The industry of hardware wallets for cryptocurrencies, as well as other digital currencies, has been a roll with the numerous choices provided to securely keep coins and avoid the risk of unprotected storage servers.
That said, we’ll be looking at an awesome hardware wallet that you might have heard of; the Ledger Nano S hardware wallet. So, shall we?
Overview of Ledger Nano S
The Ledger Nano S wallet is a hardware wallet for altcoins, Ethereum, and even Bitcoin, that consists of a comprehensive suite of security features. Also, it can be used in not only making payments but also storing digital assets.
Among the awesome features that come with this wallet includes a high level of security, making quick payments, an easy-to-use design, and so much more.
Ledger is a leading company in the development of infrastructure and security solutions for blockchain applications and cryptocurrencies. The company was founded in 2014 with its headquarters in San Francisco and Paris. Plus, it also has a team that comprises of more than 130 experts.
Additionally, Ledger specializes in the building of numerous services and products for safeguarding cryptocurrency assets for both companies and individuals. And, one of their products happens to be Ledger hardware wallets that have sold in more than 160 countries. Even more, the company has carried out four rounds of investments, raising over $85 million.
Ledger Nano S User Interface
The design of the user interface for Ledger Nano S gives you smooth user experience.
Well, the wallet is similar in some ways to how you use other hardware wallets out there, plus, the process is also pretty straight-forward.
Once you get the hardware wallet all set up, you’ll need to select a pin. After that, you’ll be given a 24-word seed for creating private keys.
The entire initial setup should take you less than four minutes because you’ll need to note down your seed to ensure that it’s kept in a safe place.
After setting up the device, you’ll need to install the required apps to use the wallet, which all depends on the digital currency you choose. Though you can use these apps in sending or receiving currency, they can’t be used to help the wallet in storing your coins.
Additionally, there’s Ledger Live which is a desktop software that makes things a lot easier. With this desktop software, you can generate Bitcoin addresses for receiving funds, send Bitcoin using Ledger Nano S, access your account details, and even access numerous settings like the language of use and exchange rate.
An amazing functionality of the Ledger Nano S wallet is that it can work with your existing Bitcoin wallet. This way, you don’t need to set up different wallets to store your coins. Other online wallets that Ledger Nano S supports include Bitgo, MyEtherWallet, Copay, MyCelium, Electrum, and so on.
Security of Ledger Nano S
Hardware wallets are the most secure way you can think of storing your cryptocurrency assets. However, this doesn’t mean that they don’t come with a few security flaws. But still, most of these flaws are user-based and not always the fault of the developers of the wallet.
To use the Ledger Nano S hardware wallet, you have to take precautions like not using the wallet on computers with the risk of infection and taking note of your security seed on paper instead of a PC.
In theory, Ledger Nano S doesn’t have any known security risks. Because it is a hardware wallet, it’s almost impossible to hack without being connected to a computer.
Supported Coins Ledger Nano S
Ledger Nano S supports more than 700 tokens and coins. So, let’s list some of these supported coins, shall we?
- Bitcoin Cash
- ERC20-based tokens
Wrapping It Up
The Ledger Nano S hardware wallet comes with features that can satisfy the requirements of a large number of cryptocurrency enthusiasts. The wallet comes with awesome security features, amazing coin accessibility, and an easy-to-use interface.
Ultimately, the wallet gives you a trustworthy product for safeguarding your tokens and coins.