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:
- Running Out of Space on My Ledger? What Happens When I Delete an App?
- What Happens to My Crypto if The Ledger Company/Software Disappear Some Day?
- 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.
- Question About Space for Apps on Ledger https://www.reddit.com/r/ledgerwallet/comments/g33bmf/new_to_ledger_nano_s/
- Supported Ledger Apps https://support.ledger.com/hc/en-us/categories/115000811829-Apps
- What happens if Ledger disappears? https://www.reddit.com/r/ledgerwallet/comments/6khkpo/what_happens_if_the_ledger_wallet_company_closes/djm4co2/
- 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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