Remembering not owning a single crypto asset, thinking to myself, nobody wants banks, financial services being the middle for all of their transactions (maybe for some transactions, not all), taking people info for who knows what. People are wary of the current fiat dollar being printed out in THIN AIR in numbers so high the average person can only imagine.
We have a great President Donald Trump here in the USA, our economy is doing better then ever, Americans are more united against fake news lies, social media. In July, 2019, the dollar is not something to throw in the trash, still, crypto makes transactions faster then ever before saving people time, "time is the most important thing"- anon.... crypto puts the power to the people, at this point word is out, spreading fast as the black plague which killed 75-200 million people from years 1347 to 1351.
Most readers here probably have a understanding of how the basics of crypto work, it's simple enough to go to coinbase or binance to purchase some, heck, caveman could probably do it. when our president took the time to promote the word CRYPTO (Trump knows this is not something going away soon) I knew this is the beginning of mainstream adoption at the core. The best part of the presidents announcement his wording separated libra distinguishing (the fake crypto) as a virtual currency rather then a crypto, from bitcoin. Enough with promoting the concept. with all this having been said, this blog is about the Ledger Nano hardware wallet, having purchased one i can tell you about everything from how to use, to my experience, to who i recommend the wallet for, what is a hardware wallet... I'm proud to say having studied crypto i am a expert in the field compared to the average crypto holder today. We are the one's writing explanations to help new users learn things faster then we ourselves did, improve our community of freedom loving patriots before the next currency takes over this one in time.
Purchasing a Ledger wallet is as easy as going to the ledger website, personally i recommend Ebay as the best prices will be found there... i paid 59.00 for the Nano S which can be found for as low as $30 today, may decrease more with the new models being released such as the X. Current Ledger wallets revolve around the same concept for the main purpose.Keeping crypto in what is called cold storage.
Who is the Ledger S/X wallet for is the first question i will answer. The Ledger wallet is built for those who own crypto, do not wish to be hacked. Let me explain the difference between hot/ cold storage.The most common way especially for beginners to purchase crypto is on coinbase, binance. Once crypto is purchased on one of these platforms you will find the asset has been placed into a hot wallet.
For those who keep updated on crypto news, we know recently, this past May Binance had around 7,000 bitcoins (btc) stolen valued at around 40 million dollars. How did Binance get hacked? From my understanding the coins keys themself were not hacked, binance accounts were hacked to make things possible such as passwords needed for the bad actors to get into other peoples accounts.... binance did not give a full briefing of exact details. Binance however gave refunds to all who had been stolen from because they are a reputable bank type intermediary service which is still in control of the crypto until a user sends the crypto off of binances/ coinbases wallet to their own.
Basically the goal of most people who purchase crypto is to own the asset they have purchased, to take control of the crypto asset. One does not take control crypto until sending the crypto off of these platform wallets to one of their own wallets which they have a personal key for. The personal key is everything. The personal key is the crypto, is access all around to everything.
This brings me to how the Ledger wallet works... The ledger wallet "photo shown" is a physical device similar to a external usb, hard drive, with some major differences. The first being once turned on there is a passcode built in to the nano one must know called the key to access the wallet. The wallet itsself is online, hot, can be downloaded to most laptops, computer devices, everyone has access to using the wallet who has a ledger wallet app... however not everyone has access to your crypto. to have access with your crypto they would need a ledger device with both your 24 word phrase and your passcode... each device has its own passcode, each device has its own 24 pass phrase as well. One could loose their ledger device and still access their crypto with another device only if they have their 24 word phrase + password. To access the crypto type in the key on the actual device which then gives one access to their crypto on the wallet, can send, recieve while logged in from their until the ledger is unplugged from system.
Basically the key difference between using a ledger wallet to store your key on vs a hot wallet such as my personal favorite called exodus is.. the key to the crypto is kept offline when the ledger is not plugged in protected by hardware technology of a company who has been in the security industry for a very long time compared to a random usb drive which one could use, provides little protection.
