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.
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 episode 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.
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-firmwarehttps://leofinance.io is an online community for crypto & financial content creators, powered by Hive and the LEO token economy.
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