If there is a specific point which all bitcoiners should take note of, it is the proper storage of their bitcoins. Proper storage of bitcoins is essential to the promise of Bitcoin. Properly securing your bitcoins allows you to have control of your money in ways that were not as accessible before. Two approaches exist so far:
- Entrust -rightly or wrongly- all the hassle of security to a third party (Coinbase, Blockchain.info)
- Setup a cold storage by putting your bitcoins on a wallet totally disconnected from the internet, at the obvious cost of less practicality.
Ledger intends to offer the advantages of both these solutions without their drawbacks. The wallet consists of a “smartcard” (a small chip) that provides a significant level of safety since this component has been used for years in the credit card industry. The same chip signs all your transactions in a fully encrypted way, hence permitting its use even if the PC on which you would like to perform the transaction is compromised.
From a practical point of view, the wallet is no slouch: the link between this technological gem and you is made through a neat and intuitive interface accessible after installing the dedicated Google Chrome add-on. Launched on December 11 at the price of 29€ (about 36 USD) excluding shipping cost, the wallet is the brainchild of Eric Larchevêque / Thomas France (La Maison Du Bitcoin), Nicolas Bacca (Who built the first smartcard based HW wallet -1) and Joel Pobeda (Chronocoin).
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