A Ledger wallet, also known as a cold wallet, is a crypto hardware wallet brand that safely stores your private keys offline in a device. They are one of the most well-known names in the business as they have the privilege of publicly introducing the first hardware wallets.
Here is the list of topics we discuss in this article about Ledger Wallet:
Hardware wallets from Ledger are designed as secure multicurrency wallets. Many more wallet manufacturers have emerged in the years after Ledger’s launch. However, the term Ledger is still the top choice of every user who prefers a safe crypto hardware wallet.
The Ledger wallet business name manifests blockchain technology. The basic concept behind the Ledger crypto wallet designs explains well why the corporation picked this title. Hence, do you want a better idea of how the Ledger wallets can manage your cryptocurrency? Let’s just buckle down to seek more about these Ledger hardware wallets.
How Does A Ledger Wallet Work?
Ledger, a business based in Paris, France, manufactures Ledger hardware wallets. There are several blockchain applications used for the exchange of cryptocurrency. Hence, the Ledger industry aims to develop a safe and secure way out for every blockchain application.
A ledger wallet is a hardware device that keeps your money safe in your account. Moreover, it allows you to keep, transfer, and acquire various cryptocurrencies securely. Meanwhile, a Ledger crypto wallet’s interface consists of two primary components:
- The device’s tiny screen
- The Ledger Live software on a computer or mobile device
Although several activities require users to use the Ledger wallet to confirm their actions, they complete these transactions by pressing one or both tiny buttons on the device itself. These buttons on the Ledger crypto wallet help users switch between other crypto wallets.
Yet, most users’ activities occur within the Ledger Live app. The Ledger Live application allows users to communicate with their hardware wallets. You must download this application from Ledger on a desktop or laptop computer.
Usually, each wallet refers to as an individual application within Ledger Live. Therefore, users must download the proper application for each cryptocurrency they want to handle.
2 Main Types of Ledger Hardware Wallets
Ledger offers two hardware wallets. Ledger Nano S and Ledger Nano X. These hardware wallets adhere to the exact security needs. You may read more about each below.
1. Ledger Nano S
The Ledger Nano S was released in 2016 and was branded as the original hardware wallet. The Ledger Nano S costs $59.00.It is used to store and manage assets and acquire cryptocurrency most securely. The Ledger Nano S has an in-built secure chip and can simultaneously hold anywhere from three to twenty applications.
How To Set Up Ledger Nano S
Setting up your Ledger Nano S as a new device will generate new private keys for you. These private keys allow you to access your crypto assets. Here you need to note down your 24-word recovery phrase as it is your private keys’ complete backup.
To start the setup, you will need a computer with Windows 8.1 (64-bit), macOS 10.10, or Linux, the Ledger Live app (installed), the Ledger Nano S, and the internet, of course.
The setup instructions for Ledger Live are dynamic. To get started, simply launch the app. You would successfully set up your device if you completed the setup according to Ledger Live’s instructions. You may now download applications and add accounts to Ledger Live on your device.
2. Ledger Nano X
The Ledger Nano X was released in 2019. It costs $119.00 on the market. It may also store, protect, manage assets, and purchase cryptocurrency. The Ledger Nano X also includes an in-built secure chip. However, it allows users to store more applications, approximately up to 100. The Ledger Nano X also features Bluetooth technology that enables you to manage your crypto assets from anywhere around the world.
How To Set Up Ledger Nano X
Setting up your Ledger Nano X as a new device will produce new private keys for you. Now you can handle your cryptocurrency holdings in an advanced way. Of course, you will create a new 24-word recovery phrase too.
Meanwhile, you can retrieve the private keys related to an existing recovery phrase by restoring your device from a recovery phrase. Also, don’t forget to lock your Ledger Nano X while not using it. That’s how no one else will use it without your authorization.
To start the set-up, you will need a computer with at least Windows 8.1 (64-bit), macOS 10.10, Linux or an iOS 9 or Android 7 smartphone, the Ledger Live app (installed), the Ledger Nano X, and the internet, of course.
You would simply need to launch the application Ledger Live. It is an interactive application with thorough set-up instructions. All you need to do is follow the step-by-step instructions and process. It will lead you to successfully generate new private keys for new accounts on your device.
Last but not least, do not forget to note down all the suggestions to keep your recovery phrase and PIN code safe. Your device is ready to install applications. Go into Ledger Live to add accounts and send or receive crypto assets.
Ledger Nano S vs. Ledger Nano X
The Ledger Nano S is one of the best-known and best-selling crypto hardware wallets. It supports 1,800 coins overall. Yet, it can maintain just a few currencies simultaneously. The Ledger Nano S has the memory to handle three to twenty applications at a time. You must delete and reinstall some applications several times if you work with more than three cryptocurrencies.
However, the amount in your deleted application will be safe. You can reaccess it after reinstalling that application afterward. Sometimes, the number of installed applications can exceed three apps. It is because various cryptocurrencies use varying amounts of RAM.
On the other hand, The Ledger Nano X is another upgraded type of Ledger wallet. It is an updated and improved model than the Ledger Nano S. Both wallets are compatible with the Ledger Live app and perform similarly. The Ledger Nano X, on the other hand, offers a few more functions. Moreover, it can store a lot more crypto applications in one go.
Some additional and enhanced features aid in understanding why someone may opt for the more costly Ledger Nano X. One of those key features is that Ledger Nano X can run up to 100 applications while the Ledger Nano S can run just 3 to 20 apps at a time.
Users of the Ledger Nano X may also access the app using their mobile phones due to Bluetooth support. Moreover, you can also link it to a mobile device through Bluetooth for the sake of battery power.
Summing Up the Ledger Wallet
The Ledger wallet is a safe and secure solution to purchasing and developing your cryptocurrency holdings. It provides you access to the accompanying mobile or software application. These applications bring so much ease, convenience, and security via this Ledger crypto wallet. The cherry on top, the Ledger Live event is another crucial aspect of the overall experience.
Although there is a wide range of software wallets too that you can use to handle your transactions. Yet, security is the key feature that makes these Ledger hardware wallets critical for the cryptocurrency business.
As you know, hacking software wallets and stealing all of your money is not difficult for hackers. Therefore, you must need a hardware device like a Ledger wallet to save your money from hackers.
That’s how a Ledger crypto wallet stores your money offline, and no one can get access to your wallet as you are the only one who knows the pin to unlock your money. Well, that’s all for now. Let us know in the comment section below if you have any latest information about the ledger wallet.
Also read my article: Introducing Binance And Binance Bridge
FAQs
- What if I lose my Ledger wallet accidentally? Will I lose all of my money too?
You do not lose your money at all when you lose your Ledger wallet. Actually, Ledger Wallet does not store your money on it. Instead, the blockchain stores your money, and you use a Ledger device just to access the blockchain.
You can simply use a new Ledger hardware wallet if you successfully back up your 24-word recovery seed. Afterward, input your recovery seed on your new Ledger to regain access to your cash.
- Is the Ledger Nano X going to take the place of the Ledger Nano S?
Ledger Nano X is not going to replace Ledger Nano S. Instead, Ledger Nano S will remain available as always at a competitive cost. Both types of Ledger wallets appeal to various users because they share supportive features.
Moreover, you can use Ledger Nano X to handle crypto on the road. Yet, you can leave a Ledger Nano S at home or in a safe as a backup. That’s how the Ledger Nano S will be endorsed in the future.
- How to contact Ledger Wallet customer support?
Ledger does not offer any dedicated live support for client concerns. Therefore, you must visit their support page if you face device problems. There you will use their question finder to describe your problem. After that, you will see any responses to your inquiry.