Hodl the forest fairy – New Ledger Nano S Apps to store Bitcoin

For Bitcoin owners, proper storage of Bitcoins is almost more important than the Bitcoin course. With two new apps, wallet manufacturer Ledger is now taking on two important building blocks in the Bitcoin business: Hodlins and Recovery Phrases.

If you can’t trade, you have to hodl – that’s how it was in the legendary Bitcoin talk thread “I am hodling”. The apparently drunk user GameKyuubi explained in a slightly cryptic outburst of feelings why he preferred to keep Bitcoin on his wallet instead of doing daytrading with it – he was simply a bad trader. The small spelling mistake finally became the motto of an entire movement: Hodln until the Bitcoin price rises (and beyond). Sido, Kool Savas, gynaecologist and other rappers made a song out of it. And now Ledger, the wallet operator, has developed an app especially for it.

HODL – Keep Bitcoin loophole safe

From Ledger’s official announcement: “We have developed Ledger Hardware Wallets to give people a way to keep their crypto currencies safe. Far away from online exchanges or a computer that could be hacked or attacked.” So if you do a transaction and the address and number of crypto currencies like Bitcoin loophole, Ethereum and Co match, you can be sure that your crypto assets are kept safe, Ledger continues. The new Hodl app will now make it easier to check wallet addresses when receiving crypto currencies. Ledger Nano S thus acts as a “virtual keyboard”. For this you have to master four steps:

Selecting the address field on the computer
Open the HODL app
Use the Nano S Ledger to select the wallet you want to use.
Have the address inserted automatically
The HODL app now promises to help ensure that you enter the correct address. As most people know, these are quite long, so even the biggest Bitcoin professionals can make mistakes when entering the address. The app is easy to install on the Ledger Live application.

Comment by BTC-ECHO editor Christopher Klee:

Hodl the forest fairy. It’s nice that Ledger is now helping the Hodlers to stop making gross mistakes when holding Bitcoin.

Recovery Check – for more security with the HODLN of Bitcoin, Ether and Co.
As a second new app Ledger presents RecoveryCheck – now you can check your recovery phrase. What anyone who should know about storing crypto currencies on wallets: With the recovery phrase the stored tokens stand or fall if the ledger is lost or stolen – without it you can’t get to your funds afterwards – which can lead to high losses.

With the Recovery-Check-App this should be much easier now. You can simply enter it into the app again and the app automatically checks whether you have written down the right words – then you can best copy it again and store it in a safe place.

The company on its blog:

“We are happy to bring these new features to our community and we will continue to work on improving our products for the future.

Just to remind you, storing crypto currencies on Exchanges is not a good option if you are concerned about security. The problem is now well known – although crypto currencies themselves are protected against attacks – the stock exchanges are not always. Again and again we have to report about phishing attacks on crypto exchanges where users lose their carefully coded bitcoins. If you want to be on the safe side and don’t trust your memory enough for brain wallets, you’ll always be well served by ledgers like Ledger Nano S, Archos or Trezor.

Meanwhile, the Bitcoin rate remains stable at over 8,000 dollars. This means that the leading crypto currency is currently at a 7-day plus of 6.36 percent and a monthly upswing of just under 28 percent. There it is not wrong to continue hoddling Bitcoin. The same applies to Ether, Ripple and most Altcoins, which are in the upwind.