If you’re serious about owning digital currencies, you need a hardware wallet. Just as the wallet in your pocket stores physical currency, a crypto wallet stores your digital currency. It keeps it safe from hackers but conveniently available when you need it. As far as wallets go, the Ledger Nano X strikes a good balance between simplicity and security. While it’s beginner-friendly, it offers a high level of security in an offline wallet.
When you buy digital currency, you are not buying a physical item. There is no coin or bill, like you have with traditional currencies. When you buy a cryptocurrency, you’re actually buying a public and private key pair, both cryptographically generated on the blockchain. These keys are unique. The private key unlocks your publicly stored portion of the blockchain, which you can then spend anywhere that takes the currency.
This is hard for most of us to wrap our heads around, so we tend to buy and store our digital currencies on exchanges like Coinbase. But the problem is that we don’t have the private keys to that money. Without private keys, you don’t really control it. At the same time, if you do have the keys, you need to keep them securely lo