The Ledger Hardware Wallet

Protect Your Crypto With A Hardware Wallet

“…security for 1185 digital assets.”

cryptocurrency advisors block society fa

By Block Society

Everyone Should Have One!

What does Mt. Gox, QuadrigaCX, Bithumb, BitGrail, BTC-e, Coincheck, and Bitfinex have in common? They were all hacked at one point or another for large sums of crypto that ruined lives. We’re not talking just in the low seven figures either; MT. Gox was hacked for 850,000 BTC (about $3.1B in today’s dollars), Bitfinex was taken for 120,000 BTC ($432M today), Coincheck lost 423 NEM ($20.4M today), and BTC-e was shutdown by the FBI for money laundering concerns resulting in the loss of 485,000 ETH ($70.6M today)1. Investors lost Billions over the past decade as a result of poor risk mitigation and management of their assets. Individual investors could have protected themselves by placing their crypto into cold wallets — meaning, a mechanism in which the asset private key is stored offline. Some use soft wallets like MyEtherWallet.com, while others use hard wallets such as the Ledger Nano or the Trezor.

“Under no circumstances should you buy a Ledger from Ebay, Craigslist, or anywhere other than directly from Ledger themselves.”

So what does a Ledger actually do? A common misconception is that these wallets store your crypto, In actuality, these wallets store your private keys which allow access to your crypto. The process is no different than moving your crypto from one exchange to another — it’s just a different address to send it to. Just dont forget your pin and make sure you have stored your seed words in a very safe place like a fireproof safe or a bank safety deposit box. Ledger currently offers the Nano-S and the Blue for $59 and $269.99 respectively. The Nano-X will be released in the coming months and carry a price tag of $119. Pre-Orders are currently being accepted for the Nano-X.
With the release of the Nano-X coming, the Nano-S is extremely affordable. There’s no reason to leave your long term holds on an exchange with so many options for cold storage. Do yourself a favor and protect your crypto!

Sources:

1. Team, Bitcoin Exchange Guide News. 30 July 2018. “Top 5 Major Bitcoin Exchange Hacks That Rattled The Crypto Markets.” Accessed on 18 Feb 2019. https://bitcoinexchangeguide.com/top-5-major-bitcoin-exchange-hacks-that-rattled-the-crypto-markets/
2. Ledger SAS. “Hardware Wallets.” Accessed 18 Feb 2019. https://www.ledger.com/
 
 

Stephen, COO/Lead Analyst

With 10+ years experience in the US Intelligence Community and a Bachelor's Degree with concentration in Analysis, Stephen Harano has a breadth of experience as a multi-discipline analyst. Additionally, he holds a Master's Degree in Criminal Justice and Homeland Security and a Post Graduate Professional Certificate in Blockchain Technology from UC-Berkeley. His desire to serve and give back to the crypto world is unmatched and genuinely enjoys educating others both on trading fundamentals as well as Technical Analysis.

Leave a Reply

Close Menu
Support