Privacy and Security With a Ledger Wallet and how they are useful in the Metaverse and Web 3
Updated: Oct 27, 2022
First and foremost, What are Ledger Wallets ?
Definition: Ledger's hardware wallets are device-based, which means they use storage mechanisms—USB drives—to store private keys, thereby making it difficult for hackers to access the key from an online location. Ledger offers two hardware wallets: the Ledger Nano S and the Ledger Nano X wallets.
Ledger Wallets are also known as Cold storage. This is removing your cryptocurrency and or NFT's keys from your Hot wallet, whether that be in MetaMask, Coinbase, crypto.com or Gemini platforms and transferring and storing them In cold storage. This is so it is not connected to the network or internet. This gives an extra level in Security for your Assets and Collectables because it is completely off the web and in your physical space. This will also give you a sense of peace as it has for me because anytime you want to make a transaction you would need to sign the contract on your ledgers device each time. Now, it may be annoying to take out your ledger wallet, plug it in, and do these steps necessary to make a transaction happen, BUT you increase your level of your security and Protection from Hackers and Scammers and letting them make transactions on your behave.
Let me share a few reasons why . . .
Hackers have targeted larger platforms in the past. We have heard horrific Stories of Platforms and exchanges being Hacked by Scammers who have stolen millions of dollars worth of cryptocurrencies. A prime example of what happens in web 3, Binance, the world's biggest cryptocurrency exchange, "Recently confirmed on Friday that $570 million had been stolen in a hack of a blockchain it runs that serves as a bridge for asset transfers between networks." Scary isn't it ? These are things out of our control, but to avoid these things from happening from the average person, having your own ledger really reduces these risks.
There are those who keep their entire portfolio on an exchange or an app which increases the risk of loosing your assets tremendously. Although we live in a Digital World and everything we do is on the internet, we shouldn't just trust our entire portfolio on a exchange(s).
Another reason to increase your level of security is avoid your funds from freezing on platforms. Like what happened to Celsius, a Centralized Defi Platform this past year froze funds from all their customers. These are some scary things when you are building your nest egg and you cant access your own money. Now isn't this the reason why we left the centralized platforms ? To rely all your trust on these new platform is too high of a risk to take when building a foundation for your future. Getting a ledger Wallet really allows a sense of peace and control over your life, your future, your legacy. Now you may have to have a talk with yourself if YOU fully trust in yourself to be able to keep your seed phrases and information safe to ensure this high level of security.
I am going to press upon going to trusted sources is super important in web 3. What I mean by this is, people in the web 3 space you know to share information or links. Since my web 3 journey, you hear a lot of stories of people loosing all their NFT's, and crypto from links they have clicked. As I spend a lot of time on Twitter Spaces and as I increase my Knowledge in Web 3, there are malicious links everywhere. Tags that lead you to links that are made to drain your crypto dapp accounts, fake NFT markets, or just even investing in projects that could potentially disappear. I recently just got hacked with my MetaMask wallet from a NFT website. Luckily I was able to retrieve my funds by some smart engineers, but this is usually very rare cases. I always use links from trusted people in this space since I have to work with some of them, building relationships can be beneficial so they can lead you in the right direction. Keeping bookmarks are my go to when I want to go back to a website, I know its trusted and go directly there. That's why I really am pressing upon this topic. To really help you realize how important it is to step up your game. I have learned so much in the metaverse and web 3, but it is a on going journey so I'm constantly learning myself. One thing I do regret though, is not putting my funds in a ledger wallet sooner. Please take into consideration that as we move more into the Digital World we actually are more susceptible to getting hacked, as these scammers become more clever in their approach.
One of the biggest NFT'S that was stolen was my Decentraland Land. As I use DCL as my platform for performances and concerts, this was devastating. It is all connected to my creative works, its where I spend most of my time. Its the business that I am building, and this was such a higher risk for me. I just had to let the community know that this was really happening and it can happened to anyone, because this happened to me. Owning a NFT land in game, is real Estate. It is Property. Just as if I were to own a Home. I started to look at things from a different perspective and analyze how can I secure my Portfolio Better. I have two ledger Wallets as of now, and plan on getting a 3rd one. I never keep all my funds in one ledger. As I separate my NFT's from my cryptocurrencies, I think adding more layers of protection of which ledgers I use for which transaction is just as important. As I dive deeper into the Metaverse, I've learned that I should have a ledger just for those purposes and not mixed them with my NFT or my regular crypto.
I Hope this Blog was helpful for you. I know there are many other ledgers on the market like Trezor, paper wallets, ext., but I find ledger to be the most secure and have a reputation to being the leading ledger on market. It what I have been using for years now, and I couldn't be more happy with having it. Makes me feel safer. I will add links to the direct ledger website. It important to NEVER buy a ledger from eBay, Amazon
or other websites then the Company itself. I became a ledger affiliate, and as I grow my web3 Presence, I Want to educate others in the right direction, of what I do or would do like if you were my family or friend. If you use my affiliate link, it helps us both.
Also, If you are going to invest in a ledger, I would recommend also investing in a titanium seed phrase Storage. If there is a catastrophic event, hurricane, tornado, fire ext. you really can protect your seed phrase where its less likely to get destroyed. For a more cost effective method, and invisible pen is worth it, I got mine on amazon. Keeping it written on a paper and stored in a safety deposit box would be a suggestion, no body will know you have anything on it except you and the people you tell it to. Most invisible pens come with a black light. Think about it, what if you did end up with a million dollars or a NFT worth the bucks, would you want that to be semi secured ? The more money you have the more levels of Protection you may need.