Review on Ledger HW1 Wallet by Benaiah A. Akinlade
The life and times of HW1 wallet
First things first. What is a hardware wallet?
A hardware wallet is a special type of cryptocurrency wallet that is capable of storing the information of the user (private keys) in a secure hardware device.
Ledger HW1 Wallet is one of such wallets. It is a secure and cost effective hardware wallet for cryptocurrencies. It can be used as a standalone wallet or along with their partner services. It is also a cold storage hardware wallet.
It stores the user's private keys in a secure hardware device. What hardware wallets mainly do is to provide full isolation between the private keys and your computing devices such as laptops or smartphones.
The installation fast and easy to complete since it adopts plug and play technology through the computer’s USB port. After installation, it asks the user to pick a PIN (usually 4 digits) and to copy out a series of recovery words. The recovery words come in handy in cases of loss or damage to the device. The owner will be able to access the wallet remotely.
Sending cryptocurrency requires the security card or smartphone app as a second level authentication.
The Ledger HW1 Wallet model has been discontinued by Ledger since like 3 years ago.
Pros
- Highly secure way of keeping crypto currencies
- Easy to use since it’s plug and play
Cons
- It is no longer available for use. Since it has been phased out.
