Ledger: What You May NOT Know

Ledger: What You May NOT Know

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Thinking about purchasing a Ledger Nano Hardware Wallet? Browse their official website: https://www.ledgerwallet.com/r/67ef

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LINKS FOR ADDITIONAL READING FOR THIS VIDEO & ALL INFO IN TEXT DOWN BELOW

Ledger GitHub: https://github.com/LedgerHQ

Setting up the Ledger Blue with Android device: https://www.reddit.com/r/ledgerwallet/comments/5u6zbk/ledger_blue_usage_with_bluetooth/

Ledger FIDO U2F (2 factor authentication)
https://support.ledgerwallet.com/hc/en-us/articles/115005198545-FIDO-U2F

The latest firmware for ledger products is version 1.4.2
If it’s been a hot minute since you’ve used your ledger hardware wallet there is now the Ledger Live app which acts as the manager of your device, allowing you to install and uninstall different wallets as well as monitoring your portfolio (for those of you brave enough to publish your holdings onto an app that is saved on your computer) It also connects you to different exchanges like Changelly, Coinhouse and Coinmama, so you can make trades as well. This makes managing all of the wallets connected to your hardware device much easier than having to use separate Google Apps for each coin.

There are two relatively new apps you can check out, one is called HODL and the other is Recovery Check. HODL is an app that makes it easier to input your wallet addresses into forms to remove human error from the transfer process. Instead of manually typing in your address, or accidentally copying the wrong address and ultimately sending your precious coins to the wrong place to be lost forever, this app fills in your wallet address automatically.

Recovery check allows you to double check pretty easily that you’ve written your recovery phrase correctly. So if your device is ever destroyed, lost or stolen or you’ve forgot your PIN, you can know for sure that you can still gain access to your cryptos.

There’s another app for the Ledger Nano S and Ledger Blue wallets called FIDO U2F, which is an app that allows you to use your hardware wallet to generate 2 factor authentication codes for third party platforms like Gmail, Facebook and GitHub. Considering the fact that other 2 factor authenticators require the use of your cell phone (something that is easily hacked) this option is potentially more safe since the ledger is never connected to the internet.

I found a pretty helpful reddit post that goes over some tricks to look out for when pairing your Ledger Blue wallet with an android device so if this is something you want to try, here’s a hint: the device pairing PIN is 123456.

One very important thing to note regarding this FIDO U2F app is that each time you update your firmware on the ledger device, all apps need to be reinstalled, including the FIDO U2F app. You will need to reconfigure this for each platform you use this 2 factor authentication with before you’ll be able to log into them. So if you’re going to do the firmware update and you use this app for multiple platforms, it’s probably much easier to first disable this authentication service on each platform, perform the update, and then reinstate it for each of the platforms you use.

Since the Ledger Blue has bluetooth capabilities, it’s not exactly a perfectly cold version of cold storage. I know I’m nitpicking here and I know it’s still better than using a cell phone that itself is very easy to hack, but these are the details that are worth paying attention to and train yourself to notice since you are now your own line of defense between this world of hackers and your cryptocurrency investments, responsibility starts now.

If you’re looking for a hardware wallet to purchase, the Ledger is one of the better choices so if you’d like to help support this channel, I’d appreciate it if you use my affiliate link that is listed in the video description.