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Ledger is a brand that makes special wallets for cryptocurrencies. These wallets are called hardware wallets because they are physical devices that store your digital money securely. Ledger was one of the first companies to create and sell these wallets.
Since Ledger started, many other companies have also started making similar wallets. But the hardware wallet is still very well-known for making secure hardware wallets. The name “Ledger” comes from the technology behind cryptocurrencies, called blockchain.
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What Is A Crypto Ledger?
Crypto Ledger is like a big public record book that keeps track of all the transactions made with cryptocurrencies. When people use cryptocurrencies like Bitcoin, their transactions get recorded in this ledger. The ledger shows when the transaction happened, how much was sent, the addresses of the sender and receiver, and how many confirmations the transaction has received from the network.
A new blockchain, which is the technology behind cryptocurrencies, starts with a special “genesis block.” This block is made to begin the chain because no transactions have happened yet. After that, transactions are grouped into blocks and each new block is added to the previous one, forming a chain. This chain is the blockchain, which is a public ledger of transactions.
The wallet is a leader in making hardware wallets for cryptocurrencies. They released the first wallet of this kind to the public in 2014.
Why Should You Get a Ledger Wallet?
- Offline Storage: With the wallet, you can store your coins offline in what’s called “cold storage.” This means that your private keys, which are like secret codes that give you access to your crypto, are not connected to the internet. This makes it impossible for hackers to steal them. Although you may need to connect your hardware wallet to the internet when you want to send transactions, when it’s not connected, it stays completely offline and safe.
- Control of Your Keys: When you use a Ledger Wallet, you have full control over your private keys. This means you don’t have to rely on a third party like an exchange to keep your keys safe. If an exchange gets hacked and there’s no insurance to cover your losses, you could end up losing your crypto. That’s why many people who hold a significant amount of cryptocurrency prefer to invest in a hardware wallet like the ones made by Ledger.
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