Hardware wallets have become the best form of crypto wallets for those seeking to safely store, manage, and grow their assets. Unlike software wallets, hardware wallets are devices that are specifically designed to help you store your private keys in a cold storage. Private keys are alphanumeric codes which give full ownership and control of crypto assets to its owners. The presence of these keys help ensure that users can access, send, and receive their assets in a trustless manner.
The growing popularity of hardware wallets
Amid the growing adoption of crypto, hardware wallets have become the popular choices of traders, thanks to its optimal security abilities. First, since these kinds of wallet keep private keys offline or cold storage, users can rest assured that they are immune from malicious attacks. Apart from that, prominent hardware wallets like Ledger Nano X and S Plus employ other security techniques like PIN protection system, two-factor authentication system, recovery phase, Secure Element CC EAL5+, and many more.
While hardware wallets are expensive, they are worth the price. They support a huge number of cryptocurrencies and NFTs, making it easy for those who want to store both assets in one spot. Ledger Nano C and S Plus for instance, support over 5,500 cryptocurrencies along with popular Polygon and Ethereum NFTs.
Since hardware wallets are physical devices, users must endeavor to keep them safe. They should be kept away from fire and rain. Some of these wallets particularly Ledger wallets are mobile-friendly, meaning users can move about with them freely. Ledger Nano S Plus, for instance, comes with a keychain strap used to attach the device to your key holder. These kinds of wallets come highly recommended to those who love to manage their assets on the go.
If you misplace your device, it is still possible for you to recover your private keys using your recovery phrase. This phrase will be made available to you during setup. Therefore, it is relatively important to keep your recovery phrase safe and away from the reach of third parties.
What You Must Know Before Setting Up Your Hardware Wallet
You can set up a hardware wallet using Ledger. To set up your hardware wallet using Ledger is one of the simplest things to do. The blockchain security company has simplicity in mind when designing their hardware wallets. First, it is imperative to note that Ledger hardware wallet has different models, and their specification differs as well.
The company designed hardware wallets like Nano S, Nano X, and Nano S Plus. These wallets all support you in storing your virtual assets offline and give you full control over your cryptocurrency. They work almost the same with just a few differences in their modifications.
More so, all these wallets are compatible with computers and mobile phones, although the Nano S and S Plus only support Android phones. On the flip side, the Nano X is compatible with Android and iOS devices. Also, this device supports wireless connection to your device through its Bluetooth connectivity feature.
How to set up your Ledger Hardware Wallet
Foremost, before you can set up your Ledger hardware wallet, it is imperative you download the Ledger Live application. The application is designed to explore the full features of each wallet under the stable of Ledger. Meanwhile, the application doesn’t store your assets, instead, they are securely kept in the hardware wallet.
To set up your wallet, you must first connect it to your device using the provided USB cable. Thereafter, follow the prompt on your screen. Further, press the two buttons on the Ledger device simultaneously to choose the option “set up as new device.” You should as well press the two buttons when “choose PIN code” pops up on the device.
Proceed by pressing the right or left button to choose the first digit of your PIN code. Press both buttons to enter a digit and repeat the process until you’ve entered 4 to 8 digits. At the end of the process, select the checkmark (✓) and press both buttons to confirm the PIN code. Cross-check and confirm your PIN code by entering it once more.
Conclusion
It is important to note that Ledger’s hardware wallet doesn’t come with a pre-completed PIN code or recovery phrase. It is assumed that any hardware wallet with such must have been used by someone else previously. Therefore, using such a wallet can expose you to certain security breaches.