the most popular Crypto Wallets out there. However, do note that you need to actually physically purchase this product in order to store your cryptos.
The company behind Ledger are a French start-up who released their first wallet in 2014. Since then, they have become a market leader in the hardware wallet industry. In fact, the Ledger wallet is so successful that it has sold over 1 million devices!
The majority of people store their cryptocurrencies in a software wallet, which can be downloaded on to a desktop/laptop or mobile device. These have lots of advantages, such as being really convenient to send coins to another person, as well as being free.
But the problem with storing crypto online might be vulnerable to being hacked if even a small mistake is created. This is because hacker can get into you device via keylogger, malware, website cookies and various other ethical method to steal your Crypto Wallet.
This is what hardware wallet like Ledger makes it different from online wallet, instead of your private keys stored online. It is held on a physical device always offline, unless you make it public or brag about it. JOKES….
Well as of 2021, they are more than 2300+ cryptocurrencies available and a new token is added every month. Unfortunately, their is no wallet in the world that has the ability to store and secure more than 2000+ assets as that technology does not exist now. We might hope to see Binance to bring a hardware wallet, but I am pretty sure even Binance will have a restriction to keep less than 50 Crypto Assets in the wallet.
Luckily, Ledger Wallets is a multi-currency wallet which means you can store 26 coins and more than 1000+ tokens on the hardware. This includes obviously the top coins like Bitcoin, ETH, Ripple, Litecoin and more…
Advantages of Ledger Wallet
Like I mentioned before, the only reason why Hardware wallets are better is because you have the private key offline in the real-world you are not risking any online third party to hack into your computer to steal the data.
One more extra layer of security is, when you are setting up the device you will be forced to choose a 4 digit pin code which will had as form of security code for extra layer, this code will be used physically eveytime you make a transcation.
Another best feature is that Ledger developer regular provides firmware updates to ensure your device remains secure.
On top of that the physical device itself is made of highly durable materials, including a cover that made from stainless steel. To protect if from physical damges like accidental drops.
Disadavantage of Ledger Wallet
Getting straight to the points, unlike software wallets Ledger Wallet is not free. You have to actually buy from the original retails store. [ Do not Buy from retailers as their is risk of information being leaked ]
Another disadvantage, is that you have to plug your Nano Ledger S into your desktop device. In doing so, you will then need to enter your pin number. This is much less convenient than using a software wallet, as it takes more time and effort to transfer funds.
So in simple word, it is less user friendly as it is mainly working on security of the device.
What comes in the Ledger Wallet Box?
- Ledger Physical Device
- Instruction Card
- Key Chain
- Recovery Card
- USB Cable
Ledger Nano X and Ledger Nano S – Any Big Difference?
- Price Difference
- Capacity to store Up to 100* apps installed on your device on Nano X and upto 6 on Nano S
- Bluetooth® compatibility with Ledger Live Mobile
- 8 hours in standby mode on Ledger Nano X
Apart from these their is not a much of a difference. And in my opinion is does’t matter. Cause if you are storing more than $1000 worth of Crypto then I would definetly go with the best and not think about the price, Because security comes first! Both Nano X and Nano S are perfect but if you are a professional trader who likes to hold onto Cryptos for a long time then go for the best, dont compromise on the prices.