What is the Ledger Nano S? How does it work? And most importantly, is it worth your money? In this Ledger Nano S review, we’ll answer all those questions and more. So if you’re curious about this popular cryptocurrency hardware wallet, read on!
What is a Ledger Nano S?
Ledger S Nano is one of the most popular cryptocurrency hardware wallets. It supports over 1,100 cryptocurrencies and provides a secure way to store your private keys offline. The Ledger Nano S has a sleek design and is very easy to use. It also includes a built-in OLED display so that you can double-check your transactions before confirming them. Overall, the Ledger Nano S is an excellent choice for those looking for a safe and user-friendly way to store their cryptocurrencies.
Pros
- Affordable
- Easy to use
- Hosts over 1500 coins
- Guarantees the safety of your crypto
Cons
- At this point, it does not support iOS
How to Use the Ledger Nano S
What You Need
- The Ledger Nano S with its accompanying cable.
- A computer/ phone with OTG connected to the internet.
- The Ledger Live App is downloaded from the Ledger website.
Using the Ledger Nano S is very easy. Here’s how to use your Ledger Nano S.
- Connection
First, you’ll need to set it up. Proceed to connect it to the USB port on your computer to operate it. The Ledger Nano S has no internal power source, so it only works when connected.
- Set Up New Device
The device will ask you to configure it as a new device, and you will use the right button to confirm. Proceed to press both buttons to set your PIN. If you want more than four digits on your pin, press the right button to add them. The maximum you can have is eight. Press both buttons to complete the setup process.
- Set Up the Recovery Phrase
After you have set up the PIN, you need to set up your seed phrase. The phrase consists of 24 words unique to the specific user. This phrase will help you recover your wallet if you lose or damage your current device. If your device has a preset phrase, return it as it has been used.
- Transacting with the device
You need to connect the Ledger Nano S and enter your pin to send and receive crypto. Open the application for the specific currency you want to transact with on the hardware and in the browser. Click the ‘Receive’ arrow and scan the QR code to receive. Any funds in the address go to your wallet. The same applies to sending crypto, except at the end, you will click ‘SEND.‘
Ledger S Nano Fees
When you initiate a transaction, you can select the network fees, and the amount will determine the speed of your transaction. Users can also choose between three fee levels (high, standard, and low) for payment or a custom fee if they are more experienced.
What to Consider When Buying a Hardware Cryptocurrency Wallet
Design
Let’s not lie, we are a very aesthetic generation, and you are probably looking for something more of your style. There are different hardware wallets on the market, and apart from delivering on the software, the exterior design needs to be something you will be happy to carry around.
The Ledger Nano S has a beautiful stainless steel side that looks like a flash disk and a dark side with an OLED display screen. Thanks to its size, you can easily hook it up to your keys. It is also very light and portable, making it a great aesthetic.
The Price
Price is always something you need to consider. If you have a budget, you need to get one within it to avoid overspending. The Ledger Nano S is quite affordable as it averages $59, so it is something you can afford.
Even if you include the shipping fees if you buy it online, you can still afford the money. For this amount of money, this is quite a steal.
Security
Cryptocurrency wallets exist in paper, software, and hardware, and hardware wallets such as the Ledger Nano S are some of the best. When shopping for a crypto wallet, one of the top considerations in terms of security, you can be assured that no one is accessing your wallet remotely unless it is plugged in.
With the OLED screen displaying your security PIN, you can tell when a transaction is happening and cancel it. This way, you are assured that you are the only one with access to your money.
Currency
Another consideration you need to have when selecting a wallet is the number of currencies supported.
The Ledger Nano S supports over 1,500 cryptocurrencies. Some more popular ones include Bitcoin, Ethereum, Litecoin, Bitcoin Cash, XRP, and ERC20 tokens. With this device, you can also store multiple cryptocurrencies at a time.
Essentially, you need one wallet that handles many currencies instead of many wallets for each currency. You take a step in reducing the clutter by getting the Ledger Nano S.
Features and Benefits
Easy to Use
The Ledger Nano S wallet is one of the easiest to use as you only need a computer. If you don’t have a computer close by, you can also use an OTG to access the wallet on an Android. This makes it accessible in different places, so you can access your money whether you have a laptop or computer or not.
The Small Screen is Clear
The monochromatic screen is also very clear, so even if it is small, you won’t be missing any characters or numbers when you need to confirm a transaction. Because of its easy-to-use design, even beginners can easily transact in cryptocurrency. This helps debunk the myth that cryptocurrency is not friendly to beginners.
Supports Multiple Currencies
Unlike other options on the market, the Ledger Nano S offers compatibility with at least three cryptocurrencies. You can easily transact with Bitcoin, Ethereum, Litecoin, and many others. It doesn’t matter what type of crypto you use; you can probably use this wallet to keep transacting and safe.
Storage
The Nano S Ledger comes with a storage capacity of 160kb, allowing you to store three cryptocurrencies simultaneously. Even though the storage is small, it helps improve the device’s security. However, Ledger solved the storage capacity issue with the Nano X, which has a storage capacity of 1.8Mb and can store up to 100 cryptos.
Other hardware wallets still fall short of it. The Trezor One, for example, operates in a slightly different manner. It has flash memory that the microcontroller can access. It has 512kb of flash storage, which does not count because users do not have to download apps.
Related: Ledger Vs Trezor: Which is Better?
Online and Offline Security
The Ledger Nano S has been designed with security at the heart of it. In matters of software, you can set up a PIN or a password and two-factor authentication to ensure no one just accesses your money. In its physical form, the wallet has a great design. It is also designed to look like your everyday items, so people who might be looking to steal your items might not know what it is.
Trusted Brand
Ledger is a brand that has been creating hardware products for Bitcoin and the cryptocurrency industry for some time. The company has raised over $88 million in funding and has invested it in creating top-of-the-range products. This is one of the products you need to get your hands on.
Customer Support
Ledger’s customer support is excellent. If you have any questions or encounter any problems, Ledger’s team is always quick to respond and help you through a call or email. Ledger also offers a comprehensive FAQ section on their website that covers everything from getting started to troubleshooting.
Packaging
The box comes with so much more when you buy a Ledger Nano S. Once you unbox, you should expect a Ledger Nano S, a Type Micro-B USB Cable, a key ring, and a special sheet of paper for recovery seed. All these for the small price of $59 is not a bad deal for you.
Recovery Option
One of the biggest sources of panic in the crypto industry is forgetting your security keys and being unable to access the cryptocurrency. The Ledger Nano S gives you a recovery sheet that can help you make a recovery.
Those in the industry no longer copy the mnemonic seed phrase in a book. However, Ledger Nano S sends it along when you buy the wallet. In case your wallet is misplaced or stolen, you can use this phrase to get back your entire wallet and any cryptocurrency that was in it.
Technically Unbreakable
Cryptocurrency is very valuable, and in whatever form of wallet you use, there will always be someone trying to break into your wallet. The guys at Ledger Nano S have used ultrasonic welding to seal it. If someone tries to break into the device, they will fail. More so, it makes restoring the wallet practically impossible.
Offline Security
The Ledger Nano S allows you to store your cryptocurrency on hardware, so it is safe from hackers. Hackers are always trying to gain access to e-wallets across the internet. With this wallet, you can carry your money around without fear of unknown sources trying to get a share of your money.
It also guarantees that you will remain anonymous. There is no personal information or data needed when logging in or transacting. This guarantees anonymity when transacting; you don’t have to worry about someone stealing your data or tracking your physical whereabouts.
Conclusion
This ledger wallet review makes it easy to see why the Ledger Nano S is one of the most preferred wallets in the cryptocurrency world. Buyers have a lot of benefits to enjoy by purchasing the wallet. It is a guarantee of security, anonymity, style, and convenience.
FAQS
1. Does Ledger Nano S have to be plugged in to receive?
Yes, it is. The Ledger Nano S does not have an internal power source, so it must be plugged in to send or receive.
2. How Long Does the Ledger Nano S last?
The Ledger Nano S can last a few hours when in use and a few months if idle. The wallet can last up to five years with frequent use before you need to replace it.
3. What Happens if I lose my Ledger?
First of all, be assured that your money is safe. When you buy another Ledger Nano S, you can use the seed phrase to recover your crypto.
4. Is The Ledger Nano S Safe?
Yes, it is. This cold wallet is designed with security in mind. From the exterior to the interior, you can be assured that no one apart from you will be able to access the wallet.
5. How Many Coins Can a Ledger Nano S Hold?
The Ledger Nano S hardware wallet can store over 1500 coins. This includes popular coins like Bitcoin and other altcoins.
