Established in 2014, Ledger is the master in security and infrastructure solutions for cryptocurrencies and blockchain applications. Their main focus is on designing a variety of merchandise and services to protect digital assets. The Ledger hardware wallets series has already been auctioned in 165 countries.
Ledger Nano S Review
QUICK NAVIGATION :
- What is Ledger Nano S?
- What’s in the Box?
- Basic Features of Ledger Nano S Wallet
- Quick Tour
- Setting Up and Using the Ledger Nano S Wallet
- Is Ledger Nano S Safe?
What is Ledger Nano S?
Ledger Nano S is Bitcoin, Ethereum, and Altcoin hardware wallet to store cryptographic assets and protect all digital payments.
- Operating Systems: Windows (7+), Mac (10.8+), Linux, Chrome OS (Google Chrome or Chromium)
- Software wallets: Ledger Wallet Bitcoin, Ledger Wallet Ripple, Ledger Wallet Ethereum, Copay, Mycelium, Electrum, MyEtherWallet, BitGo and GreenBits
The Ledger Nano S is listed under the best hardware wallet, as it supports various different cryptocurrencies.
Background on the Ledger- Bitcoin Security Company!
Since 2014 Ledger has been producing hardware for Bitcoin security.
From that time phase, it has received over $85 million in funding from few worlds’ top investors. Its recent rise was up for $75 million in January 2018.
According to Ledger’s website, they have stocked and sold over 1,000,000 Ledger Nano S devices and own clients in over 165 countries:
What’s in the Box?
While unpacking the Ledger Nano S box, you’ll receive the following:
- Ledger Nano S
- 1 micro-USB cable
- Lanyard for wearing the device around the neck
- One keychain and key ring
- Recovery sheet for writing down seed
Comparison with its Competitors
The Ledger Nano S is valued in euros at €79, which comes about $97 USD. It includes free shipping to almost every country.
2) Company Reputation
Ledger was established in 2015 in France. Since then the company has gained substantial traction in the cryptocurrency sphere and has widely grown to be a head to head competitor to SatoshiLabs (Creator of TREZOR which was in the market since 2014).
Connect your Nano S on a USB port
Transactions: Check and confirm with buttons
Pin Code: Protect your accounts and apps
FIDO Authentication: Stronger Authentication for online services
Configuration: Create a new multi-account wallet
Restoration: Import any compatible backup
Settings: Personalize your Ledger Nano S
Setting Up and Using Wallet
To setup, plug the Ledger Nano S device into your system via micro USB cable.
Press both the buttons to begin.
After pressing the buttons, you will see:
“With Ledger Nano S, side buttons are used to interact and control the user interface. Use left/right buttons to change values and navigate through multiple-choice lists. Press both buttons when you wish to confirm/continue or open an application. To begin configuration, press both buttons.”
Again press both the buttons > device asks you a yes/no question, “Configure as a new device?” > select the check mark saying “yes”.
The device tells you to “Choose a PIN code” > press both the buttons.
Select a code between 4-8 digits any of your choices. [Remember this code and save it somewhere safe]
Tip: You also have an option to scroll via numbers > press both the buttons to select a number. (Repeat this for all 4-8 digits)
Enter the code again to confirm and verify.
After choosing a PIN code, write down “24-word recovery phrase” on the recovery sheet.
If your Ledger Nano S is lost or damaged, your recovery phrase helps to regain access to your cryptocurrency wallets. Keep your recovery phrase somewhere safe!
Press both the buttons > verify and confirm certain words of your recover phrase > now your device is ready to use.
Now it’s time to install ledger apps.
As the website says, “The Ledger Apps are free official apps interfaces between the Ledger devices and Bitcoin, Ethereum decentralized networks”.
The physical device protects your private keys and runs with apps on your system to interact with the cryptocurrencies’ blockchain.
To be more specific install Google Chrome Applications created by Ledger.
While ledger provides its own wallet apps for most of the cryptos it supports, Nano S has already been integrated into a number of 3rd party wallets.
Ledger offers its own “Google Chrome Wallet Apps” for Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, Litecoin, Zcash, Dogecoin, Ripple, Dash, Komodo, Vertcoin, Stratis, Stealthcoin, Viacoin, Qtum, Hcash, Digibyte, and PivX
Ledger can be integrated with:
- MyEtherWallet for Ethereum, Ethereum Classic, and Expanse
- NEO Wallet
- Ark Desktop Wallet
- Stellar Account Viewer Wallet
- Pyrus Ubiq Wallet
To use Ledger Nano S for storing Ethereum, Bitcoin, Ripple install their respective apps.
- Ledger Bitcoin (and Altcoins) App
- Ledger Ethereum App
- Ledger Ripple App
To use Ledger Nano S to store any other altcoins, install both “Ledger Wallet Bitcoins & Altcoins” and “Ledger Manager” apps.
“Ledger Wallet Bitcoin and Altcoins” app use all kinds of wallets except Ethereum, Ethereum Classic, Ripple, Neo, Ubiq, Ark, and Stellar.
For example, Let’s set up a Litecoin (LTC) wallet
1) Plug Ledger Nano S into the computer, enter your PIN code
2) Open the “Ledger Manager” app
3) Click the green download icon
4) Close the “Ledger Manager” app
5) Open the “Ledger Wallet Bitcoin & Altcoins” app
6) Select the Litecoin app on the Ledger Nano S
7) Now you can access your Litecoin wallet and send/receive Litecoin.
Here’s a Detailed Video Tutorial:
Is Ledger Nano S Safe?
The wallet provides integrated security features to help you send and receive payments safely.
1) Offline Storage: The hardware wallets safely store your digital currencies offline and out of the reach of hackers.
2) Secure PIN Code: The PIN code is the important factor of security as this four-digit PIN helps you send payments. Also, after 3 incorrect guesses, while entering the Pin code, the device wipes itself.
3) Backup and Restoration: In case you lose the physical wallet, your account remains safe as you already have the backup recovery sheet.
4) Advanced Passphrase Options: Ledger Nano S lets you add custom text onto 24-word recovery phase.
5) Anti-Tampering Seal: The box comes with a tamper-proof tape around the packaging. This is an additional aspect worth considering!
Until the hacker doesn’t have your pin and seed key, your wallet and funds are safe with you. If you’re looking for the best hardware wallet, then you can give this wallet a try.
Have you used Ledger Nano S before? How was your experience using the device?