![]() Instead, generate a new seed for the new device.ġ. Recovering your seed phrase from a hot wallet does not increase your protection, since your seed phrase was already generated online. When setting up a hardware wallet for the first time, do not recover your seed phrase from your MetaMask wallet or any other hot wallet. Return your device and notify Ledger support immediately. If the recovery sheets already have words on them, do not use the device since it has already been set up. The recovery sheet is where you will write down your seed phrase. Once you unbox your Ledger, you should have: Anyone could mess with the hardware or software, but when you buy from an official source, you have higher guarantees of safety. We recommend purchasing hardware wallets from the official websites of Ledger or Trezor. To purchase a Ledger Nano, visit their official site. With Bluetooth connectivity, you can use the Ledger Live app on your mobile phone, while the Nano S needs to be plugged into your computer. The main difference between Ledger Nano X and Ledger Nano S is that the Nano X is Bluetooth-enabled. You can view and manage all your crypto activity on different blockchains through Ledger’s official app, Ledger Live. The Nano S Plus and Nano X can store over 100 apps for your crypto assets and over 5,500 different tokens on the Ledger Live app. Ledger has three devices to choose from - Nano S, Nano S Plus, and Nano X. Ledger is a popular choice, along with Trezor. There are a number of hardware wallets to choose from. ![]() In fact, it’s often recommended to keep your assets divided across multiple hot and cold wallets in order to minimize risk. You can have multiple hot and cold wallets and easily move your crypto and NFTs between wallets anytime. You don’t have to pick between one or the other. This wallet can stay offline at all times, but you can also use your hardware wallet in much the same way as a hot wallet. You can use a hardware wallet as a vault where you store large amounts of cryptocurrency or high-value NFTs. As you continue to navigate Web3 and accumulate crypto assets, you will want to keep those assets secure. So, Do You Need a Hardware Wallet?Īlthough hot wallets are free and easy to use, hardware wallets offer an extra layer of protection by keeping your private key offline. If your computer or phone gets compromised, hackers can easily find and access your private key or seed phrase. Your private key is still securely stored with a hot wallet, but the fact they were generated online and are kept on your computer puts your assets at risk. On the other hand, hot wallets exist as browser extensions or mobile apps. So, even if your computer or phone gets compromised, it would be impossible for hackers to access your private key or seed phrase unless you digitized them in some way. There is no way to view your seed phrase on your hardware wallet again. Plugging your hardware wallet into your computer does not put your assets at risk, since the seed phrase is only shown to you once, during the wallet setup. Hardware wallets provide more security than software wallets because your private key and seed phrase are generated offline, on the device itself. Your seed phrase is what allows you to access your crypto assets, which is why it is an integral part of your wallet. What your crypto wallet actually stores is a pair of public and private keys, including your seed phrase. Instead, they exist as records on the blockchain. Worth remembering is that your crypto and NFTs are not stored in your wallet. A hardware wallet can also be used in combination with MetaMask, adding another layer of protection when navigating the crypto space. The difference lies in where your private keys are stored. You can do the same activities on your hardware wallet as with your hot wallet. The most popular hardware wallets are Ledger and Trezor. Wallets such as MetaMask, Coinbase Wallet, or Rainbow are software wallets (hot wallets). What Is a Hardware Wallet?Ī hardware wallet, also known as cold storage, is a small device used to manage your crypto and NFTs while keeping your seed phrase offline and off your computer. Go here to learn how to manage your NFTs and use MetaMask with a Ledger Nano. In this guide, we’ll understand how a hardware wallet increases your security and also go through the steps to set up a Ledger Nano. One way to boost your security is by using a hardware wallet. An important part of owning crypto and NFTs is keeping your crypto wallet secure.
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