Ledger Live is an application that you can download on your desktop or mobile phone. The Ledger Live software lets you safely interface with your Ledger hardware wallet device. Think of Ledger Live as a bridge that connects you and your Ledger Nano S or Ledger Nano X crypto wallet.
In this resource, we at Nugget’s News give you an understanding of the Ledger Live software app. After reading this, you’ll appreciate just how much easier it is to manage your Ledger Nano S or Ledger Nano X by using the Ledger Live app.
What Is Ledger Live?
As mentioned above, Ledger Live is a desktop and mobile app. The Ledger Live app is made by the same company that makes the Ledger crypto hardware wallet. By using Ledger Live, you can send cryptocurrencies such as bitcoin to and from your Ledger hardware wallet.
For those who own a Bluetooth-enabled Ledger Nano X, you can pair it with the Ledger Live mobile app to securely manage your cryptocurrency when you’re on the go. This is particularly useful for travellers.
What is the Ledger Live app for?
The main purpose of the Ledger Live app is that it lets you securely access your cryptocurrency in a way that’s a lot more convenient compared to if you use the Ledger hardware wallets themselves.
The Ledger Live app is designed to be as user-friendly as possible—something that crypto hardware wallets typically lack. The app’s user interface is very beginner-friendly.
What’s more, Ledger Live has a number of handy features that make it easy to view your cryptocurrency balances and transfer cryptocurrencies. You can also stake certain cryptocurrencies through the Ledger Live app.
Staking cryptocurrency with Ledger Live
Staking cryptocurrency is similar to—but not exactly the same as—earning interest from your bank on your savings account. For letting the bank hold your money, they pay you some interest on a regular basis.
With staking, you earn rewards in return for locking up—or staking—your cryptocurrency in special contracts that help secure the blockchain network to which that cryptocurrency is native.
The first two cryptocurrencies that you can stake from your Ledger Live are Tezos (XTZ) and Tron (TRX). If you own some XTZ tokens, you can stake them through the Ledger Live app to help secure the Tezos blockchain. Similarly, if you own some TRX, you can stake them to help secure the Tron blockchain.
In both cases, you will earn XTZ and TRX as compensation for choosing to participate in staking. Kind of like how your bank pays you some interest in an effort to get you to deposit your money with them.
When you are staking with Ledger Live, it is important to note that your private keys remain in your wallet at all times. This means that you remain in control of your cryptocurrency at all times.
Universal 2nd Factor authentication
Since Ledger hardware wallets are secure ways to store private keys, the Ledger Live software can be configured to function as a multi-factor authentication (MFA) device. (When you have MFA enabled, it becomes harder for people to pretend to be you. People choose to enable MFA for accounts that are very important. Examples of accounts that will typically have MFA: email, social media, mobile phone, bank, and crypto exchange.)
To enable MFA on your Ledger crypto hardware wallets, find the FIDO U2F app in the Manager section of your Ledger Live app. Click the ‘Install’ button next to FIDO U2F.
Once installed, open FIDO U2F on the dashboard of your Ledger device. Here, you can go to the security settings of web services—such as Facebook, Google, and Dropbox—and register your Ledger device.
Ledger Live Download & Install
The Ledger Live software is available on desktop across Windows, Mac, and Linux. It is also available for mobile on Apple iOS and Android OS.
Ledger Live desktop
Installing Ledger Live is extremely simple. You can do so by visiting the official Ledger website and navigating to the download Ledger Live page. After downloading and following the simple install prompts, the software is ready to use.
There are three options once the Ledger Live software is up and running.
- Set up a new device. Select if you have just purchased a new ledger hardware wallet)
- Restore device from a recovery phrase. Select if you are restoring from an existing hardware wallet that you previously configured.
- Skip device setup. Select if you already have a Ledger wallet set up and configured.
Once you have unlocked your existing or newly configured Ledger hardware wallet, you can start using Ledger Live. Sending and receiving is relatively straightforward. (If you are requiring further assistance, visit the support section of the official Ledger website.)
Ledger Live mobile
To set up the app on your mobile, simply visit Apple’s App Store or Google’s Play Store. From there you can install the app by following the prompts. After installation and opening the app for the first time, you’ll see the following options:
- Import your accounts from your Ledger Live desktop
- Initialise as a new device
- Restore from a recovery phrase
- Use an initialised device
Screen grabs of the Ledger Live mobile app (Source: Google Play)
You can connect your hardware wallet to your phone directly using an OTG cable. Alternatively, if you have a Ledger Nano X—which has Bluetooth capabilities—you will be able to pair the device wirelessly over Bluetooth.