Crypto Ledger, or Ledger, is defined as the public ledger of transactions that are recorded as Bitcoin addresses on the blockchain. When a transaction takes place on any blockchain, it is recorded in the blockchain ledger with necessary details such as the transaction time, sender and recipient’s addresses, amount sent, and total network confirmations.
Ledger is known as the leader when it comes to cryptocurrency hardware wallets. The company launched its first wallet in 2014.
How does a Ledger crypto wallet work?
A Ledger wallet is meant for new users, and starting with it is quite easy. A separate application, Ledger Live, is needed by the wallet to work. The app enables users to engage with their hardware wallet either on a laptop or a desktop.
There are two parts to a Ledger crypto wallet: the small screen and the Ledger Live app. Actions by users happen within the app, though it is required to push one or both small buttons to verify certain actions, such as sending transactions.
Another use of buttons is for the purpose of navigation between various cryptocurrency wallets. Each wallet has its own application inside Ledger Live. Users are asked to install the suitable app related to the cryptocurrency they are interested in managing.
Types of Ledger crypto wallets
Below are explained the various types of Ledger wallets. Let’s have a look at them one by one.
Nano S
This one was known as the most well-regarded crypto hardware wallet and was launched in 2016. It had a limited memory for only three to seven apps at a time, which could be termed a disappointment. Through a USB, it connected to a computer and inserted a built-in OLED display to carefully check and verify every transaction with a single tap.
Being a hardware crypto wallet, Ledger Nano S was the safe storage for crypto besides enabling users to send and receive various types of cryptocurrencies. 26 coins and 1500+ tokens were supported, which included Ethereum, Litecoin, Bitcoin, Bitcoin Cash, Hcash, Stratis, and more.
Ledger Nano S was also able to be connected to wallets like NEON and MEW to store NEO and Ethereum tokens on the ledger as well.
In June 2022, Ledger announced discontinuing the Nano S and replacing it with the Ledger Nano S Plus.
Nano X
Launched in 2019, Ledger Nano X stands out on the parameters of features and security. It can support over 100 apps at once and allows users to connect to the application through mobile devices too, owing to its Bluetooth compatibility.
It allows users to send and receive about 1300 cryptocurrency assets and tokens, which is the reason behind its extreme popularity. Bluetooth connectivity and compatibility with major desktop as well as mobile operating systems give it an extra edge.
Detailed technical support is provided since offline and online instructions are included with the wallet, along with troubleshooting guidelines.
Despite all the benefits, Nano X has certain demerits, like not allowing users to buy assets or tokens. Also, the Bluetooth is compatible only with the mobile app and not the desktop.
Nano S Plus
Launched in April 2022, this one has more storage space than the Nano S, besides a bigger and more robust screen. Owing to the enhancement in the space of memory, up to 100 apps can be installed at a time. Moreover, the storage space is almost close to that of Ledger Nano X.
It has the secure element “ST33K1M5C” and a USB-C connection. For those looking forward to secure, offline private key storage in terms of handling an extensive range of NFTs and cryptocurrencies, Ledger Nano S Plus is the ideal choice. Furthermore, users can purchase, sell, and swap crypto assets with it in combination with Ledger Live.
Nano S Plus times out after a certain duration of inactivity, which is a major perk. Though it supports more than 5,500 tokens, it lacks Bluetooth connectivity and isn’t compatible with iOS.
Ledger Stax
It is Ledger’s recent hardware wallet and can be availed via pre-order. Ledger Stax is due to ship by April 2023. The security level is the same as the previous wallets from Ledger, though there’s a whole new level of usability.
It has a touchscreen to sign transactions in an effortless way. Also, since it has a Bluetooth connectivity feature, it can be used in combination with an iOS or Android mobile device
Ledger Stax can be charged with wireless Qi charging, and the charge remains for months if the device isn’t used frequently. When the device is not in use, the lock screen can be customized with a user’s NFT.
How to configure a Ledger wallet?
Here is a step-by-step guide to configuring a Ledger wallet.
Plug the Ledger device into a computer
By using the provided micro-USB, form a secure connection to the Ledger Nano wallet.
Set PIN code
When the device is turned on, its screen lights up, and a prompt is received to configure it like a new device. With the top buttons, confirm to go ahead with configuration, followed by setting the 4- to 7-digit PIN code. Press the two top buttons together to confirm every number you choose.
Note recovery phrase
A series of 24 words will be displayed by the Ledger Nano device. Record it carefully, as it will be required if you fall into the situation of having to recover your account. If it is lost, you can’t get back your funds ever.
Confirm the phrase
2 random words from the phrase will be asked by the device for the purpose of confirmation.
Install Ledger Live
It is the companion application of the wallet and can be downloaded from the official age of Ledger. The app can be installed on Android and iOS smartphones too.
Install apps for coins
Follow the on-screen instructions and create a password, as well as install the applications for the cryptos you wish to keep in your wallet. Now create wallet addresses to send coins there.
Benefits at a glance
Some of the prominent perks of a crypto Ledger wallet are as listed below:
- In comparison to other cryptocurrency wallets, Ledger has benefits that are worth the money spent.
- Ledger wallets support a range of cryptos something not other crypto wallets are capable of. The multi-currency feature makes it possible to manage multiple assets with the same hardware wallet.
- The dedicated customer support page offers information related to Ledger Live app, external wallets, coins, answers related to orders and shipping, latest news and updates.
- The security offered to stay safe even from the sophisticated actors is next-level.
- The user-interface of a Ledger wallet is easy-to-use and friendly.
- Ledger live is the place to manage crypto assets and access features like staking to allow users to earn passive income and lend crypto to make profits.
Why does the crypto Ledger wallet matter?
When a Ledger hardware wallet is merged with the Ledger Live app, the security offered in terms of both cryptos and NFTs is top-notch. The private key is safe every second in a certified secure chip owing to which it can’t be accessed by anyone other than the user. Be it any transaction, it must be confirmed on the reliable display of the device as well as physically by the user.
A crypto Ledger wallet offers a user the authority to govern the crypto on their own. Moreover, more than 5500+ coins and tokens can be handled both from the mobile device and the desktop.
Selling Bitcoin for fiat currencies is possible with the Ledger Live, which also allows the user to check the current balance and manage the transaction via an easy and clear interface. All in all, everything remains under the user’s control.
For those who don’t know, Ledger wallets are the only hardware wallets with their security certified by the French cyber security agency ANSSI. Also, these wallets are the only wallets with their own custom OS (BOLOS) for safety against malicious attacks as well as isolate apps from each other.
Prominent Partnerships
In October 2018, Blockchain revealed its roadmap and announced the release of a hardware wallet in collaboration with Ledger.
In April 2022, The Sandbox joined Ledger with the goal of protecting the metaverse and strengthening education, security and support.
In April 2022, Juno partnered with Ledger to offer the most secure way of being paid in cryptocurrency.
In November 2022, with a view to enhance the interconnectedness of the Web3 ecosystem, Binance partnered with Ledger to enable verified users to buy cryptocurrency via the Ledger Live app.
In January 2023, Arts DAO joined Ledger to offer non-fungible wallet options to its members.
Final words
Crypto Ledger wallets are a boon for the people belonging to the crypto industry. With time, additional features and improvements have been added to simplify things further and increase the security. Users can choose a Ledger depending on their needs and affordability to protect their assets in a world where terms like hacks, scams and thefts damage the industry and harm users time-to-time.
Recovering the funds by entering the 24 words given while setting up the device is the only thing that’s needed if the Ledger is damaged or lost, which makes it even more dependable for crypto enthusiasts.
FAQs
Every Ledger has a PIN set by the user, which means, if someone steals a device, they can’t access the assets. Ledger devices have a military-grade security chip incorporated that is impenetrable even to a sophisticated physical breach; hence, it is reliable.
When a Ledger wallet is merged with the Ledger Live app, crypto assets grow along with industry-leading security.
You can regain access to your crypto assets if you have your recovery phrase. It is possible to retrieve a Ledger through the recovery phrase and not only recover the wallet configuration but also access the funds.
No, Ledger neither asks for your private keys nor stores them.
The device lasts for long hours when being used and for a few months when it is completely charged but not in use. Recharging the battery is nothing more than connecting the USB-C port to the USB port of a computer or laptop with the cable that comes along. However, it is not possible to replace the battery and it lasts for five years.
