Posted 7 months ago | by Catoshi Nakamoto
Crypto is about ownership. You are your own bank. One of the most common questions people ask me is: What is the best way to store my crypto? This is not a topic we take lightly. Unfortunately, whenever there’s money on the table, there will always be desperate people out there who are willing to steal it. This industry is worth over 2.6 trillion dollars. With that much on the line, you should take every precaution and do everything in your power to protect your piece of the pie.Read More
Lets get it!
Welcome to BitBoy Crypto. Home of the Bitsquad, the largest crypto community in all of the interwebs. My name is Ben. Every day on this channel I show YOU how to MAKE MONEY in Crypto. If you like money and crypto then make sure to hit that subscribe button. In this video, we look into the newest features for the best hardward wallet on the market; Ledger.
When You HODL Use This
(NARRATOR VOICE) It’s a normal morning…you check your phone to see how your portfolio is doing…BUT when you open your favorite exchange app and see nothing but zeros. Your blood turns cold. What happened? Did everything just rug? It’s every crypto holders nightmare. Yes, most exchanges are pretty safe, but the truth is, all online exchanges, or “hot wallets”, are connected to servers. Anything connected to a server has a chance of being hacked. There are documented attempts to break through the firewalls of major exchanges every month. But even with the technology and security of the crypto community growing stronger every day; malware and viruses are becoming just as sophisticated. I’ve seen firsthand what some of these hackers are capable of; it’s terrifying. Computer hacking aside, the majority of people that do get their crypto stolen, lose their investments because they didn’t properly protect their passwords or back up phrases. The best way to prevent any of this from happening to you is to purchase a cold storage hardware wallet. Cold storage means it’s completely offline, and consequently impossible to hack into through a server. The best cold storage hardware wallet that I personally use to protect my crypto assets is Ledger. This simple, easy to use wallet, secured by the industry leading CC EAL5+ certified chip, is a must have for any serious investor. Launched in 2014, Ledger has been dedicated to helping the crypto community take full ownership of our investments.
I’m sure you’ve heard the phrase “Not your keys, not your crypto”. Think of it like renting an apartment, except you don’t own the keys. Every time you want to unlock your front door, instead of using your key, you have to go to the the landlord ask them to unlock the door for you. That doesn’t make much sense does it? BUT leaving your coins on an exchange is exactly that. Thankfully the landlords are just a click away….but what if they aren’t? What if they are being hacked? Or there is an internet outage? You won’t have a key. And you tokens could be anything but SAFU. Contrast that with being YOUR OWN bank. By keeping your assets in a Ledger and not an exchange, you personally take complete ownership of your crypto. This also eliminates any opportunity for someone to hack into your wallet to steal your funds because with Ledger, the link to your investments, your private keys, would be offline in cold storage. Once you have your Ledger device, you can use the Ledger Live app where you can buy, sell, exchange, lend and stake all your favorite coins right from the convenience of your phone or computer. To make sure Ledger supports your favorite altcoins, be sure to check out their supported crypto assets page.
Ledger is currently selling 2 different versions of their wallet. The Ledger Nano S is a great device for newer investors to learn how to take ownership of their private keys. This device can hold up to 6 different apps and is compatible with over 1,100 crypto assets. On the Nano S, you can manage over 1,800 coins with the Ledger live app. You can also purchase Ledger Nano S with the starter pack that comes with a step by step user guide on how to get set up along with a 25 dollar voucher for the coin of your choice that you will receive by email two weeks after purchasing your device. For details, be sure to check out that “deals” page at bitboycrypto.com. Although the Nano S is a great place to get started, the Ledger Nano X is the whole package. With the Nano X you get compatibility with Ledger Live Mobile that works with Androids and Iphones. The Nano X also has a larger screen with higher resolution and a battery that lasts up to 8 hours. This state-of-the-art hardware wallet to safely store your investments in is without a doubt the best cold storage wallet on the market.
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Whichever Ledger device is best for you, get started by downloading the Ledger Live app, which is essentially your home base to manage your crypto assets. Once connected to Ledger Live, follow the prompts on the screen of the device to choose a PIN code and write down your recovery phrase. It’s imperative that you protect your 24-word recovery phrase. This is your master key. Without this phrase, you will not be able to recover any of your assets. To keep this as safe as possible, it’s very important to NOT write the phrase down on your phone or computer. Instead, write it down on a piece of paper and store it somewhere safe. In fact it’s not a bad idea to laminate it. Do not share your phrase with anyone. Be sure to double-check that you spell each word correctly; one misplaced letter could be devastating. Never use a device supplied with a pin code or recovery phrase, this is an easy way for someone to set you up to steal all your crypto. Keep in mind it is your job to physically secure your recovery phrase because Ledger does not hold any backup of your 24 word phrase. To help keep your recovery phrase safe, ledger designed the Cryptosteel Capsule and the Billfodl. These are steel, impenetrable cases that are waterproof and fireproof designed to withstand fires twice as hot as the average house fire. These practically indestructible cases are the ultimate protection for the backup of your private keys. After securing your recovery phrase, all that’s left to do is install applications on your device, add an account to manage your crypto, and you’re ready to go. Be sure to check out Ledger.com for a step-by-step walk through of any of these initial set up steps.
The team at Ledger is constantly working to improve their products in order to keep your investments safe. Just a few days ago, the Ledger Nano X 2.0.0 firmware update was released. This update will reduce the onboarding time for new users. This is accomplished by only requiring users to choose 4 specific words from their 24-word recovery phrase compared to going through every single one of them when confirming your backup phrase. This update also improves security by allowing users to change the Bluetooth device name, as well as showing you the remaining PIN log in attempts. The update process is very simple. Go to the manager section on Ledger Live, connect your Nano X device and start the update.
As well has having the best hardware wallet on the market, the team at ledger puts in a massive effort to keep their users informed and up to date with all things crypto. The Ledger Academy, found on their website has a vast number of articles, videos and tutorials to help get new investors up to speed. They have a very informative weekly newsletter called Ledger Biiiiiites. Ledger also has many weekly segments such as “On the Ledger Podcasts”, “Down the Rabbit Hole”, “The Story”, “The Deep Dive”, and my personal favorite, “School of Block”. (Great name) Be sure to check out the newest hilarious episode of “School of Block” that answers the question, “What will happen to your crypto When You Die?”
It’s one thing to spend 10,000 Bitcoin on a pizza. It’s another to lose your crypto through no fault of your own. If you read enough articles for long enough, you will see those unfortunate cases where people have lost hundreds of thousands of dollars and that’s the last thing we would ever want to happen to someone in the Bitsquad. Like I have said before, goal of this channel is to educate and inform the crypto community on relevant news and information in the financial community. Making sure you protect and secure your hard earned crypto should be at the top of your priority list. And Ledger is the best way to lock it up for safekeeping.
That’s all I got, be blessed. BitBoy Out!!