Didi on Nostr: Many questions about #Ledger in my dm's: What happened? It came to light when Ledger ...
Many questions about #Ledger in my dm's:
What happened?
It came to light when Ledger unveiled its #LedgerRecover service that the newer models could have the possibility to send your private keys to the recover service.
Why is this bad?
The "recovery service" is not the core issue. It's the hardware wallet's itself. A hardware wallet should be very secure and it should NEVER be possible that such a wallet has the possibility of sending the private key.
What Would have been better?
If ledger would have created a #ledgerrecovery service where people would have need to fill the private key for themselves. I still wouldn't have used it as for KYC problems etc but at least the HARDWARE wallet would not have the capability of sending the private key.
What is the solution?
You can still use an older model or any other hardware wallet or learn to use a multisig solution and a mix of devices where the Ledger Hardware Wallet is only used to sign for connecting/transferring #Bitcoin
How Multisig?
Setup a Multisig Bitcoin wallet. Use the ledger #hardwarewallet only to sign for login or send #btc transactions.
I found this article with some extra info: https://bitcoinmagazine.com/guides/what-is-a-multisignature-wallet
What happened?
It came to light when Ledger unveiled its #LedgerRecover service that the newer models could have the possibility to send your private keys to the recover service.
Why is this bad?
The "recovery service" is not the core issue. It's the hardware wallet's itself. A hardware wallet should be very secure and it should NEVER be possible that such a wallet has the possibility of sending the private key.
What Would have been better?
If ledger would have created a #ledgerrecovery service where people would have need to fill the private key for themselves. I still wouldn't have used it as for KYC problems etc but at least the HARDWARE wallet would not have the capability of sending the private key.
What is the solution?
You can still use an older model or any other hardware wallet or learn to use a multisig solution and a mix of devices where the Ledger Hardware Wallet is only used to sign for connecting/transferring #Bitcoin
How Multisig?
Setup a Multisig Bitcoin wallet. Use the ledger #hardwarewallet only to sign for login or send #btc transactions.
I found this article with some extra info: https://bitcoinmagazine.com/guides/what-is-a-multisignature-wallet