If you’re new to the world of cryptocurrency, you’re probably using a hot wallet to store and manage your Bitcoin or other assets. In other words, you’re doing everything online. However, having all your crypto funds in a hot wallet can be risky because they are always connected to the internet and vulnerable to hackers. A better solution is to use a cold wallet, especially the type of cold wallet known as a hardware wallet, like Ledger crypto wallets. These store your private keys offline, keeping your crypto assets less susceptible to hackers.
Why choose a Ledger crypto wallet?
Buying and selling cryptocurrency with a cold wallet or hardware wallet is safer than using a hot wallet. But why choose a Ledger crypto wallet? First of all, Ledger is an established, trusted name in the crypto market. The company has been in business since 2014 and has over 4 million customers.
Ledger hardware wallets offer security. This includes the use of security element (SE) chips—the same chips used to keep your passport secure.
Ledger crypto wallets include access to the Ledger Live mobile app to help you manage your crypto assets. This includes the ability to buy cryptocurrencies directly by accessing Ledger’s partners. Bitcoin, Ethereum, XRP, and many other cryptocurrencies are supported. In addition, the app allows you to send and receive over 1,800 different coins and tokens. You can also exchange one cryptocurrency for another through the app. It supports staking, allowing you to passively earn money from your crypto holdings. You can even use the app to display, send, and manage your Ethereum NFT collection.
The combination of a Ledger crypto wallet like the Nano X or Nano S plus the Ledger Live app combines the enhanced security of cold wallets with the ability to move fast offered by hot wallets.
Ledger Nano S and Nano X
Two of Ledger’s most popular crypto wallets are the Nano S and Nano X. The Ledger Nano S is just 10.4 cm long and weighs only 16.2 g. Made of brushed stainless steel and plastic, it includes a small integrated display and can have three applications installed (popular cryptocurrencies including Bitcoin, Ethereum, Dogecoin, and Binance are supported). Ledger Nano S physically connects to your computer or Android device using USB for app management and crypto transactions.
Last but not least, it earned a CC EAL5+ security certification level. This CC (Common Criteria) certification means the wallet and its SE chip have been tested and verified by a third party to secure your private keys at the highest level available for government-level deployments. The EAL certifications go to a maximum seven (EAL7), but beyond EAL5 the distinction is primarily more stringent testing as opposed to additional security measures.
An upgrade option, the Ledger Nano X can have up to 100 apps installed, with support for over 5,500 coins and tokens. It connects to your device wirelessly, using Bluetooth, and you can charge it via USB-C. The elegant brushed stainless steel and plastic crypto wallet includes a larger (128 x 64 pixel) display for ease of use. This model also earned a CC EAL5+ security certification level.
Perfect for gifting
Considering giving someone the gift of cryptocurrency? First of all, the Ledger Nano X and Nano S make great gifts for someone who is already a crypto investor. Most crypto investors use a combination of hot wallets, for convenience, and cold wallets, for better protection in the long-term. If you were thinking about making a cryptocurrency gift to someone who is new to the whole concept, loading it onto a Ledger crypto wallet could also be a great idea as it minimizes concerns about online interception.
Several crypto exchanges provide convenient tools for gifting currency from a hot wallet using a simple email transfer. However, many of these only allow a select few types of crypto to be sent to a recipient. This means that sending the gift may first require trade fees to get your hot wallet asset into a giftable currency, and changing the type of crypto may alter the meaningfulness of the gift itself (for example, if you wanted to introduce someone to a particular type of crypto). Ledger hardware tokens support a large number of currencies, and even support storing private keys for NFT digital assets.
Using a Ledger hardware token, therefore, make a lot of sense as a method of choice for crypto gifts. Not only do they provide more protection from online theft, they also allow you more flexibility to give the gift you choose to give.
Investing in cryptocurrency? You need a Ledger crypto wallet
Investing in cryptocurrency has become more popular. However, not everyone has recognized the added level of security required when dealing with purely digital assets. Protect your Bitcoin, Ethereum, XRP, NFTs, and other crypto assets with the security (and convenient asset management capabilities) of the Ledger Nano S and Nano X. You can find Ledger crypto wallets at Best Buy online.
Information contained or referenced herein is provided for informational purposes only and is not intended to provide, and should not be relied upon as, investment or other advice. You should perform your own research and understand all risks associated with crypto currency before making purchasing decisions.