Ledger Nano S is a hardware cryptocurrency wallet that offers high-level security through a secure chip, and proprietary operating software. It allows investors to control their private keys and is supported by the biggest name in the industry.
Investors have more than 1,100 cryptocurrency and tokens available on the Ledger Nano S. There are 23 cryptocurrencies that Ledger supports directly and the rest that are supported by third-party apps.
Ledger Background
Ledger was founded in 2014 and is a leader for security and infrastructure solutions to cryptocurrencies and other blockchain applications. Ledger is headquartered in Paris, Vierzon, and San Francisco with a staff of more than 130 professionals. Their expertise is in the development of a range of products and services that protect cryptocurrency assets for both individuals and businesses. Their products include the Ledger line of hardware wallets, which has been sold in 165 countries. In 4 rounds of investment, the company raised more than $85 million.
What is Ledger Nano S?
Ledger Nano S is a non-custodial, hardware wallet that stores cryptocurrencies in cold storage. It can be connected to your computer to store, send and receive crypto via the company’s app Ledger Live. This wallet is widely considered to be one of the most secure in the world, as it keeps private keys offline.
Hardware wallets summary
Hardware wallets offer the strongest security for Bitcoins and any other cryptocurrency. You can send and receive Bitcoins from any computer with an internet connection, even if it is infected with malware. Your transaction will be processed as planned. Hardware wallets are secure because they store your private key offline and sign your Bitcoin transactions offline. This prevents anyone from remotely hacking your wallet. Hardware wallets often use a second screen/device for verifying actions, such as transaction signing. Hackers can still gain access to your computer’s physical device, but they cannot do any damage.
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Benefits of using Ledger Nano S
Ledger Nano S Is Easy To Use
Ledger wallets can be used with the LedgerLive app. You can manage your crypto with the app, which includes sending and receiving it, as well as staking it to earn rewards. Ledger Live’s best feature is its simplicity. It’s not difficult to learn how to use.
Stores NFTs
Non-fungible tokens (NFTs) are a popular option. They include digital art, characters from games, and many other things. You will need somewhere to store your NFTs if you decide to invest in them. Ledger NanoS supports NFT, so you can keep both your NFTs as well as your crypto together in one place.
Ledger Nano S Is Affordable
Ledger NanoS is one of the most affordable hardware wallets. The price is $59 and does not include taxes or duties. There are three options available for those who want a Ledger wallet. The family pack includes three wallets at a 21% discount.
Over 1100 Cryptocurrencies Supported
It is most convenient to store all of your digital currencies in one location. A Ledger Nano S can store more than 1,100 different cryptocurrency.
Things that could be improved
Miniature Display
The Ledger nano S is approximately the same size as a USB drive and the display occupies only a small part of the device. This is great for portability but can make it difficult to read the screen of this cryptocurrency wallet.
Limited memory
The main problem with the Ledger nano S is its 160KB memory and inability to be upgraded. While this doesn’t limit the amount of crypto that you can store on it it limits how many apps can you install. Ledger Nano S allows you to install up to three applications, according to Ledger.
Ledger devices are able to use apps to manage cryptocurrency. Each cryptocurrency has its own Ledger app. To send and receive Bitcoin (BTC), you will need a Bitcoin app. The same goes for Ethereum (ETH).
You must uninstall any app that exceeds your wallet’s storage limit before you can install another one. Even if the app isn’t installed on your device, your crypto will still be safe. It can be annoying for people who have many cryptocurrencies to constantly uninstall and install apps.
Ledger Nano S Price
Ledger’s Nano S hardware wallet costs $59 and can be purchased on their website. Sometimes, the company offers free shipping to the U.S. or many other international destinations. Shipping costs can be higher than $19. Ledger has many reseller partners, so you might find the device cheaper elsewhere.
The Ledger NanoS on Amazon costs $59 and comes with free shipping, while it retails at Walmart for $46.99 (as of January 2002). The shipping time will vary depending on where the device is purchased, but it’s not uncommon to receive it within two weeks.
The Ledger NanoS device and a micro USB B cable are contained in the box. You may also find sheets that allow you to write your 24-word recovery phrase, as well as a neck strap. Ledger offers three devices in a package for up to 21% savings.
Cryptocurrencies Supported
Ledger NanoS supports more than 1100 cryptocurrencies. You can send and receive the main coins via the Ledger Live interface. Here is a list with the most supported coins.
Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin Gold (BTG), Ethereum (ETH), Monero (XMR), Ethereum Classic (ETC), Ripple (XRP), Litecoin (LTC), Dogecoin (DOGE), Zcash (ZEX) and Dash (DASH)
Some coins (e.g. Monero, Binance Coin and mostly ERC-20 tokens (i.e. To send and receive coins in ICOs, you will need to connect to an alternative software (e.g MyEtherWallet or MyCryptoWallet).
Ledger Nano S Security
Ledger Nano S is one of the most secure options for cryptocurrency storage. It’s a hardware wallet that keeps your private keys in cold storage. These cold wallets are designed to isolate your private keys from any devices that could be hacked like your smartphone and computer.
Secure Element is a military-grade security device that protects the device from sophisticated attacks. The device also features a BOLOS operating system that was specifically designed to protect crypto assets. Ledger Nano wallets were the first hardware wallets certified by ANSSI (an independent French cybersecurity agency).
Access to a Ledger Nano S device requires a PIN code of at least four characters. Your 24-word recovery phrase can be used to recover crypto if your wallet is lost. These are the only ways to access crypto stored in one of these wallets. There has never been an instance of a Ledger Nano S being remotely hacked.
Setup Ledger Nano S
It is easy to set up the Ledger Nano S and use it. Download Ledger Live on your computer or mobile device. Then, choose the option to create a new device. The application guides users through the entire process, including a security checklist.
Once the Ledger Live app is installed, investors can use it to perform most actions. To confirm transactions, they simply need to press both buttons on their Ledger hardware wallet. The screen is tiny, but it does the job for what little interaction is required. It can be difficult to scroll through the alphabet in order to find every letter if you have to enter your 24-word recovery sentence.
Nano S is a great option for investors who only have a few coins. Nano S can only hold a handful of programs at once. This means that you will need to delete any app in order to install another cryptocurrency. Although your crypto remains safe and secure on your device it can cause some issues with usability.
Conclusion
The Ledger Nano S is a great product at a reasonable price. It supports nearly every major currency and is easy to use via the LedgerLive interface. The Ledger Nano S is a great hardware wallet for keeping your coins safe.
