The Importance Of Cryptocurrency Hardware Wallets

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The Importance Of Cryptocurrency Hardware Wallets
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Hardware wallets are important tools for anyone thinking of holding cryptocurrencies in the long term. 

Anyone who is thinking of holding significant amounts of cryptocurrencies should deploy a hardware wallet to secure their digital assets. According to security experts, hardware wallets and the practice of cold storage are a must for crypto holders.

What is Cold Storage? 

Cold storage is practiced by all the biggest crypto exchanges to ensure funds can not be stolen. It is the only way that private keys can be kept completely offline.

This guarantees that bad actors can’t remotely access the wallets and make off with the millions that flow through exchanges.

Advantage over other types of wallets

By using a hardware wallet, holders can keep their private keys offline and out of harm’s reach. And possibly more important, the hardware wallet provides holders with a safe and convenient alternative to exchanges. Hackers made off with millions and holders were left empty-handed after the infamous Mt. Gox and QuadrigaCX debacles. Simply by using a hardware wallet, many tragic crypto errors can be avoided. 

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It’s possible that a mistake or carelessness can leave Software wallets vulnerable. But with a hardware wallet like the Nano Ledger X, you won’t have to worry about remote attacks because transactions can’t be made unless the wallet is turned on and connected. The recovery seed method is used with hardware wallets. This allows users to have a hard paper backup that can be hidden away and used to recover the assets in case of damage or theft. 

Ledger Nano X – The Best Hardware Wallet Available?

Ledger’s Nano X allows crypto holders to connect their wallet to a number of devices via Bluetooth. Android or iOS users can access their assets conveniently with their mobile devices and send BTC and most supported cryptos on the go.

Ledger’s Nano X gives users multiple options when setting up their wallets and managing funds. Included in the box is a USB cable to connect to a PC or laptop. But the Nano X also allows users to connect their wallet to any Bluetooth capable device. Also included in the box are a few cards to write down your recovery phrases and some Ledger stickers.

Because it’s so easy to use, the Nano X is a great tool for anyone new to the crypto space or for those who are unsure of how to use hardware wallets. Setting up your Nano X will be a breeze.

Once you turn on the hardware wallet, instructions will appear on the screen of the Nano X. Then, it literally takes you through the step by step processes until you’re ready to start making transactions. It only takes about 10 minutes from the time you open the box to be ready to send and receive more than 20 coins and over a thousand tokens.

The user must simultaneously press both buttons on the Nano X in order to confirm all commands and transactions. The wallet also allows for easy navigation. The Nano X will let users download apps to create hundreds of addresses in literally minutes. And the Nano X interface makes it extremely easy to scroll through the numerous wallets you’ve created and view all the downloaded apps. Another noticeable feature is the screen. The Nano X has a bigger screen than the Nano S, making everything clearer and easier to read and navigate. 

Holders can be sure that all transactions are secure because the app is protected with a password. Plus, since the device itself walks users through the whole process as soon as you turn it on, users can be sure their transactions are secure and their coins are safe. Ledger is known for its security, and now they’re making convenience and mobility a priority. Android or iOS users can download the Ledger Live app and make transactions on the go. 

While it’s not the most expensive Bluetooth capable hardware wallet out there, The Ledger Nano X is not cheap. It could even be considered costly at around $119 USD. But the guarantee of security is among the best in the industry. Add in the fact that the Nano X is incredibly easy to use and you can understand why it’s one of the most popular hardware wallet options out there.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.