Ledger Promo Codes And Reviews
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Ledger wallets are made by Ledger, a company with its headquarters in Paris, France. In the United States, the company has its offices located in San Francisco, California. Ledger was founded in 2014 by eight experts with backgrounds in cryptocurrencies, embedded security, and entrepreneurship. The goal of the company is to create a more secure solution for blockchain applications.
In this review, we will guide you through the discover the pros and cons of using the Ledger Wallet. In the end, you will ultimately learn how to set up the Ledger Wallet and enjoy cryptocurrency services.
The Ledger Wallet is a hardware cryptocurrency wallet that ensures safe storage of your cryptocurrency offline.
If you use a software wallet, then your cryptocurrency is stored online. That leaves you vulnerable to malware attacks by hackers. That will allow them to steal your wallet’s private keys and take your cryptocurrency. That is not to say that software wallets are unsafe. Far from it. Software wallets allow for coins and cryptocurrency to be sent to people without stress.
However, hardware wallets like the ledger wallet are built differently. You can save your coins and cryptocurrency on a physical hardware device and store them offline. If you do that, then no one can access your private wallet remotely. The ledger wallet also has a secret pin, so anyone who physically steals your wallet will need to get the pin as well.
At the last count, there are over 1,500 cryptocurrencies available to be bought and sold on the open market. What’s more, newer cryptocurrencies are joining the ranks. That makes it necessary for you to look for a wallet that can contain multiple cryptocurrencies to make life easier for you. Lucky enough, the Ledger Wallet is a multi-currency wallet. This means that it can accommodate up to 26 different coins. It also stores tokens. The major coins like Ethereum, Bitcoin, and Dogecoin are storable on the Ledger Wallet. The lesser-known coins are not left out.
Another wonderful feature of the Ledger Wallet is its ability to be linked with mining wallets like MEW. This enables you to transfer mined cryptocurrency to your physical wallet at a moment’s notice. This will also allow you to store tokens on your ledger wallet. As it stands, more coins are to be added to the growing list of cryptocurrencies that are storable in a Ledger Wallet.
As you have read before, the major benefit of owning a Ledger wallet is security. It is the most secure way to save your cryptocurrency. It’s like carrying your cryptocurrencies in a portable safe. I will take you through the Ledger Wallet’s security structure.
Like I said earlier, software wallets are vulnerable to hacking through the use of malware. That’s where the Ledger Wallet’s hardware status comes in handy. When you take delivery of your Ledger Wallet, you will be given a 4 number PIN. This PIN will be your security code. Only you should know this PIN. This PIN will be stored within the wallet device. It will be entered into the device every time you are about to use it. The wallet is also offline so no one will access your wallet through the internet.
There is another layer of security available to you should you lose your PIN, so you do not lose your earnings. If you lose your pin, you will be issued a recovery phrase that is 24 words long. It will be shown on the ledger screen so that only you will see it. As such, whenever you lose your PIN, just enter your recovery phrase and continue with your business.
You also have a role to play in the security of your device. You need to always update your firmware, as developers have made it available.
Its cover is made of steel, so that makes for physical durability. Due to this, physical damage to the Ledger Wallet is highly unlikely. So, if you drop it by mistake, you do not have to worry about losing the contents of your wallet.
In commerce, the idea of a perfect product is highly unrealistic. As such, the Ledger Wallet has some limitations which we are going to consider.
First off, in contrast to software wallets, it is NOT free. It costs 59 Euros, which is a whole lot of money if you ask me. However, the services it offers make it worth the price.
Its sales process is a bit unsafe, so it is advised that you buy directly from the manufacturers. Should you choose to buy from a retailer, chances are that the wallet has been bugged with a virus. Such a virus will allow for remote access to your wallet, which we are sure you do not want.
The process of transfer of coins is a bit more stressful than a software wallet. This is because you will need to plug your wallet into your desktop and enter your PIN before you commence your transaction. In contrast, a software wallet is more convenient.
The Ledger Wallet is not exactly suitable for users who don’t know how to use it. It is not user-friendly in that manner. It is advised that you read the instruction manual before you put it to use.
This is a very important question every prospective user has asked, so it seems fair to answer it in detail. To do that, I will walk you through a scenario where your Ledger Wallet is stolen.
Once your wallet is stolen, the hacker will need to know your PIN (which only you should know). He will try unsuccessfully to open it three times, after which the wallet goes on a timed lockout. This timed lockout will allow you to gain access to the wallet through the use of the backup phrase. This 24-word phrase will allow you to reclaim the contents of your wallet.
Although there were noticeable security flaws in the recent past, they have all been fixed. No security structure is 100% impenetrable, but the Ledger Wallet comes close. It only needs to be said that security upgrades will always be made available. If hackers are working hard to upgrade their breaching skills, then you should too.
Finally, you also need to play your role in ensuring that your Ledger Wallet is safe. The Ledger Wallet has access to your private keys, so if you lose them, that’s on you. If you lose your PIN and your backup phrase, I’m afraid that you may be permanently locked out.
Once the box containing your Ledger Wallet arrives, you should expect to find the following items inside:
- An Instruction Card
- A Recovery Card
- A USB Cable
- A Key Chain
- The Ledger Wallet
To effectively set up the Ledger Wallet to operate without any hitches, do the following:
- Insert the Ledger Wallet into the USB port of your device
- You will see the “Configure as a new device?” sign on your screen. Press the button on the right to select “Yes.”
- Choose a PIN. Press the left and right buttons to do so.
- Choose any combination you like. Ordinarily, PIN combinations span between 4-8 digits. You should choose number combinations you can remember!
- Enter the PIN again to re-confirm your PIN choice.
- Write your recovery phrase. Choose a passphrase you can remember as well.
- Write your passphrase down somewhere else you can remember.
- You will be asked to type some of the words in the passphrase again to confirm.
Your Ledger Wallet is now ready for use and storage.
- Go to your Wallet app.
- Click on “send” at the top of your screen.
- Enter the receiver's wallet address and the amount you want to send.
- Click on the “send” button to complete your transaction.
- Download the Ledger Manager app
- Download and install your wallet app.
- Insert Wallet Ledger into your device and enter your PIN
- Choose a wallet type. You can either choose a Legacy Wallet or Segwit Wallet.
- Click the “Receive” option at the top of the page.
- Click on the “Display Address on Device” button
- Once your unique Ledger Wallet address is displayed on the screen, copy it. Go to the wallet holding the coins and effect the transfer
Your transfer is now complete
At this point, you should have an idea of how the Ledger Wallet works, its security structure, and the pros and cons. I believe the Ledger Wallet is the best physical option for the storage of your cryptocurrencies. It is physically durable which means it is largely immune to damage. It has PIN protection and an extra security layer that ensures your coins and tokens are safe. Again, buy directly from the manufacturers, so you can be assured of the maximum possible safety available.