The primary concern is the protection of your cryptocurrency when first starting out in crypto.
Cold storage such as a hardware wallet is one of the best ways to keep your tokens secure.
These are devices designed to provide an additional security layer while ensuring transactions are always signed on the hardware and NOT on the computer of the user.
In this review, we will attempt to cover all aspects of the Ledger Nano S, but there will be more emphasis on the Nano’s security features, coin compatibility, and usability.
What is a Ledger Nano S Wallet?
First introduced in 2016, the Ledger Nano S is a multi-currency hardware tool.
Because it is an HD wallet, for all supported cryptocurrencies, you monitor multiple accounts.
This means that with the same backup key, all cryptos stored here will be secure.
So let’s assume that for your friends or family, you’re storing Bitcoin, you can tag those accounts and keep them safe as if they were your own.
Ledger Nano S is the flagship product of the French-based Ledger SAS business which supports cryptocurrency users by securing digital assets such as BTC, ETH, etc.
Cold storage is the method of keeping private keys or other data away from any internet communication, where privacy is easily compromised.
Make sure to check out our Cryptosteel review used to store your private keys.
Ledger Nano S Design
Because of its metal case, Ledger Nano S is small and feels durable.
The computer itself comes with an app that is convenient and easy to use.
On top of the device there are a screen and two navigation buttons.
They all work together to help you access the menu of the device, enter a pin code, select apps, and phrases for recovery input.
It has a two-sided OLED screen on it to help you navigate the device’s options.
Ledger Nano S is currently available in 6 different colours.
What’s in The Ledger Nano S Box?
The Ledger Nano S is in a comfortable little box.
It doesn’t mention the name and what is inside it.
We see the Ledger Nano S lying immediately after you open the box, covered by soft foam.
Here, too, is the appropriate USB cable.
In an envelope, concise information is concealed.
The accessories below are:
- X1 Ledger Nano S
- 100cm (USB to MicroUSB) USB Cable
- Recovery Sheet
On the other side, a seal seals the packaging and the packaging can be opened without breaching this seal.
Don’t worry about this because on the software side, the Ledger Nano S is also shielded from configuration updates.
How to Setup the Ledger Nano S
You enter a PIN code when you first use the Ledger.
You’re doing that on the machine itself, unfortunately for my big fingers the controls are a little too transparent.
You will also see on the Ledger monitor the 24 random words.
The first setup is smooth and this hardware wallet will not take long before you can use it.
It’s close to most other hardware wallets on the market using the Nano, and the process is straightforward.
When you first set up the hardware wallet, you’ll need to select a pin, a 24-word seed to create your private keys.
Follow the Ledgers instructions which are provided.
What If You Lose Your Ledger Nano S?
You are prompted to write down a 24-word backup term, unique to your Ethereum username, when you first set up your Ledger.
It means you can buy a new one if you lose it and restore it with the term of recovery / backup.
In fact, you can access it on any wallet through the phrase of recovery.
Installing Apps – Setup & Configuration
The Nano S also involves the use of a four-digit pin code, or the sending of transactions.
If you enter the pin three times in a row incorrectly, not only will you be locked out, but your Nano S will reset itself and wipe all data away.
To connect with your Ledger Nano S from your computer, you will need to download the Ledger Manager software.
The app allows you to install software for various coins on your Ledger Nano S.
You can use the “manager” tab of the Ledger Live application to download the wallet apps on the computer once the seed words have been verified.
Ledger Live was launched by the ledger in July 2018 and is the latest equivalent to the hardware wallets of the ledger.
It program enables you to set up any hardware wallet ledger, but also to handle all later cryptocurrencies.
A part of the past is the awkward way to use various chrome extensions.
Ledger supports more than 1,100 coins at the time of this writing, including the larger ones below and all ERC20 tokens.
Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Ethereum ERC-20 Tokens, Litecoin (LTC), Dogecoin (DOGE), Ripple (XRP), Dash (DASH), Ark (ARK), Ubiq (UBQ), Neo (NEO), Stellar (XLM), Digibyte (DGB), Qtum (QTUM)
Security features on The Ledger Nano S
The Ledger Nano S is the only hardware wallet that uses a custom operating system to provide secure chip technology.
This type of chip is usually used to encrypt information on credit or debit cards, as well as sensitive biometric data on passports for individuals.
How does a Ledger Nano S keep my crypto safe?
Secure PIN code
Secure PIN code
Physical Anti-tampering Seal
Advanced passphrase option
How much does a Ledger Nano S cost?
With reliable encryption and security mechanisms, it is the most affordable option on the market.
It’s going to cost you about $59 or £53.
Why Buy a Ledger Nano S
The Ledger Nano S is an inexpensive hardware wallet filled with functionality.
The Nano S screen is transparent and the buttons are sensitive, although they should have been somewhat larger in my opinion.
The technology is fairly competent and no problems have been found in setting up and using the device.
The Ledger built-in sliding metal case is an added advantage that protects the screen against scratching and other damage.
The wallet provides excellent support and compatibility with MyEtherWallet allow for several cryptocurrencies
- It is the only XRP-supporting hardware wallet.
- Among the three famous hardware wallets, it’s cheapest (KeepKey Hardware Wallet, Ledger Nano S and Trezor One). The value for Ledger Nano S is $59 and $99 for KeepKey and Trezor One.
- It has an easy-to-use interface.
- It lacks passphrase support.
- It’s not open source.
- Only when the device is connected to a computer will transactions be signed.Only when the device is connected to a computer will transactions be signed.
Ledger is a legitimate, growing company founded with a mission to disrupt cryptocurrency space by developing digital asset security and infrastructure solutions as well as blockchain-based applications.
Ledger hardware wallets are a safer, more reputable choice than crypto wallets for software and paper.
Are you serious about protecting your investment in cryptocurrency?
If you have significant amounts of fiat currency invested in Bitcoin, the Ledger wallet is the perfect way to guard against that number of attempts to steal your hard-earned funds.
As far as security issues are concerned, this wallet suffers from problems common to all wallets of hardware.
The Ledger Nano S could quickly become the number one cold wallet on the market if the company remains vigilant in resolving safety problems and bad product design.
Other Crypto Reviews:
- Unstoppable Domains Review
- Brave Browser Review
- ByBit Review
- Bitrue Review
- TradingView Review
- Cryptosteel Review
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