Ledger Nano S is a hardware wallet where users can store bitcoin and most of other well-recognized cryptocurrencies. It’s main advantage over other wallets is the ability to store your coins offline (cold storage), which means that your wallet is not connected to the internet, which makes it less vulnerable to hacks or other cyberattacks.
Additionally, users of Ledger Nano S can make safe transactions, the main difference from paper wallets. I will explain that later.
From this article you will find out the following:
Ledger Nano S is produced in France by the Ledger SAS company. If you decide to buy it from the producer. The parcel is shipped from France.
The wallet looks small just like the size of a bigger USB drive. The case is made of stainless steel and good quality plastics.
The set also includes accessories: USB cable/charger, user manual, keyring and a form to save a copy of the seed phrase (this peace is important to recover your coins in case of losing your wallet)
The box is secured with a sticker, so you can be sure that it has not been opened by anyone. After receiving the package, please pay attention to that the protective sticker has not been torn or peeled off.
To fully secure transactions and storage, it is equipped with several mechanisms that provide protection:
PIN code
A four-digit code is necessary to start using the device. Even if you lose your hardware wallet, nobody will steal the cryptocurrency there because the thief will not know the PIN
Isolated environment (cold storage)
Your wallet saves your coins offline, just like classic paper wallet, by keeping your private key, which ensures security. The problem arises when you need to transfer or send these cryptocurrencies.
In case of paper wallet, at the time of signing a transaction, the private key ceases to be 100% safe because the operation takes place on the computer in the online environment. Which is important to be very cautious when making a transaction, like making sure that your PC doesn’t have any viruses or is not compromise. Some people recommend using your private key only once.
In the case of a Ledger Nano S wallet, transactions are signed in an isolated and encrypted environment on the wallet itself, not on the computer to which it is connected.
By using this solution, the Ledger Nano S wallet can be used even on a virus-infected computer.
The necessity of physical interference
Transaction confirmation requires manual pressing of two buttons. Thanks to this, it is not possible to make a transfer remotely without physical contact with the wallet.
Backup copy
You can create a copy of the portfolio consisting of so-called seeds or 24 randomly selected words.
Having seeds allows you to recreate the contents of the Ledger wallet if, for example, it is destroyed. To do this, simply enter the seeds on the new device and the cryptocurrency balances will be restored.
Remember to save your PIN and seed (24 words), without them using the device will be difficult.
Now the price of the Ledger Nano S is around 79 euros with free shipping.
If you have small amounts of crypto (less than $200) then buying a Ledger Nano S wallet is unnecessary. When you have more of them, the price of 79 euros makes it a steal and your crypto is safe and secure. The purchase of a top-quality safe for storing cryptocurrencies of greater value seems a reasonable solution.
Opinions about the Ledger Nano S hardware portfolio are very good. It is a failure-free product that ensures full safety.
Best is to order it from the producer. Go to the producer's website. In the upper right corner, click the green “add to cart” button. After which, a small window pops up. Click “checkout”.
The form with the order, the number of products and the price will be shown. As the form shows, you must select your destination country and a zip code. Now, you are ready to select the method of shipping.
Then enter the exact shipping address by filling in all the desired fields and accept the regulations.
Choose payment method. Options are: a Visa or MasterCard card, PayPal and of course Bitcoin 😊. Click “continue” on the right side and pay for your order.
Sometimes, due to the huge amount of orders, the waiting time for the Ledger Nano S might be a week or two. Especially, during Bitcoin bull runs like the one that happen prior 2018.
IMO, all wallets are original and from the producer. The problem is that it is difficult to check whether someone has interfered with the installed software. To be 100% sure, it is worth choosing an official store and buying a Ledger Nano S wallet there.
The configuration procedure is very simple. Everyone will handle it. Just a few steps and you will be able to fully use the device. Below is a description of how to do so:
Connect your wallet to your computer with a USB cable. You can import your private keys or create new ones. Follow the instructions on the wallet display by operating the two buttons above the display.
Set the four-digit PIN necessary for each use of the wallet. You will be asked to confirm it. Save or remember your PIN. Three incorrect attempts to enter the PIN will reset the wallet.
Make a backup copy. Write down the words that are included in the set that will appear on the display. Save them in the order. Words will appear individually. Click the right button to see the next word. To check if you've saved it, you will be prompted to set a few random words. Scroll through the buttons at the top. Writing a sequence of words in the right order is the most important point of the Ledger Nano S configuration. Thanks to this you will be able to recover content if your device is lost or stolen. After successful configuration you will see the message: “Your device is now ready”.
See the video below:
Install the Ledger applications in the Chrome browser so that you can manage your cryptocurrencies. It is safe. Signing transactions always takes place in an isolated environment on the Ledger wallet. You can also combine your wallet with other popular applications: Electrum, Mycelium, MyEtherWallet. A full list is on the producer's website.
That's all. Now you can take full advantage of your wallet. Outgoing transactions will be confirmed using the buttons on the top of the device - the wallet must be connected. However, incoming transfers you can receive without connecting.
At present, the Ledger Nano S portfolio supports 24 popular cryptocurrencies.
BTC, BCH, BTG, ETH, ETC, LTC, DOGE, ZEC, XRP, DASH, STRAT, KMD, ARK, EXP, UBQ, VTC, VIA, NEO, XST, XLM, HSR, DGB, QTUM, PIVX, and all tokens compliant with the ERC20 standard (Ethereum derivatives).
Ledger Nano S hardware wallet is a device every crypto trader must have. It combines the security of the paper wallet and the convenience of the wallet downloaded to the computer. It is safer than a standard computer wallet due to a fully isolated offline environment.
The price is very attractive compared to the benefits. In exchange for 80 euros you get full protection of your coins
Do you use the Ledger Nano S wallet? What's your opinion about this equipment? Is it useful and convenient? Write in the comment how this device works.
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