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BC VAULT vs Ledger Nano X (2020) | Are These Hardware Wallets Worth It?
BC VAULT vs Ledger Nano X! In this comparison, we are going to do a head-to-head of two of the most competitive and popular new cryptocurrency hardware wallets in this edition of the hardware wallet roundups.
I am going to dive into which of these hardware wallets is better and more secure. How big is your portfolio? Do you need mobile AND desktop support? Do you use any 3rd party wallets for integration? Do you need web-based access instead of a required download?
These are all questions you will need to consider when deciding which of these wallets will be best for you. At the end of the day, the coin support is one of the most important factors (besides security) when deciding which hardware wallet is best for you.
Ultimately, if it doesn’t support the coins you want to store offline, it won’t work for your particular situation. So keep that in mind as we dive into what I consider to be the most important factors when making such an important decision, such as choosing a cryptocurrency hardware wallet.
Ledger Nano X: Overview
The Nano X comes beautifully packaged with the device itself, a USB-C cable, a set of instructions and recovery seed cards. The previous bulky buttons that were on top of the device are now seamlessly integrated on it in a way that’s even a bit hard to notice. All in all a beautiful design. The primary features of this device are the bluetooth connection which allows you to manage this device using your smartphone via the iOS and Android app.
Additionally, you can now hodl, store, or manage up to 100 cryptos simultaneously, all without access to your desktop or laptop computer. This is easily it’s best new features, but aside from the upgraded storage capacity and the wireless connectivity, the device itself is now larger, has an integrated 2-function button, and an overall larger screen for verifying transactions. With a trusted device and a more universal charging cable, this makes it much more compelling to spend the extra money to store more coins and one that you can easily take with you as you travel.
Ledger Nano X: Security
Ledger is at the forefront of developing the industry’s device security. How? And in what ways?
CC EAL5+ SECURE ELEMENT
Only Ledger’s devices can claim the French cybersecurity agency ANSSI’s full certification.
The Nano X and Nano S both feature what is called a ‘secure element’. The chip seen below is the next generation chip that comes in the Nano X:
The secure chip meets the CC EAL5+ certification and run’s Ledger’s proprietary BOLOS operating system.
A Secure Element is a secure chip that…embeds intrinsic countermeasures against many known attacks. This kind of chip is tamper-resistant and protects your device to a range of different attacks.”
Ledger Nano X: User Experience (UX)
Honestly, the user experience is a massive upgrade from the Ledger Nano S. With that said, It has a few usability issues that I find to be quite difficult to overcome. Although this device is physically larger than it’s predecessor, it still has a fairly difficult to use early experience.
For example, the screen is still fairly small and still cannot accommodate a QR code for scanning. This may not seem like a big deal, but after using several hardware wallets, it really does make a big difference. Using a QR code is not only safer (because it removes the chance of error from manually typing in a wallet address), but it is incredibly faster and makes the entire of transacting offline, a much easier experience.
Although this device has stepped up the quality considerably from it’s latest iteration, I still feel that utilizing an all new form factor could have been beneficial and a little more innovative than replicating their 1st generation device with a few small tweaks.
Ledger Nano X Coin Support
The Ledger Nano X utilizes the “Ledger Live” dashboard which is a desktop application that allows you to manage all of your coins, portfolio, and potential trades in an easy to use application. You can use this on both an iOS or Android app as well as a desktop.
This app allows you to manage up to 1,100 coins that are supported by the device. However, only about 200 of them are “native” apps. This means that you can manage them directly within the Ledger Live app, without having to connect to a 3rd party wallet, such as MyEtherWallet or MyCrypto. I will leave a link HERE with a list of fully supported coins.
BC VAULT: Overview
Unlike most other popular cryptocurrency hardware wallets, like Ledger Nano X and Trezor Model T, you do not set up a recovery seed card before you initialize the device. In fact, there is a gyro sensor for you to randomly generate private keys by physically shaking the device (seriously).
You can also hold more than 2000 unique wallets within the web app, and can granularly set specific passwords for each one and setup multiple PIN’s to not only make it more secure, but also allows for an easy way to share the device and use Multi-Sig. In fact, this is the first device that natively allows you to use Multi-Sig on a per wallet basis and set multiple PIN’s.
This wallet does not use HD wallets, so each wallet has its own unique backup. This does make it more secure, however, if you lose or forget the global PIN and global password for the device, your funds are locked inside forever. They do have an encrypted QR code backup for each individual wallet, or you can create a backup on the included micro SD card that comes in the box.
BC VAULT: Security
The storage is reliable. The BC Vault’s private keys have complete encryption and they are stored in the FRAM device. The FRAM is fully tamper-resistant and thanks to the reversible USB 3.0 Type-C connector any damage occurring from mechanical error is fully prevented.
In addition to the secure FeRAM that is securely encrypted, and the large display which is useful when confirming transactions, you have peace of mind not having to worry about anyone locating or using a recovery seed phrase to render your funds useless.
You can also import any private keys you have elsewhere via the SD card as well, so you can easily interchange private keys from other wallets if you have them in the correct format.
BC VAULT: User Experience (UX)
This wallet has some pretty unique features I will admit, and it’s pretty refreshing. For example, you can use multiple cryptocurrencies at once. There are no “apps” you need to install or fear or worry of running out of space that most wallets have when upgrading the firmware.
Additionally, the amount of coins and wallets that can be used/stored simultaneously is astounding. As mentioned above, you can have up to 2000 unique wallets and can interchange multiple cryptos in multiple wallets.
BC VAULT: Coin Support
This is usually one of the most important factors when deciding on a hardware wallet (with the exception of security). If the wallet doesn’t currently support the coins you need to store offline, you can’t really take it too seriously as a deciding factor for purchase. Regardless of whether or not they claim to add more coins in the future.
Needless to say, they have some unique choices for coin support HERE.
BC VAULT vs Ledger Nano X: Conclusion
Overall, these are two highly regarded hardware wallets with unique properties in its own right. If you want to have the flexibility of being able to use this device on the go and utilize it via a smartphone app, then you should go with the Ledger Nano X. If you want something that has a MASSIVE portfolio support and lots of customizable security, you should go with the BC VAULT.
At the end of the day, it really depends on your personal preference and what your immediate needs are. Now, I have used both of these devices extensively and I have a clear favorite (check out the details in the above video). If I only had to choose one of these devices, I would choose the BC VAULT, it has a very unique and strong security model, it can hold up to 2000 wallets simultaneously, and can support multi-sig, which allows for mutliple users to securely use the same wallet and requires a set number of users in order to send money.
Not only that, you can SECURELY share this device with multiple people as all of these wallets are encrypted and can have multiple custom passwords. I would truly feel confident handing this hardware wallet to my friend with over 10 BTC on it, because I know he will have no way to access the funds within my wallet. I can’t say that about the Ledger Nano X.
All in all, these both are great wallets and you ultimately need to decide what coins you need to store offline, how many coins you need to store at once, and if you need mobile support. These are all very personal, and in my case, I would rather sacrifice the mobile support to have a very easy to use multi-sig hardware wallet with the ability to share it with family, friends, or even a new business.
What do you think? Would you choose the BC Vault over the Ledger Nano X? BC VAULT vs Ledger Nano X! Let us know down below in the comments!
Cheers,
The Crypto Renegade
NOTE: This post may contain affiliate links. This adds no cost to you but it helps me focus on giving as much value as possible in every single post by being compensated for recommending products that help people succeed.
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Ledger Wallet Ripple: How To Store Ripple (XRP) On The Ledger Nano S (2020)
In this article, I am going to explain how to store Ripple (XRP) on the Ledger Nano S in the Ledger Wallet Ripple. Most people I speak with talk about whether or not XRP is safe to leave on exchanges for storage. The simple answer is no. Under no circumstances is it safe or even a slightly good idea to leave ANY coins your have on an exchange. “Not your keys, not your crypto” is a statement you’ll hear repeated throughout the crypto ecosystem. If you are unsure about the safest ways to store and secure your cryptocurrency private keys, then grab my free e-book that gives you some in depth resources on how to manage your crypto safely. I also wrote a comparison review of the major differences of hot vs cold wallets, in case you are unsure.
Now, as Ripple is a top 3 market cap coin, it is imperative to know how to properly store it on a hardware wallet, and the one wallet that can easily store this right now is the Ledger Nano S. You can also store it on the newly released successor to this wallet known as the Ledger Nano X, if you want a larger storage capacity and a wallet that is wirelessly capable. Let’s get to it below!
WHAT IS RIPPLE (XRP)?
Ripple is both a platform and a currency. Let me explain. Ripple itself is platform and open source protocol which is designed for quick and cheap transactions. This was “invested” as a resource for efficient, cross-border payments that is intended to be used by big banks. The Ripple platform is very very cheap and efficient and unlike bitcoin, it is designed as a payment machine and nothing more.
XRP (the token that is represented on the ripple platform) is designed to transfer value across the Ripple platform. The intention behind this is to be able to transfer value from either cryptocurrency or fiat from peer to peer in the fastest way possible. That is it’s only function.
The other noteworthy aspect of this is, there is a predetermined amount and it is not mined or staked, like it is on POW and POS networks. In fact, there is no blockchain for this token at all. This has been the source of a lot of criticism in the ecosystem that this is not really a “crypto” currency, but rather, just a digital version of fiat.
HOW DO I BUY RIPPLE (XRP)?
You can buy ripple directly at many OTC exchanges, or other trading exchanges like Coinbase or Binance. When using Coinbase, you can link up your bank account and/or major debit card to process the transaction and if you’re not verified, it can take up to 7-10 business days to process.
If you plan on buying XRP with a credit card directly, you can use either Paxful or Changelly and use this as an OTC exchange to buy it directly (although paying with credit card will incur some extra fees). You can also go through a 2-step process and buy bitcoin with a credit card on Coinmama, and then use one of the above exchanges to swap it.
LEDGER WALLET RIPPLE: HOW DO I MOVE RIPPLE TO THE LEDGER NANO S?
- Open up Ledger Live, and make sure it’s software version is up to date.
- Head over to the Manager section on the left side bar, and search on “XRP”, then click on Install.To create an XRP wallet on your Ledger device, we first need to create an “account” for you to be able to have access to your wallet’s XRP address.
- Click on the rounded + symbol on the left portion of the Ledger Live app to add an account.
- Type in “xrp” on the search bar to easily find XRP on the list, then click on “Continue“.
- Open the XRP app on your Ledger device, then click on “Continue“.
- Wait for Ledger Live to synchronize.
- Choose a name for your wallet. For this example, we’re just going to name our wallet “My XRP Wallet“.
- Tick the blue checkbox , then click on “Add account“.
- Account successfully added!Click on “Add more” if you want to create more XRP wallets, or if you want to head over to moving your funds to your XRP wallet, just click on the small x on the top right corner of this popup.
- Your XRP wallet is now ready. Simply click on the XRP wallet you made on the “Accounts” section on the left, then click on the blue “Receive” button.
- Click on “Continue“.
- Click on “Verify“.
- For security purposes, check if the same wallet address is being shown on the Ledger Live app, and the address shown on your physical Ledger device.If everything’s fine, you can now copy the wallet address shown on Ledger Live, and you can now use that address to move your funds from other XRP wallets, or from the exchange you’re using.
- Click on the rounded + symbol on the left portion of the Ledger Live app to add an account.
WHAT ABOUT THE NEW LEDGER NANO X?
The Ledger Nano X has the same process as above for adding it to your hardware wallet using Ledger Live, the only difference is it is primarily done via the mobile app. You can still plug this device in and manage this the same way as the Ledger Nano S, however, it is able to connect to the app and manage this wirelessly, which is the major advantage.
CONCLUSION
Bottom line, if you’re in the market to acquire this coin, you will absolutely need to store it on a Ledger device. Keeping all your private keys (of any coin) on a trusted hardware wallet is imperative. Period. I will say that with the Ledger Nano S specifically, is the cheapest and is the best entry level hardware wallet if you want to store ripple at only $59. The one caveat is that you can only store 3 or 4 different coins on the app at once, that’s it. If you plan to grow your portfolio, you may want to spring for the extra money and go for the Ledger Nano X, which can hold up to 100 coins or “apps” at once. I will leave the full review of the Ledger Nano S here.
What do you think? Is there a better offline wallet to store your XRP? Let me know in the comments below!
Cheers,
The Crypto Renegade
NOTE: This post may contain affiliate links. This adds no cost to you but it helps me focus on giving as much value as possible in every single post by being compensated for recommending products that help people succeed.
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