Cryptocurrencies are a digital asset that is designed for the exchange of digital information. Since it is not centralized, the government does not have any type of control over it. The owner of the cryptocurrencies holds all the right and responsibilities for them.
It’s the responsibilities of the crypto asset’s holders to protect their digital money and store them in a safe place. Ledger Nano S wallet is a type of digital bank where anyone can save their cryptocurrencies and carry out transactions with them.
Ledger Nano S wallet (محفظة ليدجر نانو اس) is a renowned name in the world of the hardware wallets. It offers a high quality of safety features to its users.
Security of Ledger Nano S wallet
Ledger Nano S wallet is one of the most trustworthy and reliable hardware wallets for the storage and management of the cryptocurrencies available in the Crypto World. It ensures the safe and hassle-free selling, purchase, lending and exchange of the cryptocurrencies. It offers various safety features, some of these are mentioned below:
Buttons– In Ledger Nano S wallet, for the payment confirmation, you need to press both the buttons available on the device on the right and left side respectively, together. This serves two purposes,
1) If the device is in the pocket and you press any key by mistake, payment won’t be made unless both the buttons are pressed simultaneously.
2) It also prevents any hacker from hacking into your device and confirming the payments.
Pin Code- When you set up the Ledger Nano S wallet, it also asks you to set up a 4 to 8 digit pin code. It ensures that no one can log in to your account and access your crypto assets. In case, you Ledger Nano S device is misplaced and stolen, the thief would not have the Pin code to unlock it. The device will lock itself after 3 incorrect guesses and would wipe off itself.
The anti-tampering seal- Most of the hardware wallets provide an anti-tampering seal to ensure a sense of safety; however, it could be easily counterfeit. Ledger Live Wallet has taken an advance step in this security feature. You can check the authenticity of your Ledger Nano S wallet by verifying it on ‘Root of Trust’, software.
Storage and Backup– Cryptocurrencies stored on an online platform are prone to hacks. Ledger Nano S wallet reserves the keys to your crypto assets in a secured offline ecosystem.
When you set up your Ledger Nano S wallet, it also requires setting up a 24 words recovery phrase. This recovery phrase creates a backup of all your crypto holdings.
If you lose your Ledger Nano S hardware wallet or if it is damaged, you can recreate your wallet by entering the 24 words recovery phrase.
As the heirs of cryptocurrencies, you are aware of what are your requirements in a crypto hardware wallet. Every person’s specifications may differ from another. However, Ledger Nano S wallet is a one-stop store that tries to full fill all the demands that you may have.
