Excerpt
Learn about the importance and process of updating your hardware wallet. I explain the need for regular software and firmware updates to maintain security and functionality and walk you through the process using Ledger as an example. Stay one step ahead of hackers and make sure your bitcoin is protected.
Transcript
The first question is: “There is a Ledger update 2.75. Where can I find instructions to do it in the right way and should I update at all? Thank you.” So yes, you definitely should update your Ledger software. So a Ledger is a hardware wallet with which you can secure the private keys to your bitcoin for long term secure storage. And the Ledger is one of some hardware wallets devices that are available. Others are a brand called Trezor, then the BitBox02, then we have COLDCARD, and what else do we have? Yes, the Jade from Blockstream. To be honest, if I were to recommend something to you, I would say don’t and you hadn’t bought already a Ledger, I would say go for the others because I don’t like what Ledger is doing marketing wise and with their data security and privacy. But as you already have got the Ledger, yes you should update it. So the thing with a hardware wallet, is it’s a device which needs a software so you can manage the keys to your coins for the Ledger. And also the device itself has a software which is called firmware. So both of these are softwares in a way because both is software. The first one for Ledger Live is called software. The other one for the Ledger as the device is called firmware. So you should upgrade both. But it’s more often that the Ledger Live software is updated than the firmware. So when the Ledger prompts you to check for a new update then I usually also go to the Ledger website and check back. Do they really have a new upgrade? If they do, then you can do the update from the software that it shows you. Then you say “update” and then the whole thing will be newly installed meaning the software is new installed. So your hardware device stays the same as before, there are no changes. And then the Ledger software should open up in its new version and then you should be able to see everything again and maintain it and administer it the way you did before. Where can you find the information on that. Ledger has a very detailed information on their website? I suggest you go to a search engine and look up Ledger Live update and then you will find the website from Ledger itself. It starts with support.ledger.com and it gives you all the information you need. They also have a YouTube video there where they show you how to upgrade your software. And it’s also important to check for firmware updates because that’s the software that is running on the Ledger device itself. So it’s not for you to manage your coins, it’s to manage the device and you can also search for that when you put in Ledger firmware update and then you will find a help page by Ledger themselves. And it’s important to update the software and firmware of your devices and the software for your wallet because on the one hand new functions are coming to the devices and on the other hand, when the companies, the developers find bugs, they upgrade the software to get rid of the bugs to fix them. And that’s important also because there’s a race for security. Hackers always try to hack a device and the developers always try to be one step ahead and mitigate these attacks. And that’s why it’s important to update your software. And also when you have a hardware wallet, it’s advisable that you at least once in a half year, I would say so every six months that you open it, that you check, is the software up to date? If not, then upgrade it. Once a year, I would also check for my seed phrases and everything. Is everything working? Is my seed phrase where I put it? Can I find it again? Is it still in a good condition? Can I read it? Because if you for instance, forget about your bitcoin and your hardware device for two years or for three years, and then you search for it and then you realize you can’t upgrade anymore. I mean, not all is lost as long as you have your seed phrase. But it can be more difficult to get that upgrade done then because you might have a lot of software versions in between that you have missed. So it’s really important if you own bitcoin on-chain that you maintain and administer your hardware wallet device and your seed. Check back that you really have it.
