Last Updated: 27-June-2020
What to expect in this article?
- Types of wallets to use to store your digital assets
- The need for hardware wallets
- What makes Ledger Nano X a good choice?
- What makes Ledger Wallets secure?
- What are the differences between Ledger Nano X and Ledger Nano S?
- Can you stake on Ledger wallets?
We hear about hacking all the time in the crypto space. Many crypto exchanges went bankrupt due to hacks taking customers’ investments with them. Storing your digital assets in a secure way to avoid theft or loss becomes your own responsibility.
Safekeeping your digital assets is not a simple affair in the crypto world. Having too many options doesn’t help either. For instance, you can keep your crypto on exchanges, crypto wallets, apps and so on, however, most of these options are susceptible to hacks or simply shutting down without any notice.
This happened quite a lot over the years, here are the big ones from the past.
If you don’t own your private keys to your wallet, your assets can easily be lost, forever. There is a saying in crypto, “Not your keys, Not your crypto.”
The wallets that you can use to store your crypto can be broadly categorized into two:
- Hot Wallet
- Cold Wallet
What are Hot Wallets?
Any wallet that is connected to the internet is called a Hot Wallet. Most of the exchanges like Binance, Kucoin and so on, hold your tokens on their personal server, hence they are hot wallets.
One should always use the exchanges only to trade and immediately move the tokens to a wallet to which you hold the private keys.
What are Cold Wallets?
The wallets that are kept offline and not connected to the internet are called Cold Wallets.
Paper wallets, Hardware Wallets like Ledger,Trezor are examples of cold wallets.
For the purpose of this article, we will focus on Hardware wallets, specifically Ledger Nano X.
Hardware wallets are the electronic devices which are meant to store your private keys which are encrypted and accessible only with the security pin you set for the device.
Are the Hardware wallets necessary?
Hardware wallets are a more secure method available at the moment than other methods. We might see new solutions in the future but for now, hardware wallets seem to be working well. Initial investment on purchasing the hardware wallets seems to be paying off in securing the digital assets.
Advantages of Hardware Wallets
Hardware Wallets come with extra layers of security and many advanced features.
-Your tokens are stored on a physical device and not connected to the internet
– Your tokens are safe even when your computer is hacked.
– The wallet is encrypted, so more secure
– Even if you lose the device, you can always restore your tokens on a new device with the mnemonic seed of the lost device.
Can the Hardware Wallets be hacked?
The cases of hardware wallets being hacked are very few to none. Below are the possible ways your hardware wallets can be compromised
- If the product was tampered during shipping
- If the mnemonic phrase gets into the wrong hands
- Buying from an unofficial sellers
- Buying a used hardware device.
Started in 2014 Ledger has come a very long way with some high end security technology to safeguard the digital assets such as bitcoin and other cryptocurrencies for not just the individuals but also for many organizations and institutional investors. It was founded by Éric Larchevêque, Joel Pobeda, Thomas France, Nicolas Bacca.
Ledger provides two of the most popular hardware wallets in the market
- Ledger Nano S
- Ledger Nano X
Today we’re gonna review Ledger Nano X, one of the best Hardware wallets out there.
What is Ledger Nano X?
Ledger Nano X is a physical secure USB device where you can store your private keys not connected to the internet. It also comes with an enabled bluetooth mechanism, so that you can connect during trading or transfer of your tokens.
Ledger Nano X is the predecessor to Ledger Nano S and allows up to 100 Apps and accepts more variety of cryptocurrency projects .
How/ Where to buy genuine Ledger Nano X?
The first and foremost thing in your journey to safeguard your tokens, you need to make sure if the ledger you bought is genuine, if not your security can be compromised.
Always buy the product from the recommended sellers mentioned on the official site here.
Getting started with Ledger Nano X
Unboxing the Ledger
The ledger box consists of the following:
- Hardware device 1No.s
- USB Cable 1 No.s
- Getting Started Booklet No.s
- Recovery Sheets 2 or 3 No.s
- Key Chain 1 No.s
How does Ledger Nano X work? Setting up a ledger Nano X
Setting up a ledger nano x can be tricky, but you can make it easier if you can follow the steps shown here. And make sure you note down the 24 word key phrase safe and far from the internet.
Here is the step by step guide on how to set up your ledger nano X.
Let us set up the ledger Nano X with Bluetooth on our Smartphone.
Ledger supports All Android and IOS devices. In order to set up the ledger, you need to first set up an application called Ledger Live.
What is Ledger Live?
Ledger Live is the application with which you can use your ledger device and tokens. It works more as an interface to make it easier for you to manage and transact your cryptocurrencies.
Setting up Ledger Live
Install the app and Click Get started.
Here, you will be asked to choose your wallet type, choose Ledger Nano X
You can either choose to setup a new device or restore your old or lost wallet. For this tutorial we will choose Initialize a new device.
Next, set a pin code. You should follow the directions and precautions mentioned for extra security and to make sure your device is brand new and not tampered.
Here comes the very important phase of setting up your ledger, the 24 word keyphrase which is the heart of your device, without which you cannot restore or access your tokens.
Make sure you have written down the 24 words and have them secured. Who ever has access to this keyphrase can able to access your assets, so make sure they dont fall in wrong hands.
You will be prompted through some security questions.
Pair your smartphone with the device.
Turn Bluetooth on your smartphone and a pop up appears on your screen displaying the ledger nano X.
Click Pair and your mobile is now connected to the Ledger.
Select the device you want to pair.
Here, you will be prompted to setup a new password to make sure that the assets are not visible unless you unlock the app.
You can choose the reports you like to share with Ledger.
Hurray, you have now successfully set up you ledger live and your device is now ready.
Here are some video tutorials on how to set up Ledger and start using the device to transact and store your cryptocurrencies.
Learn more about the Ledger Nano X here: http://ow.ly/ptJo30nAz5y Today, we’d like to provide you with a look at what’s to come. In this video, we show how y…
Once you have set up your Ledger nano X, you can securely transfer your cryptocurrencies supported to the wallet.
Advantages of Ledger Nano X
- The safest wallet out there in the crypto market
- Can install upto 100 applications(Also it depends on the size of the applications)
- Supports over 1250 coins
- You can stake while you hold the tokens on a ledger.
- State-of-the-art security
- Large screen visibility for easier setup
- Ease of recovery even if the device is lost or if you want to move to a new device.
- Comes with the updated firmware
- Supports 2 Factor authentication
Ledger Nano X supports various languages, which makes it very easy for those who are not comfortable using the tools in English.
Having your crypto on a Ledger is more secure than having them on exchanges. Yes, the device will cost you some hefty bucks, but safeguarding your investments is worth it.
|Pro's of Nano X||Cons of Nano X|
|The best hardware wallet out there in the market||Cost is on the higher side|
|Supports most of the Cryptocurrencies and Erc 20 tokens||Not so user friendly. It is not as simple as just plug and play|
|Easy to recover the tokens even when the device is lost.|
|Supports Bluetooth for wireless operations|
So here are some FAQ
Can Nano ledger be hacked?
The chances of ledger getting hacked are very rare when compared to other hot wallets / exchanges.
What if I lose my ledger Nano X?
In case if you lose your ledger device, you can simply restore your assets over a new device by putting in the 24 word key phrase which you wrote down previously.
Here is a video on how to restore your ledger
Find out more about #LedgerNanoX here: http://bit.ly/2skQHmb Learn how to restore your Ledger Nano X to recover, replace or clone any other wallet.
What is the difference between Ledger nano X and Ledger Nano S?
Ledger Nano X vs Ledger Nano S
- Ledger Nano X is an upgrade of Ledger Nano S and supports more applications than its predecessor, Simply put, it has more storage space. Ledger Nano S (160Kb)
- The battery power(100 Mah) and the chip inside the Nano X (ST33) is more powerful than that of Nano S (ST31)
- Ledger Nano X comes with a bigger screen for better user experience than that of Ledger nano S
- Supports Bluetooth connectivity, so you can connect your device to your mobile, laptop or tablet and use it on the go and anywhere.
What are the coins Ledger Nano X support?
Ledger Nano X supports over 1200 coins. Here are some of the top coins supported by the ledger:
- Stella Lumens
- Bitcoin Cash
- Bitcoin Gold
- Ethereum Classic
And many more…
While quite a lot of other coins like erc 20 tokens can also be connected via My Ether Wallet.
Ledger Nano X or Trezor?
Both these are the most trusted hardware devices across the market. Personally I feel that ledger has a cutting edge over a trezor, in terms of it’s stainless steel make, or additional features such as Bluetooth and Touch Screen.
Discounts / Offers / Promo Codes on Ledger Nano
At the time of this writing Ledger.com is giving away Nano S and Nano X at some discounted prices.
Ledger Nano S at 50% discount with the Promo Code: “WeAreTheBullRun“
Ledger Family Pack – Buy 3 Ledger Nano S or 3 Ledger Nano X for 27% less
Note: Key factors to consider while using Ledger
- Always buy the product from the genuine/official seller.
- You must write down the mnemonic seed while setting up your wallet, which is your only key to access your wallet anytime, even when it’s lost.
Thank you for reading and sharing this article. Stay safe and healthy!
Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.
We do not endorse or guarantee the accuracy of the information and claims made.
All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.
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