How to secure your cryptos? Everything you need to know about the leading cryptocurrency hardware wallet – Ledger Nano S and Ledger Nano X
So finally! You have just acquired your first cryptos on an exchange but this is not over! You must secure them in order not to take any risks.
The golden rule for cryptos holders is NEVER to STORE cryptos on an exchange platform. In the long run, decentralized exchange platforms will solve this problem, but they are not yet at their full potential.
There are many incidents on trading platforms, the most important being Mt Gox, which collapsed in 2014 with 744,408 Bitcoins stole. Mt. Gox handled approximately 70% of all bitcoin transactions, world-wide.
But we also have more recent events such as Coins markets which have been preventing withdrawals for 2 months, C-Cex and the XVG case, hence the importance of choosing a good platform such as Binance and using an exchange platform only for buying or selling cryptos and not for storage in the long run.
What should you do then? You should transfer your coins to a device where you and only you control the private key.
The ultimate protection today remains what we call the “cryptocurrency hardware wallet” which is a Bluetooth enabled secure device that stores your private keys.
The more affordable alternative is the Ledger Nano S which is a wallet on an offline USB device protected by a PIN that must be connected to your computer for each transaction and validated by pressing a button.
The Ledger Nano S is what we call a hardware wallet. It’s a USB key that allows you to store your cryptos in a safe way. Each wallet downloaded to your Ledger has a public key associated with it. Bitcoin, Ethereum and Altcoin wallets are supported.
The Ledger has many security features to protect your crypto-currencies. It connects to your computer and has a screen to validate transactions in order to make them as secure as possible.
The Ledger consists of a screen, a USB port, and two buttons to navigate in the interface.
- The right button allows you to move to the right and increase the value by one digit.
- The left button allows you to move to the left and decrease the value by one digit.
- The two buttons pressed at the same time are used to validate or enter a sub-menu.
In order to start the Ledger, you need to plug it into a USB port on your computer. To turn it off, simply disconnect the USB port.
The advantages here are of course that your cryptos are stored “offline” which makes them invulnerable to computer attacks and even theft.
Unveiled at the CES 2019 event in Las Vegas in 2019, the Ledger Nano X is now on sale on the Ledger website. This cryptocurrency hardware wallet has all the functionalities of its little brother, the Ledger Nano S. Also offering more memory and a wireless connection via Bluetooth allowing you to manage your wallet directly from your smartphone.
The Ledger Nano X supports 100 cryptos simultaneously, which is 5 times more than its predecessor. A tremendous advantage has given the number of cryptos available on the market today. We also appreciate its Bluetooth compatibility offering the possibility to manage our wallets and perform operations from our smartphone via the Ledger Live mobile application.
On the security aspect, the Nano X is built on the same system as the Nano S, which recently obtained a First Level Certificate (CSPN) from ANSSI. While the device is sold as tamper-proof, it is not indestructible or waterproof. Therefore, it shouldbe handled with care.
Then is it a good idea to buy a Nano X? From a certain amount of money invested in cryptos, it is actually mandatory. Knowing that a device of this type costs around 100€, we can recommend its use as soon as your investments exceed $300 or $1000.
If your budget allows it, you may prefer the Nano X, especially for its extended memory and Bluetooth functionality. However, the Nano S Ledger also do a great job.
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