Ledger has had its fair share of negative publicity, with issues such as the email leak. Although no private keys were leaked, it still raised a question on whether Ledger is the safest hardware wallet. However, the past few months ledger has grown in popularity and is arguably the most user friendly for beginners in comparison to competitors.
We can see this growth through the amount of ERC20 staking opportunities. You could already stake your Algorand with the use of the Algorand wallet and your Ledger device of choice but now you can also stake Polkadot. Polkadot is now the 6th largest cryptocurrency in terms of volume as well as being the 5th token to launch staking on Ledger Live. Other tokens you can stake on Ledger are Atom, Tezos,Tron and previously mentioned Algorand. You can be sure that more tokens will follow.
Why is this important?
Before we made progress in staking possibilities with hardware wallets, you as an investor were limited to choosing storing your tokens safely in a hardware wallet and not getting any staking rewards, or storing your tokens on an exchange with staking pools and losing out on a bit of security. That was perhaps an unfortunate Catch-22, but now you can keep your coins safe as well as gain rewards for HODLING. This is a MASSIVE game changer.
How do you get started?
- If you do not already have a Ledger, purchase one of your choice here
- Set up your Ledger by following this guide
- Download the LedgerLive application on your Device or Computer
- Install the PolkaDot application on your Ledger
- Buy PolkaDot on an exchange of your choice or one of these (Binance,Huobi)
- Deposit the PolkaDot into your Ledger
- Participate in the staking through your LedgerLive Application by bonding your Polkadot (it will be locked up for a minimum of 28 days)
- Select a validator node which you want to participate in based on the rewards (do due diligence and do research on the credibility of each node and its availability)
- Just like that, you are safely holding your coins whilst gaining rewards!
For more information, visit the Ledger site here. If this content has interested you and you have not signed up for CryptoUniversity yet, visit the link here and begin your journey in the Crypto world. Happy HODLING & STAKING!
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Written by Rodrick Chattaika © Crypto University 2021