The new generation, while keeping pace with the modern world, has adopted a new form of investment and this is none other than “cryptocurrency.” While this investment method comes with several benefits, it also has a dark side to it. Yes, it can be hacked and you can also become a victim of the potential phishing scams.
Thus, this currency also requires some kind of safety, in the same way, you safeguard your fiat money. In this scenario, the only safety feature that I can think of is a hardware wallet. The strong reason why I am saying so is because it keeps your cryptocurrencies and your private keys completely offline. One such wallet that you can pick is the Ledger Wallet which is operational via ledger. /start.
To gain complete information about this wallet, this document is going to be of ultimate help to you.
Introduction to Ledger Wallet- The new-age crypto wallet
To keep it precise, you must have an idea that there are two kinds of wallet options that we currently have. One is a software wallet and the other one is a hardware wallet. While software wallets are not reliable, hardware wallets can be completely trusted. Wallets like ledger.com/start are highly efficient in keeping your cryptocurrency safe.
Besides that, this wallet also comes with crypto exchange functionalities such as the options to sell, buy, exchange, and manage widespread crypto assets. Surprisingly, the wallet developers keep on upgrading the wallet based on the new technology and keep fixing any existing issues in the wallet.
What are the different Ledger Wallet models we have?
Being able to choose the right wallet based on your needs is the biggest responsibility. Before we jump off and learn how to start using a wallet via ledger.com/start, it is important to take a look at the available options.
· Ledger Stax
· Ledger Nano S
· Ledger Nano S Plus
· Ledger Nano X
The reason why I am referring to https://www.ledger.com/start again and again is because of a strong reason. The reason is that this website helps us to get the Ledger Live application which is required to initialize the set-up of the Ledger hardware wallet and also comes as a management tool for the cryptocurrency we have stored over our wallet device.
To get the Ledger Live app, the steps are given below:-
1. Reach the website i.e. https://www.ledger.com/ledger-live
2. From the Welcome Page, expand the drop-down arrow available next to “Download”
3. When the options appear, choose the relevant Operating System of your device
4. This will start the Ledger Live app download process
5. Check the “Downloads’ section to run and install the file
6. To begin managing your crypto, set up/link the app with the wallet
Set up the new Ledger Wallet with these steps
If you have navigated to this section, I am sure you are now ready to set up your wallet. Setting up is easy if you have the pre-requirements in place. One has the USB cable that came with your wallet device and the other one is the Ledger Live software installed via the ledger.com/start website. The process is quite lengthy, but an easy one and that’s how it begins:-
1. Take out the USB cable from the box, use it to connect to your wallet and PC
2. When it is connected, a message will be shown- “Welcome to Ledger (device name)”
3. To respond to the on-screen instructions, use the left-right navigation buttons
4. As a new user, “set up a new wallet” is the option you should choose
5. Go ahead and create a PIN by referring to the on-screen directions
6. Confirm the PIN by entering the same digits once again
7. Generate the Secret Recovery Phrase and make a note of it
Confirm the Recovery Phrase and complete the instructions on your display
Things to remember while using Ledger wallet
You must take some precautions while using any storage service be it a hardware wallet or a software wallet. This will help you in the long run and your crypto will stay away from any risks. These precautions are:
· Take all the possible measures to keep the seed phrase safe
· If you ever lose the 24-word Secret Recovery Phrase, you will never be able to restore your wallet
· Do not share the SRP with anyone, not even your relatives/friends
· Do not share the seed phrase with the Ledger wallet support agent as well
Download the Ledger Live app only via ledger.com/start
Finally, it’s a wrap:-
To conclude this post, I would say that using a hardware wallet for the safety of your crypto holdings is a must. Don’t rely on the security of crypto exchanges and software as you might end up losing your crypto because these platforms are somewhere connected to the web and may expose your private keys leaving you empty-handed.
FAQ by ledger wallet users:-
Can you set up a Ledger without a computer?
To set up any of the Ledger hardware wallet models, you’ll need a desktop. On this desktop, you will eventually be installing the Ledger Live app via ledger.com/start using which you can set up your wallet, check your wallet balance, and manage your crypto securely.
Do we need the Internet to use Ledger Live?
To initiate, send, and process transactions using Ledger Live, you will eventually need a device connected to the internet. It is not possible to use any of the features of the Ledger Live app without internet connectivity.
Can I cash out money on Ledger Live?
Since Ledger Live has partnered with Coinify, therefore, you can easily sell your crypto for fiat currency and get that fiat deposited into your bank account straight away.
Can Ledger Live access my private keys?
Customer privacy and security have always been kept on the highest pedestal by Ledger wallet developers and hence, they never ever store or track your private keys. Your private keys are stored on your Ledger hardware wallet by Ledger Live.