Sarson Funds Dec 15 . 2 min read

Protecting Your Bitcoin From Quantum Computing Risk: Cold Storage with the Ledger Nano X

Guaranteeing Bitcoin Safety with Quantum Computing Advancements

Guaranteeing Bitcoin Safety with Quantum Computing Advancements

Protecting Your Bitcoin from Quantum Computing Risk: Cold Storage with the Ledger Nano X

As discussed in the first part of our quantum computing risk advisory, taking your Bitcoin off of centralized exchanges and keeping them safe in cold storage (off exchanges) is a sure way to guarantee the protection of your digital assets. Our recommendation for the best hardware to store your assets on is the Ledger Nano X, which enables users to control their coins through the personal storage of their private keys. The Ledger Nano X is the first and only certified hardware wallet on the market.

When users activate their Ledger Nano X, private key ownership is restored to the rightful owner of the coins, taking control away from centralized exchanges that typically hold and control wallet addresses, public and private keys of their holders. When all three of these, especially private key ownership, is returned to users, users become the true owners of the coins as private key storage is removed from the centralized cloud. When wallets and keys are taken off exchanges, quantum computers have no way of beginning to find them, as referenced in part one, and no complicated tactics are needed to continue safety assurance.

With the Ledger Nano X, users have access to millions of private key passwords for their wallets, so they can engage in as many transactions as they want and have automatic wallet and key regeneration to completely sidestep risk of quantum hacking. The encyclopedia of randomly-generated private passwords is accessible through a recovery phrase, which must be kept private by the user, or else they risk hackers gaining access to all of their private key combinations.

We have no paid partnership with the Ledger team, we are simply recommending our best practices as the future of the crypto ecosystem evolves alongside quantum computing. You can purchase the Ledger Nano X, here.

For more information on quantum computing, the risks and opportunities associated with it, be sure to explore our Cryptography Lite Paper and Digital Asset Investor Guide to Cryptography.

Liam McDonald | Head of Content