Cryptocurrency may seem like a daunting world for those unfamiliar. After all, unlike traditional money that can be stored in a bank account or a physical wallet a person can carry, digital money must be stored differently. Using a combination of private keys similar to a password and public keys for sending and receiving funds, cryptocurrency assets can be stored and transferred on the blockchain.
While the user will always have their public key, web-based wallets will keep the user’s private key to eliminate some of the perceived complexity in managing the complex string letters and numbers tied to a user’s cryptocurrency assets. Unfortunately, this is a double-edged sword as while these keys can be recovered by the platform if they are lost, they are also in the control of a centralized party, making them more appealing to hackers.
Following many of the recent price spikes, the media has highlighted time and time again new ingenious ways that hackers have taken funds from online exchanges. At times, this has even occurred in plain sight, with hacks rerouting tokens from one wallet to another as the owner can only sit back and watch.
But that hasn’t necessarily deterred many from investing in crypto. With a 300% increase in prices of coins like Shiba Inu (SHIB) in the last year alone, and other triple-digit earnings common in the industry, the potential for financial freedom far outweighs any concerns. However, users don’t necessarily need to find themselves subject to these risks either.
For those with a basic familiarity with digital currency, the first lesson often passed down is that hardware wallets offer significantly more security than their web-based counterparts. A hardware wallet is a place to store large funds that can be kept in holding for a while. Security, in this case, is maintained through a user having full control of their private keys, the literal key to unlocking their funds.
Rather than leaving one’s investments out in the open, Ledger is making it simple for users to control their assets. The team, operating with a focus on security, provides users with a solution for transactions and an opportunity for storage to simplify the otherwise intimidating experience new users face. With the motto, “It’s your money. Own it.” Ledger’s solutions are tailored to ensure each user has the freedom to manage their assets through a Ledger hardware wallet and the Ledger Live app.
Storage with total control
The Ledger application offers users total control, with functionality for viewing all their transactions for over 1800 cryptocurrencies and the ability to grow their assets through staking, similar to how they could earn interest payments from a traditional bank.
Diverse functionality in this application makes the solution an ideal gateway into the cryptocurrency world, as it eliminates the need for any user to learn the intricacies of multiple platforms. As a result, the combination of a live app and associated hardware wallet ensures users take advantage of broad functionality without losing out on security in the best of both worlds.
The hardware wallet is the physical piece of the Ledger solution, a location where the private keys of each user are stored. Ledger’s wallet aims to provide a degree of isolation between a user’s keys and online exchange, which are often the target for hackers.
These industry-leading security features make this offering one of the first and only wallets on the market certified for their safety by ANSSI, a French cyber security agency. Furthermore, the wallet contains a secure element (SE), one of the most secure chips, designed to withstand sophisticated attacks and allow for the secure hosting of cryptographic data like private keys.
Join the community
Ledger is now trusted by over 2 million users, a growing community with beginners and experts around the world. Support is also provided in multiple languages from the Ledger team of cryptocurrency experts. Every digital asset owner, whether they are nonfungible tokens (NFTs) or cryptocurrency, needs a place to store them. While there are uses for all the various types of wallets, it is the combination that Ledger provides that may truly help users get started in the exciting new world offered by digital currencies.
Exchange, lend, and other crypto transaction services are provided by third-party partners. Ledger provides no advice or recommendations on use of these third-party services.
Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.