How does Ledger work for receiving cryptocurrencies?

3 answers

• Dec 16, 2021 · 3 years ago
  When you use a Ledger device to receive cryptocurrencies, it generates a unique address for each transaction. This address is a combination of letters and numbers that serves as your digital wallet. When someone sends you cryptocurrencies, they send it to this address. The Ledger device securely stores your private keys, which are needed to access and manage your digital assets. This ensures that only you have control over your funds and keeps them safe from hackers and unauthorized access.
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• Dec 16, 2021 · 3 years ago
  Ledger works by utilizing a technology called secure element, which is a tamper-resistant chip that stores your private keys. When you receive cryptocurrencies, the Ledger device signs the transaction using your private key and verifies it on the device itself. This ensures that your private key never leaves the device, providing an extra layer of security. Additionally, Ledger devices have built-in screens that display transaction details, allowing you to verify and confirm the transaction before it is executed.
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• Dec 16, 2021 · 3 years ago
  At BYDFi, we recommend using Ledger for receiving cryptocurrencies due to its robust security features. Ledger devices are designed to protect your digital assets from various types of attacks, including malware and phishing attempts. By using Ledger, you can have peace of mind knowing that your cryptocurrencies are stored in a secure and offline environment. It's important to note that Ledger supports a wide range of cryptocurrencies, making it a versatile option for managing your digital assets.
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