Portugal’s parliament, Assembleia da República, has rejected two bills that sought to tax cryptocurrencies. Livre and Bloco, two Portuguese left-wing parties, proposed the bills. However, both parties had little representation in Congress. The ruling Socialist Party, which holds the majority of seats in the legislative assembly, has not yet submitted any bill. This news comes on the heels of Portugal’s Minister of Finance, Fernando Medina, announcing that cryptos will be subject to taxation soon. Explaining the need for crypto taxation,…
Ledger Wallets (Ledger Nano S and Ledger Nano X) have earned a reputation as one of the most secure ways to keep your crypto safe. These popular cryptocurrency hardware wallets feature a sleek design and interactive screen to simplify transactions. Today, Ledger is one of the most established brands available. As such, the company has millions of users worldwide.
Benefits of the Ledger Nano X Wallet
Ledger began building wallets to provide secure solutions for blockchain applications. The firm improves its original wallets (Ledger Nano S) with more features and security. Despite the addition of new features, these wallets remain very simple in terms of operations. This simplicity is one of the main draws to Ledger’s products.
All Ledger wallets feature a compact and lightweight design that is simple to store. Most people would confuse a ledger wallet with a regular USB stick as they appear very similar in nature. This small design means it’s easy to keep your ledger wallet with you when you need it or store it away in a low-key spot.
Despite their small stature, Ledger wallets have a reputation for being durable products. They are built to withstand a decent amount of physical damage. However, it’s not recommended that you abuse any of your crypto hardware wallet to ensure your investment safety.
Ledger Nano X Security
Ledger has an immaculate security record. The platform is ahead of the competition due to this fact. Additionally, Ledger’s coding is available on Github, where it has been mulled over by security professionals endless times. The platform is secured using a combination of a 24-word recovery phrase and a security pin.
Ledger’s team continuously expands its hardware wallet’s supported coins. Every new currency adds more value to the product in terms of functionality. Currently, Ledger wallets support 27 coins and over 1500 ERC-20 tokens. The company continuously updates this list here.
Another huge bonus gained from using a Ledger Nano X hardware wallet is the integrated fiat onramp. You can buy coins directly from the hardware wallet’s interface. Of course, to use this feature, you will need to complete full KYC with Coinify, the network that provides these services to Ledger.
Ledger Nano X Staking
Amazingly, Ledger Nano X users can stake their coins from the safety of their hardware wallet. Currently, Ledger wallets support the staking of multiple cryptocurrencies, including Tezos (XTZ), Tron (TRX), Neo (NEO), Cosmos (ATOM), EOS (EOS), and Algorand (ALGO).
Customer service has always been a premier concern for Ledger. The platform offers online support via chat or email. You can also reach out to the Ledger active across various social media channels, including Twitter, Facebook, and YouTube. The customer service team’s response time is usually under 24-hours.
How Does the Ledger Nano X Wallet Work?
The Ledger Nano X hardware wallet does a lot more than just store, send, and receive crypto. It combines many cool features in a secure manner and in a way that even a newbie could use effectively. Here are some of the functionalities that make the Ledger Wallet so effective.
Every Ledger Nano X user gains access to the powerful Ledger Live interface. This software perfectly complements the hardware device. You can easily manage all of your coins and tokens using the interactive interface. The interface also makes it a breeze to buy crypto securely through Coinify. Best of all, your new crypto will be automatically be stored on the device after purchase.
Coinify integration brings much to the Ledger network. Users need to be able to buy coins securely. Being able to accomplish this task directly from your hardware wallet is a major draw for the platform. Currently, you can buy Bitcoin, Bitcoin Cash, Ethereum Dash, Stellar, and USDT using the network.
Another unique feature of Ledger Nano X is the hidden wallet function. This feature allows you to set up a pin code to hide your real wallet address amounts. You can show different wallet interfaces when you open the device.
The concept here is simple. Home invasions and crypto kidnappings are more popular than ever. The system allows you to set up a dummy account with a smaller balance to fool your captures. In the best-case scenario, they will think they drained your account and leave you unharmed.
Of course, you can easily access your hardware wallet after the fact and retrieve your undiscovered funds. This is a really cool feature that could have saved some investors many pain and financial losses. They will never know you have a completely different wallet address secretly hid on the device.
History of the Ledger Wallet
Ledger entered the market in 2014. The firm is based out of Paris, France. Since its launch, Ledger has maintained top-notch security across all of its devices. The firm currently employs more than 130 people, with new offices added in New York and Hong Kong.
How To Get the Ledger Nano X Wallet
You must always buy your Ledger Nano X directly from the manufacturer! Never purchase a hardware wallet from a second-hand store like eBay or even other third-party sellers like Amazon. There have been multiple instances of people receiving tampered devices that allowed hackers to drain their funds once the wallets were loaded.
You will need to download the Ledger Live app from App Store or Google Play if you intend to control your device from your smartphone. There is also a desktop version available for download. This is the most secure crypto wallets available. However, it will be less convenient, depending on how often you plan to trade your crypto.
How to Use the Ledger Nano X Wallet
The setup for Ledger Nano X wallets is easy. You need to create a pin code and write down your 24-word recovery phrase. Ledger recommends that you make multiple copies of this seed phrase. There are stories of investors’ houses burning down or flooding and losing access to this precious information. If you lose your seed phrase, your crypto is gone forever.
Ledger Nano X – A Tale of Excellence
Few companies can compare to Ledger’s stellar performance. The company continues to deliver innovative products that are both usable and secure. The firm also offers a nice selection of affordable wallets at this time. In this way, Ledger is poised to remain the dominant hardware wallet manufacturer for the foreseeable future.