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Ledger Wallet 1.1

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What is Ledger?

Ledger is a French startup founded in 2014 with the sole aim of providing advanced security solutions for blockchain, cryptocurrency, and IoT systems. The core objective of the company is to deliver top-notch security services that are compatible with new-generation technologies. While Ledger’s goal entails vast knowledge in the security architectures of innovative technologies, it is its exploits within the crypto industry that have impressed.

In essence, Ledger is popularly known as a hardware wallet provider. And it has begun to leverage its status in the crypto industry to expand to other security niches. That said, we will be restricting this Ledger guide to its crypto and blockchain solutions.

What Are the Pros and Cons of Ledger Wallet?

Having explored the workings of Ledger, it is imperative to capture the strengths and weaknesses of the wallet provider.

What Are the Pros Of Ledger?

  • It offers non-custodial wallet services
  • It supports multiple cryptocurrencies
  • It allows advanced digital asset management features
  • It offers quality customer support
  • It has a functioning app that is compatible with multiple operating systems

What Are the Cons of Ledger Wallets?

It suffered a security crisis that exposed users to scams
In mid-2020, Ledger discovered that it had suffered a hack, which allowed hackers to steal the information of users. Subsequently, the attackers sold the stolen data to other illicit entities which have since targeted Ledger wallet owners in various scam-related campaigns. Following this major security breach, Ledger has strived to educate its users on the nuances of phishing scams. However, this does not change the fact that the actions or inactions of Ledger have exposed its users to threats.

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Pros & Cons

  • Non-Custodial Wallet Services: The wallet offers non-custodial services, ensuring users maintain control over their funds.
  • Multi-Cryptocurrency Support: It supports various cryptocurrencies, broadening its scope of usability.
  • Advanced Asset Management: The wallet provides advanced management features for digital assets.
  • Quality Customer Support: Users can rely on quality customer support for assistance.
  • Compatibility Across OS: The wallet’s app functions seamlessly on multiple operating systems.
  • Affordable Alternative to Trezor: It presents a cost-effective option compared to Trezor, while supporting more cryptocurrencies.
  • Private Key Security: The device stores the private key itself, enhancing security.
  • Recovery Mechanism: In the event of device loss or theft, a recovery mechanism is in place.
  • Security Crisis: It faced a security crisis that led to user exposure to scams.
  • Shorter Establishment Duration: The wallet is not as established as Trezor in terms of longevity.
  • Usability Challenge: Users find it comparatively more challenging to use than Trezor.

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