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Ledger Nano X Review 2020 | Is It Worth It?

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Ledger Nano X review

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.

Exchange hack list

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:

  1. Hot Wallet
  2. 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

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.

buy ledger nano x

Ledger Intro

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 Nano Team

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.

Ledger Nano Official partners

Getting started with Ledger Nano X

Unboxing the Ledger

The ledger box consists of the following:

  1. Hardware device 1No.s
  2. USB Cable 1 No.s
  3. Getting Started Booklet  No.s
  4. Recovery Sheets 2 or 3 No.s
  5. Key Chain 1 No.s
unboxing Ledger Nano X

Source: Ledger

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

Ledger Live App

Install the app and Click Get started.

Ledger live setup step 1

 

Here, you will be asked to choose your wallet type,  choose Ledger Nano X

Ledger live setup step 2

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.

Ledger live setup step 3

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.

Ledger live setup step 4

Ledger live setup step 5

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.

Ledger live setup step 6

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.

Ledger live setup step 7

You will be prompted through some security questions.

Ledger live setup step 8

Ledger live setup step 9

Pair your smartphone with the device.

Ledger live setup step 10

Turn Bluetooth on your smartphone and a pop up appears on your screen displaying the ledger nano X.

Ledger live setup step 11

Click Pair and your mobile is now connected to the Ledger.

Ledger live setup step 12

Ledger live setup step 13

Select the device you want to pair.

Ledger live setup step 14

Here, you will be prompted to setup a new password to make sure that the assets are not visible unless you unlock the app.

Ledger live setup step 15

Ledger live setup step 16

You can choose the reports you like to share with Ledger.

Ledger live setup step 17

Hurray, you have now successfully set up you ledger live and your device is now ready.

Ledger live setup step 18

Ledger live setup step 19

Here are some video tutorials on how to set up Ledger and start using the device to transact and store your cryptocurrencies.

Ledger Nano X: How to start using your device

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…

Source: Ledger

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

Languages

Ledger Nano X supports various languages, which makes it very easy for those who are not comfortable using the tools in English.

Ledger Nano X Language

Source: Ledger

Conclusion:

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 XCons of Nano X
The best hardware wallet out there in the marketCost is on the higher side
Supports most of the Cryptocurrencies and Erc 20 tokensNot 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

Ledger Nano X – Restore from Recovery Phrase

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 vs Ledger Nano S

Source: ledger

  • 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:

  • Bitcoin
  • Ethereum
  • Ripple
  • Stella Lumens
  • Bitcoin Cash
  • Bitcoin Gold
  • Dash
  • Litecoin
  • Ethereum Classic
  • EOS
  • Tezos
  • Chainlink
  • Cardano
  • Monero

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.

buy ledger nano x

Thank you for reading and sharing this article. Stay safe and healthy!

Don’t forget to subscribe to receive ONE email per week with critical blockchain and crypto updates and occasional freebies. Check all the amazing stuff our subscribers get for FREE.

Cover Pic Source: “IMG_7987” by kndynt2099 is licensed under CC BY-NC 2.0

IMPORTANT DISCLAIMER

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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CryptoSpace

Crypto Roundup: All Your YouTube Influencers in One Place

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Crypto Roundup

Visit our Crypto Roundup section daily for a dose of all your favorite Crypto YouTube influencers in one place.    

Worried about missing updates from your favorite YouTube crypto influencers?  

Welcome to the Crypto Roundup.  

On this page, we will post a quick summary of the videos from some of the most popular YouTube crypto influencers.

Ivan on Tech  Altcoin Daily

Crypto Zombie Box Mining

Ellio Trades Lark Davis

Data Dash Bitboy Crypto

MMCrypto Chico Crypto

Altcoin Daily

Video title: Bitcoin Will Be OVER $20,000 By Christmas 2020! BIGGEST WEALTH SHIFT OF OUR LIFETIME! Cryptocurrency

Date: 19-Nov-20

  • World’s biggest wealth shift of our lifetime is happening right now and no mainstream media is talking about it, except CNBC.

  • Preston Pysh predicted on August 26th that: “Bitcoin should be reaching its all time high by Christmas.”

  • If you are looking to buy a dip, there may not be one.
  • Ricardo Salinas Pliego, a mexican billionaire, has just revealed that 10% of his liquid assets are into bitcoin.

Lark Davis

Video Title: STOCKS HIT NEW HIGHS! WILL COVID VACCINES LEAD TO MEGA PUMP IN 2021? [Are You Ready?]

Date: 19-Nov-2020

  • Stock markets and bitcoin pumps higher on the news of the second successful covid vaccine.
  • There could be more chances for the new stimulus. Means more inflation, more debt and simultaneously pumps stocks, gold and bitcoin.

Crypto Zombie

Video Title: BITCOIN $18.5k TOP!!?! DON’T BE FOOLED!! HODL FOMO BEGINS!!! $TRILLIONS FLOOD!!

Date: 18-Nov-2020

  • Overall sentiment of Bitcoin has changed drastically from ICO craze in 2017 to a time where people are FOMOing to own more bitcoin.

Ivan on tech 

Video Title: BIG WARNING TO ALL HODLERS!!!!!!!!! DO NOT GET REKT!!! BITCOIN $18,500 REJECTED – NOW WHAT?

Date: 18-Nov-2020

  • Ivan expects bitcoin to shoot past $20K resistance before end of this year, giving it 85% probability

Chico Crypto

Video Title: World’s Most Powerful Turn BULLISH on BITCOIN

Date: 19-Nov-2020

  • All those who hold big bags of Bitcoin will come out of the shadows to talk up the Bitcoin rally, a $20K bitcoin could be on the cards before the end of this year
  • Ethereum mining could act as a big catalyst for Ethereum’s price
  • Big companies like google could play a bigger role in mass adoption of crypto

Let the FOMO begin…

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

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.

Continue Reading

CryptoSpace

Lessons from the Veteran HODLERS to the Newbies!

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Lessons in Crypto

For all those who entered the crypto market after the 2017 bull run – here are few lessons from the HODLERS from the last bull run(s).

This is our attempt at making all you newbies aware of the mistakes veteran cryptoers did.

Let’s get started…

Don’t FOMO in to all the hype

FomoIt’s hard not to FOMO in crypto.  The trick is to make sure you don’t lose your shirt in crazy bets.  Always limit your bets to what you are comfortable losing.

The common ways you can become victim of FOMO are:

  • Following your favorite YouTuber without actually doing your own research on the project.
  • Investing into projects at the top.
  • Believing in promises of 100x or 1000x without any substance behind those claims.

HODLing far too long

Remember why you are into crypto – to make the money.

Never fall in love with your crypto, and HODL the tokens even when they are 10x and more.

Have a strategy to take your capital out before you become a HODLer.  

If you believe the project really has what it takes to go beyond 100x and more, just sell in instalments so as to not miss the ride.

One of the best ways to HODL is to take your capital in full and profit in tranches.

This rekt story will give you a right perspective of what it looks like, it’s one of many:

Don’t put all your eggs in one basket

Never go all in on one project. No matter how strong the project may look, even the projects with strong fundamentals don’t do well sometimes. 

And, you will be kicking yourself watching other projects go up and your portfolio just doesn’t seem to make a move.

And don’t over do it and have a portfolio with over 100 projects either. It is very difficult not to have invested in more than 15 projects but anything less than 20 is a good way to go, in our opinion. 

Put aside the share of Profits for Taxes.

One way you can get a good night’s sleep is by paying taxes. 

Always keep a habit of putting aside a % of your profits in USDT or other stable coins, as a reserve to take advantage of market volatility and also to meet your tax obligations. 

Exchanges are more evil during bull run

Foreign ExchangesDon’t trust exchanges. Yes we already know that, but they play more games during bullrun, some intentional and some technical. 

Many exchanges tend to go under maintenance when the prices shoot up too high too soon (Coinbase?), and you can’t sell. 

And the shady exchanges scam out before you know.

Regulators seem interested when the market cap of these projects goes through the roof, which then adds FUD around the project crashing the prices.  

Exchange may freeze funds pending investigations when such issues arise.

Take for example OKEx. Users are unable to withdraw their assets from the exchange for almost a month now, not certain if they ever will, and all that started with the legal dispute.

Never fall for Arbitrage gains

Arbitrage is when you buy in one exchange at a lower rate and sell on the other for a higher rate to take some profits. 

Some shady exchanges show a lot higher prices than the other genuine exchanges and when you deposit your assets to sell at those prices there won’t be actual volume to execute the trade. You may be stuck with either a high fee for withdrawal or other funky rules to take your own money out. 

Remember, there is no free Giveaway

Free CryptoScammers rise with the rising market.  

When the crypto market buzzes with all time highs – scammers cash in big time on newbies.

The most lucrative scam in crypto is ‘Free Giveaway’. Whether it be through YouYube ads or discussion groups and wherever they can get your attention.  Read this article on various sophisticated scams that are being deployed.

We hope these lessons help you through your trades and crypto life.  Stay safe and always DYOR.

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

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.

 

Continue Reading

CryptoSpace

Crypto Roundup: All Your YouTube Influencers in One Place

Published

on

crypto news

Visit our Crypto Roundup section daily for a dose of all your favorite Crypto YouTube influencers in one place.    

Worried about missing updates from your favorite YouTube crypto influencers?  

Welcome to the Crypto Roundup.  

On this page, we will post a quick summary of the videos from some of the most popular YouTube crypto influencers.

Ivan on Tech  Altcoin Daily

Crypto Zombie Box Mining

Ellio Trades Lark Davis

Data Dash Bitboy Crypto

MMCrypto Chico Crypto

Altcoin Daily

Video title: The United States Just Brought Bitcoin into the National Conversation!! | Cryptocurrency in 2021

Date: 16-Nov-20

  • Former National Treasurer and the new US Senator Elected, Cynthia Lummis, said Bitcoin fits the bill as a good store of value as it is finite and limited, unlike the inflationary fiat currency.

  • Grayscale adds over 7000 more bitcoin in just the last 24 hours.
  • Just over 16% ETH staked for ETH 2.0 launch on Dec 2 2020.
  • Bitcoin Cash hard fork takes place tomorrow.

Crypto Zombie

Video Title: WARNING!!! BITCOIN 2017 BEAR FRACTAL RETURNS!!! BTC WORST CASE SCENARIO…

Date: 14-Nov-2020

  • Institutional money starts flowing into bitcoin.

  • Paypal goes live with its crypto trading platform for eligible customers. They have also raised the buying limits from the initially set $10,000 to $20,000 per week.
  • DIA, an DeFI Oracle provider, integrates with Polkadot.

Ivan on tech 

Video Title: BITCOIN WILL DO SOMETHING INSANE THIS WEEK!!!! -30% DUMP AHEAD vs $20,000 PARTY – Programmer

Date: 16-Nov-2020

  • Bitcoin could make a big move this week, either hit 20K or we may see a 20% to 30% drop
  • Chainlink partners with Etherisc to deliver agricultural insurance in Kenya.

Ellio Trades

Video Title: UNLOCKING $100 TRILLION? This low cap gem seeks to bridge CeFi and DeFi

Date: 15-Nov-2020

  • DeFI could be similar to the ICO craze in 2017
  • Low cap gem: AllianceBlock
  • AllianceBlock is bridging the gap between DeFi and CeFi
  • AllianceBlock Partnership with Orion Protocol and Chainlink.

Chico Crypto

Video Title: WARNING! An “EVIL” Entity Wants Control of BITCOIN…

Date: 15-Nov-2020

https://www.youtube.com/watch?v=45Ac-5y2ofg

  • 90% of Bitcoin’s mining pools are controlled by China based mining pools
  • As the value of bitcoin goes up – there is a threat of push to ‘control’ the network from China
  • Binance is looking to push through the 50% mining share and Chico believes this could be dangerous

Visit our Crypto Roundup section daily for a dose of all your favorite Crypto YouTube influencers in one place. 

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

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.

Continue Reading

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