Ledger Nano S: Review
This article is not sponsored by Ledger or any Ledger affiliate.
With so many hackers and cyber security threats targeting the cryptoworld it is becoming more and more prudent for investors to use a crypto hardware wallet to secure their portfolio. Companies like Ledger have developed high-quality crypto hard wallets to combat these hacks and the Nano S is one of the best available.
What is a crypto hard wallet?
When a cryptocurrency is purchased on a major exchange like Coinbase or Gemini, the coins are stored on the cryptocurrency’s blockchain in what is called a custodial wallet.
This means that until an investor transfers their funds to their personal wallet, the funds ultimately belong to the exchange.
With a custodial wallet an investor must login to their account at the exchange they used to purchase the funds before they can access the funds which are on the blockchain.
In contrast, a crypto hard wallet stores the investor’s private keys to access their funds directly on the blockchain.
The two common types of crypto wallets investors can use are hard wallets (also known as a “cold” wallet) and soft wallets (or, “hot” wallet).
Hard wallet
A small device, similar to a flash drive, that holds your private keys.
Private keys are kept only on the hard wallet and off of vulnerable hard drives and servers which can be hacked.
The private keys are kept offline even when you are connected to the internet.
Connects to your computer through its USB port and interfaces with the wallet’s corresponding desktop or mobile app.
Soft wallet
A “software-based wallet” stores your private keys on your computer.
Private keys can be encrypted and are accessible on multiple devices.
Makes trading a smoother process than using a hard wallet as it connects directly and seamlessly to most exchanges.
In sum, a crypto hard wallet has the advantage over a soft wallet chiefly because it prevents your private keys from being exposed to hackers.
However, for absolute beginners learning the intricacies of cryptocurrency investing, a soft wallet would probably be best to start with given its simplicity of use and it is free to use.
Best cold wallet
The Ledger Nano S is “the world’s most popular hardware wallet” on the market today. With its sleek, compact design the Nano S is perfect for beginners as well as seasoned investors.
Image courtesy: shop.ledger.com
The Nano S works with the Ledger Live App, a desktop and mobile interface to monitor, transfer and send crypto from your hard wallet.
Ledger works with almost all popular cryptocurrencies such as Bitcoin, Ethereum, XRP, Bitcoin Cash, Stellar and many others.
Its slim, solid design and easy-to-use interface make it simple for beginners to engage with. Experienced investors like the small portability as well as the offline encryption.
Tech specs and accessories:
Small size: 4.1” x 2.3” x 0.2”
Lightweight: 16.2g
Connector: USB Type Micro-B cable
Brushed stainless steel and plastic casing
Compatible with Apple, Windows, Linux, Android 7+ smartphones
Lanyard with keychain ring
How to store cryptocurrency offline
You can interface with your crypto hard wallet using Ledger Live, a mobile and desktop app.
Plug in your wallet using the included USB cable to your desktop computer or mobile device.
From there, you’ll be prompted to confirm your wallet address. You’ll then have access to your crypto and will be able to interact with the Ledger Live app.
You can now trade, send and withdraw your cryptocurrencies through the app while your hard wallet and data are not exposed to any server.
Overall impression
The Ledger Nano S is one of the easiest crypto hard wallets to use. Starting at $59.00, it is very reasonably priced given the amount of protection that it affords.
Its slim, lightweight design with its simplistic interface and the Ledger Live App is appealing to every investor because it is simple to learn.
Its size and weight make it very easy to carry, travel with and hide. Its programming is universal for every major operating system, making interoperability a breeze.
However, the Nano can be clunky to set up. Entering confirming a passphrase is a long process of confirming 12 different words, all while using the two buttons on the side of the Nano. Getting setup, connected and
Overall, the Nano S hits the mark for the best crypto hard wallet available today in every category.
Crypto investors work hard to make the right financial decisions. Don’t let your investments be susceptible to fraud.