Ledger Delayed Key-Recovery Service after criticism from the Crypto community

Ledger Wallet has been in the news for the last couple of days because of the controversial statement in which they mentioned that with the recovery service, they will get access to the funds. This is not expected in the case of a hardware wallet because the core function of the wallet is to keep the holding safe from any third party. These wallets are not connected to the Internet hence people rely more on the devices because nobody can access the funds unless they are not compromised. Ledger is a leading name in the hardware wallet segment and if they share this kind of statement when things can be at risk for the users then it is obvious that people would not go for it instead they will start looking for alternate options. This is a leading manufacturing brand but this is not the only name in the market because there are others and the community surely has the option to go far with alternate brands. Safepal and trezor are other hardware wallet manufacturers in the crypto market and they also sell reliable devices.

Hardware wallet is the safe place for Crypto

we have never heard of any case when anyone lost their cryptocurrencies from the hardware wallet and the only stories we have heard in the past are when people lose access to their keys. Since the keys are not stored in any cloud storage so if you lose them then the access to funds has gone and there is no option to recover it. Whoever uses the hardware wallet is well aware of this function and he is OK with the fact that losing the key will result in a loss for them but to resolve this situation the company announced an upcoming service that can help in the key recovery. Probably this service is good for those who do not want to lose their grip oh if in case they lose access to the key but with a hardware wallet, this might not be accepted by the majority of the users.

Ledger came under fire almost immediately from members of the cryptocurrency community, which criticized the idea of sharing seed phrases with anyone other than wallet owners. Multiple commentators wrote angry posts on Twitter, Reddit, and other platforms, saying they felt betrayed by Ledger, which has previously said that Ledger wallet private keys would never leave a device.

Not Your Key Not Your Crypto

this is a very common line in the crypto market which simply means that losing access to your wallet key means you have lost your funds in the form of cryptocurrencies. Why would someone give access to a third party for a region where the service will provide them the option to recover in case it is needed and that too on this subscription basis whereas the user has already paid a significant amount for the hardware wallet? I also use the hardware wallet and keep my coins there and I'm not OK to pay subscription charges for recovery service. This may be a good option but I'm not fine with this because this will be provided by a third party and you never know when these companies can create a mess even after paying for the subscription charges we might lose the funds. Giving access to anyone will always be a risky game hence it is not suggested at all and it's better to keep it the way it is and not opt for anything related to recovery service.

I have seen multiple posts on social media talking about this news and the majority of the users were not in favor of these upcoming services because they do not want to give access to any third party. It is as simple as that because giving access to any company through the hardware wallet is not the core feature and the ledger needs to understand this first. They are nothing if users stop using their product and if they push then even I would not like to use their device anymore.

Finally, the company has delayed the recovery service after the criticism in the crypto community. This is a good step taken by the community to criticize anything these companies are doing in the form of security because giving access to the third party is not the core feature of a hardware wallet and if anyone is ready to do that then why should someone leave the exchange wallet because more or less situation is same there as well.

Thank you

Posted Using LeoFinance Alpha