Finally there’s a SAFE and EASY way to store bitcoin securely!
At least this is the claim from Ledger Wallet – in this mini guide we’ll take a look at what it is and how it works, and if it really could help your mom store bitcoin safely.
This is a USB developed by Ledger to safely store your bitcoin wallets. All you need is the USB, the security card and a unique PIN and you’re ready to go. To keep the wallet secure all three parts are required before using the wallet for any transactions.
How does it protect your bitcoin?
The Ledger Wallet Nano uses triple factor security to keep your bitcoin wallets safe on the USB stick. This means that in addition to the USB itslef, they require your unique PIN and a second security check from the unique security card that comes with the USB stick.
Additionally they’ve made it impossible for malware to spam the device with incorrect PINs and reset the wallet, because you are required to unplug the device and reconnect to retry your PIN.
If someone is able to steal your PIN, it is still completely unusable to them because they need the second factor security card to be able to make any transactions.
When the wallet is first used, it will generate a key that can be used to restore the wallet onto any compatible device in case it is lost or stolen. The key should be written down and stored securely to prevent theft.
With the recent fiasco with Blockchain.info and various other online hacks and thefts I have just ordered one of these myself.