If there is one French nugget that has succeeded in the international crypto scene, it is Ledger. Indeed, the company co-founded by Eric Larchevêque has made Vierzon a high place for crypto since it is there in the Ledger Plex that the famous Ledger wallets are made, which allow you to secure your cryptocurrencies. If we had already had the opportunity to present the history and the Ledger project as a whole, today we will focus more specifically on the flagship product of the French crypto company: the Ledger Nano X. Why have a physical wallet? How do you get started with the Ledger Nano X? How to deposit your cryptocurrencies on it and what can you do with the Ledger Live app? These are all questions we’ll answer in a few moments.
What is a physical cryptocurrency wallet and what are the security benefits of your cryptocurrencies?
When buying cryptocurrency, it is Bitcoin, Ethereum or other Altcoins present on exchanges, there are several solutions to secure your cryptocurrencies. The first option is to leave your cryptocurrencies on the exchange, in this case you do trust a third party that represents the platform on which you bought your precious cryptocurrencies. The advantages of this method are mainly ease and speed. On the other hand, a major drawback of this is that you take the risk that the platform will be hacked and that you no longer have the possibility to recover your cryptocurrencies.. Even though exchanges are putting more and more security measures in place to prevent this, there is plenty of news to remind us that in the crypto industry, no one is safe from being hacked. If we take a step back, the figures of the various hacks on the cryptocurrency market are enough to make you dizzy:
- $ 1.74 billion in securities hacked since the beginnings of crypto exchanges
- $ 870 million: the amount hacked in 2018 alone
- $ 31: value hacked every second in the crypto industry
The second option to secure your cryptocurrencies is therefore to transfer the cryptoassets purchased online to a digital wallet.. There are thus several digital wallets on the market that allow you to keep your cryptocurrencies warm on your smartphone. The advantage here is that you increase the security of your crypto, you can also most often receive or send crypto directly from your wallet installed on your mobile. However, there is always a risk associated with a potential hack of your wallet. Indeed, the internet connection of your mobile could serve as an entry point for a malicious user.
The ultimate solution to making the crypto assets you can buy as secure as possible is the subject of our article today, which is to store your cryptocurrencies in a physical wallet. This is exactly what you can do with the Ledger Nano X, indeed this small object which looks strangely like a usb key is without doubt what you can do best to keep your cryptos warm. Once on the Ledger Nano X, they will be in a real safe. In addition, you really own the cryptos thanks to a private key that you should never disclose otherwise anyone could access your wallet.
Security is the most important benefit of the Ledger Nano X which uses a Bluetooth connection as well as an operating system custom developed to interact in the most secure way with the Ledger Live application. Critical information such as your private key Ledger Nano X are, for example, never exchanged via the Bluetooth connection. Finally, Ledger teams often perform security audits of their system in order to simulate potential attacks on a Wallet Ledger. Finally, if you don’t prefer to use the Bluetooth connection, you can simply use the Ledger Nano X USB connection to connect it to your computer and take advantage of all the features offered.
Getting started with the Ledger Nano X
To give you the best possible information, we were able to test the Ledger Nano X ourselves. So, handling, ease of use, ergonomics, we have scrutinized everything to give you the best informed opinion on this small object very useful when you want to integrate the world of cryptocurrencies safely.
The first thing that strikes with Ledger and the Ledger Nano X in particular is the design and packaging. In fact, we find here the same well-known standards which have made the reputation and success of the famous apple brand. In any case, at first glance, we can clearly see that the influence of the silicon valley has spread to Vierzon. The challenge is successful, the Ledger Nano X is a real little compendium of technology that has made itself desirable.
Once unpacked, handling the Ledger Nano X is very intuitive, you just have to follow the instructions in the getting started guide. Concretely, make sure that the Ledger Nano X is charged by plugging it in with the supplied usb cable. When starting for the first time, you are asked to enter a pin code which provides a first level of security.
Then the security and ownership of your cryptocurrencies on the Ledger Nano X is ensured thanks to the management of your private key. Indeed, it is important to dwell on this very crucial point. If you don’t have the private key for your cryptocurrency wallet, you don’t actually own your cryptocurrency, in short if you don’t have this key you trust a trusted third party to hold the cryptocurrency for you. By opting for the Ledger Nano X wallet, you actually hold this private key. This takes the form of a unique 24-word security phrase which is generated the moment you start your Ledger Nano X for the first time. It is very important to carefully note the 24 words of this device-generated phrase. It represents your only backup for your private key if you can no longer access your wallet. It is extremely important to keep this phrase safe and never divulge it because anyone who holds your private key will be able to access your cryptocurrencies.
Once you have started the Ledger Nano X, you need now download the Ledger Live application on your mobile. In a few moments you will be able to connect your two devices. Once the pairing is complete, you will be able to choose the applications to install on the Ledger Nano X according to the cryptocurrencies you want to secure. You will thus find dedicated applications for your Bitcoin, Ethereum … You have no limits because you can install more than 100 different applications for a whole variety of associated cryptocurrencies. In addition if you want to secure your tokens from decentralized finance, you can also secure them as they are mostly compatible with the Ethereum storage application.
Beyond the security induced by the elements integrated in the Ledger Nano X and the bluetooth connection, it is important to note that during the first connection between your device and the application, a check is performed to verify that the Ledger Nano X is genuine. This allows you to confirm that you own a Ledger wallet which is not a counterfeit or other scam. In the cryptocurrency market, you will understand, it is better to be careful and ensure optimal security, with Ledger it is!
How to deposit your cryptocurrencies on your Ledger wallet
Now that you have taken the Ledger Nano X in hand, that you have downloaded the applications necessary for storing and securing the cryptocurrencies you want to keep warm, it is now time to take a closer look at how to deposit your cryptocurrencies on your new one. Ledger physical wallet.
To deposit your cryptocurrency on your Ledger Nano X, two options are available to you.
Option 1: you already have cryptocurrencies on a digital wallet or on a Coinbase-type platform. In this case you must go to your Ledger Live application, go to the cryptocurrency you wish to receive: Bitcoin, Ethereum or other and choose “Receive”, the public key is thus generated. Now, go to your wallet where your cryptocurrencies are currently located and this time choose the option “Send” or “Send”, and insert the reception key obtained beforehand via your Ledger Live application, validate the transaction and you’re done, you’ve just transferred your cryptocurrencies to your Ledger Nano X wallet. In a few minutes you will see the transaction appear on your Ledger Live application if it is well synchronized via bluetooth with your Ledger Nano X device.
Option 2: You do not have cryptocurrencies yet and you want to get some, you can do so directly from your Ledger Live app. Indeed a partnership with the Coinify exchange has been made and allows you to buy cryptocurrency directly by credit card from the application. The purchased crypto is thus directly transferred and secured to your Ledger Nano X.
Finally Ledger has recently implemented a staking option on cryptocurrencies like Tezos. Thus you will be able to obtain new cryptocurrencies such as interest paid for holding cryptocurrencies on your Ledger Nano X. In these times when interest rates are very low in the traditional financial system, staking allows you to benefit from interest rates. ‘more favorable interest paid in cryptocurrencies. An interesting point therefore to be able to benefit from it while keeping your cryptos as secure as possible within the Ledger Nano X.
The Ledger Nano X, a safe and ergonomic safe for your Bitcoins and cryptocurrencies. Once we understand the unfortunate importance of hacking operations in the cryptocurrency sector, it appears essential to have a physical wallet like Ledger, especially if you want to be in total control of your cryptocurrencies. In a few moments the Ledger Nano X is configured and you can instantly secure your crypto. Each transaction is then visible from the Ledger Live app on your smartphone or via your computer. Far from being a gadget, for a little over a hundred euros you treat yourself to a safe for all your cryptos, enough to sleep soundly in the future!
Guillaume has been passionate about Blockchain technologies and cryptocurrencies for several years now. He strongly believes in mass adoption of these in the years to come. Eager for crisp news and always on the lookout for the latest trends in the cryptocurrency market, he takes pleasure in sharing all their secrets with you!