Ledger Tutorial: Top 3 Questions About Hardware Wallet Security - LeoFinance Podcast #36

in Threespeak - OLD2 years ago (edited)

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Security of crypto funds is the greatest debate in the space. Everyone who has spent even a millisecond of time in crypto knows that there is a risk to being uninformed when it comes to storing and using your funds.

When you don’t have third-parties — i.e. banks — involved to give you a sense of security, you need to provide security for yourself. Security comes in the form being both informed and self-aware. Some people need more third-party involvement and less responsibility while others need more responsibility and less third-party involvement.

In my opinion, hardware wallets are a beautiful middle ground to all of this. You can have the best of both worlds — security and a relatively moderate degree of responsibility.

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With a bit of education in the space coupled with some experimentation and usage of these devices, the average person can have access to a bank in their pockets - as Andreas Antonopolous loves to say.

There are many hardware wallets out there and I have experimented with many of them. I often recommend Ledger Hardware wallets, as I have had a great experience with mine and the user interface is relatively intuitive.

I made this video to answer the top 3 questions that I see when it comes to Ledger hardware wallets (and most other hardware wallets in general).

In this episode, I break down each of the 3 questions and provide the respective solutions for them. I can remember back to when I first got my Ledger Nano and was asking all the same questions, pondering the actual security of storing my crypto on such a device:

  1. Running Out of Space on My Ledger? What Happens When I Delete an App?
  2. What Happens to My Crypto if The Ledger Company/Software Disappear Some Day?
  3. What Happens to My Crypto During a Firmware Update, Device Reset and/or Loss of the Device Itself?

Hopefully these questions bring you some piece of mind when it comes to using a hardware wallet. I can’t stress enough how much I hate the idea of people holding crypto on an exchange. Hardware wallets provide vastly more security, flexibility and even reduced tx fees when used properly.

Repeat after me:

Your keys, your crypto.
Not your keys, not your crypto.

Links Mentioned:

  • Question About Space for Apps on Ledger
  • Supported Ledger Apps https://support.ledger.com/hc/en-us/categories/115000811829-Apps
  • What happens if Ledger disappears?
  • Ledger support for exporting accounts https://support.ledger.com/hc/en-us/articles/115005297709-Export-your-accounts
  • Firmware Updates https://support.ledger.com/hc/en-us/articles/360002731113-Update-device-firmware

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    Hive really needs an airgap hardware wallet.

    Posted via Steemleo

    I agree. Would be nice to see some more options as far as storing HIVE.

    Tron just integrated with Ledger to add the ability to stake TRX, vote for SRs and earn TRX passively through the Ledger Live App.

    A lot of people in the Ledger community were outraged and asked why a "shit coin was added rather than a real coin"...

    From what I gather, if someone develops the software and sends it to Ledger (probably along with some form of payment), it can get added to the Ledger Live app after they do extensive testing. I'd love to have the ability to store HIVE on a Ledger, vote for witnesses, etc. It's definitely possible.

    Posted via Steemleo

    I just wrote a post about the possibility of an Airgap Hardware wallet using open source code on Raspberry Pi devices. I think this is the way of the future as the markup on Ledgers is pretty steep and a Raspberry Pi costs less than $40 and you can do a million other things with it. Although the fact that you can do a million other things with it is often seen as a bug rather than a feature when you're talking about secure crypto storage. Still, I think the airgap part of that equation is what makes it a superior idea to traditional hardware wallets.