A cryptocurrency wallet is a device that interacts with the underlying blockchain network. It essentially acts as our regular leather wallets. However, we cannot feel it or remove the native paper currency from it, but it is a solid alternative for our growing demand for digital currency.
Crypto wallets can be of multiple types, such as Software wallets, Hardware wallets, and paper wallets. Each of them has different levels of security and ease of use.
Software wallets are more widely used, and most crypto wallets are web or application-based; however, hardware wallets win the game when it comes to security and protection.
Software wallets, like any other online application, are at high risk of malware and phishing attacks. On the other hand, hardware wallets are highly encrypted and very difficult or, let’s say, nearly impossible to crack into.
One such stalwart is the Ledger Wallet, launched by a company in Paris in the year 2014. Let’s dive deeper into Ledger and compare it with other crypto wallets, and find out if it is better than any other crypto wallet.
What is a Ledger Crypto Wallet?
Experts from security, entrepreneurship and cryptocurrency came together to mend the need for securing digital assets and built a wallet called Ledger together in 2014.
The headquarters of Ledger is situated in Paris though it has mainly spread and has offices in San Francisco, California, and many more.
Now, let’s initiate a quick rewind in terms of our cryptocurrency concepts.
We need two keys for each secure asymmetric transaction – a public key known to all and a private key that is only known to the sender. Our multi-currency wallet is rightly used to store this private key in an offline mode. The catch lies in the word ‘offline.
Most keys are stored on the internet, i.e., in an online manner. However, these online methods are most susceptible to attacks and threats.
The ledger hardware wallet is device-based, which implies that their storage mechanisms could be USB drives to store the user’s private key – the most crucial piece of information without which a transaction cannot occur in an offline mode.
Now, Ledger crypto wallet has two models available on the market. Let us understand the features each one provides and the chief differences between them.
Ledger Nano S
It is a compact USB device based on a smart card. It is roughly a tiny flash drive size, measuring 39 x 13 x 4mm (1.53 x 0.51 x 0.16) and weighing in at just 5.9g. Features of the same are as follows:
- The activation mechanism is simple and easy.
- Supports a wide range of crypto coins.
- It is a very cheap hardware wallet ($59), giving a very high-value proposition.
- The entire recovery process can be done from the device only without even connecting it to a computer.
However, this is not an open-source hardware wallet, and the recovery sheet can easily be replicated if safety is not maintained.
Ledger Nano X
This hardware wallet is selling like hot cakes in the market currently at $119 apiece. It is 72mm x 18.6mm x 11.75mm in size and weighs 34g. Features are as follows:
- Supports a large number of altcoins
- Secure chip technology
- Very efficient Bluetooth functionality making it user-friendly
- Multiple apps and coins can function simultaneously.
The significant difference between these two siblings is that the former does not support the installation of multiple crypto wallets simultaneously and is not automated. Instead, one has to install them manually.
Nano X is fully automated. However, the UI could be a bit daunting!
These wallets use a 24-word backup recovery phrase if there is a discrepancy concerning the user’s private key.
It also has a provision to store this phrase in a special device called Billfold, to store keys and seed phrases in a physical form without any hassle.
10 Reasons why Ledger Crypto Wallet is better than other Wallets
Points of Distinction
Ledger Crypto Wallet
Other Crypto Wallets
|Back-up Type||24-word Phrase||Seed Phrase|
|Private key owner||The user||The wallet|
|Number of cryptos supported||1100+||900+|
|Wallet/Exchange compatibility||MEW, Metamask +48 more||Not applicable (in most cases)|
|Connectivity||Bluetooth, Wifi, USB||Not applicable|
|Money-Back Guarantee||14 days||Not applicable|
|Transaction Fee control||No control||Full control|
|Extra features||Password Manager||Depends on the company offering|
As seen in the above chart, the Ledger crypto wallet has a few drawbacks: the minimum price to be paid to avail its functionalities.
One of the most important psychological factors that refrain investors from stepping into the world of digital currencies is the loss of money within seconds.
Thus, keeping this in mind, there is no harm in saying that Ledger offers maximum security to its users compared to other software and hardware blockchain wallets.
Furthermore, Ledger crypto wallet provides functionalities that are way above industry standards and hence is the top-rated crypto hardware wallet in the market today.
I hope this article helps you and if you have any queries related to it, leave your comment below. If you have not joined our community then you can now. We are very active there and have been sharing important information there.
We are here:
FOLLOW US ON
Hand-picked guides for you:
- 5 Best Matic Wallet for 2021
- 3 Best Crypto Copy Trading Software
- 4 Best Cryptocurrency Games to earn free Cryptocurrencies
- 5 Best Cryptocurrencies to invest in 2021
- What is Pancakeswap and how to use it?
- How to set up and use the Binance chain wallet?
- How to use the Binance futures trading platform?
- 5 Binance Smart Chain projects with the highest ROI
- What is an NFT? and the Top 3 NFT Marketplace