Ledger Wallet is known for being one of the safest hardware wallets for storing cryptocurrency. But is it really as safe as people say, or maybe even this wallet, same as others, is not 100% safe? Let's take a closer look!
Ledger Hardware Wallet Review
Founded in 2014, Ledger is a leader in security and infrastructure solutions for cryptocurrencies and blockchain applications. Headquartered in Paris, Vierzon and San Francisco, Ledger has a team of over 130 professionals. They are specialists in developing a variety of products and services to safeguard cryptocurrency assets for individuals and companies. Among their products – the Ledger hardware wallets line, already sold in 165 countries.
Advantages of Ledger:
Safe, offline cryptocurrency wallet, which is not constantly connected to the Internet, and because of that, it is more difficult for hackers to steal from it.
It is secured with a password, a special PIN CODE.
During the installation, it requires you to write down many seed words (private key) to allow you to recover the access to your cryptocurrencies even if you lose or destroy the device. In this case, all you have to do is order a new Ledger and type in your seed words to access your funds.
In comparison to many other online wallets- here, it is you who own key seed words to recover the contents of the wallet and nobody else has access to them.
The way hardware wallets achieve maximum security is by storing your private key and signing your Bitcoin transactions offline so someone trying to “hack” your wallet remotely won’t be able to do so.
Most hardware wallets also use a second screen/device to verify actions on your wallet such as signing transaction. This way, if hackers gain control over your computer, they still can’t do any harm since they require access to the physical device connected to your computer as well.
Threats of Ledger:
Although the company has been taking care of updates and the highest security of their wallets, you have to remember that:
- If you lose seed words for your wallet, even the company won't be able to help you in recovering your funds.
- If you keep your device in the same place where you store your private key, then in case of accidentally pouring water on it, or having it burnt in fire - the company also won't be able to assist you. In this situation, you will lose all cryptocurrencies stored on the device.
Many people think that Ledger is such a safe piece of equipment that NOTHING is able to break it, but it is not true.
It is also very easy to destroy seed words, and it is your business to make sure that you have few copies of seed words (private key), kept in various locations! It is your responsibility. Private key should be written down on a piece of paper, not on a computer or any other electronic device, as the hackers could get to them. You may also use a separate product, which you can buy on the Internet, for safe storage of your private key. It is called Cryptosteel Device (Cryptosteel is a hand-crafted, steel backup for your personal recovery seed, generated by Trezor company).
To sum up: Ledger Hardware Wallet is one of the safest wallets in the world, but its safety also depends on you and how you are going to store your private key and a device. Once you lose your private key - you will lose the access to your cryptocurrencies, because nobody else is able to retrieve your personal recovery seeds.
How to get own Ledger Hardware Wallet?
Go to the shop here: Official Ledger Shop
And add to cart your Ledger.
You can choose from various Ledger devices, depending on your needs (more modern and advanced ones are obviously more expensive). Visit the online store regularly as they often run various discounts and promotions.
When is it worth to think about purchasing a Ledger Wallet?
Once you have more cryptocurrencies and you want to store them safely for the future.
If you only own $10 worth of cryptocurrencies then it would not make sense to purchase a Ledger which is much more expensive. Buy it when you have more funds and you just simply want to keep them secure.
