Two of the most popular hardware wallets for Bitcoin and other cryptocurrencies, Ledger and Trezor, were found to still be secure against newly-discovered vulnerabilities on CPUs. In addition, the hardware cryptocurrency wallets are safe against Spectre attacks as well. This is a promising finding that shows, now more than ever, the importance of having hardware Bitcoin wallets to keep your funds safe while using cryptocurrency.

Cryptocurrency Hardware Wallets Safe Against Spectre and Meltdown

According to Chief Technical Officer Pavol Rusnak of Satoshi Labs, the reason that Trezor, in particular, is not vulnerable to the Spectre and Meltdown hardware attacks s because its processor isn’t affected by them. Rusnak also stated that the firmware is always signed, which means the wallet can never run code that is untrusted.

Additionally, Rusnak stressed that users should only have their hardware Bitcoin wallets for a limited amount of time because of the way Spectre attacks have affected cloud services that house a variety of cryptocurrency wallets and exchanges. Recently, a few cryptocurrency exchanges were taken offline after it was found that there are numerous vulnerabilities in Intel CPUs. In particular, Microsoft’s Azure cloud service was affected.

Nicole Perlroth, a cybersecurity journalist with the New York Times, reported that Spectre and Meltdown proved that it was possible for thieves to take advantage of flaws within the design of the entire memory of a computer and steal data.

Why are Hardware Wallets Recommended?

Bitcoin experts and hardware cryptocurrency wallet developers are recommending that users rely on hardware wallets instead of online platforms. Bitcoin Core developer Jonas Schnelli stated that users should not put all of their trust in their PC and that they cannot control private keys as well when relying on online platforms. He instead suggests that people switch to hardware wallets.

This is because hardware wallets allow users to fully control private keys. When a user initializes their wallet, they compose 12 to 24 words that make up a backup. Should there be an incident of hacking on the hardware wallet platform, the user can still access their funds and move them to a different wallet or a paper wallet. Online platforms, on the other hand, store the private keys on the user’s behalf and result in their centralization, which can result in a significant security threat.

Avoid Using Wi-Fi

It’s important to use your wits when trying to keep your funds safe when using Bitcoin and other types of cryptocurrency. The development team for Ledger, a popular cryptocurrency, recently posted a blog explaining why hardware wallets are not vulnerable to the issues found in Intel, AMD and ARM CPUs. The company stated that the cryptocurrency’s devices are unaffected by the attacks and that in order for the flaws to be exploited, an attacker would have to run an arbitrary code. The team further said that if only its embedded apps are used, the hardware wallets are not subject to the attacks. Users who are looking into getting a great quality hardware wallet may want to consider purchasing one from BitcoinLockup.com to keep their cryptocurrency fully secured.

It is also important to avoid using Wi-Fi while sending or receiving any cryptocurrency. This is because all modern devices in existence are impacted by the Spectre vulnerabilities.

The cryptocurrency industry continues to increase the size, scale and features of its infrastructure, which includes wallets. Recently, French cryptocurrency wallet maker, Ledger raised $75 million in a Series B Funding Round. Learn what this may mean for the burgeoning digital coin industry.

Ledger Wallet Expansion

The Ledger Wallet – Nano S – is becoming one of the cryptocurrency industry market leaders. This Ledger Hardware Wallet allows users to store their digital coin wealth offline. In January 2018, CNBC reported Ledger Series B Funding raised $75 million.

European venture capital firm, Draper Esprit was one of the primary money sources. Ledger CEO Eric Larcheveque said, “We initially designed our Ledger hardware wallet as an enabler for the blockchain revolution.” Now, this funding could help Ledger take the next step to becoming a “technological giant in the promising space of cryptocurrencies.”

What Happened During Ledger Series A Funding?

Tech Crunch reported Ledger’s earlier Series A Round of Funding, circa March 2017 for $7 million. It received funding from MAIF Avenir, XAnge, the Digital Currency Group, Kima Ventures and Nicolas Pinto. At this time, Ledger had sold more than 50,000 wallets.

Why can’t people simply use a smart phone for cryptocurrencies?

Money security is a key requirement in the cryptocurrency industry. While smart phones can be used for buying and selling, they might lack the same security features as the Ledger Hardware Wallet.

This wallet permits “cold storage.” It not only protects your coins against electrical disruptions, but also against cyber hackers. Most smart phones do not have these added security features.

What Does Ledger Series B Funding Mean?

Investopedia Series A, B and C Funding is defined as money provided to startups before their initial public offering (IPO). Each series has a very specific goal. Generally, these entail the following: Optimize, Build and Scale.

The first goal after Series A is to optimize the business model. The startup must manufacture a real product and sell it to real customers. Companies must create a real market share with revenue.

Ledger has accomplished this already. In some circles, its Ledger Nano S is the industry standard; now, it seeks to build its market share after Series B Funding. This might include adding more sales, marketing and research personnel.

Series C involves increasing the scale of the business model to compete with the “Big Boys”.

Ledger Products

Ledger offers a variety of products to help with secure offline storage of cryptocurrencies. Its products can be used with a variety of digital currencies. Ledger products include the Ledger Nano S, Ledger Blue, Ledger Cryptosteel and Ledger OTG Kit.

The Ledger Nano S is the entry level hardware product, comprising a simple flash drive.

The Ledger Blue is a high-end mobile device with a built-in touch screen. This Ledger Wallet is Bluetooth-enabled with dimensions of 97 x 68 x 10 millimeters. It uses the Blockchain Open Ledger (BOLOS) system.

Security is tantamount. Users need a 4 to 8 digit PIN code to unlock their Blue. The Blue Secure Element never allows their private key to be transmitted to third parties or even Ledger. Users can add new cryptocurrencies without corrupting the Master Seed.

Ledger products have internal certificates that are checked when users boot it up. They will not operate until the security question is answered correctly.

The Ledger Cryptosteel is an indestructible backup system. Wise computer users always have a backup and recovery plan.

The Ledger OTG stands for On-the-Go. This is a mobile cable kit, allowing people to use their cryptocurrencies anywhere. This kit includes dual USB, cables and a Type-C Micro USB.

Ledger Development Plans

Only the Ledger CEO Eric Larcheveque knows what the money will be used for. Industry experts suggest that Ledger could manufacture microchips or even computers embedded with its blockchain security verification system. All financial transactions require high security and mainstream banks are starting to investigate the viability of cryptocurrency blockchain security features.

Right now, the Ledger company offers a flash drive or mobile device, but wouldn’t a secure cryptocurrency laptop be popular? Investors could have news feeds, real-time pricing updates and connectivity to their favorite exchanges.

Perhaps, Ledger could compete with Apple, Samsung or Google with a device based on the ground-breaking digital coin blockchain security system. Ledger continues to build a trustworthy reputation for secure blockchain transactions. This cryptocurrency industry leader could have a bright future.