Using a hardware wallet is the most effective way to safely store cryptocurrencies. It is a secure hardware device that stores private transaction keys and other sensitive data. Unlike web and mobile wallets, a hardware wallet cannot be hacked without physical access to the device, making funds less vulnerable to theft using this method.
The Ledger Nano S is a well-known Bitcoin hardware wallet that has sold over a million units worldwide.
It is one of the cheapest hardware wallets out there, priced at just $59. It has a simple interface and clean design, and supports over 1,100 coins in total.
The device is about six years old. In the world of digital devices, it’s an eternity. The Ledger Nano X has already been updated.
So, is it worth spending the extra money to update, or is the simpler, cheaper option still ideal? The following overview goes into the setup process and the exact use of the wallet.
design and creation
Unlike competitor hardware wallets like the Trezor One, the Ledger Nano S wallet doesn’t have a sophisticated design. It also lacks the bold appearance of traditional wallets.
However, when a person opens it, they will immediately notice various changes. On the top of the device there is a small screen, a micro USB port and two buttons for browsing the settings.
In addition to green and pink, it is also available in a very attractive translucent version. It’s also useful to differentiate between primary and backup devices. It helps in matching the ledger to the wardrobe and home decor.
purse at a reasonable price
The gadget is cheaper than many other similar wallets at $59. This pricing makes it a perfect, highly secure, and affordable choice for those on a tight budget.
Private keys that remain on the device indefinitely
Customers using physical devices retain ownership of their private keys, unlike hot wallets provided by crypto exchanges. They are never deleted and are never accessible via the Internet.
1100 currencies or tokens are supported.
Investors can deposit both well-known and lesser-known currencies and tokens on the gadget, which is compatible with over 1,100 coins and tokens.
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The storage capacity for bitcoin applications is limited.
Many cryptocurrencies require the use of a cryptocurrency application. Depending on the size, the gadget can only store up to six applications.
The screen is small and lacks a touchscreen.
The screen is less than an inch since the device is only 17.4mm high. The device as a whole is less than an inch (0.685 inch). It lacks a touchscreen in favor of two tactile buttons.
Other wallets are more mobile friendly than this one.
Since the gadget lacks Bluetooth, it needs to be connected to an Android smartphone or computer via USB.
The device supports the following cryptocurrencies:
The device can support approximately 107 coins and over 1,000 different tokens. Even if fiat money cannot be saved on the smartphone, stablecoins can.
Investors’ hardware includes major cryptocurrencies such as the following:
Polkadot (DOT) Flow (FLOW) Flow (TRC20) USD Tether (BTC) Bitcoin IOTA (MIOTA) Cosmos (ATOM) Dogecoin (DOGE) Algorand (ALGO)
What’s included in the package?
The package is minimalist and clean, inspired by Apple’s design philosophy. Unlike many other manufacturers, he does not put a tamper evident seal on his products as he believes such seals can be easily counterfeited and misleading.
The device itself is included, as well as a quick start guide, three cards for recording the recovery sentence, a lanyard, a micro USB cable, and a loop for attaching to a keychain.
Before proceeding with the setup of the device, a person must first download and install the Ledger Live software. After completing the application, a password must be created for the device.
After completing this process, users can connect it to their computer via a micro USB connection. Follow the on-screen instructions to configure the device. The next step is to use the device to craft a pin.
Use the two switches on the top of the device to navigate through the menus. To go right or up, press the left switch. To move left or down and select a menu item or respond to a prompt, press both keys.
It then generates a secret phrase of 24 words that must be written down on one of the cards included with the device in order to use it. However, it is a time-consuming procedure that must be fully completed. The 24-word phrase serves as a wallet while the gadget is just a portal through which the device can be accessed. If users forget the PIN, they can recover the device by entering a recovery phrase into another device. It allows them to retain access to their cryptocurrency assets. If using a hardware wallet, the secret word may need to be entered into an app. It then sends it to the device, leaving the hardware wallet useless if the phone is compromised or lost. The security of the secret phrase is increased by keeping it air locked and only storing it on the device. It also indicates that the recovery time should be as short as possible. Some users have made it a point to write their 24 terms in a metal purse or break their recovery phrase into numerous parts and keep them in different places.
After choosing a PIN and writing down the recovery phrase, the user will need to verify the device with the Ledger Live app, which should only take a few seconds.
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A major reason why people choose hardware wallets is their security. The company exceeds industry safety standards. These wallets have never been tampered with. EAL5+ certified Common Criteria (CC) tamper resistant chips are installed on nano devices. The chip stores the private key.
Additionally, it is the first hardware wallet manufacturer to use Secure Element chips and an operating system known as the Blockchain Open Ledger Operating System (BOLOS).
The French National Security Agency for Information Systems is conducting an unbiased analysis of these devices (ANSSI). Additional security measures are also accessible at the user level. For example, to buy altcoin, one has to manually press both buttons on the gadget at the same time to prevent cyber criminals from hacking. A four-digit PIN code is required in the wallet. Users are given a 24-word phrase to memorize in a secure offline environment.
configuration and application
The device is easy to set up and use. Users must first install Ledger Live on their mobile device or PC and then select the option to set up a new device. From there, the application guides users through the process, including a safety checklist.
Once set up, investors conduct most transactions using the Ledger Live app, physically pressing both buttons on the hardware package to confirm transactions. Despite the small size of the display, the necessary interaction works well. However, it can be time-consuming going through the alphabet to find each letter as you type the 24-word recovery statement.
It is easy to use and suitable for novice investors with pennies. However, many cryptocurrencies require software and the device has few programs, so one has to remove one in order to install another.
The device has incredibly high ratings from users. Complaints have been made about the lack of Bluetooth and security protocols. In summary, the cost of superior security is a little less cheap. Others have raised concerns about the smartphone’s storage capacity. However, the site discloses size and limitations.
Customers must fill out the return web form within 14 days of receiving the hardware wallet if they experience a device issue after purchase.
purchase and costs
On his website, the hardware wallet costs 59 USD. The company occasionally offers free shipping to the United States and many other countries. Otherwise shipping cost may exceed $19. Ledger also has a large number of resellers so it can be found at a reasonable price.
For example, the device costs $59 on Amazon with free shipping, but it’s only $46.99 on Walmart. The delivery time is determined by the location.
A USB-B micro cable is included in the box. It also includes works that quote a 24-word phrase for a statement of recovery. It also includes a neck strap. It also offers a bundle of three devices that can save you up to 21%.
The Ledger Nano S is an absolutely secure hardware wallet. It looks like a USB stick. It is also one of the best crypto hardware wallets. Although it supports most cryptocurrencies available, many assets require users to download third-party software and space in the application wallet is limited. The device is perfect for both novice and experienced cryptocurrency investors looking to keep their funds offline.