Ledger Wallet|A Hardware Wallet is a piece of hardware, used to store cryptocurrencies.
Cryptocurrencies are very distinctive from conventional currencies that we use in our daily life. In the normal, traditional currency system, you are the most important person.
If you lose, for example, your password to your bank account or any other private information regarding your bank activity, you can go to your bank and recover your lost information like passwords to gain access to your main account, etc.
In the cryptocurrency system, cryptocurrency doesn’t care who you really are. But there is a thing they care about and that is the PRIVATE KEY.
Let’s say some things about this particular key?
The private key is a “tool” to verify your account and various transactions. Because of that, you must not lose your private key. If someone has access to your private key, that person can take away your hard-earned money so please keep that key safe. This is what you need to understand how important is the private key for you.
Note: Cryptocurrency transactions can not be reversed.
What do you get when you buy a Nano Ledger wallet?
You get the wallet, of course, a little attachment for a keychain, some cables for you to connect your device to your computer or your phone, some stickers and a sheet of paper.
There are 2 main devices: Nano Ledger S and Nano Ledger X (on February 2020).
Both devices have a very similar design (a hinge design with metal outside) but with small differences. Ledger Nano X is larger than Ledger S with a brushed metal finish (better build quality) than the more glossy finish of the Ledger Nano S.
Another difference between those 2 is the way you interact with the device. What I mean is, the Ledger Nano X has 2 front-facing buttons that u can find on the face of the device rather than 2 small buttons on the very top edge of the Nano Ledger S.
The Nano Ledger X does cost you more than Nano Ledger S but it is worth buying. It has the ability to store more than 100 applications to your device and that is, if you ask me, one of the important factors when you chose to buy a hardware wallet.
With Nano Ledger S you are limited in downloading apps to your device. But both are good options in securing your cryptocurrencies.
Recovery Phrase? What is this?
A recovery phrase is used to backup your hardware wallet. Why is this so important?
Because if you, by any chance, lose your device, wreck it or anything like that the recovery phrase is your only backup to restore your device. Losing this paper is equivalent to losing the device.
Note: Don’t use your computer to store your 24-word recovery phrase.
Connect your device to your computer, navigate using the buttons on the very top edge of the device (nano ledger S). You need to set up your PIN code (8 numbers is recommended ).
Every time you need to use this wallet you are gonna need this pin code to get access to your device. After setting up your pin code, you are gonna receive the 24-word recovery phrase. Write down on a paper and don’t lose it in the CORRECT order the security words you receive.
Note: Holding both buttons will confirm the action you make.
Important: Don’t buy a second-hand device from Amazon or eBay. Use only the OFFICIAL website to buy. There are many thieves who are trying to steal your funds. Make sure the wallet comes in its ORIGINAL packaging.
Ledger Wallet LIVE application
Install the Ledger Live app from the official website onto your personal computer. Open the application and follow the steps to initialize, import the old ledger information to your new device or restore your device.
Note: If you delete the Ledger Live from your computer or uninstall it from your phone, you are not gonna lose your funds.
On this platform, you can install various cryptocurrencies like Bitcoin, Ethereum, Litecoin, etc. This is like downloading applications to your phone. Every time you install a cryptocurrency application, you need to confirm it on your device.
This way you can install all your favorite coins onto your hardware wallet. After installing the apps, you must add an account for each coin you install. The account is like an address. On this address, you are gonna receive your precious coins.
So this is the process: Install applications on your hardware device and then make accounts in Ledger Live for each coin you install. The applications you install on your wallet gives you access to sending and receiving cryptocurrencies on your device.
Note: Bitcoin (Segwit) is the latest updated version of Bitcoin.
No available space error? What is this?
Well, if you get this message, it means there is no free space on your device, there are too many applications installed. In this case, you just need to delete an application you are not currently using(Nano Ledger S can manage between 3 or 5 apps at one time).
What happens if Ledger Company disappears?
Don’t worry about this. Why?
Because all the information concerning your coins is not saved with the company. Your information is stored in your PRIVATE KEY and as long as you don’t lose your recovery phrase and your PIN number, your cryptocurrencies are safe.
What happens if you forget your pin number?
Using your recovery phrase, you can reset your ledger wallet and then you can change the pin number to a new one. So it will not be a problem, as long as you have the recovery seed.
What happens if you forget or lost your word recovery phrase?
Because it is the most important to gain access to your coins, my advice to you is: Don’t lose it.
If you did lose it, then the only move you have is to transfer all your funds to a new one or to another wallet (mobile, paper, desktop, online wallets) alternative. Then you can reset your device and transfer back all your funds.
Ledger Wallet | Final conclusions…
The nano ledger wallet is small and easy to carry around. The application has a great interface and very easy to use. You can use other wallets to store your coins like paper wallets or mobile wallets, but using a hardware wallet is a better solution to store safely your cryptocurrency.
If you are new to the cryptocurrency, if you are trying to buy a hardware wallet and you are not sure which is good or bad, Nano Ledger Wallet is a great option for you.
If you don’t have the budget to buy the Ledger Nano X, the ledger nano S is still secure and fine hardware, especially for the ones who only want to store crypto.
Thank you for reading.