The potential of Crypto Currencies
The Crypto Coins, and Bitcoin in particular, have been on fire. It is clear that the Blockchain technology is gaining traction with a wider audience and that wide-spread adoption is coming closer.
The biggest danger to owning Crypto Currencies is theft. It is simply not safe to keep your private keys on your computer. With prices so high, it is very lucrative for cyber-criminals to try and steal your wallet. This is done mainly by targeting common used wallets, like Exodus.
Specialised keyloggers can be installed on your computer by visiting a malicious website or downloading an App or Plugin. Once installed, an attacker can easily obtain your private keys, passwords and secret phrases.
Cold wallet to the rescue
To avoid theft it is essential to store your private keys in an offline location where nobody can obtain them. The easiest way to do that is with a hardware wallet. This is a small device with a specialised secure chip that stores your private keys. In effect, your keys never have to leave the device. Even when it is connected to your computer, an attacker could not obtain your keys.
Ledger Nano S
Before I begin my review a quick word about Bitcoin hardware wallets. Hardware wallets are probably the most robust form of security you can have for your Bitcoins or any other cryptocurrency. They allow you to send and receive Bitcoins on any computer, even one that is compromised with malware, with the knowledge that your transaction will still go through as intended.
Support of altcoins
The Ledger Nano S includes Bitcoin, Litecoin, and Ethereum Classic companion apps, and other blockchain based cryptocurrencies. Here are the current altcoins supported:
- Ethereum / Ethereum Classic
Ledger was founded in 2015 in France. The company has since gained substantial traction in the Bitcoin and cryptocurrency sphere and has grown to be a worthy competitor to SatoshiLabs (the creators of TREZOR). TREZOR, on the other hand, has been on the market since 2014.