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INTRODUCTION

Welcome back to yet another interesting article centered on the Ledger Hardware Wallets. In the world of crypto, zero-knowledge proofs are cementing the future of transactions with its cutting-edge technology which provides true privacy and anonymity for monetary transactions. That brings us to Ledger Live Software! 

What is the Ledger Live Software? - Ledger Live.png

Ledger Live is a cutting-edge software designed and also allows for the set up of user-owned devices while enabling them to manage their crypto assets swiftly. To start exploring this innovative software, users can open the app and follow on-screen instructions to set up, restore, or even back up their new device. 

The Ledger Live Privacy Concerns 

While using Ledger, there are some security measures to keep in mind:  

  • Universal 2nd Factor authentication: The Ledger Live software provides a medium for users to securely store their private keys; these hardware wallets can also be configured to function as a multi-factor authentication (MFA) device. When MFA is enabled, the chances of people pretending to be you are slim. Your privacy cannot be compromised!

  • Payment information security: Ledger leverages a secure commercial Internet protocol (TLS) which makes payment encrypted and is never stored on the Ledge server.  Ledger ensures optimum encryption during exchanges and storage. More so, there are also regular audits of data by Ledger hosting companies. 

Walk-through: How to Set up Ledger Live

  • To set up the Ledger Live Software, you should visit the official Ledger Life website - https://www.ledger.com/ledger-live/download. Ledger works seamlessly on multiple devices, Windows, Mac, Linux, IOS, and Android OS. 

  • Having installed Ledger on your preferred device, follow the on-screen prompts:

  • If it's your first time using Ledger, you'll need to set up a new device.

  • If you already have an existing hardware wallet, then restore your device using the wallet recovery phrase. Whether you just created your new device or you've just recovered an existing hardware wallet, you can start enjoying the benefits - sending and receiving cryptos is on the go! You can also buy, sell, stake, and access dApps. 

Alternative method using Shapeshift - ShapeShift.png

On the other hand, ShapeShift exists to be a multi-chain crypto platform that facilitates trading, tracking, buying, and earning services. Shapeshift is a community-owned, private, and non-custodial platform that allows users to manage their portfolios and DeFi positions.

How it works

  • You can use the Shapeshift platform to exchange any of your crypto assets into a stablecoin like USDC. 

  • Navigate to the ShapeShift Platform to verify your account then, create or connect a wallet. Confirm the details of the trade on the popup modal Boom! 

  • You've traded your asset to USDC

    Connecting Ledger to Shapeshift Individuals can swiftly connect their Ledger hardware wallet to app.shapeshift.com via WalletConnect.

    1. Visit the Shapeshift website “app.shapeshift.com” and click "Connect Wallet".
    2. Then, click on WalletConnect from the wallet drop down list; click the Desktop tap to select Ledger.
    3. Select "Open Ledger Live". Ledger Live should already be installed on your computer before attempting to connect.
    4. You’ll receive a prompt on the Ledger Live app that ShapeShift DAO is trying to connect. Click "Accept". Boom! And, that’s it.