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Ledger Frequently Asked Questions
What is Bitcoin?
It was introduced by an unknown person called « Satoshi Nakamoto » in the famous « Bitcoin: A peer-to-peer Electronic Cash system » whitepaper. This whitepaper outlined how Bitcoin was to function and which role it’d fulfill. Satoshi Nakamoto, left a pretty clear message in the first-ever Bitcoin block mined: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”. Not only was Bitcoin created in response to the current economic crisis, but the very first sentence of the whitepaper couldn’t portray its purpose more clearly: “A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution”. Bitcoin removes trusted third parties, giving everyone complete control over their own money.
Is Buying Bitcoins (BTC) a good investment today?
Being interested in Bitcoin means more than just money: it is about becoming part of a revolution. Crypto and Blockchain is the fuel for an entire new system in which you, as a free individual, can make your own moves.
How to safely buy Bitcoin?
When buying Bitcoin, two things really matter: the security and the ownership of your coins. What counts is the key that gives access to your Bitcoin – your private key. The person that has access to this key really owns the associated Bitcoin and can do whatever they want with it. This person must be you. When buying Bitcoin online, you don’t own this key – the exchange does. This means 2 things:
You are not in control as you are not the true owner of your crypto – the exchange is. This is why they can set certain limits to your activity such as a minimum or maximum withdrawal limit.
You are prone to hack as you rely on the crypto exchange security. While you can make sure that your account is secured by using 2FA for instance, you have no control over how secure the platform is. Cryptocurrency exchanges are an ideal target for hackers because of the huge amount of crypto they can steal, and they have been successful in the past. You need to take back control of your owned Bitcoin to correctly protect and control them: owning your private keys gives you absolute freedom over your own crypto.