Hardware wallet app which assures asset control and safety for everyone is necessary and it is here.
Storage is one of the main problems in cryptocurrencies. The technology differs from traditional currency management in that cryptocurrencies are decentralized and work like banks without intermediaries, so people are in full control of their assets. In practice, assets in consumer digital currencies are distributed across computer networks via blockchain, denying the need for bank accounts.
What does all this mean for the casual user? When it comes to cryptocurrency storage, owners are becoming increasingly familiar with the concept of cryptography for public and private keys. For reference, public keys allow transfers between different people, similar to how email works for electronic transfers. In combination with the public key, the private key, which is more like a password, functions as a string of letters and numbers that ensures that a cryptocurrency asset belongs to its owner.
As this process creates complexities that new investors will not be accustomed to, many digital exchanges have taken on this role as intermediaries holding consumers' private keys, reproducing the consumer experience common in traditional banking. In pursuit of a streamlined experience, cryptocurrency holders willingly relinquish some control of their assets and leave it to intermediaries.
This is worrying because the main reason for digital currencies is to eliminate middlemen and restore full control over the custody of the fund owners. Institutions like exchanges can't go wrong: they can go bankrupt taking their users' assets, or they can confiscate users' funds another day. This has led many to conclude that if the owner doesn't control their private keys, they won't actually own your cryptocurrency. Here too, the reverse is true; Just by having your private key, you can achieve complete financial freedom.
Against this backdrop, how can cryptocurrency holders secure their assets on the blockchain without losing control? For this purpose, cryptocurrency experts often recommend using hardware portfolios. A hardware wallet is a device that allows the owner of a cryptocurrency to store his private key in a secure chip. Because these chips are separate from the user's device, they are less vulnerable to malicious hacks that can appear on mobile or desktop.
The reality of self-service is that consumers are fully responsible for managing their private keys. This is where solutions come into play that ensure the security and properties of users, such as ledgers.
A combination that gives the user complete control
Ledger offers a solution that balances absolute security with practical utility, while also enabling users to maintain complete control over their crypto assets. At the heart of this offering is the large collection of Ledger hardware wallets with options for both beginners and advanced traders.
By working with the highest level of security, including the private key on the device, an extra layer of security, and the fact that the wallet is always offline, cryptocurrency holders can rest assured that their funds are safe in their own possession, i.e. only the consumer is responsible for his money and no third parties are involved. even. However, hardware wallets are usually a recommendation for those who want to keep their assets long term.
Then what about those who actively manage and optimize their portfolios? Without taking ownership of the user, Ledger recommends using an offline hardware portfolio in combination with Ledger Live to remove user bottlenecks. The software enables simple asset management from a desktop or mobile solution. The combination of their hardware portfolio and the Ledger Live application allows users to manage their assets and transactions with a simple and clear interface. Therefore, the consumer remains under management control.
A door to a new world
The team behind Ledger continues to expand the capabilities of this solution and now offers functionality for transactions of over 1,800 different coins and tokens. With constant updates to its roadmap, the platform is well positioned as a secure portal for all emerging cryptocurrency requirements.