Protecting Our Crypto Assets - Recovery Features On Ledger HardWare Wallet

You were undoubtedly told to invest only what you could afford to lose when you were going to make your first cryptocurrency investment. You only put money into assets that you could afford to lose, but you soon found yourself investing more and more money into cryptocurrency. You currently use more than 50% of your overall money in cryptocurrencies, making them a regular part of your life. While you are investing in cryptocurrencies, you are looking for ways to raise their value while also taking precautions to secure them, which raises the level of security associated with them. We have cold wallets and hot wallets for protecting digital assets.

There are two different kinds of hot wallets: custodial (CEX) and non-custodial (Dex). Both have advantages and drawbacks. With CEX, the exchange offers a certain amount of protection, but the drawback is that it can control your cryptocurrency. It has occurred with FTX and other centralised exchanges. However, with DEX, as long as no one comes into touch with your keys, you remain the owner of your currency. However, because it is connected to the internet, your DEX hot wallet is vulnerable to hacking. Are your assets really safe even though you have authority over them when they're connected to the internet and just one false click might allow an intruder gained access to your wallet? keeping your wallet safe?

What lengths will you go to in order to keep your wallet safe?

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Introduction To Cold Wallet (HardWare Wallet)

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The next course of action is to use cold storage, but have you heard about ledger's new recover option? Yes, ledger has a brand-new function called ledger recover that allows you to pay a charge to have ledger keep your seed phrase in case you lose it. However, this will require some KYC to establish ownership, which also means that your identity would be known.

There are several cold hardware wallets, however with the new ledger restore capability, people are questioning if there is a means of gaining access to these wallets. So what can we do to safeguard our assets? Is there a way to make sure that these cold hardware wallet are 100% safe?