DescriptionLedger Nano S is a Bitcoin, Ethereum and Altcoins hardware wallet, based on robust safety features for storing cryptographic assets and securing digital payments. It connects to any computer (USB) and embeds a secure OLED display to double-check and confirm each transaction with a single tap on its side buttons. When you own cryptocurrencies, you need to protect your confidential data and the access to your funds. With Ledger Nano S, secrets like private keys are never exposed: sensitive operations are isolated inside your hardware wallet within a state-of-the-art Secure Element, locked by a PIN code. Transactions can’t get tampered with, they are physically verified on the embedded screen with a simple press of a button. Ledger Nano S include
Some ERC-20 Tokens
Hardware Wallets are popular nowadays. With the boost of Bitcoins and other cryptocurrencies, it is a challenge for the owners to protect their Bitcoins. There are lots of choices to keep your Bitcoins secure, and Ledger Nano is one of them.
Founded in 2014 in France, a Ledger Nano is a hardware wallet for Bitcoin, Ethereum, and different Altcoins. It is a cryptocurrency hardware wallet that allows you to store your Bitcoins and another cryptocurrency safely. It might be small that looks like a normal USB device but it can bring huge protection to your coins. Ledger Nano allows you to conveniently make transactions like receiving and sending payments on any computer quickly and securely. Other than that, it can be used for storing your digital assets with high-level security.
Owning cryptocurrencies makes you worried, especially for the security and access to your funds. Protecting your confidential data and keeping your coins safe is a challenge for most of the coin owners. With the Ledger Nano, your information and coins will be protected inside an isolated device locked with a PIN code. This will protect your transactions from being altered and keeping your coins away from hackers and risky online storage servers.
The design is simple, small, and sleek. Because it’s small, you can bring it anywhere. The hardware wallet is manufactured in metallic cases that bring protection to the possible physical harm. You will not be worried if you ever accidentally dropped the device.
Using it requires a computer. You need to connect it to a desktop or laptop. The wallet needs to be plugged into a USB before you can access your coins. Just recently, the company announced their upcoming new Ledger Wallet application that will be available this year, 2018. This new application will be available on desktop and mobile, making your life easier by huddling all your cryptocurrencies in one place. The new application will be available on Windows, Linux, MacOs, iOS, and Android.
So far, the Ledger Nano S wallet has no known security issue. Most of the users are satisfied with it because it’s easy to use, the interface and coin accessibility are nice, and most importantly, great security features. What is totally amazing is that, when it isn’t connected to a computer, it is close to impossible to hack.
- The device is very easy to use. The design is simple, foldable, and it fits easily even on small pockets
- It has a security card with 58 pairs of characters.
- Your password will be shown in the device randomly and only visible to the owner.
- It has a built-in OLED display that checks and confirm transactions using its physical buttons.
- Your 4-digit PIN always shows up every time you are using the device for tight security purpose.
- It has a recovery sheet (paper wallet) that backs up your accounts. This allows you to restore your accounts easily in case it is stolen or lost.
- This wallet reduces the risk of hacking since your account is offline if the device is not used.
- Ledger Nano grant users to accept rewarded coins which other wallets doesn’t offer.
- The device is not too expensive and reasonable.
- There’s a lot of positive reviews online.
- You need to remember all of your passwords.
- You need a computer with USB port before you can use the Ledger Nano.
- Your 4-digit will pop-up every time. Thus, there will be lots of processes before you can finish and confirm a transaction.
- The wallet doesn’t have mobile support yet, but the company is working on it.
How to Buy
You can visit their website so you’ll see more information about the device before buying. Their website offers complete information about the device, the price, and the expected shipping and arrival of the product. It is more advisable to purchase the device on their website. However, you can also buy the product online from the following:
- Crypto Wallet Supply
Take note that it’s not recommended purchasing the Ledger Nano on eBay. You can check their website so you’ll see their approved resellers.
Using the wallet
Ledger wallet has a similar method of usage in general among hardware wallets on the market. The standard process is quite straight-forward. Once, the hardware wallet is set-up for the 1st time, users usually are asked to provide the preferred secure PIN. Later on, a 24-word seed will provide which required for the creation of the private keys. Let me discuss further on how to use the Leger wallet efficiently.
Once the Installation completed: the leger wallet device will merely be inserted into a USB port on your machine (PC/laptop) and enter the PIN that you recently created to access the wallet interface. The wallet “user interface” is pretty user-friendly, that anyone especially those who are familiar with bitcoin wallets should feel at home. The only difference is on the security level, where they had added a feature of validation with the security card that required for all transactions.
How does the security card work? The wallet will provide simple instructions for the user to follow and enter the “four-character code” to validate the transaction. The security card obtains the corresponding characters that need to enter for the validation process.
Besides on the “security card validation”, it also has the features of QR scanner that is very helpful when you simulate topping up a mobile wallet. It could be a time saver in some situations.
Step 1: Connect your Ledger device
Step 2: Enter your PIN code
Step 3: Open the Bitcoin app on your Nano S (right click)
Step 4: Launch your Bitcoin Chrome application on your computer
Step 5: Click on “Send/Receive, “and a pop-up window opens.
5.1: Sending: Fill in the required fields such as “amount and recipient address (you can able to paste or scan),” and click on the “Send”button. Then, it will authenticate the physical device.
5.1.1: Click the right button to confirm and wait for the “Chrome app” displays “validated.”
5.2: Receiving: Simply copy and paste the “Bitcoin address” into the receiving wallet, and wait for confirmation.
Different coins and other confidential data can be easily hacked and tempered when stored online. Using a hardware wallet like Ledger Nano allows you to store your coins in a secure offline environment so it will be away and out of reach from the hackers.
The vault storage is protected by a 4-digit PIN code and if ever your device is lost or stolen, you will not be too much worried because, after three wrong guesses for the PIN code, the device will shut down and wipe itself.
Pros & Cons
- Accounts can be exported
- Easy to use
- No passphrases support
- No 2 Factor Authentication
- Not Multi-Signature
- Not open source