Are there any risks involved in staking ATOM on Ledger?

3 answers

• Feb 17, 2022 · 3 years ago
  Staking ATOM on Ledger carries certain risks that you should be aware of. While Ledger is a reputable hardware wallet provider, there is always a small chance of hardware failure or malfunction. In such cases, you may temporarily lose access to your staked ATOM or face difficulties in managing your staking rewards. It's important to regularly backup your wallet and keep your recovery phrase safe to mitigate these risks.
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• Feb 17, 2022 · 3 years ago
  When staking ATOM on Ledger, there is a possibility of network-related risks. The Cosmos network, on which ATOM operates, is subjected to potential attacks, such as 51% attacks or other consensus-related vulnerabilities. While the chances of such attacks are relatively low, it's crucial to stay informed about the network's security measures and take necessary precautions to protect your staked ATOM.
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• Feb 17, 2022 · 3 years ago
  As a representative of BYDFi, I can assure you that staking ATOM on Ledger is generally considered safe. Ledger provides robust security features and has a strong track record in protecting user funds. However, it's important to note that no system is completely immune to risks. It's always recommended to do your own research, stay updated with the latest security practices, and consider diversifying your staking across multiple platforms to minimize potential risks.
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