What is Hardware Wallet?
Hardware Wallet is a safe offline cryptocurrency storage. It is usually a USB format with a small screen where you can store your cryptocurrency.
Is it dangerous to keep my cryptocurrency in Online Wallets and Exchange Centers?
Nothing is safe when connected to the Internet. This is the time when cryptocurrency is blooming more and more people are being aware and using cryptocurrencies. You can easily understand that any kind of electronic wallet or exchange is now the main focus of hackers for easy profit. Here are a few online exchanges that got hacked:
- Mt. Gox. Date Hacked: June 2011. Amount stolen: 750,000 Bitcoin
- BitFloor. Date Hacked: September 2012. Amount stolen: 24,000 Bitcoin
- Ploniex. Date Hacked: March 2014. Amount stolen: 12.3% of their total cryptocurency balance.
- Bitstamp. Date Hacked: January 2015. Amount stolen: 19,000 Bitcoin
- Bitfinex. Date Hacked: August 2016. Amount stolen: 120,000 Bitcoins
- Electrum Wallets. Date Hacked: January 2018. Hackers were stealing Bitcoin wallets of users for the last two years. This vulnerability also shows that Ethereum wallets are at risk.
I don't have that much money in cryptos, I think I do not need a Hardware Wallet.
You should treat the coins in your possession as a fortune. Today it can cost a few hundred or few thousand Euros but in the future, it is very likely that it could be worth Millions! Just remember:
This is why we highly recommend buying a hardware wallet. Ensure that you always have the full and only control over your cryptocurrencies.
- If you invested in Bitcoin €1000 in January 2011, today you will have 50,000,000€
- If you invested in Ethereum 1000€ in January 2016, today you will have €1,500,000
This is why we highly recommend buying a hardware wallet. Ensure that you always have the full and only control over your cryptocurrencies.
Ledger Nano S & Ledger Blue
- Website: www.ledgerwallet.com
- Name: Ledger Nano S, Ledger Blue. Manufactured in France.
- Type: Hardware Wallet
- Cryptocurrency: Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, Litecoin, Dogecoin, Dash, ZCash, Ripple, Golem,Stratis, Komodo, PoSW, ARK, Ubiq, Expanse, PIVX, Vertcoin, Viacoin, Stealthcoin, NEO, constantly adding new ones.
- Delivery time: 3-7 working days.
- Availability : Ledger Blue ☑ (ready to ship) . Ledger Nano S ☑ (ready to ship from march 2018)
- Ledger Nano S Price: €94,8 (free shipping)
- Τιμή Ledger Blue: €274,8 larger screen (free shipping)
- Rating: 9.7/10.0
How do I secure my cryptocurrency?
Like most people who is in the cryptocurrency industry, we also have two different kinds of wallets.
- Cold Wallets also known as Hardware Wallets. Wallets that are not connected to the internet, like Ledger Nano S or Ledger Blue. Transfer your cryptocurrencies that you are keeping as long term investment, we can call it a vault or a safety deposit box.
- Warm Wallets also known as Online Wallets. Wallets that are in the internet like Coinbase. It is ideal to store 10- 20% of your total cryptocurrencies in online wallets. This are the funds that you use for everyday transactions and trading. This is also be handy in always checking your investments without constantly needing your Hardware Wallet.
How are Hardware Wallets safe?
Every wallet has two keys.
The Public Key is the one that you can share to everyone. This is the address address to receive cryptocurrency.
The Private Key which only you should know. This is what gives you access to see your balance and to make outgoing transactions. Keeping your cryptocurrencies in online wallets is trusting the third party your Private key, most of the time you do not even see it. Using a Hardware wallet like Ledger Nano S, your private key is stored (and encrypted) in a device that is not in the internet and therefore can not be hacked.To date, there has not been any report of any case of loss if you are using a Hardware Wallet.
The Public Key is the one that you can share to everyone. This is the address address to receive cryptocurrency.
The Private Key which only you should know. This is what gives you access to see your balance and to make outgoing transactions. Keeping your cryptocurrencies in online wallets is trusting the third party your Private key, most of the time you do not even see it. Using a Hardware wallet like Ledger Nano S, your private key is stored (and encrypted) in a device that is not in the internet and therefore can not be hacked.To date, there has not been any report of any case of loss if you are using a Hardware Wallet.
Are there options for Hardware Wallets?
Υποστηριζόμενα νομίσματα
There are two or three different options you can find on the market, we tried them and we suggest the best of them.
Ledger Nano S. Plug in a USB port, has a small built-in screen and two buttons at the top.
Ledger Blue features a 3.5 inch touchscreen.
First time you connect, there will be an easy guide for creating an account and backup. Everything will be done on the device via the integrated display. Connecting to the PC via USB is to only provide power. After setting up your device, you will be prompted to enter a PIN code.
If I lose my Hardware Wallet, will I lose all my cryptocurrency in it?
No, the manufacturers predicted this problem. Creating your account for the first time, you will be given instructions for the safe storage of your Private Key in a 24-word format in a card that is in that packaging, so that you can restore your data even if the device is reset, damaged or lost. Make sure you copy the right words given to you and save it or keep it that only you know where. A great idea is to laminate this piece of paper to protect it from wear and moisture.
How much time do I need to set it up?
The initial setup take about 5 minutes, the most time- consuming part is to write he keywords. You will then need to download applications depending on which cryptocurrencies you wish to store on your device. Apps are available in Chrome Extensions, your can manage downloading Ledger Manager.
Aside from Bitcoin App and Ethereum App from Chrome, there are many others that you can save. When the memory of your device is filled with Apps, you can uninstall some apps and install another. It is very important to remember that uninstalling an app from your device which have coins in it will not lose your coins. Simply install the app in your device again and you can have access to your coins.
No other wallets supports as much coins as Ledger NanoS and Ledger Blue.
Ledger Nano S. Plug in a USB port, has a small built-in screen and two buttons at the top.
Ledger Blue features a 3.5 inch touchscreen.
First time you connect, there will be an easy guide for creating an account and backup. Everything will be done on the device via the integrated display. Connecting to the PC via USB is to only provide power. After setting up your device, you will be prompted to enter a PIN code.
If I lose my Hardware Wallet, will I lose all my cryptocurrency in it?
No, the manufacturers predicted this problem. Creating your account for the first time, you will be given instructions for the safe storage of your Private Key in a 24-word format in a card that is in that packaging, so that you can restore your data even if the device is reset, damaged or lost. Make sure you copy the right words given to you and save it or keep it that only you know where. A great idea is to laminate this piece of paper to protect it from wear and moisture.
How much time do I need to set it up?
The initial setup take about 5 minutes, the most time- consuming part is to write he keywords. You will then need to download applications depending on which cryptocurrencies you wish to store on your device. Apps are available in Chrome Extensions, your can manage downloading Ledger Manager.
Aside from Bitcoin App and Ethereum App from Chrome, there are many others that you can save. When the memory of your device is filled with Apps, you can uninstall some apps and install another. It is very important to remember that uninstalling an app from your device which have coins in it will not lose your coins. Simply install the app in your device again and you can have access to your coins.
No other wallets supports as much coins as Ledger NanoS and Ledger Blue.
How to use my Hardware Wallet or Ledger?
- Connect Ledger device.
- Enter the PIN.
- Open the application (e.g. Bitcoin) on your device.
- Open the Bitcoin extension on your computer.
- Click "Send", a popup window opens .
- Fill in the required fields: amount, recipient's address (you can paste or scan a QR).
- Click "Send" button.
What is the difference between Ledger Nano S and Ledger Blue?
Both devices provide maximum safety.
- Ledger Nano S. Dubbed as King of Hardware Wallets when it comes to price, accessibility and ease of use. Nano S is small, as the name suggests and it is configured as a USB device. Making it ideal to place it it your pocket and take with you.
- Ledger Blue. More luxurious, versatile and bigger than the Nano S. It features a 3.5" touchscreen display and weighing only 95grams. It can operate on battery power without being connected to a computer, supports Bluetooth and Contactless NFC for wireless communication. It has a bigger memory to manage and store more cryptocurrencies simultaneously.
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Conclusion
We advise everyone who is dealing with cryptocurrencies to put their safety as a priority. Hardware Wallet is one way.
Whether you choose Ledger Nanos S or Ledger Blue you will not be disappointed. Do not wait for someone to take your cryptocurrencies from you then deciding to protect new ones late. Hackers lurk.
Secure your cryptocurrencies once and for all.
Whether you choose Ledger Nanos S or Ledger Blue you will not be disappointed. Do not wait for someone to take your cryptocurrencies from you then deciding to protect new ones late. Hackers lurk.
Secure your cryptocurrencies once and for all.
