The Ledger Nano S is almost certainly the most popular and well-known hardware wallet on the market. There’s a reason for that.
Ledger has done a lot of marketing around its “safe aspect” and raised more venture capital than any of its competitors.
This Nano S review puts the gadget through its paces and discusses whether security components are all they are.
The Ledger Nano S is a small and compact device. It also features a metal body, making it sturdier than other hardware wallets. It slips effortlessly into your pocket or hand.
The Ledger Nano S works much like any other hardware wallet. When users connect and configure it to their computer for the first time, they select a PIN to protect the device from unauthorized access.
You will then receive a 24-word seed phrase that will serve as your private key.
This seed should be written down in a safe place, not on the computer, as everyone knows they have authority over their bitcoins. The Ledger Nano S has two buttons for control. The initial setup of the device is straightforward and takes about 3 minutes. Most of the user’s time is spent writing down their seed.
One of the places where the second screen comes into play is during seed creation.
A hacker could see the seed as it is displayed on the screen when the machine is compromised. Because of this, the seed words are displayed on the small screen of the tamper-resistant device to ensure only users can see their seed.
It only remains to install Ledger Live once the device has been configured. A desktop application that allows users to interact with the gadget.
The Ledger Nano S can also be used to protect previously created software wallets.
What is the purpose of the Ledger Nano S?
The Ledger Nano S (and all hardware wallets) serve two functions:
They produce and store private keys securely.
Private keys act as master passwords for cryptocurrency wallets. Someone who knows a user’s password gains access to their coins.
One of the many beginner questions is whether there really is crypto stored in the device.
Technically no. Since crypto does not exist in the physical world, it is not stored anywhere. It is simply a number associated with a blockchain address (or wallet). The Nano S prevents hackers from getting the user’s private key and stealing coins from that address.
This review details how the Nano S achieves this below.
Ledger Nano S basics
The Ledger Nano S is a multi-currency hardware device which was first launched in 2016.
The Nano S supports over 1,600 coins.
Because the Nano S hard drive is so small, people can only manage three to five of those 1,600 coins at a time. “Supported Coins” only implies that they can manage them on Ledger hardware.
It’s also worth noting that several of these coins are not compatible with Ledger’s native software, Ledger Live.
The Nano S keeps these coins offline by generating and storing the wallet’s private keys.
The Ledger Nano S has been priced about half since its initial release, and it now retails for $59, making it the cheapest hardware wallet out there.
Since then, the Ledger Nano X has been introduced as its successor, occupying a higher position in the Ledger product line by offering additional features (more on the X below) at a higher price point.
Due to its metal housing, the Ledger Nano S is a bit smaller than comparable devices and seems a bit more stable than other devices.
It supports about 1000 different coins.
The user interface is easy to use. Users don’t need to have any technical knowledge to use it.
Click here to GET Ledger Nano S from official website
Safe and secure crypto storage
The most important component of a blockchain wallet is security, and Ledger excels at it. Cryptocurrency private keys are kept in cold storage with the Ledger Nano S, meaning they are offline. It is almost impossible to hack one’s wallet as it is not connected to the internet.
There have been no reported incidents of a Ledger Nano S wallet being remotely hacked. ANSSI, a French cybersecurity organization, has also certified Ledger’s hardware wallets. A ledger wallet is an excellent solution to keep your crypto assets as safe as possible.
The Ledger Nano S is a cheap hardware wallet. It costs $59, not counting taxes and duties. If people know someone who wants a Ledger wallet, there is a family pack option that includes three wallets for a savings of 21%.
Over 5,500 cryptocurrencies are supported.
It is most convenient to keep all digital currencies in one place. Users will most likely be able to do this with a Ledger Nano S, which can hold over 5,500 different forms of cryptocurrency.
NFT data storage
Non-fungible tokens (NFTs), which contain digital art, game pieces, and more, are growing in popularity. When people decide to invest in NFTs, they need a place to store them. The Ledger Nano S supports NFTs, so you can store your NFTs and crypto in the same place.
Ledger wallets are compatible with the Ledger Live app. The software includes a number of tools for managing a user’s cryptocurrency, e.g. B. Receiving cryptocurrency, sending to another wallet and staking cryptocurrency to receive incentives. The nicest thing about Ledger Live is that it’s easy to use, so it takes a little time to learn how it works.
What cryptocurrency is the Ledger Nano S compatible with?
The Ledger Nano S supports over 5,500 crypto assets. It can hold almost all market leaders like Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB) and the rest of the top cryptocurrencies. It is also compatible with a variety of smaller tokens.
The Ledger Nano S costs $59,
Three units cost $139.
It costs nothing to transfer, receive or store cryptocurrency.
Please see the website for more details on pricing. Read the Terms and Conditions, also available on the website.
Is the Ledger Nano S safe?
The Ledger Nano S is one of the safest ways to store your bitcoins. Because it’s a hardware wallet, the private keys are kept in a place called “cold storage” that isn’t online. These cold wallets are designed to keep the private keys away from devices that can be hacked, like computers and phones.
The device itself is protected by Secure Element, a military-grade security chip that can withstand sophisticated attacks. It also has a special operating system called BOLOS which is designed to protect crypto assets. In addition, Ledger Nano wallets are the first hardware wallets to be certified by ANSSI, a French cybersecurity agency independent of the government.
A four-digit PIN code is required to access the Ledger Nano S. If users ever misplace their wallet, they can retrieve their cryptocurrency using their 24-word recovery phrase. These are the only ways to access cryptocurrency stored in any of these wallets, and there has never been an example of a Ledger Nano S being remotely hacked.
Who is this suitable for?
If people want the most secure storage option for their cryptocurrencies and NFTs, the Ledger Nano S is for them.
It is also suitable for those who want a hardware wallet for less than $75.
Inexpensive hardware wallet with screen ($59).
Passphrases are not supported.
frequently asked Questions
Is it possible to hack the Ledger Nano S?
So far, there have been no reports of a Ledger Nano S being remotely hacked. However, hackers use many different methods to steal funds from a user’s wallet.
The currencies on a Ledger Nano S are safe as long as the seed is kept offline and hidden and nobody has physical access to the device.
How do I get Bitcoins in my Nano S?
● Connect the Nano S to the computer via USB.
● Open live ledger
● Select Bitcoin on the Nano S device (enter PIN if required)
● When users click Receive in Ledger Live, they see your bitcoin address.
● Send money to the bitcoin address created in step 5.
Can I use my iPhone with the Ledger Nano S?
no The Nano S is not compatible with mobile phones. If people want to use their phone with a hardware wallet, consider the Ledger Nano X, which includes Bluetooth capabilities.
Conclusion – Is the Ledger Nano S worth the money?
The Ledger Nano S is a fantastic product at a great price. It supports virtually all major coins and is incredibly easy and straightforward to use through the Ledger Live interface.
If people want to keep their money safe, they need a hardware wallet, and the Ledger Nano S is one of the best out there.