The popularity of the Pirate genre of movies is accompanied by myths of hidden treasures stashed away in islands around the globe. There is even a bunch of guys who dive at various sites in the ocean believing that there is a sunken pirate ship or even a military ship from Spain with a lot of gold from El Dorado. The thing is, whenever someone, or a country, knows they are in possession of some valuable treasure, they hide it. The same can be applied to the owners of the Tron (TRX) cryptocurrency. They know they are in possession of a gem that will probably even earn them 100,000% in gains in 5 to 10 years if all goes according to plan with the Tron project. Therefore, they want to hide their TRX in a safe place.
So how do you keep your Tron (TRX) coins safe and away from hackers that like targeting crypto exchanges and online wallets?
You get a hardware wallet that will store your TRX offline in a digital vault. This is where the Ledger Nano S comes into play. The hardware wallet has been the choice of many since last December during the Crypto bull run. Even the manufacturer could not keep up with demand for the device. They even ran out of the Ledger Nano S devices back in January. Getting one now is also proving to be difficult because the little gadget that stores your huge treasure, is what everyone is looking for.
Now, the same device now supports our favorite coin of Tron (TRX). Yes. TRX is now a coin ever since the Genesis block was launched on the 25th of June and the token migration having been concluded in most of our favorite exchanges. This has even led many to predict that buying TRX now, would be like buying Apple and Amazon stock in the 90s.
The act of TRX holders stashing their Tron coins in cold storage in the Ledger Nano S will reduce the supply in crypto exchanges. When supply reduces and demand stays the same, the price of the digital asset has nowhere to go other than up. There is also the added benefit that a HODLer of TRX will think twice before selling their TRX that is in a hardware wallet. There is the procedure of logging into your device and then logging into your Tronscan Desktop client. This sort of long procedure will dissuade many from selling their TRX in the Ledger Nano S.
Another thing is that, those already with the hardware device and were not TRX holders because they had nowhere to store their digital assets, can now buy TRX and store on the Ledger Nano S. Crypto security is the number one reason many crypto-enthusiasts prefer the traditional big 5 assets of BTC, ETH, LTC, XRP, and ETC. These 5 assets are supported by numerous hardware wallets. Now TRX can join the list of ‘safe’ digital assets.
In conclusion, the new option of storing TRX in a Ledger Nano S will further encourage Tron fans to remove their TRX from exchanges and into the device further decreasing the circulating supply hence increasing the value of the digital asset. There is also the added fact of TRX joining the list of coins now supported by the hardware wallet making it possible for more crypto-enthusiasts to buy and store the coin safely in the device. This too will contribute to the dynamics of increasing the price of the digital asset all the way To The Moon!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full
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