Steps to follow for the Ledger live crypto staking
Since, the evolvement of the crypto world, the industry has gained several the customers. Nowadays, this industry is everything people talk about. There is no better way to earn extra money with all the savings in a legitimate way. But to be able to do that, you need a proper trusted trading platform as well as a wallet where you will keep all of your assets. So, to lessen your burden about it, we’ve prepared a useful blog for you.
Here we will describe the ledger live wallet. This blog also consists of the process or the steps to follow about crypto staking on the ledger wallet.
What are the currencies for staking?
One can trade several of the currencies on the Proof of Stake network. But this is the case for the software wallets, it is a completely different story for the hardware wallets. The currencies available for staking are limited here, especially on the Ledger live wallet. As of now, there are only five of the currencies available. And the name of those, five assets are:
- Polkadot
- Tezos
- Algorand
- Tron
- Cosmos
However, it does not mean that you cannot trade other cryptocurrencies on a ledger wallet. In most cases, an application has to be downloaded in the ledger wallet which will enable the live staking for the users.
Protection Services of the Wallet
Like the other cryptocurrency exchanges ledger live wallet also gives the users a seed phrase to store for enhancing their security. The length of the seed phrase is 24 words and in addition to it, a 25th word is provided which is known as a “passphrase” and is set as per the choice of the user.
Unlike other cryptocurrency software wallets, these hardware wallets are considered more secure because it is nearly impossible for a hacker to hack them. Hence this makes it more appealing for the users to do ledger staking. But these wallets cannot be used on multiple devices so you must store your seed phrase for security purposes.
Steps to stake assets on Ledger
The ledger staking can be done by using 2 ways and one of the processes is described as follows. But we will not delve into both of those procedures, instead, we will talk about one of the easiest methods of www.ledger.com/start staking. And if you do not find it easy, open the official website to learn the other method.
Staking with the Ledger Live
The function of Ledger Live is to store digital assets and manage them for the users. And to also facilitate the staking process. The process is:
- First, install the application Ledger Live on your device from the official links. Or you can even use the Ledger live link for this procedure.
- Create a new account on the platform after installing it.
- Now you have to select the application you want to install to begin the staking.
- Purchase the crypto using the installed application and then transfer the funds to the device.
- Now press the earn rewards button which will be available on the coin you want to stake.
- In the last step, decide the amount you want to stake and then start your staking and reward-earning process.
The other method of staking is using third-party wallets which is not explained in this blog.
The Bottom line
If you want to know the best wallet for Ledger staking, then you should go for Ledger Nano X. This wallet is famous among all the ledger wallets. Though this wallet is a little costlier for the users if you want to trade in multiple cryptocurrencies then it should be preferred. But if the wallet price is a main determinable factor then you can take a look around the www.ledger.com/start wallet and select any other wallet of your choice.
