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RE: Tech Aide: Ledger and the new Binance DEX
I like reading your guidance @roleerob 😊because it's all based on your own experience .
Step by step and easy to follow though I don't have ledger or trying anything about other crypto things except steemit and steempeak. Aahh.. few days ago, I tried to create another wallet just because it has something related to steemmonsters 😂😂.. what a steemmonsterrious I am😆.
Thanks for sharing.. at least I learn something new from your post today.
Glad you found it useful @cicisaja. We'll see what the future holds, but I think these new decentralized exchanges are going to really be something. No KYC (Know Your Customer) or AML (Anti Money Laundering) rules to abide by.
Just the private key, which is stored on a physical device in your possession, is the only thing needed to open up the account. The only way someone could get into your account would be they would have to be able to steal your Ledger. It is not possible to "hack" it, or anything else devious, while online. Love that extra security ... 👍
While I have a few Steem Monster cards, I have never taken the time to learn about it. Appears you are having a lot of fun, so happy for you!
Thank you for stopping by! 👋
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😉