Early in 2018, I lost a lot of money and cryptocurrency assets when the Coincheck exchange in Japan got hacked and my NEM coins were stolen. I learned too late that you have to store your cryptocurrency assets in an offline wallet. I use the Ledger Nano S, and here's why you should too.
The Ledger Nano S is easily the best crypto wallet as well as the most popular offline cryptocurrency wallet on the market right now, simply because it’s very easy to use and incredibly secure. It’s not complicated for anyone to set up but it’s safer than Fort Knox so it’s really a win-win for everyone.
What does having an off-line wallet actually mean? It means that you are transferring the cryptocurrencies you bought such as Bitcoin and Ethereum OFF the online exchange where you bought them and into a more secure wallet that is physically stored in your house or in any place of your choosing.
By exchanges I mean places like Bitfinex, Kraken, GDAX and Bibox. They are the public places where you do your trading - all your crypto wheeling and dealing. But they definitely should not be the places where you store and keep your coins. Once you've bought the crypto coins you want, you should take them off the exchanges immediately and store them in an offline wallet.
I am so glad to come across this information about cryptocurrencies. When I decide to start I will sure remember all you have said especially using the Ledger Nano S and keeping your coins offline.
I noticed also you outlined the best trading platforms to use, so I have just made a few important notes. Thanks
What’s the advantage of doing that? Well, if the online cryptocurrency exchange you used to buy your cryptocurrencies is hacked or goes tits up, you could lose everything. This happened to me when Coincheck, a big crypto currency exchange in Japan, had almost all its NEM coins stolen.
Thankfully, CoinCheck paid its victims back but at a very reduced rate. So I lost a fair chunk of money and since that time I take no chances and put nearly all my cryptocurrencies onto the best crypto wallet - the Ledger Nano S.
There’s no way in the world I’m going to take any chances now by leaving any of my major coins on online exchanges. By doing so, there is always the risk and threat of losing them in one single hack, or a government intervention, or a software malfunction, or simple theft. Exchanges around the world have been opening and closing like a five dollar hooker’s knickers on a busy Friday night and I’m not going to jeopardise thousands and thousands of dollars on exchanges that I have absolutely no idea about.
Think about it. You're spending potentially $1,000s of dollars on Bitcoin or altcoins that you hope will change your future. Yet you're leaving them on exchanges that are run by people you've never met, never seen, and have absolutely no idea about? It's crazy right? But that's what millions of people are doing!
That’s why it’s best to buy your cryptocurrencies on an exchange and then transfer them to your off-line wallet immediately. And the Ledger Nano S is the best crypto wallet and most secure by far. I’ll run through the reasons why below.
When you buy the Ledger Nano S you get a private key with private access meaning your coins are never exposed. Your key is protected with a state of the art security chip that’s also locked by a PIN code. It’s the same type of chip that’s used on passports and credit cards. In short, as secure as you can get, which is he most important thing.
Currently, the Ledger Nano S supports more than 30 cryptocurrencies, including all the main ones like Bitcoin, Ethereum, Ripple, Stellar etc. This allows you to manage all of your major coins in one single, central place.
Granted, if you have some very small, relatively unknown altcoins the Ledger Nano S may not support them but for all your major coins you can rest assured that they are compatible. And the great thing is the Ledger Nano S offline wallet is constantly adding more and more compatible altcoins and major crypto coins.
Its constant evolution and updates make it stand out as the best crypto wallet.
The Ledger Nano S is controlled by just two buttons and every function that you need to do can be verified on screen. There is also a companion app that allows you to easily manage your crypto transactions. It's absolutely idiot proof, which is good news for me.
The Ledger Nano S is an actual physical device, like a little USB or something like that. So there’s always the fear that you might lose it or misplace it somewhere. That’s the great thing though, even if you lose your Ledger Nano S there is a confidential secret recovery phrase that backs up your device and your accounts can then be quickly and simply restored on any other Ledger device. Perfect huh?
Let’s face it, if something sucks then people don’t buy it, or if they do, they won’t recommend it to others. And when it comes to money people are the most protective things on the planet. There is nothing that stings the soul more than losing your hard earned cash, or shelling out cash for a dud lemon.
So it’s very reassuring to know that the Ledger Nano S is not only the best crypto wallet, but it's also currently the most popular crypto assets secure wallet out there. At the time of writing it has been bought more than 1,325,000 times. That’s a pretty good vouch for its value and safety don’t you think?
What do you get when you buy the Ledger Nano S (aside from the security and comfort in knowing that your crypto assets can’t be hacked or stolen......)? You get one USB hardware wallet and one USB cable. You also get all your security codes and instructions on how to set up your off-line wallet. It is really very simple.
Aside from the safety of having your cryptocurrencies offline in the best crypto wallet, for me the best thing is that it stops you from pathetically looking at exchanges and prices all day, every day. One of the temptations when you leave your coins on exchanges is that you tend to follow the ebbs flows and the highs and lows of price points.
That can corrupt your mind and your soul and give you itchy trigger fingers and make you do stupid trades that you shouldn’t do then really regret 30 minutes later. By putting all of your cryptocurrencies into an off-line wallet, you get the peace of mind of having your coins stored safely without the temptation to do something crazy.
You can just go outside, enjoy nature, have fun times with your friends and family and not have to worry about what’s happening every single day in the cryptocurrency world. Safety and peace of mind: what could be better than that?
You can grab the Ledger Nano S from Amazon here
P.S If you'd like to read more about my experiences and thoughts on cryptocurrencies, you can find me on Quora here. I currently have over 1.5 million answer views and am a Quora Top Ranked Writer.
P.P.S If you'd like to learn how I grew my Instagram accounts to 70,000 in 12 months and turned it into a nice side income, you can get all the info here.
Hi there Iain here. I made this site simply because I want to find ways of adding multiple income streams to my life so I can retire early and live the good life. Why rely on one income when there are so many ways out there you can earn, especially online? So as I learn about them all, I want to pass my knowledge on to you so you can do the same. Here's hoping we can all retire early and go travel the world or sit by the ocean sipping cocktails!
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