The Ledger Wallet is a hardware wallet meant exclusively for you Bitcoin digital tokens. People have been looking into this option of a digital wallet more and more and with increasing popularity, people need to make a few things more and more clear so that they are absolutely sure that this is the right choice for them and this decision is what will suit them the best.
That being said, here are a few pointers about the Ledger wallet to make you understand the subject matter better and to help you get started with it by knowing a few facts about this hardware wallet which has been providing maximum protection level to your Bitcoins without compromising your usability of the wallet or your control over it.
Launched in 2014 by 8 experts (having expertise in several domains like entrepreneurship, embedded security and digital currencies), Ledger Wallet is a growing company with accelerated pace and has been constantly developing security and infrastructure solutions for several digital currencies and also for several blockchain based companies, startups and initiatives.
They have clients in over 165 countries and have already sold 1000000 ledgers till date with about 100 retailers globally. They offer infrastructure solutions which are completely customisable to safeguard the digital assets of Hedge Funds, Banks, and High Net Worth individuals.
The Ledger wallet company recently raised $75 million on 18th January, 2018 to secure digital currency assets.
They offer the Ledger Nano S hardware wallet to store digital currencies. It is very compact and durable with an OLED screen and buttons. Multiple digital currencies can be stored in them and this hardware wallet is also very extensible to other apps as well. The range for this product starts at about $92.20.
Another product they offer is the Ledger OTG Kit which has an on the go cable kit. This all in one cable kit has a cable which is a dual USB type C and micro USB cable and is supported by all Android phones. The range for this product starts at $14.59.
Gemalto, the world leader in digital security, joined forces with the Ledger wallet to provide enhanced and customised security infrastructure for digital currency based activities. This shows how driven Ledger is towards providing its users and customers high level, top of the game security products for their digital currencies so that they get to witness a better customer satisfaction.
The Ledger Wallet is a decentralized wallet and it thus does not store any of your private keys. The private keys are generated during the initialization process and the Ledger itself never gets to actually create a copy and save those private keys in its own database.
For added security, every single time the Ledger hardware wallet is connected to your computer using a USB cable, you are required to enter a PIN code which has to be gotten correct in the first three tries, failing which, all the contents of the Ledger wallet are erased permanently and the hardware wallet is thus reset.
There are several major benefits of using a hardware wallet over a paper wallet or a wallet in the form of an encrypted private key on your computer. It provides a sort of complete isolation layer between your private key and your computer or other device which can be easily hacked into. Thus you receive a complete barrier between you and your digital connected world.
The interface and functionality of a hardware wallet is very much different than a software wallet. On your computer, even if your private keys are stored in an encrypted form, whenever you sign for your transactions, they would be of course present in plain sight in your computer memory which makes it liable to be stolen by anyone.
The Ledger wallet runs on a system of two verifications. A second verification is compulsorily required to make your transaction successful. A second code stored on a different offline card is the code that would authenticate your second verification. This enhances the security potential to a whole another level by providing an additional offline security layer for the Ledger wallet.
To use a Ledger wallet, you do not need to open an account or sign up and pay for any sort of a monthly or yearly subscription. All you have to do is buy a hardware wallet for yourself, assemble it and start using it without any signing up or paying for a subscription.
In case of your Ledger Wallet being stolen, damaged or you having lost it, the Ledger Wallet provides you a backup option. When you initially fire up the wallet, during the initialisation process, a paraphrase is generated which is a sequence of randomly generated 24 words. This paraphrase can be used in the event of losing or damaging your Ledger wallet to retrieve your precious digital currencies.
The private keys that you store on your hardware Ledger wallet are stored on chips and they never leave them. These private keys are not accessible to anyone, even to the computer that this particular Ledger is connected to. Thus making it very safe and secure.
Dust payments or very small digital currency payments are not recommended to be received on your hardware Ledger wallet. Always set the payment threshold to about 0.05 BTC to avoid computational issues and so that the chip does not get too hot.