The Ledger Nano X is among the most highly regarded cryptocurrency wallets. It is the second hardware wallet introduced by the French company Ledger, after the Ledger Nano S.
Hardware wallets aren’t connected to the internet, meaning they’re less vulnerable to attacks as the private keys secure the device, and your coins are stored within the device itself and not in the cloud somewhere.
All Ledger hardware wallets are integrated with Ledger Live. The Ledger Live software can be downloaded onto your desktop computer or mobile device. This interface allows you to access a summary of all your crypto assets, NFTs, and other beneficial apps connected to the device.
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Ledger Nano X: Pros vs Cons
Pros
– One of the most secure wallets on the market, built by a well-trusted and audited company.
– Versatile wallet can hold almost any crypto asset, token, or NFT compared to other hardware wallets, which are much more limited.
– Backup recovery system allows users to recover funds if the wallet has been lost or stolen.
– Bluetooth connectivity makes it easy to use on the go compared to other hardware wallets requiring a hard computer connection.
Cons
– More expensive than other comparable hardware wallets.
– Frequent updates are needed for the firmware, which may be inconvenient for users as the software performs poorly. This can be seen as a pro, depending on the type of person.
You can purchase the Ledger Nano X here. Using this link supports The Distributed.
Ledger Nano X: Is The Price Worth It?
The Ledger Nano X is US$149 (AU$249, £139).
Ledger Live also has a feature called the “Live Apps Catalog” this catalogue of applications connects seamlessly to various software such as Kilin, 1inch, Lido, DustSweeper, and dozens of other services. The service aims to “bring you access to the world of DeFi, NFTs, and more, securely, right inside Ledger Live!”
One of the most significant improvements over the Ledger Nano S is Bluetooth connectivity. This allows you to connect the device to your mobile phone and use it on the go, which separates the Nano X from the Nano S. If you travel often, this addition may be well worth your money. It can also be connected to larger devices, such as laptops using the USB-C port.
The device can sustain 8 hours of continuous use, which once again separates it from the Nano S, which requires a connection to a laptop or PC to be used. Along with a larger screen than the Nano S.
Along with the device, the box contains a USB-A to USB-C cable, a keychain strap, and 3 recovery sheets on which you can write your seed phrase.
What Is Ledger Live?
Ledger Live is the official desktop and mobile app developed by Ledger. It is a simple interface that allows you to manage all your crypto assets in one place. Ledger Live is available for Windows, macOS, Linux, iOS, and Android.
Ledger Live connects to all Ledger devices, including the Nano X and Nano S. The functions that the software allows include; checking your account balances, receiving and sending cryptocurrencies and NFTs, deleting, adding, or managing your assets and accounts, buying and selling cryptocurrencies within the device through third-party services, and even staking your various cryptocurrencies (through third parties once again).
Ledger Nano X: Supported Coins And Connectivity
Ledger Live supports over 5,500 different cryptocurrencies, including Bitcoin, Ethereum, and Binance Coin. The Ledger Nano X can also support up to 100 various applications (cryptocurrencies) simultaneously.
The Ledger Nano X can also connect to various wallets and platforms to enhance the user experience. Such connections include; MyEtherWallet, Metamask, Electrum, and 1inch.
Ledger Nano X: Is It Safe And The Security Features
Ledgers are secured with a custom-built OS called BOLOS and a CC EAL5+ Certified Secure Chip. The French national cybersecurity agency, ANSSI, has also audited Ledger. There has not yet been a successful hacking attempt against the Ledger software, although in 2020, there was a data leak where personal information was retrieved, such as emails, postal addresses, and names.
All hardware wallets, not just Ledger devices, are secured using a seed phrase. This 24-word recovery phrase is given to you when setting up the actual device; make sure to take note of it on all 3 of your recovery sheets given to you with the Ledger Nano X. These random English words allow anyone to access the device, not just yourself, so it is vital to protect your recovery phrase and never share it with anyone.
The Ledger Nano X also requires a 6-digit pin code to get inside the device, which is needed every time the wallet turns off and back on or if the wallet goes to sleep. The Ledger Nano X also contains a secure element (SE) requiring consent for any action taken with the device. This is confirmed by simultaneously pressing the two buttons on either side of the device.
You can purchase the Ledger Nano X here. Using this link supports The Distributed.
Ledger Nano X FAQs
What Happens If You Break Or Lose Your Ledger?
Breaking your Ledger or losing the device doesn’t bring the coins into the void along with the device. When you set up your wallet, you should’ve made multiple copies of your secret phrase – this phrase allows you to purchase another wallet and restore your account.
This is because the assets are stored on the blockchain, and if you can verify that the assets are yours, you should control what happens with them – so you can restore them!
How Does The Bluetooth Connectivity Of The Ledger Nano X Work?
Ledger Nano X’s have built-in Bluetooth, which can be enabled or disabled as the user pleases. Bluetooth connectivity is excellent for those who travel often. Still, there is often scrutiny around the technology as it may pose a potential threat to users with the potential of an interception by a hacker. In turn, Bluetooth is encrypted end-to-end and poses no additional security threats.
How Do I Set Up My Ledger Nano X?
Firstly, install the Ledger Live software. Once done, you can plug in your Ledger Nano X to your device and follow the instructions provided by the software, which will guide you through the entire process – make sure to follow the instructions.
You can purchase the Ledger Nano X here. Using this link supports The Distributed.
