Who uses a ledger?

Is it worth the money?
Is the extra security for it really necessary ?

Somebody convince me to buy one. I was told multiple times to get one to be on the safe side of things but I'm still very hesitant...

 

I have one - I personally like the security and anonymity of it. If you're dealing a lot in crypto, it's something I recommend.

 

I was told the same exact thing.... Thank you

 

Hello,

The choice of a cryptocurrency wallet largely depends on your level of experience with crypto, the value of your crypto holdings, and the variety of cryptocurrencies you wish to store. For a small number of different cryptocurrencies, the Ledger Nano S, which can store 2 to 3 types of coins, might suffice. If you're looking to hold a wider variety of coins, the Ledger Nano X, which supports more cryptocurrencies, would be a better fit.

Consider how much you've invested in crypto. With the cost of a Ledger wallet being around $100, it might not be worth the investment if you only have $150 in crypto.

Your familiarity with handling private keys and seed phrases is also crucial. If you're new to crypto, using an exchange wallet or a desktop wallet might be sufficient. Remember, if you don't control the keys, you don't own the coins. For Bitcoin, Electrum is a recommended choice. You can visit their official site at Electrum Bitcoin Wallet to ensure you're downloading the legitimate version. If you're interested in holding multiple types of cryptocurrencies, Exodus is another option, available at https://www.exodus.com/. Make sure to verify you're visiting the correct site.

For those with a more significant investment, such as $10,000 in crypto, a Ledger wallet is advisable for enhanced security.

For very large holdings, like $1 million in Bitcoin, consider using multisig wallets, which might involve using Electrum, Ledger, or Trezor in combination with a custom extra seed word for increased security.

Your personal approach to crypto security matters too. Some individuals choose to memorize their Ledger's seed phrase as an additional security measure. However, forgetting it means potentially losing access to their funds.


To sum it up, without all of that information, I believe that Exodus will be the right choice for you as you seem to just start with crypto.

 

I'm currently looking for a hardware wallet too, if you or anyone has a good beginner recommendation i'm all ears.

 

Ledger is certainly not any safer than an offline cold wallet. If you want to be bulletproof, use a cold wallet and ONLY PHYSICALLY WRITE YOUR SEED PHRASE.