Technologies and innovations in the cryptocurrency market came up with both pros and cons. Trading, product purchase, and instant transfer of digital assets are the positives of technology whereas increasing rates of cyber crimes and hacks reflect negatives. Such actions boomed the need for tight security of digital assets.
There are various options available in the crypto space to secure digital assets, but we are going to talk about one of the safest options which is Ledger Nano X.
Let’s delve into the history of Ledger Nano X and its setup.
All About the Hardware Wallet
Ledger Nano X, a pocket-size hardware wallet helps in securing buying, exchanging, and growing digital assets. The wallet seamlessly connects with the computer system or mobile device using the Ledger Live App. Surprisingly, you can’t hold cryptocurrency in the wallet just like you hold fiat money in the physical waller. A cryptocurrency wallet is a software program that holds the public and private keys of the cryptocurrency, helping holders to access the coins whenever needed. The key role of the crypto wallet is to hold and secure the cryptocurrency from any dishonest action.
The hardware wallet was released by Ledger in 2019 as an upgrade of Ledger Nano S. The wallet made it easy for crypto owners to buy, exchange, and grow their crypto more securely. The wallet’s tamper resistance helps in isolating the private keys, stored in a secure element chip. It is a Bluetooth-enabled secure device supporting a wide range of digital assets.
Steps for Wallet Setup
The very first step to set up the hardware wallet is to install the ledger live application on the mobile device or computer system. The overall wallet is managed by the application and also helps in maintaining the transactions. Installing the application, hitting get started, accepting the terms and conditions, and selecting the Ledger Nano X device are all you need to do.
The next step is to set up the device, for which all you need to do is to power on the device and set a PIN code between 4 to 8 digits. Remember, this respective PIN will help you access the account and so, you have to remember the PIN. The next step is to write the 24-word recovery phrase which serves as a backup for the device. The final step is to pair the Ledger Nano X with the application and you are all set.
Opening the ledger Live app, and accessing the account will help you use the hardware wallet for sending, receiving, and storing the cryptocurrency. The wallet holds different types of cryptocurrencies including Bitcoin, XRP, Ethereum, and many more.
Conclusion
Ledger Nano X is a hardware wallet offering a more secure way to send, receive, and hold cryptocurrencies. All you need to do is pair the physical wallet with the Ledger live application by creating an account over the application.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/09/28/ledger-nano-x-how-to-setup-and-use-the-wallet-more-securely/