I've been using the LEDGER Nano X for 3 months now, and I am so glad I made the investment in this hardware wallet.
This sleek piece of crypto tech is small, easy to use, stylish, and most of all secure.
Ledger has been around since 2014 and offers the Nano X and the Nano S, with the Nano X being the newer big brother to the S.
To hold any cryptocurrency we need a wallet, but to hold that crypto and to truly protect it we need to ensure that the private keys (or the pneumonic word phrases associated with the private keys) are never shown or stored on a computer.
Let's compare two different types of wallets to understand the security factors of each, so we can see why Ledger hardware wallets win over software wallets.
When setting up your average software crypto wallet, you will follow these steps:
View your private keys (or a 12-16 word pneumonic phrase) on the screen of your phone or computer.
Have to enter them back into your phone or computer with your keyboard to confirm they're correct.
Then you're told to write them down and store them safely. (i.e. on paper hidden away somewhere and not as a digital file on your desktop)
When setting up a Ledger hardware wallet, you will follow these steps:
View your private keys as a 16 word pneumonic phrase on the hardware device.
Have to enter them back into the hardware device to confirm they're correct (therefore never showing or entering the words onto your computer or phone)
Then you're told to write them down and store them safely. (i.e. on paper hidden away somewhere and not as a digital file on your desktop)
As we can see, the biggest difference here, and certainly the biggest security difference, comes to viewing your keys on an offline hardware device that is never seen by a computer screen or entered into a keyboard.
This is extremely important because hackers can use keystroke programs to capture every single key you press, thus capturing your private keys if you ever entered them into a computer.
Hackers can also search through our computers and find those hidden .txt or .doc files with our passphrases and keys, and then can immediately access our funds and send them away to their own crypto addresses.
Screen mirroring also exists, meaning hackers can completely record our computer screens and see what we're doing as we're using our computer.
So if we type our passphrases onto the computer and/or store them in digital files, we are living within an area of risk and are susceptible to hackers being able to completely wipe out our funds.
This is why I made the decision to buy a Ledger Nano X and upgrade my security.
Because the Ledger holds my keys offline, and doesn't send or show them when transactions are made, these keys have never once been shown or typed on a computer or ever in a position where someone could access them.
As you set up your Ledger Nano X, you are given the instructions to write down and re-enter your 16 word pneumonic phrase, and you are also asked to create an 8 digit numerical passcode which allows you to open and access the hardware device.
After that, you're set and ready to get started using your wallet.
From here you'll download and create a login for the Ledger Live app to install the crypto wallet Apps associated with each crypto you want to store within your Ledger, such as adding ones for Bitcoin, Ethereum, XRP, and so on.
Now, we're not technically storing any actual crypto on this device, as crypto wallets work by using private keys that securely show ownership of crypto that exists everywhere globally within the blockchain network.
(This means that your private pneumonic passphrase IS your access to your crypto, so even if you lost your Ledger device, you can buy a new one and re-import your crypto assets with your pneumonic passphrase.)
Sending transactions requires you to hook up your Ledger to your computer with the supplied USB cable, or use the Bluetooth feature (only available on the Nano X, not the Nano S), and after confirming the addresses on your Ledger Live App as well as your hardware wallet, you can easily make your transaction.
Because you physically need your Ledger to send and approve those transactions, your security is bumped up super high! Your passphrase and keys never leave or are shown with those transactions, instead a public key is used.
Receiving crypto assets on the Ledger is super easy and doesn't require your device to be hooked up. All you'll need is your correct address and you're set.
Between securely storing, sending, and receiving crypto, the Ledger Nano X gets the top-level security job done, and allows us as cryptocurrency users the peace of mind of knowing that we can even use this wallet on a completely hacked computer while on Wi-Fi and you're crypto is still safe.
The X allows much more space for a variety of wallet apps, so if you hold a larger variety of digital assets, the X may be preferred. I personally haven't used the Bluetooth feature, but I love the freedom of being able to store many of my assets on this wallet securely.
If you're looking for a secure way to hold your Bitcoin, Ethereum, and other cryptocurrencies, then obtaining a hardware wallet is a must.
I personally recommend the Ledger Nano X, but there are other notable hardware wallet companies out there such as Trezor. The Ledger Nano X has been my first and only hardware wallet, and I see no reason to change that!
It's best to buy a hardware wallet directly from the manufacturer, as this will ensure your device is 100% new and has never been tampered with.
You can order a Ledger Nano X directly from Ledger here.
Thanks for reading, and I hope this post inspires you on your crypto journey!
Stay safe out there :)
