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If you're going to invest in cryptocurrencies the first thing you should do before you buy Bitcoin, is to invest in a hardware wallet like the Ledger Nano X. There's an old saying in the crypto-vers, and it's "Not your keys, not your crypto", and this is the core reason why you should own a Ledger Nano X.
What Is A Hardware Wallet?
Owning a hardware wallet is a popular choice for individuals and businesses looking to securely store and manage their cryptocurrencies. A hardware wallet is a physical device that is designed specifically for storing and managing digital assets, and it provides a number of benefits over other types of cryptocurrency storage methods.
Hardware wallets are considered to be a more secure option for storing cryptocurrencies than software wallets, which are stored on a computer or other device that is connected to the internet.
Hardware wallets are typically small, portable devices that are designed to be easy to use and secure. They often have a number of security features, such as advanced cryptography, PIN codes, and physical buttons, to protect your cryptocurrencies from being accessed by unauthorized parties.
To use a hardware wallet, you will typically need to connect it to a computer or other device via a USB cable. Once it is connected, you can use the device to store, manage, and transfer your cryptocurrencies.
One of the main benefits of using a hardware wallet is that it provides a high level of security for your cryptocurrencies. Because they are stored offline, hardware wallets are less vulnerable to hacking and other online threats. Additionally, the use of advanced cryptography and other security features makes it nearly impossible for unauthorized parties to access your assets.
The Ledger Nano X
One of the main benefits of using a hardware wallet is that it provides a high level of security for your cryptocurrencies.
Another benefit of using a hardware wallet is that it allows you to store many cryptocurrencies in one place. The Ledger Nano X, for example, is a hardware wallet that can hold up to 100 coin apps at once, making it a convenient and secure way to manage your cryptocurrency portfolio.
In addition to the Ledger Nano X, there are several other hardware wallet options available. However, the Ledger Nano X stands out from the competition due to its compatibility with mobile devices, strong security features, and wide range of supported coins.
One of the critical features of the Ledger Nano X is its Bluetooth connectivity, which allows you to connect the device to your smartphone or tablet and manage your cryptocurrencies on the go. This is a particularly useful feature for individuals or businesses that need to make frequent transactions or who need to have access to their cryptocurrencies at all times.
Another advantage of the Ledger Nano X is its strong security features. The device uses advanced cryptography to protect your cryptocurrencies and requires a PIN code to access your assets. Additionally, it has a built-in OLED display and physical buttons, which allow you to confirm your transactions and ensure that your cryptocurrencies are being stored and transferred securely.
Don't Leave Your Coins On Crypto Exchanges
It is generally not a great idea to leave your cryptocurrencies on an exchange for an extended period of time. There are several reasons for this:
- Risk of hacking: Cryptocurrency exchanges are a popular target for hackers, and there have been several high-profile hacks in which exchanges have lost their users' cryptocurrencies. If you leave your cryptocurrencies on an exchange, you are at risk of losing them if the exchange is hacked.
- Limited control: When you leave your cryptocurrencies on an exchange, you are trusting the exchange to keep your assets safe. You have limited control over your assets, and you are relying on the exchange to secure them.
- Lack of ownership: When you leave your cryptocurrencies on an exchange, you do not have direct ownership of them. Instead, you are entrusting the exchange to hold them for you. This can be risky, as exchanges have been known to go bankrupt or become insolvent, and in these cases, users may not be able to recover their assets.
Overall, it is generally safer to store your cryptocurrencies in a secure wallet that you control, rather than leaving them on an exchange. This will give you greater control over your assets and reduce the risk of them being lost or stolen.
With the recent collapse of major crypto exchanges FTX, Terra Luna, and DeFi lending platforms Celsius and BlockFi, users left their cryptos on these exchanges because they were thought to be trustworthy.
Trustworthy until these mega corporations went bankrupt, and as a result, user funds were frozen, withdrawals were frozen which means these people might not be getting all of their money back if at all.
Imagine your entire crypto portfolio is locked away on an exchange that has gone bankrupt. This was the reality for many crypto investors whose lives were turned upside down in a moment.
As I said earlier in this post, "not your keys not your crypto"
The only thing better than reaping the rewards of investing is keeping those rewards. You'll want to make sure you invest in a quality hardware wallet to protect your wealth.
I do the same with my Ledger device.
