Hardware wallet and live app pairing provide all-in-one functionality for new cryptocurrency users

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Hardware wallet and live app pairing provide all-in-one functionality for new cryptocurrency users

Mass adoption of cryptocurrency is prevented by the sheer number of platforms needed to manage and grow digital assets.

Although the traditional payment system is effective in many ways, no solution ever arose to address cross-border transactions, transparency and fees lost to intermediaries, giving the world a digital currency to rally behind. Unfortunately, for the average investor to take advantage of these benefits, the process was often cumbersome, met with the complexity of navigating multiple platforms. In some cases, this may include a separate wallet and numerous trading platforms, depending on the currencies or projects a user is interested in holding, each of which may be met with their own sign-up and account creation processes. 

These concerns are in addition to the complexities of managing a digital wallet, understanding the differences between public and private keys, and the available trading pairs since not all currencies can be purchased with fiat. Another potential issue is security, often overlooked by exchanges that focus on user experience onboarding new users. The result is that these new users are often left in the dark about when a hardware wallet is necessary to avoid unnecessary risk. Rather than being a hindrance to a new user’s journey, the complexity has become so significant in many cases; it has become a barrier to entry for the masses.

As diverse as the problems may seem, the solution is quite simple, a consolidated user experience. Bringing this concept to life is Ledger, a one-stop shop helping users easily manage, purchase, exchange and grow their cryptocurrency assets. Acting as a gateway to the cryptocurrency world, the solution leverages the Ledger Live application, a desktop and mobile offering available in conjunction with the Ledger hardware wallet.

The result is that users don’t need to have multiple platforms to manage all their cryptocurrency or transactions. Instead, they can consolidate the transactions of over 1800+ different cryptocurrencies and tokens from the same interface.

Overcoming the complexity barrier

Among the app’s functionality is the ability to buy and sell crypto. Whether this is Bitcoin (BTC), Ethereum (ETH), Tether (USDT) or Stellar (XLM), users can conduct the transaction through the Ledger Live app, a possibility facilitated by their partners. When users are looking to cash out, they may also sell Bitcoin for fiat currencies of their choice. Alternatively, users may want to expand their portfolio with new assets. Ledger ensures that users can easily exchange one cryptocurrency for another.

Cryptocurrencies also provide additional appeal with their ability to be grown through a process called staking. With staking, users can passively make money from their assets, similar to how interest payments are earned from a traditional bank. The sad reality is staking often requires a separate solution and a little more research on behalf of the user. Ledger has since taken this additional process and incorporated it as a part of their cryptocurrency gateway. Furthermore, Ledger Live is also making provisions for storing NFTs through third-party providers. Users will be able to secure, own and manage their own nonfungible tokens.

These abilities are packaged in an interface that meets today’s usability standards, with a simple, clear experience. As a result, users can check their current balance and manage all their transactions without giving up any control.

A solution that doesn’t lose sight of security

Even with the diverse set of functionality, Ledger has not lost sight of the security factor, a provision made possible with Ledger Live’s backing by the team’s most trustworthy hardware wallet on the market. Wallets are independently verified and created to resist sophisticated cyber attacks. Ledger is careful to position its offering as a two-part solution that includes an online and offline offering, one of which delivers the transacting ability and another that ensures security. 

Together, the two offerings give users the all-in-one tool necessary for mass adoption while providing users with what the team shares as “full power over their assets.”

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

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