Security Remains a Major Obstacle for Adoption
Digital money? Can we even trust them? This is probably one of the greatest obstacle hindering the mass adoption of cryptocurrencies. Back in early 2000s, people were asking the same of e-commerce and online shopping sites. As the e-commerce industry matures, processes were put in place to ensure transactions are secure and trustworthy. Now, people shop online with a peace of mind and the growth has been unstoppable.
It is clear then, cryptocurrencies need to be trustworthy and secure before majority of people will start using them as payment methods or store of value. I still remember in 2018, crypto millionaire Ian Balina got hacked while on a live stream. He lost approximately 2 million dollars worth of cryptocurrencies as he claimed to have stored his private key on Evernote.
Crypto Family, I need you now more than ever. I ended today’s live stream b/c I am being hacked. I’m not worried about the money. I learned my lesson. I only care about catching the hacker. Please email any information to email@example.com. Thank you all the support. $ETH$BTC
Ian Balina (@DiaryofaMadeMan) April 16, 2018
As the saying goes, what you cannot protect, is not yours. A hardware wallet like the Ledger Nano S is one of the inexpensive methods to fully protect your crypto assets. By using a hardware wallet, you are already utilizing security features such as cold storage (offline wallet), tamper proof and 2FA. You can only lose your funds is if you lose both your recovery seed and PIN code.
Why we Need a Hardware Wallet Like the Ledger Nano S
Ease of Use
The Ledger Nano S is my personal favorite. It is easy to use and operates with only 2 buttons and a simple screen. It is small and lightweight, making it easy to carry around. You need to plug in the Ledger Nano S to a laptop to sign transactions on the device which is not the most convenient but improves security.
Supports Multiple Currencies
The Ledger Nano S supports approximately 25 currencies and hundreds of ERC20 altcoins. You can install apps on your device to manage and send/ receive various cryptocurrencies.
With the Ledger Nano X launching soon, the price point of Ledger Nano S has fallen further to an even more attractive level of 99SGD (69 USD). If you believe in your crypto assets, this is a small amount to pay for maximum security as compared to storing them on exchanges or paper wallets.
Conclusion – Should You Buy the Ledger Nano S?
It is a matter of time before mass adoption of cryptocurrencies. Everything we know has been digitized and moved online; from music, videos, documents, photos, shopping and so many more. Soon, money and equities will be moved onto the blockchain.
A hardware wallet is going to be your best investment as long as money gets digitized. It does not have to necessarily be a decentralized currency like Bitcoin, you can use the Ledger Nano S to store stablecoins (I am assuming stablecoins will eventually be supported) backed by USD and you will not want to lose them.