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How to Setup a Ledger Hardware Wallet and the lingo you need to understand

Bijgewerkt op: 13 mei 2021

Cardano Explained Without Jargon & Within 199 words

A hardware wallet is the safest way to store your crypto.

First, let's go through the most important lingo you need to understand:

  • Address Addresses are like bank accounts. Your Wallet can make as many as you want and will control all of them. How? Read on.

  • Private Key Private Keys are like passwords for your Addresses. A private key is needed to send your crypto to another address. All your addresses and Private Keys are stored on your Hardware wallet ONLY.

  • Device PIN Each wallet has a PIN number you select initially. Your wallet PLUS your PIN number will give anybody full access to all your keys and your crypto!

  • Recovery Seed When you setup your wallet you will be presented with 24 words. These words are what we call your "Recovery Seed". Anybody who has access to these words will have access to ALL YOUR CRYPTO. It is a great backup in case you lose your PIN and/or your hardware wallet but can also be misused. Therefore, store them VERY carefully and never let them touch anything connected to the internet!

  • Passphrase Passphrase is an advanced and optional feature on top of your PIN number: Official documentation and instructions: Advanced passphrase security – Ledger Support

Youtube move of the same:

Now let's setup your Ledger Hardware Wallet

If you need help, feel free to contact me!

Please leave your comments below and let me know what other subjects you would want me to cover without Jargon & within 199 words.

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