5 mins simple guide on how to buy, trade and send cryptocurrency before storing them in Ledger Nano S.
Cryptocurrency has been very exciting in the technology and investing industry for the last 2 years. For the former, different variety of Cryptocurrency are built as a solution to solve problems that we face in the existing situation, eg Ripple (XRP) allows swift transfers of funds over many places with minimal fees, making it practical for remittance and forex usage
For the latter, Cryptocurrency has been very exciting for investors as the valuation has gone up a long way as compared to 1-2 years ago. Even on a daily basis, the volatility offers a lot of opportunities for those who are interested in trading on price movements.
Depending on each segment you are in, many are buying into Cryptocurrency now and due to popular requests, below is a simple, brief and concise guide on letting you buy Cryptocurrency.
Choosing a Cryptocurrency to buy
We will recommend buying blue chips Cryptocurrency like Bitcoin, Ethereum, Ripple and etc. Popular Cryptocurrencies are safer in choice as they have proven infrastructure and practical usage in daily lives, making it viable and resilient as compared to smaller Cryptocurrencies. For more information on the top 5 Cryptocurrencies that we recommend, please refer to our previous blog post.
Buy from an exchange
The first step consists of changing from fiat (eg SGD, USD, Euros) to your chosen Cryptocurrency. On a start, we recommend Binance which allow you to trade an extensive range of reputable coins. It is a world-renowned exchange, popular for its high liquidity and multi-language support. You can trade BTC, XRP, USDT, ETH, NEB, XVG, TRX, NEBL, ETH, NEO, FUN, ETC, BCC, POE, DASH, ELF, ICX, BNB, ZRX, APPC & 80+ Cryptocurrency more at Binance. Sign up here at https://www.binance.com/?ref=16660971
Lastly, get a wallet to protect your Cryptocurrency assets
Same for fiat where we keep our assets in the bank. For Cryptocurrency, it will have to be kept in a Cryptocurrency wallet, which can be online-based or hardware-based. For online-based, it can be accessed from anywhere, any device and can be linked to any desktop or mobile wallet. However, the wallet can be hacked from anywhere by unwanted hackers too.
Therefore, it is recommended to keep Cryptocurrency in hardware wallets in the long run. There are many hardware wallets and the most popular one is none other than Ledger Nano S.
Your computer and mobile can be hacked easily. If hackers can hack multi-million dollar servers, hacking our mobile wallets should be a walk in the park for them.
The Ledger is not connected to the net most of the time, and even so, it has a separate chip and screen to mitigate the potential security flaw of certain apps taking random screenshots of mobile and laptop screens. Your Bitcoin private key is stored in a secured section of the device itself. It doesn’t ever leave the device, and hence, there’s no way for a hacker to get to it.
And most importantly, if the Nano S is not connected to the internet, it could not be accessed by anyone at all. This alone makes the Nano S an ideal place to store your valuable Cryptocurrency assets. The Ledger Nano S is an HD wallet too. This means that every time you receive funds, you get a different and new receiving address. This allows for greater privacy on your side. You can also sign a message using the Ledger Nano S to prove ownership to the address.
The Ledger has stellar support for different Cryptocurrencies. The user interface of the Ledger Nano S is fluid and user-friendly. And with a robust security setup, the Ledger Nano S is, therefore, the most popular hardware wallet to store Cryptocurrency assets. If you're stoked to move forward on your investments, get your hardware wallet below.