Understanding & Updating Ledger Nano X Firmware: Navigating Trust in Hardware Wallets

In light of Ledger's new recovery service and the necessary firmware update, questions of trust have emerged. This video delves into why it's crucial to keep your Ledger Nano X updated, balancing the need for security and trust in the company. Watch as I highlight parts of a recent live stream, explain my rationale for updating, and walk you through the process. Remember, all hardware wallets require a certain level of trust - it's about making informed choices. Don't forget to like, share, and subscribe for more nuanced crypto content!

00:00 Introduction
01:17 Why Secure Chip Elements (used in most hardware wallets) are not Open Source
04:34 Is the New Firmware Update a Backdoor?
06:55 Steps to Upgrade Firmware: Enter Pin
07:09 Go to the "My Ledger" Section of Ledger Live
07:22 Run Firmware Update
08:48 Re-Install Apps on the Device
09:14 Unlikely Scenario: The Entire Ledger Company would have to be a Criminal Organization
10:19 We put a Level of Trust in Companies in Almost Everything We Do (Living Life is a Constant Risk Assessment)
12:18 The General Consensus in the Crypto Community: Spread Your Assets Across Several Different Hardware Wallets

💡 DISCLAIMER: This video is for educational purposes only and should not be considered financial advice. Always do your own research before investing in cryptocurrencies.

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