Ledger: the road to financial freedom
Ledger: the road to financial freedom
In the digital world, not only the Internet plays an important role, but also cryptocurrencies.
This technology, along with blockchain, has the advantage that its decentralized and secure peer-to-peer networks are very well protected against hacking and manipulation.
However, since cryptocurrencies are money, special care should be taken, as they could easily be stolen without you realizing it.
It is important to mention that the most dangerous vulnerabilities are not in the blockchain technology or cryptocurrencies themselves, but in the smartphones, computers and laptops we use to store and manage our wallets and keys, as well as in the websites we use to buy and sell our cryptocurrencies.
This means that all the applications you use to access the blockchain network are not sufficiently protected against hacker attacks.
Criminals have already been seen diverting money from private mining computers to fake wallets, just because users forgot to change the default login details.
Or how hackers replace search engine results for real trading platforms with a fake copy; and even the use of a Trojan virus to steal thousands of dollars by lurking on computers and stealing Bitcoin wallet addresses, which were copied to the clipboard.
How to protect cryptocurrencies?
To protect the user when dealing with cryptocurrencies, a private key is created. This represents an essential security factor when dealing with Bitcoins and altcoins, and validates the sending and receiving of coins or tokens.
The private key is particularly necessary to protect against access by unauthorized persons.
Moreover, whoever has access to the private key is the one who actually owns and controls the cryptocurrencies. As they say: “If they are not your keys, they are not your cryptocurrencies”.
When you buy cryptocurrencies on an exchange, your private key is stored on that platform. You can access it through the exchange, but you don’t actually own it.
You are not in control and you expose yourself to several risks (hackers can attack the exchange and steal the private keys and thus the associated money, the exchange can go bankrupt and you will never see your crypto again).
There are different options for owning and securing your private keys and coins: paper, software and hardware wallets.
Hardware wallets are by far the most popular and efficient method of securely storing cryptocurrencies and owning your private keys.
These physical devices store your private keys in a secure chip.
With a hardware wallet, your private keys always remain offline. This is the best way to secure your cryptocurrencies.
And although not all physical wallets offer the same level of security and control, there is one line of these wallets that stands out from the rest: Ledger.
Ledger: the most secure way to buy and manage crypto
Ledger gives you full power over your crypto investment. By combining a hardware wallet with the Ledger Live application, Ledger offers the best security, ease of use and ownership of your crypto assets.
Ledger Nano S and X: the most secure hardware wallets
Ledger Nano S and X devices use the most secure type of chips to store your private keys.
This certified chip, called a “secure element“, is designed to resist sophisticated attacks. Thus, your private keys never leave the device, because no one can access them.
The Ledger hardware wallets are the first and only certified hardware wallets on the market today.
In addition, these devices are the only ones of their kind to have their own customized operating system (BOLOS), to protect the hardware against malicious attacks and isolate coin applications from each other.
These applications on Ledger devices play a vital role in managing your crypto assets; for each cryptocurrency, there is a dedicated application. These applications can be installed on your hardware wallet by connecting it to Ledger Live.
Ledger has decided to use individual applications for each cryptocurrency. This is for security reasons and to allow third party development (more on this later).
The security reason is to ensure that, if there is a problem with one cryptocurrency application, it can never affect any other crypto asset.
Ledger Nano S: the most popular hardware wallet
The Ledger Nano S is a hardware wallet that is distinguished by its feature of not displaying the private keys used to sign transactions.
The device is, in fact, a micro PC with its own operating system (Bolos), with which data is transferred to PCs via the USB cable, included in the box.
Private keys remain stored in a tamper-proof memory area, accessible only by the Ledger hardware after operating system calls.
Private keys are protected by a “secure element” that is locked by a PIN code.
In simple terms, even if you were to use your Ledger Nano S on infected computers, your cryptocurrencies would not be at risk: the private keys never leave the protected area of the device.
Operations are controlled by two buttons only and are displayed on the device screen.
To send a transaction it is mandatory to sign it by physically pressing the two buttons on the device, after verifying the amount and the destination address on the screen.
A transaction is authorized only by physically pressing the buttons. No malware can steal your cryptocurrencies, when you use it.
The Ledger Nano S is the most popular hardware wallet with more than 2 millions units sold in 165 countries.
Ledger Nano X: manage your crypto on-the-go
The Ledger Nano X is based on the same security principles as the Ledger Nano S, although its Secure Element Chip (ST33) is more powerful than the S model.
However, the distinguishing feature of the Ledger Nano X is that it is designed for mobile use.
It integrates bluetooth communication, so it can be used wirelessly, via smartphones or tablets thanks to the Ledger Live mobile app. App that can also be used in the S version.
To protect the user’s privacy, the Bluetooth connection is encrypted from one end to the other.
Even if an attacker managed to compromise the Bluetooth transport, he would not be able to obtain the private keys or sign a transaction that the user does not want to send.
At this point, the reason is clear: private keys always remain inside the secure chip that protects them.
However, if the user does not need a wireless connection, bluetooth can be deactivated at any time.
Ledger Nano X can also be used through its USB cable that connects the device to PCs or laptops.
In simple terms, Ledger Nano X allows you to choose the option you prefer:
- You can use it with your smartphone or tablet thanks to the bluetooth connection;
- You can connect it to your PC or laptop (64-bit only) via the USB cable provided in the box.
Ledger Nano X has more storage space than Ledger Nano S.
It supports up to 100 applications installed simultaneously, compared to the 20 that the S version can support, although the actual capacity depends on the size of the applications.
The battery capacity of the Ledger Nano X is 100 mAh. It can be charged by connecting the device to a PC or laptop, via the USB cable, otherwise via a power bank.
The battery life is up to 8 hours in case of use, while it is a few months (up to 3) if the device is idle.
Overall, the Nano X is easier to use and offers greater convenience with its larger screen, plus bluetooth allows you to manage cryptocurrencies on the go without needing to be at home at the computer, while the nano S is more for people who want to hodl.
Ledger Live: the one-stop-shop for your crypto
Ledger Live is a mobile and desktop application that provides access to many cryptocurrency management services.
Ledger Live and the Ledger hardware portfolio work together allowing you to manage cryptocurrencies in the most secure way possible.
Every action performed within Ledger Live is secure and assets are always safe: from buying to selling crypto, every action in the app needs to be verified and validated through the hardware wallet.
This is what makes everything secure, through a single application.
You no longer need to use different platforms. No need to buy and manage your cryptocurrencies on an exchange, and then transfer them into a hardware wallet to secure them.
Because the Ledger Live app, combined with the Ledger hardware wallet, is the best way to secure your crypto while giving you the freedom to manage everything on your own.
Do you want more information? Visit to Ledger.
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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of CriptomonedaseICO and should not be attributed to CriptomonedaseICO.