Bitcoin is back on the front stage. While writing this article, investors are looking for the right time to take long term positions. Even though Bitcoin Gambling has been the main crypto usage since 2017, HODLers are back. Let’s see why the Ledger Nano X should be their first investment.
When you buy Bitcoin or other cryptocurrencies, you need a wallet to keep your coins in a safe place. The Ledger Nano X is a hardware wallet. First, we will see why it’s the safest way to hold your cryptos. Eventually, we will go through its specifications and show how it fulfills the crypto holder’s needs.
Three kinds of wallets
- Web wallet: it’s a wallet provided by a third party, usually a website. It is a simpler way to set up a wallet. You only need to register, and you access it with a username and a password. For this reason, a web wallet is exposed to two threats. A hacker can steal your credentials, or he can exploit site vulnerabilities to attack multiple accounts (including yours).
- Software wallet: it is when you install software on your device (computer or phone). It is safer, but a hacker can still steal your coins when a virus infects your computer.
- Hardware wallet: it is the most secure way to hold your bitcoins and cryptos. You can not only view our holding easily on your device, but also protect yourself with an external key when it comes to receiving and sending money.
So what do you get with a Ledger Nano X?
It is a hardware wallet that supports up to 100 apps, including Bitcoin, Ethereum, XRP, Litecoin, and many more.
All these cryptos are protected by a pin that you enter on the Nano X before processing payments. Additionally, all your coins are backed up by a twenty-four (24) words recovery phrase in case you lose your Ledger. It is compatible with desktop and mobile (Android & iOS).
Compared to its previous version, Nano S, Ledger Nano X can
- Support up to 100 apps installed (Nano S is limited to 3 or 4 due to small memory)
- Connect in Bluetooth thanks to its 8 hours standby mode on battery
For those only interested in holding Bitcoin, Ledger Nano S may be enough. But if you want to invest and use cryptocurrencies seriously, Ledger Nano X is a must-have.