Are there any risks involved in staking Cardano on a ledger?

3 answers

• Jan 03, 2022 · 3 years ago
  Staking Cardano on a ledger device does come with some potential risks. One of the main risks is the possibility of losing access to your funds if you lose or damage your ledger device. It's important to keep your recovery phrase safe and secure, as this is the only way to regain access to your staked ADA. Additionally, there is a small chance of encountering technical issues with the ledger device itself, which could temporarily prevent you from accessing or managing your staked ADA. However, these risks can be mitigated by taking proper precautions and ensuring you have a backup plan in place.
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• Jan 03, 2022 · 3 years ago
  Yes, there are risks involved in staking Cardano on a ledger. One risk is the potential for hacking or phishing attacks. If a malicious actor gains access to your ledger device or tricks you into revealing your recovery phrase, they could potentially steal your staked ADA. It's crucial to always verify the legitimacy of any requests for your recovery phrase and to keep your ledger device secure. Another risk is the possibility of hardware failure or damage, which could result in the loss of your staked ADA. It's recommended to regularly backup your recovery phrase and consider using multiple ledger devices for added security.
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• Jan 03, 2022 · 3 years ago
  Staking Cardano on a ledger device can be a secure way to earn passive income. While there are some risks involved, such as the potential loss of your ledger device or encountering technical issues, these risks can be minimized with proper precautions. By keeping your recovery phrase safe and secure, regularly backing up your data, and staying vigilant against potential scams or phishing attempts, you can mitigate the risks and enjoy the benefits of staking Cardano on a ledger device.
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