To invest in the cryptocurrency market, create a crypto wallet is mandatory for each user, in this article I will try to review Ledger wallets including how to use Ledger wallets.
Ledger wallet is a hardware wallet product that is not directly connected to the Internet. The hardware wallet device is the most secure wallet than hot wallets or web wallets. Where hot and web wallets are directly connected to the internet.
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- 1 Ledger wallet explained
- 2 How does a Ledger wallet work
- 3 Ledger wallet products
- 4 Founder Ledger wallet
- 5 Ledger wallet compatibility
- 6 Where to buy a Ledger wallet?
- 7 Are Ledger wallets safe?
- 8 How to use Ledger wallet?
- 9 Ledger wallet pros and cons
- 10 Conclusion
Ledger wallet explainedCommercial video Ledger
Ledger is a secure cryptocurrencies hardware wallet. This device is for connecting to various computers via USB and featuring a built-in OLED screen. Uses for accessing the wallet enabling various types of cryptocurrency transactions.
Ledger Wallet was created by the Ledger company which is an IT company. It offers security and infrastructure solutions for cryptocurrencies. Ledger also has blockchain application services for individuals and companies.
The Ledger company was founded in 2014 as a hardware wallet and cryptocurrency storage media system. The company has more than 300 employees spread across Paris, Vierzon, Zurich, Singapore, and New York.
The team behind Ledger
Ledger was formed by eight experienced people with complementary backgrounds who then strive to provide solutions for blockchain applications.
- Ian Rogers, is the CEO of Ledger, graduated from Indiana University in 1994 with a Bachelor of Arts in Computer Science, was instrumental in bringing digital music mainstream such as Winamp, Yahoo, Beats, and Apple.
- Alexander Blanc, Served as Global VP PEOPLE for Ledger responsible for the recruitment of talented developers, he has a Bar Admission Certificate and a Ph.D. in Law.
- Matt Johnson serves as CISO in Ledger, an Australian Federal Police in Canberra with experience in Information Security and Cyber Security.
- Pascal Gauthier, is the Chief Executive Officer in Ledger, having previously worked at Venture Partner in Mosaic Ventures, a London-based venture capital.
- Charles Guelemmet, Served as Chief Security Officer in Ledger since 2017, previously worked in Cryptography & Hardware Security for more than 10 years.
- Anthoine Thibault, Served as General Counsel in Ledger since 2018, previously experienced at Apple contributing to the company’s expansion in Europe, Middle East, Africa, and India.
- Jean-Michel Pailhon, served as VP Enterprises solution in Ledger, experienced in finance at Euronext (Paris stock exchange) and the New York Stock Exchange.
- Quentin Ricomard, Joined in 2018 he has served as Chief Financial Officer, with experience in oil and gas companies, as well as the pharmaceutical industry.
How does a Ledger wallet work
How does the Ledger wallet works, in general, is the same as other hardware wallet devices. This is useful for storing private keys.
The private key is the password to unlock and access your wallet. The wallet does not actually store any crypto coins. Because the crypto assets are stored on a blockchain that is only accessible by the hardware wallet.
Meanwhile private key is for authentication of access ownership allows you to unlock the blockchain. And allow you to access your crypto assets.
The main function of a hardware wallet is to store your private key away from the internet. Thus it is a safe wallet from hackers because it is not connected to the internet.
Apart from it, the hardware wallet function is that it allows you to sign and confirm transactions on the blockchain. A private key is like a digital signature that signs your blockchain transactions.
For advanced security, a private key has a PIN with an optional passphrase. SO Even if your hardware wallet is lost, no one will be able to access it.
But what if it’s lost? Use a seed phrase to regenerate your private key. A seed phrase is a unique series of sentences that you must write down safely. This seed phrase is needed when you want to move the private key to a different hardware wallet.
Ledger wallet products
Ledger makes four product categories to meet consumer needs for hardware wallets, bundles, and packs, accessories and Ledger live.
The most well-known Ledger products are hardware wallets, Ledger Nano X and Ledger Nano S.
The price of the Ledger Nano X is more expensive than the price of the Ledger Nano S, but it has better features than the Ledger Nano S.
The Ledger Nano X supports Bluetooth and can also install up to 100 apps, while the Ledger Nano S doesn’t support Bluetooth and can only install up to 4 apps.
Ledger Nano X and Ledger Nano S are secure hardware wallets or cold wallets for storing crypto assets. Ledger Wallet supports thousands of crypto tokens.
However, both wallets cannot be used for mining. Because it will cause some trouble because transactions in small fractions in the amount of up to a thousand may cause the hardware to overheat.
Bundle and packs
Ledger products in this category are Crypto starter pack and Ledger Family Pack S.
Ledger Family S is priced at a higher price than Crypto Starter Pack. Although the price is not much different from the Ledger Nano X, the Ledger Family S is not so popular that there are not many reviews for this product.
In the product accessories category, Ledger makes Ledger OTG Kit, Cryptosteel Capsule Solo, and The Billfold.
The Ledger OTG kit is a Ledger product that contains three USB cables for smartphone or laptop connection, micro-USB to USB-C, micro-USB to USB-A, and USB-C to USB-C.
Cryptosteel Capsule Solo is a Ledger accessory product that functions to store 24-word recovery phrases that are designed to withstand extreme conditions.
The Billfold also functions the same as the Cryptosteel Capsule Solo, to store 24 recovery words. But while this product is out of stock.
Founder Ledger wallet
Ledger’s founders were Eric Larchevêque, Joel Pobeda, Nicolas Bacca, Thomas France. Ledger’s head office is in Paris, France according to Wikipedia.
Ledger has production facilities in Vierzon (France), and offices in San Francisco.
The number of Ledger employees continues to increase where currently more than 300 people work with Ledger.
Ledger Live is an application with various functions. Including Buy and sell cryptocurrencies, swap exchange one crypto to another, stake and lend. Manage more than 1800 tokens and coins.
Ledger wallet compatibility
The Ledger Nano X and Ledger Nano S hardware wallets are compatible with Windows 64-bits (Windows 8+) and also, macOS 10.10+, Linux. For smartphones, it is compatible with Android 7+ as well as iOS 9+.
Using Ledger live it supports 27 coins and ERC-20. But to check balance, send or receive tokens, Ledger Live requires an external wallet. But users don’t need to worry because there is a large list of third-party wallets that are compatible with Ledger live.
Including MyEtherWallet, MyEtherWallet, MyCrypto, Binance DEX, IDEX, KyberNetwork, paradex, Radar Relays, Guarda Wallet, MyEOSWallet, Stellar Account Viewer, Tronscan, Trinity Wallet, ARK, Monero GUI, Waves Platform, VechainSync, Ubiq, ZClassic, Neon Wallet, Wanchain, Wallet Balance, Ether Delta, and AirSwap.
Where to buy a Ledger wallet?
To buy a Ledger wallet, you can directly visit the official Ledger website at shop.ledger.com. Payment method Ledger supports 15 payment methods mainly accept Credit Card ( Visa, Mastercard, and American Express cards), PayPal, and also Bitpay in BTC and BCH.
In addition, the Ledger Hardware wallet is also available on Amazon by Ledger Official Shop. Ledgers are also available at Walmart.
Australian users can also purchase a hardware Ledger wallet via https://www.hardwarewallets.com.au/.
Are Ledger wallets safe?
In general, hardware wallets have a better level of security compared to hot wallets and web wallets. Because hardware wallets are not connected directly to the internet.
It is recommended for security of access, users save the seed phrase by writing it on paper and save it offline. It is not allowed to store in the form of digital images, to prevent hacking.
Can Ledger wallet be hacked?
Refers to the experience of one user shared in the Reddit community. He said he had bought the Ledger Nano X. Then he transferred £273. But he was surprised when the next morning when he tried to check his balance he only found £34 in his wallet.
Of course, this is a user’s suspicion because it turns out that the hardware wallet that is considered the safest can be hacked and he loses the crypto assets he has stored.
However, other members responded to the problem, that it was because the user had written 24 sheet phrases in the chrome extension application.
While Ledger does not have a Chrome extension. So that it becomes a breach of important information for the hacked Ledger wallet user. Read the story here.
From that incident, it is very important to keep the 24 Sheed phrase and not to give it to others through applications that are not registered and verified by Ledger. Another possibility is to buy a fake Ledger Wallet, so buying it on the official Ledger website is recommended.
And download the Ledger Live application on the official link download page.
Beware of Phishing
Phishing is a way for hackers to steal personal data, you have to be careful when making transactions. Never give 24 sheet phrases regardless of the circumstances. Ledger never asks users for Sheed Phrase.
Maybe you receive an email that your wallet is deactivated, it is a scam because Ledger can’t and never blocks your device wallet.
And more you have to look carefully at the Ledger domain address because phishing websites can use a domain name that seems similar to the official website.
Also need to be aware of text messages either via WhatsApp, SMS, Telegram, and so on behalf of Ledger. It’s also a scam because Ledger never sends text messages or phone calls.
How to use Ledger wallet?
The first thing to use the Ledger wallet is to configure the device as a new wallet. In this example, we are using the Ledger Nano X, how to configure the device for the first time.
Connect a USB device to the computer
Once the device is connected then you will see that a message appears on the device: “Welcome to Ledger Nano X. Press the right button to continue”.
Click the add account button in the upper right corner as shown in the picture.
Install Ledger Live application
Download Ledger Live apps from the official website then install them. If you have finished installing Ledger Live then click right the right of the USB Ledger Nano X.
There are several things that come into consideration.
- Press left or right on the button to scroll through the Menu.
- You can press both buttons at the same time to tap an option from the menu.
- Press and hold the left and right buttons at any time to access Control Center or turn off the device.
- By pressing the next Menu you will see that it asks to start Ledger Live on your PC.
Choose the option to create a new device
You will see two options, either create a new device with a new password or restore with an account password that we have to put on this device.
Because we will be configuring a new account, so choose by pressing both buttons (left and right) at the same time the option “+ Settings as new device”.
Now you have to choose a 4 to 8 digit PIN. This will be the one you will use every time you connect and want to use it.
Choose your PIN which you think is most secure, you have to rewrite your PIN to configure the next process.
Write down recovery phrases safely
The next window “Write your recovery phrase” appears, it consists of 1 to 24 of your keywords which you must write down on paper and keep safe.
Write from the first and last words in sequence, and there must be no reversed words.
After you write the 24 Sheed phrase on your paper. Once you clear, go to the last section, you will see the message “Press left to verify your 24 words. Press both buttons to continue”.
After the recovery phrase verification process is complete, the device is ready to use as you can see in the image. And you can access the USB Dashboard by pressing both buttons at the same time.
Ledger wallet pros and cons
- Support more than 1800 coins and tokens.
- Easy setup and use.
- Tamper proof.
- Compatible device smartphone and PC.
- Long-lasting battery.
- Bluetooth feature in Ledger Nano X.
- Portable device.
- Cannot use for mining.
Ledger wallet is a well-known hardware wallet and has sold more than 3 million devices. Supporting thousands of coins and tokens makes this wallet an all-in-one device.
What must be considered so that wallet security is well maintained is not to give 24 Sheed Phrase recovery to anyone for any reason.
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