So you own Bitcoin. Now what?
You should be thinking how to keep it safe. If you are using an exchange such as Coinbase or CEX.IO there is still a chance that your coins can be taken away from you. (hackers exist). So, what you should do is keep your coins offline where no one can access them aside from you. You do this with a hardware wallet.
What is a Hardware Wallet?
A Hardware wallet is a small device that stores the private key for your cryptocurrency. The interesting thing about it is that it never exposes your private key outside of the device, meaning it is always kept offline (also known as cold storage).
So even when you want to send money from it, it will sign the transaction on the device itself and not on any computer its connected to. For this reason, it is possible to connect your hardware wallet to any compromised computer without the risk of exposing your private key. This makes hardware wallets a very popular choice for storing cryptocurrencies as opposed to software wallets that are constantly connected to the internet (also known as hot wallets).
The main idea behind the device is that it is the easiest way to secure your Bitcoin and cryptocurrency.
Ledger is one of the two biggest hardware wallet companies around today (the other one being Satoshi Labs who manufactures TREZOR). The company was founded in 2014 and is a leader in security and infrastructure solutions for cryptocurrencies and blockchain applications. Ledger has a team of over 130 professionals. They specialize in developing a variety of products and services to safeguard cryptocurrency assets, the latest one being the Ledger Nano X.
The Nano X’s main difference from previous models is its bluetooth connectivity, which allows it to be controlled via a mobile phone and not just from a desktop computer.
What's in the box?
The Ledger Nano X comes nicely packaged and includes the following items:
- Ledger Nano X
- 1 USB C cable
- Keychain for device
- 3 recovery sheets
- Ledger stickers
The Ledger Nano X screen is much bigger than Ledger’s previous hardware wallet, the Ledger Nano S. The buttons are much bigger as well and easier to click:
The Nano X can be setup using an iOS device, Android or computer.
Ledger Nano X supported coins
Bitcoin Cash (BCH)
Bitcoin Gold (BTG)
Ethereum Classic (ETC)
Stellar (XLM) Ripple (XRP)
- Ledger's newest hardware wallet
- Wide range of features for $119
- $119 might be too high a price for some
Is the Ledger Nano X Worth it?
There’s no doubt that Ledger made a very big effort to take their latest hardware wallet model to the next level. The combination of the sleek device with the feature rich “Ledger Live” software creates a powerhouse for managing crypto assets. Having said that, not everything is completely polished on the Nano X. The UX for setting up the device requires a bit more thought, in my opinion, and the bluetooth connectivity experience is far from smooth. All in all, I’d definitely use this device despite its downsides. Although not perfect, it still wins the battle against all other competition.