What does NYKNYC mean?
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If you’re in the crypto space, you’ve probably come across the acronym NYKNYC. This stands for “Not your keys, not your coins” and is a basic and important rule for dealing with cryptocurrencies. But what does it mean and what can you learn from it as a cryptocurrencies user?
The phrase “Not your keys, not your coins” refers to the fact that you must have the private keys for your cryptocurrencies. The person who holds the private keys decides how the crypto assets associated with them are spent. This means that if you do not own them yourself, you trust a third party not to transfer them against your will. This is the case, for example, when storing cryptocurrencies on an online exchange. Here, the private keys are held by the operator of the exchange.
However, possession of the keys also means that you yourself are responsible for its security. This is why there are hardware wallets that ensure secure generation and storage of private keys.
A more widespread manufacturer is Ledger. Their devices, like those of all other manufacturers, store the private keys without ever revealing them to the computer or smartphone. This means that even a hacker with access to the PC would not have access to the valuable cryptocurrencies. Ledger uses only the highest quality security chips, known as Secure Elements, to withstand even the most sophisticated physical attacks on Ledger hardware wallets.
to the Ledger hardware wallets
Ledger Flex
The most important facts in brief |
- Ledger's next-generation hardware wallet with secure E Ink touchscreen
- Thanks to the Secure Element chip and Ledger's proprietary operating system, the keys are securely stored offline
- secures 5.500+ (to the complete list) cryptocurrencies
- connect Ledger Flex to your iOS or Android smartphone or your desktop computer
- Simple verification and signing of transactions on a single touchscreen
- currently available at a price of 249,00 € (click here to check the current price)
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Ledger Nano S Plus
The most important facts in brief |
- The world's most popular hardware wallet is now even better: bigger screen and more memory.
- Management of over 5.500+ (to the complete list) digital assets possible.
- Send and sign NFT transactions with full transparency possible in Ledger Live.
- The large screen makes it easy to navigate and review transactions.
- Up to 100 apps can be installed in parallel.
- ANSSI certified safety of the components
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Ledger Nano X
The most important facts in brief |
- Manage your cryptocurrencies and NFTs with this Bluetooth-enabled hardware wallet
- Offers the most modern safety due to the certified safety element
- Supports over 5.500+ (to the complete list) cryptocurrencies, including Bitcoin, Ethereum, XRP
- with Bluetooth, which enables mobile use via a smartphone in addition to use on a PC
- safe and free shipping directly from the manufacturer for 119,00 € (click here to check the current price)
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Ledger Blue
The most important facts in brief |
- the Ledger Blue embeds a color display and a large touchscreen in an anti-scratch glass, encased in a robust case
- a hardware wallet with its own battery
- the firmware integrity is guaranteed by cryptographic certification
- the Blue is based on an advanced operating system that makes it easy to install applications accessible via a dashboard.
- supports Bluetooth 4.1, USB 2.0 full speed and NFC interface
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