Cryptocurrencies started as a craze and an attempt to make an alternative to world currencies. Few people took them seriously at the time, so now we’re full of stories of how someone bought pizza for a few thousand bitcoins, which is now worth several hundred million dollars at exchange rate. Cryptocurrencies continue to strengthen and become more and more independent, and some countries are already considering how to legalize their circulation in the domestic (if not the world) market. But few people know how to buy them, and even more so to save them. Now we will talk about the latter. In appearance, the gadgets that we are reviewing today resemble an ordinary flash drive, but more – a wallet of the 21st century.

Can cryptocurrency be stolen?

Savings should not be taken lightly, even if they are in cryptocurrency. You have to pay more attention to security as you traditionally have money somewhere at home.

There are too many scammers who want to hunt down such an asset just to devalue it. Phishing sites, malware, hacking tools with varying degrees of efficiency, and many other tools are designed to take your assets that need to increase in value over time.

Most of the time, money is stolen through duplicate sites. This method is known as phishing. Such sites do not require large expenses from scammers, but bring a few tens of thousands to several million dollars per week.

What is a crypto wallet?

To counter this, so-called hardware wallets have been developed. These devices are used to provide an additional level of security when interacting with cryptocurrencies. Normally, you use your unique key to move money, but if your computer is hacked, these keys can be intercepted and used to steal currency. In the case of a hardware wallet, the keys are stored on the device and are never transmitted to the computer or the internet. That is, even if your computer is hacked, no one can access the keys and the keys remain safe. This method of key storage is also called cold.

You can store keys on the Internet, but this is also dangerous and often in such wallets you cannot store several currencies at once, which is a disadvantage for those who are used to buying different assets.

Ledger Crypto Wallet Review

An example of a hardware wallet is the Ledger device. The company has been in the market for quite some time – by crypto market existence standards – and has been focusing on the development of security systems for cryptocurrency traders. The number of worldwide users of its products has already exceeded 4 million.

Ledger wallets have a special chip with a high level of security. Similar chips are used in credit cards and biometric passports and provide the maximum possible protection.

The gadget works under the control of its own operating system – BOLOS. It was developed by Ledger and its advantages include that every transaction is displayed on the device screen and all confirmed with a PIN code entered using the physical buttons on the safe.

We review the Ledger Nano S and X model. The device is sold in a hard quality box, and inside you will find a branded cable, strap and two branded stickers, as well as a wallet.

How do crypto wallets differ from each other?

Ledger crypto wallets come in two models – Nano S and Nano X. The main difference between them is that the first is connected to a computer or smartphone using a cable, and the second is connected via a cable or Bluetooth and is powered by a built-in battery.

Thanks to the Bluetooth module, the Ledger Nano X wallet can be connected to an iPhone.

Models also differ in memory capacity. On the Nano X it is noticeably larger, which makes it possible to install a large number of different currency applications at the same time.

Application for cryptocurrency trading

Ledger Live custom app works on all popular platforms (there are versions for Windows, macOS and Linux, Android, iOS). Key features include hardware wallet activation and recovery, sending and receiving cryptocurrencies, real-time account verification, and adding/removing cryptocurrencies from your device.

The possibilities of the program are constantly expanding. Now you can buy, trade or sell coins directly in it. This is especially suitable for novice users who are taking their first steps in the cryptocurrency market. The application contains step-by-step instructions for working with the wallet. It will allow you to start your journey with a small amount. However, this amount will be preserved at the highest level.

Ledger Live makes it easy to install or uninstall cryptocurrency apps on your Ledger wallet. You can customize the app to your liking and it protects your private keys. The account remains safe even if the program is uninstalled. Ledger has its own apps for Bitcoin, Ethereum, Ripple and other cryptocurrencies. The number of tokens that can be traded is in the tens.

What happens if you lose your crypto wallet?

Don’t worry about “all your eggs in one basket”. If you lose, break or otherwise lose notebook wallet, your assets will still be safe. To do this, the first time you connect, you will be given a 24-word phrase that will allow you to restore data on any other Ledger device. Do I need to explain that this statement must be written on a piece of paper that is very securely hidden and never lost for assets to be safe? By the way, ready-made cards for writing this phrase are included in the wallet.

Is it difficult to deal with cryptocurrencies?

If you think you can’t handle this wallet, you’re wrong. You just need to connect it to your computer or phone and follow the instructions. The recommendations will tell you at what stage and what settings you need to make, where to enter the code and what your 24 words will be.

Ledger wallets are probably the safest way to store cryptocurrencies right now. They are based on the principle of isolation from the computer and smartphone, as a high level of protection is provided. If you’ve been wanting to start experimenting with cryptocurrency for a long time but don’t know where to start, the Ledger wallet would be a convenient and safe way to get started.