Category : Technology
As an investor, you have the freedom to choose and buy whatever cryptocurrency you like. It doesn’t really matter whether you buy Bitcoin, Ethereum, Litecoin, Ripple, Dash or any other cryptocurrency. However, the most important and crucial part of your cryptocurrency investment is the storage. How will you store your bitcoins or other cryptocurrencies? Many popular cryptocurrency exchanges like Coinbase will provide you the option to store your cryptos in their web-based wallets so that you can store the coins in the same place where you buy. Sounds simple. Right?
Now, the question is: Can these exchanges provide a guarantee that your coins will not be stolen or hacked? No. Even the highly secure exchange named BitFinex was attacked a few years ago and more than 70 million USD worth of bitcoins were stolen by the hackers. Customers haven’t been able to get their money back because investments in cryptocurrencies are yet to receive the sort of regulatory focus and protection traditional investments have enjoyed to date. So instead of depending on someone for the safety of your coins, why not take the responsibility to keep your coins secure by yourself?
Hardware wallets provide the utmost protection for your bitcoins and other cryptocurrencies because they are always available offline. Only when you need to make a transaction with your coins, you need to connect the wallet to the internet. That’s why a hardware wallet is also known as an offline wallet or a cold storage wallet. A hardware wallet is a small device that will look similar to your USB stick which is used for storing documents. Likewise, a hardware wallet is used to keep the private keys of your cryptocurrency coins highly secure so that it will be almost impossible for the hackers to steal your coins.
Today, let’s us take a look at one such hardware wallet from the company named Ledger. Even though the company was founded only in 2014, Ledger Cryptocurrency Hardware Wallets have quickly gained trust and popularity among the crypto users because of its innovative features. Ledger Hardware wallets are available in two different models:
- Ledger Nano S
- Ledger Blue
Ledger Cryptocurrency Hardware wallets are usually shipped with a built-in software which helps to detect any kind of anti-tampering activities. This way, you can easily find out the status of your device immediately after opening the package.
Multicurrency wallet – One wallet, Many coins
If you are someone who would like to invest a lump sum amount to buy crypto assets, then Ledger Cryptocurrency Hardware wallets will be a good option because it supports more than 20 different types of altcoins. For example, you can use a single Ledger hardware wallet to store the private keys of Bitcoin, Litecoin, Dash, Ethereum and many more.
Integration with other wallets
Ledger Cryptocurrency Hardware Wallets support seamless integration with any of your existing wallets like Mycelium, Electrum, MyEtherWallet and more. So, you can move the cryptocurrency coins stored on your other wallets to the Ledger Hardware wallets easily within a few minutes.
You need not worry about the privacy of your data as all the information are available only on silos. For instance, the app used for maintaining your Ethereum coins will not interfere with the app for making your bitcoin transactions.
Ledger Cryptocurrency Hardware Wallets utilizes the concept of WYSIWYS (What You See Is What You Sign). To complete any kind of cryptocurrency transaction, you need to enter the same security code on both the wallet and your computer to authenticate your transactions.
Thus, it becomes impossible for anyone to steal your coins even if they are able to get hold of your computer.