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RE: Tech Aide: Ledger and the new Binance DEX
Why can't a ledger be hacked? Is it because you need to have it like purchasing a safe box and keep it in your room and only you who know how to open it with code?
Can you create or link many crypto wallets with your ledger @roleerob?
Good questions @cicisaja. It cannot be hacked, because the key to its operation is not software code being executed, but the physical pressing of two switches. The clicking of this electro-mechanical switch cannot be duplicated by software. You must have the device physically in your hand and you must press the switches to approve any crypto being sent out of your Ledger-protected wallets.
The use of the Ledger is protected by a code. Even if someone were to steal it, they would have to know that code. By design, the user has 3 chances to get the code entered correctly. If not, then the firmware of the Ledger is coded to wipe itself clean. That is, the private keys it holds are wiped clean and the Ledger is effectively then useless to anyone but its rightful owner.
That's what we call "wallet" supposed to be 😉 it's not like car key.. everyone can borrow your car key.. but never your ledger😉