Unboxing no técnico de la hardware wallet Ledger Nano S Plus

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Published on Mar 25, 2023

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A few days ago I finally received my first hardware wallet. I decided to buy the Ledger brand, specifically I bought the Ledger Nano S Plus, because it seemed to me the most complete company in the sector and it gives very good support to its users. I understand that the Trezor brand is just as good.

I decided to buy this device because of all the uncertainty that exists in relation to risk assets in general. As we all know, many months ago the bear market in crypto began, and we have already seen cases of projects collapsing and large exchanges that go bankrupt and lose their users' money.

Last week the US suffered the second largest banking collapse in its history with SVB, and even some stable coins such as BUSD and USDC do not seem to be as safe as before, in the case of BUSD because it was declared as a "security" by the US authorities and already has an expiration date since they prohibited the further creation of new BUSDs. USDT so far seems to be the one that has suffered the least attacks or problems in these weeks.

Hace unos días me llegó por fin mi primera hardware wallet. Me decidí comprarle a la marca Ledger, específicamente me compré la Ledger Nano S Plus, porque me pareció la empresa más completa del sector y que dan muy buen soporte a sus usuarios. Tengo entendido que la marca Trezor es igual de buena.

Decidí comprarme este dispositivo por todo el ambiente de incertidumbre que existe en lo relacionado a los activos de riesgo en general. Como todos sabemos, hace muchos meses comenzó el mercado bajista en las crypto, y ya hemos visto casos de proyectos que colapsan y exchanges grandes que quiebran y pierden el dinero de sus usuarios.

La semana pasada USA sufrió el segundo mayor colapso bancario de su historia con el SVB, e incluso algunas stable coins como BUSD y USDC no parecen ser tan seguras como antes, en el caso de BUSD porque fue declarada como una "security" por las autoridades de USA y ya tiene fecha de caducidad puesto que prohibieron que se siguiesen creando nuevos BUSD. USDT hasta ahora parece ser la que menos ataques o problemas ha sufrido en estas semanas.

Risks when holding cryptos

Riesgos al holdear crypto

When we hold crypto we assume several risks, among those we have:

• Risk of being hacked.
• If we use an exchange, the risk that the exchange will go bankrupt and we will lose the funds we had there.
• The inherent risk that the crypto we hold will lose value or collapse, including stablecoins since they are not risk-free and may lose the peg.

In fact, last week USDC even had a temporary value of $ 0.88 because part of its funds backing the token were in the collapsed bank SVB.

Cuando holdeamos crypto asumimos varios riesgos, entre los cuales tenemos:

• Riesgo de ser hackeados.
• Si usamos un exchange, el riesgo de que el exchange quiebre y perdamos los fondos que allí teníamos.
• El riesgo inherente de que la crypto que holdeamos pierda valor o colapse, incluyendo a stablecoins puesto que estas no están libre de riesgos y pueden perder el peg.

De hecho, la semana pasada USDC llego incluso a tener un valor temporal de 0.88 $ debido a que parte de sus fondos que respaldan el token estaban en el banco colapsado SVB.

Hardware wallet protection

La protección de una hardware wallet

Hardware wallets are a product that shields us with respect to the first 2 risks I mention, with respect to the third risk the only protection is obviously not to be exposed to any crypto. What these devices do is protect our private keys by keeping them completely offline. That is, our private key is always used through the hardware wallet, and not entered directly into any digital platform. The digital platform communicates with the hardware wallet securely, and it authorizes the transaction you want to make. At no time does the private key information leave the wallet hardware, and this iswhy it is considered the safest means of holding cryptos.

My biggest concern and main reason for buying this device is in case something bad happens to Binance. So far, Binance has been a fairly solid exchange and always gets ahead regardless of the problems that may exist in the sector. It is by far the largest exchange, especially after the collapse of FTX, and it seems to me that it is one of the most reputable companies in the crypto sector.

However, I have been feeling some worryness for some time and in the end I ended up making the decision to use a hardware wallet and thus protect myself from any collapse or problem that may exist with Binance.

It didn't seem wise to me that my stability and financial plans depended on what might happen to Binance, and the hardware wallet eliminates that risk. In this way, the only risk that I would be assuming from now on is the inherent risk of the cryptos themselves, thus removing the risk from the intermediary.

What we are left with now is to hope that nothing happens to Tether (USDT). Much of the trades between coins that take place on exchanges are using USDT, and I have even noticed that it already has some commercial acceptance. So I think it's very important for the future of the crypto sector that USDT continues to be a solid stablecoin.

Las hardware wallets son un producto que nos blinda con respecto a los 2 primeros riesgos que menciono, con respecto al tercer riesgo la única protección es obviamente no estar expuesto a ninguna crypto. Lo que hacen estos dispositivos, es proteger nuestras claves privadas de las wallets al mantenerlas completamente offline. Es decir, nuestra clave privada siempre es usada por medio de la hardware wallet, y no introducida directamente en ninguna plataforma digital. La plataforma digital se comunica con la hardware wallet de manera segura, y esta autoriza la transacción que desees hacer. En ningún momento la información de la clave privada sale de la hardware wallet, y esto hace que se considere el medio más seguro de holdear cryptos.

Mi mayor preocupación y principal razón para comprarme este dispositivo, es por si le sucede algo malo a Binance. Hasta ahora, Binance ha sido un exchange bastante sólido y que siempre sale adelante independientemente de los problemas que pueda haber en el sector. Es de lejos el exchange más grande, sobre todo después del colapso de FTX, y me parece que es de las empresas más reputables en el sector de las crypto.

Sin embargo, yo igual llevaba tiempo sintiendo algo de preocupación y al final termine tomando la decisión de utilizar una hardware wallet y así protegerme de cualquier colapso o problema que pueda haber con Binance.

No me parecía sensato que mi estabilidad y planes financieros dependieran de lo que le pueda pasar a Binance, y la hardware wallet elimina ese riesgo. De esta forma, el único riesgo que estaría asumiendo a partir de ahora es el riesgo inherente de las cryptos en si, removiendo de esta manera el riesgo del intermediario.

Lo que nos queda ahora es esperar que nada le suceda a Tether (USDT). Gran parte de los intercambios entre monedas que se llevan a cabo en exchanges son usando USDT, e incluso he notado que ya tiene cierta aceptación comercial. Por lo que pienso que es muy importante para el futuro del sector de las cryptos que USDT continúe siendo una stablecoin sólida.

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About Dedicatedguy I am a Venezuelan geek, cinephile and introverted guy. I have always been passionate about tech innovations as well as creative fictional stories that can make your mind inhabit another world. Writing about various topics, learning about the ever-expanding crypto world, and doing a little bit of trading is how I spend most of my days. My preferred forms of entertainment are films, series, European football, and a good book from time to time. I chose "dedicatedguy" as my username to constantly remind myself about the importance of consistency and dedication in order to achieve any desired result we might want in life. If this post provided something of value to you, any type of positive interaction such as a comment, reblog, or upvote is highly appreciated. ❤️

About Dedicatedguy

I am a Venezuelan geek, cinephile and introverted guy. I have always been passionate about tech innovations as well as creative fictional stories that can make your mind inhabit another world.

Writing about various topics, learning about the ever-expanding crypto world, and doing a little bit of trading is how I spend most of my days. My preferred forms of entertainment are films, series, European football, and a good book from time to time.

I chose "dedicatedguy" as my username to constantly remind myself about the importance of consistency and dedication in order to achieve any desired result we might want in life.

If this post provided something of value to you, any type of positive interaction such as a comment, reblog, or upvote is highly appreciated. ❤️