The Ledger is one of the most simple and efficient ways to store your crypto assets such as Bitcoin, Ethereum, or Monero. The Ledger Nano S is a hardware wallet that works in connection with a phone app that allows the user to safely manage crypto coins and tokens with great ease, using their smartphone or computer.

In a nutshell, the product works by securing your private key that is associated with the crypto that you own. The Key itself is protected in a certified secure chip. The app corresponding to the hardware wallet can be easily downloaded, installed, or uninstalled on your device.

Why should you choose a hardware wallet?

It is important to find the most suitable way to your needs of protecting your crypto assets. The hardware wallets have the characteristic of creating a safety buffer between the private keys and the electronic devices that are, generally, easy to hack. There have been many, widely reported cases of individuals losing great amounts of their precious crypto through having their computers, or smartphones hacked. A hardware wallet is a good way to avoid this.

Is this such an important issue and one that you should be concerned about? 

If you own any quantity of crypto, the answer is a resounding "yes". A brief glance at the news will reveal plenty of information about crypto exchange services being hacked and losing their users' funds, or of individual attacks meant to steal crypto from users just like yourselves.

Since you own your private keys, it is vital that you keep the information handy and protected. Although there are many wallets that act as tools to store your private information, few are as reliable as a Ledger.

The hardware wallet also helps avoid scenarios such as having malware decrypt your information, as you use it on a computer and the virus is instructed to attempt to steal your funds. 

Frankly, hardware wallets are inexpensive enough, small, and reliable that anyone should consider using them as a way to ensure that the issue of security is easily dealt with when it comes to their crypto assets. 

BIP and security

For the majority of crypto users, their experience in this world begins with purchasing coins on an exchange. The majority of users will purchase the coins on an exchange and leave them there with the intention of, perhaps, trading them later on.

A cryptocurrency has a private key associated with it. This is, essentially, information designed to authorize transactions of that crypto on the blockchain network. When you have access and know these keys, you are able to trade the coins. If your coins are on an exchange, then that means that your private keys are also there. If you do not have those keys secured and you avoid anyone else having access to them, the scenario of someone else taking those keys and using them is not an unlikely one. 

Blockchain development and the importance of crypto security

Since it sits at the center of most discussions on this website, let us stop for a second and talk about what a blockchain is. In essence, blockchain technology is meant to improve the security of sharing information, all while making this quick, safe, and transparent. The blockchain is a decentralized ledger that keeps the information of transactions stored on numerous computers across the world. Information that is stored here cannot be changed or erased.

It is true that blockchain technology is intrinsically one of the safest ways to share info. Still, it is important to use the best and most modern technology to ensure that your personal information such as the one needed for crypto wallets, or for smart crypto apps is safeguarded. The Ledger is one of the best ways to ensure this.

This, together with the use of blockchain security, represents a great method to ensure that the risk of having information stolen, or being the victim of fraud are reduced to a minimum. This risk management system makes use of cybersecurity frameworks and assurance services to ensure this.

Among the great things that it does, blockchain technology is responsible for enabling the existence of cryptocurrencies, digital coins that use encryption techniques in order to create and moderate the transfer of funds.

What’s the advantage of using decentralized blockchain networks? Most important, fraud and security issues on these networks are a lot rarer than the unfortunate cyber attacks that centralized digital exchanges need to resolve.

Frankly, if you are looking to remain safe while trading cryptocurrencies, you will need a system like the Ledger wallet. Keeping your coins in a hardware wallet is the best way to ensure that your funds are where they need to be.

How likely is it to guess a private key?

What about having someone guess your private key? Can this realistically occur? No, highly unlike. The probability of having one of your private keys guessed and then used for nefarious purposes, on the Ethereum network, for example, is 1 in 115 quattuorvigintillion. That is about the number of atoms in the universe.

While it is always a good idea to keep the security of your crypto high on your list of priorities, using a system such as the Ledger should be the one-stop choice to ensuring that your crypto funds are safe and sound.

Using Ledger Live to shop for crypto

Whether you are new to the crypto world, or a veteran, convenience has always been one of the main topics of discussions around these. Trading coins, storing them safely, transferring them quickly and without risk, etc. have all been topics of debate.

Frankly, if blockchain technology and cryptocurrencies are to reach their full potential, they will need to become a simple to use solution for all members of society. The Ledger can help greatly in this regard.

Ledger looks to provide solutions for all matters related to crypto in one single place. Besides helping you store your coins safely and without any trouble, Ledger Live also allows you to buy crypto directly.

Once you have set up your Ledger, you can use it to check on the evolution of your favorite cryptocurrencies, be them Bitcoin, Ethereum, Stellar, or others. Use your Payment Card or Bank Transfer to complete the purchase. Fees are always kept to a market standard, and you too can become a cryptocurrency owner in a matter of minutes.

In conclusion, why should you care about blockchain, cryptocurrency, and the Ledger? Simply put, because all of these things have already proven themselves to be the kind of cutting-edge technology that we will be relying upon for a long time, they are part of our futures.