What are the advantages of the Ledger Wallet?
Ledger Wallet is a hardware wallet used to store cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and ZCash. It has been called the original hardware wallet. Ledger Wallet was created by Ledger, which develops security and infrastructure solutions for cryptocurrencies and blockchain applications for individuals and businesses.
Ledger is based in Paris. In the United States, the company has offices in San Francisco. The company was launched in 2014 by eight experts who had experience in embedded security, cryptocurrencies, and entrepreneurship. It now has more than 130 employees. The company's mission is to protect the entire class of cryptocurrency assets, from cryptocurrencies and initial coin offerings (ICOs) to data assets and digital identities. The Ledger wallet is so successful that it has sold over 1 million devices!
How does it work?
The Ledger Wallet works with USB connectivity and includes firmware-level support for add-on applications for multiple cryptocurrencies. These applications allow users to send and receive cryptocurrency payments, verify their accounts, and manage multiple addresses for each cryptocurrency from the same device.
The Ledger Wallet device looks like a standard USB drive. It can be connected to any compatible computing device via the attached USB cable. The device has a built-in screen that provides real-time messages and views where users can confirm funds and transactions using physical buttons.
The essential function of the Ledger Wallet is to protect the user's cryptocurrency holdings and wallet addresses. A user's private keys are locked in the secure element of the device. In addition, a four-digit numeric code is required each time the device is connected for any transaction or inquiry; this is intended to prohibit any misuse in case of loss or theft.
The device also supports the FIDO® Universal Second Factor standard, simplifying the authentication process on popular and supported online services such as Dashlane, Dropbox, Gmail, and GitHub.
The Ledger Wallet cryptocurrency wallet currently supports more than two dozen dedicated add-on applications for various cryptocurrencies and security features. Because these add-on apps are enabled for firmware updates and browsing through the app catalog, they offer an enhanced level of security and protection against malicious attempts.
Advantages of the Ledger Wallet
Ledger Wallet comes in a simple package, and the box contains the device itself, one micro-USB cable, a lanyard to wear the device around the neck, a key ring and key fob, and a recovery sheet write the initial phrase.
The advantage of this device is that it doesn't stand out from a distance; most people would assume it's a simple USB stick.
The Ledger Wallet is a sleek hardware wallet with the shape and size of a standard USB flash drive. Thanks to the built-in screen and two physical buttons, its user interface has been designed to be as simple as possible.
The Ledger Wallet provides you with built-in security features that ensure you send and receive cryptocurrencies in the safest way possible. Some of the notable security features of the Wallet are:
Before you can make or receive payments, you will need to set up the Ledger Wallet. However, the process has been made easy enough to allow you to get started in no time.
Below are the steps to follow to set up the Ledger Wallet:
- Connect your Ledger Wallet to a computer using the USB cable provided.
- Create a secret PIN for your Ledger Wallet.
- Set up your data recovery process.
- Install the Ledger Nano S application or extension depending on the device you are using.
- Now you can start making transactions with your Wallet.
As a hardware wallet, your funds stored in the Ledger Wallet will be kept entirely offline. This keeps your funds out of the hands of hackers. For example, every time you need to confirm a payment on your Ledger Wallet, you need to press both physical buttons connected to the device simultaneously.
In the first setup, it will ask you to create a four-digit PIN. This ensures that your device remains secure even if you damage or lose it. A unique feature of your PIN is that the Ledger Nano S is erased after three incorrect entries and reverts to factory settings. This means that you will need to enter the 24-word recovery phrase to retrieve the coins stored in the Wallet.
A new Ledger wallet features a tamper-proof band around the package to ensure that no unauthorized person has access to the device before you do.
Resistance to water, fire, or shock
Cryptosteel is a physical device that can be used to record your recovery seed and the address of your Wallet. It is made of steel to ensure your source is safe from the elements, such as fire or water.
It also has a rotating cover that acts as a protective cover for the Wallet and prevents physical damage to the screen.
Did you know that technically hardware wallets don't store your coins on the device? Instead, what happens is that the Wallet tracks the cash on the blockchain, which is a virtual ledger that records all crypto transactions.
What is stored in the Wallet is your private key; this gives you access to your coins.
You will need to install the Ledger Manager application to interact with your Ledger Wallet from your computer. The manager application allows you to install software on your Ledger Wallet for different currencies.
Then, you'll also need one of the other three apps depending on the currencies you're using. For example, if you want to receive bitcoins, first, open the Bitcoin Ledger app. Next, navigate through the options on your Ledger Wallet screen and press both buttons on the "B" icon that says "Bitcoin." Once you do this, you should see a wallet interface in your Bitcoin Ledger app. That's it!