"Not your keys, not your coins."
It's some of the first advice that many of us hear when getting into the crypto game.
And it's also one of the most important things to remember
as you continue your journey on the blockchain.
This technology was developed to give us the power to become our own banks
and not depend on trusted intermediaries to keep our property safe.
Third party services like centralized exchanges are still popular in crypto,
but even the most trusted centralized platforms come with some level of risk.
If you really want to become your own bank and take full control of your crypto,
you'll need to learn the tools of the trade.
There's no better tool to have than a Ledger.
Let's get it!
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In this video, we're going to be taking a look at the Ledger hardware wallet
and going over some of the best features that this device has to offer.
And if you ever want to get a Ledger, make sure to head on over to bitboycrypto.com/deals.
Scroll down to the Ledger section.
If you're holding crypto, it's essential for you to learn how to use a hardware wallet.
This is important because it allows you to keep the keys for your wallet in a device
that is not always connected to the internet,
which will prevent hackers from accessing your funds
if your computer, phone or email address is somehow compromised.
Ledger is one of the most trusted names in the industry.
And it's now even easier to stake and interact with DeFi through the Ledger Live app.
If you don't already have one, you'll need to choose between the Ledger Nano S and the Ledger Nano X.
The Nano X is a bit more expensive,
but it has storage space for all the apps you'll need and works a bit easier with mobile devices
thanks to its Bluetooth functionality.
If you spend a lot of time trading and like to jump in and out of different assets,
it's probably best to go with the Nano X.
If you're only holding on to some Bitcoin, Ethereum and a few other coins
and just want to keep them in cold storage,
the Nano S will make do just fine if you want to save a few bucks.
If you've never used a hardware wallet before,
there's a few things you need to know before getting started.
This is not like an account for a bank or a centralized exchange
where you have an email address or username and a password that you create.
With Ledger, you're given a 24-word passphrase that you need to write down and keep in a safe place
because this is your one and only key to your crypto.
You should not store this passphrase on a device that has access to the internet.
Most security experts recommend that you write it down on paper and store it somewhere
that it won't be stolen or damaged.
One extremely important thing to remember is that you will only need to use the seed phrase
in case of some kind of emergency.
Like if your Ledger is lost or somehow broken and needs to be restored.
You will never have to enter your seed phrase to gain access to any website or application.
There are a ton of scammers out there coming up with creative ways
to get you to hand over your seed phrase.
Don't do it.
The idea of storing your own seed phrase might seem intimidating at first,
but that's the whole point of crypto.
It's fine to start off with custodial services to get your feet wet,
but eventually it's time to graduate to holding your own keys.
Even the most trusted and regulated exchanges still have outages,
and sometimes they can make life difficult with random rule changes and withdrawal limits
that control how you use your money.
And nobody wants to be told how to use their own money.
After you get your device set up and install Ledger Live,
you'll have access to a variety of new features that will allow you to transfer, stake or trade crypto assets
from the safety of your hardware wallet.
From Ledger Live, you can install separate apps for each individual asset that you need onto your device.
You'll be able to access many of these assets directly through the Ledger Live app,
while others will require you to download an additional wallet on your desktop computer.
For projects like Cardano or VeChain,
you actually will need to download one of their wallets in addition to Ledger Live,
but you will be accessing these wallets with the same key.
Just always make sure that you're downloading a wallet that's listed on the official Ledger website
so you don't get a fake or a fraud because they're out there.
If you're entirely new to crypto and need to get your portfolio started,
Ledger Live also has a fiat on-ramp
thanks to partnerships with Coinify, Changelly, Wyre and more,
so you can buy crypto directly through Ledger Live.
You can also sell your crypto through the app as well.
Once you have crypto stored on your Ledger,
you'll be able to manage your portfolio through one dashboard.
A wide range of different crypto assets are supported by Ledger.
The company is diligent when making new listings when they are requested by the community.
It isn't just wallet services that you're getting access to with Ledger though.
Ledger Live also allows you to stake with projects like Polkadot, Tezos, Tron, Cosmos and Algorand,
which is one of the smartest ways to make passive income.
If you're holding on to Tether, USDC or DAI,
you can put these stablecoins to work through Ledger's lending services and earn interest.
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Ledger devices are also good to use if you're experimenting with DeFi
because they integrate seamlessly with MetaMask and have partnerships with platforms
that allow you to connect with your Ledger directly.
Ledger Live also has some DeFi capabilities within the app as well.
As just a reminder, if you want to get your very own Ledger,
make sure to visit bitboycrypto.com/deals,
and you can scroll down to the Ledger section and get yourself a new one and learn how to use it.
Back to the video, thanks to a new partnership with the decentralized exchange aggregator ParaSwap.
Ledger users are now able to trade tokens directly through Ledger Live
without needing to worry about which exchange has the best price.
ParaSwap will find you the best prices just like 1inch or BitSwap,
but you won't even have to leave the Ledger Live app,
making for a more seamless trading experience.
This is an incredibly powerful feature.
You can also access Ledger Live through your mobile phone
so you can make trades and manage your portfolio on the go
without storing your keys on a hot wallet.
Your phone is usually the worst place to store crypto
because out of all of your devices,
it's the most exposed.
Some people still do it anyways though because it's more convenient
and allows you to stay in touch with the markets at all times.
But with Ledger Live, you can avoid these risks altogether.
One major thing that sets Ledger apart is that they're keeping up with the industry
by continuing to expand the services and assets that they offer.
This is extremely important with how quickly innovation is happening and developing in the crypto space.
New projects are launching every day.
And new breakthroughs are making it possible for us to put our money to work in entirely new ways.
But we want to know that our funds are safe while we're taking advantage of all these opportunities.
Luckily, Ledger is making this possible for us.
With some of these new integrations and the frequent updates
that are being made to the app,
Ledger is achieving the impossible.
They're actually making crypto convenient.
And they're doing it without compromising on security.
That's all I got.
Be blessed.
BitBoy out.