It seems like every day, crypto wallets are getting hacked and people losing millions of dollars. You may be wondering how you can store and trade your crypto in the safest way possible.
In the latest video, Brian Jung, an expert in crypto, has covered everything you need to know about the Ledger Nano S Plus, how to set it up, as well as going over all the benefits to keeping your crypto in a cold storage wallet.
What is Ledger?
First of all, let’s find out what is Ledger. Ledger is actually one of the leading cold wallet companies providing the highest level of security for your crypto assets. Their latest version is Ledger Nano S Plus. The newest device claims to be the new and improved Ledger built to be DeFi and NFT friendly.
This cold storage wallet allows you to store your private keys in a physically secure hardware wallet. In comparison to a cold wallet, we also have something called a hot wallet, like Metamask, which is used more frequently but there are disadvantages. When you store your money on a hot wallet, it’s really easy for it to get hacked and there are definitely a lot of vulnerable security breaches as well.
Setting Up the Device
There are only two buttons. Users will have to choose a pin with 4 to 8 digits. The next instruction it gives us is to write down our recovery phrase. It says your device will generate 24 words and they are your recovery phrase. It’s only your backup to restore your account if needed. You can write it down on your recovery sheet in the correct order and press both buttons to continue.
To set up the device, press left to verify your 24 words or press both buttons to continue. We just put a recovery phrase back into the device. Then, you have to input all of the actual phrase keywords back into ledger to confirm it.
It now states that your recovery phrase is set, keep it in a secure place. If lost, stolen, or forgotten, all your assets will be immediately lost. Never share with anyone a ledger will never ask you for it, press both buttons to continue. Your device is ready to go go to the dashboard and press both buttons and here is the control center for the ledger.
Setting Up Ledger Live
After setting up, your ledger device is to actually open up a browser and go onto the ledger.com start page. This is literally stated: ledger.com, start and download ledger live. Download the app and the actual device is connected.
You can see the accounts on the current ledger device and you’ll notice that there is zero dollars Bitcoin. This is because it’s a fresh new device and you can add accounts or install different apps.
It’s loading up on the screen and then on the ledger device. Press allow and you’ll see that the app is installing on the screen and the ledger is also installing. So you can open up the Ethereum app, it is synchronizing with the current physical device.
Why Choosing Ledger Wallet?
If you lost the device, you’re done. You could burn this device, and destroy it into a million pieces, where you can’t access it, but as long as you have the phrase keywords, you can access this amount on any device.
The main reason why we should use a Ledger Nano device or cold storage wallet is just because of the large NFT portfolio. The NFT portfolio is worth around million dollars and if you just have it sitting within a hot wallet and that hot wallet gets hacked, that money is gone, those NFTs are gone, and you are not able to see it. But if you move it over into a wallet that’s connected to the Ledger device, that means if someone tried to hack the NFT wallet or hot wallet, they just need to go ahead and sign off on that transaction using this physical device.
A ledger adds another layer of protection where if you intend to hold assets for a long period of time. That’s why it is the best way to store your crypto.
Read more:
- Lark Davis Pointed Out 5 Ways To Make $1,000 With Crypto
- Top 4 Undervalued Altcoins On Sale That You Should Buy Soon