- Where should I store bitcoins for maximum safety?
- Is a hardware wallet like the Ledger Nano S worth buying?
- If I buy the Ledger Nano S, will I be able to use it?
- Why can’t I leave my bitcoins on an exchange?
Thesis are just some of the many questions that wij all go through when determining to purchase a hardware wallet. Last year, I wasgoed also facing the same dilemma, and I wasn’t sure if I should be investing close to $70 (58 Euro) to buy the Ledger Nano S.
This detailed and extensive review is designed so you can reaction the very significant question: “Should I buy the Ledger Nano S?”
But before anything else…
The backstory of how I evolved spil a Bitcoin wallet user:
I always liked Bitcoin spil a lump of technology, but I never intended to invest ter or purchase any bitcoins. However, straks on, after I discovered a few Bitcoin exchanges and became even more interested ter the technology, I ultimately determined to buy my very first bitcoins. Primarily, I stored them on exchanges. But straks, I learned that this is risky spil there is no ensure that they will still be there when I want to use them.
At that time, I embarked using the MyCelium mobile wallet to store thesis bitcoins. However, wij all know how effortless it is to hack a mobile phone. Being from the information technology field and having a keen rente ter information security, I knew it wasgoed not wise to trust my mobile phone for holding large amounts of Bitcoin and other cryptocurrencies.
That is when I discovered paper wallets, which sounded like the best option for holding Bitcoin for a long period of time, but it still seemed a little too inconvenient.
After spending innumerable nights learning about Bitcoin wallets and which methods would keep my Bitcoin most secure, I discovered a plain hardware wallet: The Ledger Nano S.
Based on my research, this sounded like a solid wallet, but I didn’t want to believe ter another’s words until I witnessed it being valuable myself. By that time, I held Two bitcoins (each worth of $1200 at the time), and my investment on that Bitcoin had already doubled, so spending $70 wasgoed no problem at all.
I wasgoed like, “What the heck… Let mij order this. Te the worse case script, I will be sharing a review and telling the world not to waste their money.” But oh boy, I wasgoed so far away from that worst case scenario…
One fine day, I received my Ledger Nano S. That same day, I transferred all of my bitcoins onto this freshly purchased wallet. It wasgoed very effortless. Within an hour, I wasgoed able to secure all of my bitcoins on my brand fresh Ledger Nano S.
My reaction is: Certainly. Go ahead and order it right now. While this wallet gives you finish security, it also gives you something even more priceless: Peace of mind.
Surprising Things About The Ledger Nano S
So what’s so special about the Ledger Nano S? Aren’t all hardware wallets secure te an offline environment?
Well, here’s the difference:
- You can use the Ledger Nano S to store ETH, ETC, Dash, Ripple, Stratis, ZCash, Litecoin, NEO, Bitcoin Gold, Bitcoin Contant, Viacoin and a few other altstem currencies (including BTC). You can see a finish list here.
- Because it’s an HD wallet, you control many accounts for all supported cryptocurrencies. This means that all cryptos stored here will be secure with the same backup key. So let’s say you are storing Bitcoin for your friends or family, you can label those account for them and keep them safe spil if they were your own.
- Ledger supports all ERC tokens when used with MyEtherWallet. I have already tested this.
- Ledger is compatible with Windows, Mac, Linux, and Chrome OS. It can also connect to your Android device using an OTG cable.
- To receive Bitcoin, your Ledger Nano S doesn’t need to be connected to a rekentuig. You can receive Bitcoin even if your Ledger is offline.
Fine points based on our reader’s questions:
- You can store unlimited coins.
- When you update your wallet, you don’t need to transfer coins to anywhere. After updating and restoring, all the coins will reappear automatically.
- Ledger Nano S works with Windows, Linux, Mac, Android phone.
The elementary act of being able to store other cryptocurrencies on this wallet has, for mij, made the entire purchase downright worthwhile.
They keep adding ter support for newer cryptos for their customers, including the fresh Bitcoin Specie. This shows that they indeed do waterput their customer’s interests very first and are not just looking to sell you things.
How About The Security Of The Ledger Nano S?
Now, let’s talk about the security of the Ledger Nano S and why it is so trustworthy. Note: For even more security options, check out its more sophisticated counterpart- Ledger Blue.
How Does The Ledger Nano S Ensure Security?
Your rekentuig and mobile can be hacked lightly. When hackers can hack multi-million dollar servers (essentially big computers), then our smaller systems should also be seen spil identically vulnerable.
The Ledger has a separate chip and screen to mitigate the potential security flaw of certain apps taking random screenshots of mobile and laptop screens.
When dealing with any Bitcoin wallet, one significant thing wij all need to do is note down the seed key/recovery phrase. When this recovery phrase is shown on a mobile or laptop screen, it becomes susceptible to hacking.
When you are using the Ledger Nano S, the seed word is displayed on the OLED screen which only you can see. And it’s no exaggeration to say that this security feature alone makes your Bitcoin holdings secure.
Moreover, most of the work like checking Bitcoin balances and account management happens through a desktop app while your Ledger Nano S is still connected to the laptop via a USB cable.
When you are sending Bitcoins to someone, you need to permit the transaction by tapping certain buttons on your Ledger. So even if your rekentuig is hacked, a hacker won’t be able to transfer those bitcoins because they don’t have physical access to your Ledger Nano S.
- Your Bitcoin private key is stored te a secured section of the device itself. It doesn’t everzwijn leave the device, and hence, there’s no way for a hacker to get to it.
- The Ledger Nano S is an HD wallet. This means that every time you receive funds, you get a fresh receiving address. This enhances your privacy to a fine extent.
- You can also sign a message using the Ledger Nano S to prove your ownership of the address. You may use this feature ter the future when you advance ter your Bitcoin and cryptocurrency usage.
There are more advantages of using Ledger Nano S that you will detect spil you become more convenient with the device.
If you are determining inbetween whether or not to buy, recognize that it’s going to enhance the way you interact with cryptos by a large degree.
I very suggest you get one now.
A few more significant things to know before ordering the Ledger Nano S:
- Due to high request, delivery is not instant. That’s why you should order it ASAP to get ahead ter the queue.
- Order Ledger only from the official webpagina overheen here.
- Ledger offers the Ledger Nano S and the Ledger Blue, and both are superb. But if you are looking for something portable, then the Ledger Nano S is the best. Think of the Ledger Blue spil the iPad version of the Ledger with the same security features.
If possible, you should order two. You can use one spil a backup ter case you travel a lotsbestemming. This will also permit you to have even more security when dealing with cryptos.
Getting Began With The Ledger Nano S
Here is a brief movie series that will help you learn everything about the Ledger Nano S from scrape. Just see them and you will know about how to take back ups of seed words, connecting to your Android device, sending/receiving coins, etc.
I have bot using Ledger the Nano S for the past 10-11 months, and I can confidently recommend this to you. Most of my friends are already using this wallet, and they are using it for just one purpose:
Keeping their Bitcoin secure.
FAQs About The Ledger Nano S
Q. What will toebijten if you lose your Ledger Nano S?
A: You can order a fresh one and restore your funds using your seed key. You can also restore your seed on any other popular Bitcoin wallet like MyCelium, GreenBits, Electrum, and CoPay.
Q. If Ledger supports a fresh cryptocurrency token (Ex: Monero), do I need to order a fresh Ledger?
A. No, you can store freshly supported cryptocurrencies on your existing Ledger. This part is effortless, and you can learn this from watching the above movie playlist.
Q. How many cryptocurrencies does the Ledger Nano S support?
A. Spil of this writing, Ledger supports BTC, BitcoinCash, ETH, ETC, LTC, Dash, Stratis, Komodo, Ripple, and zCash. They keep adding support for fresh cryptocurrencies every few months.
Q. Will the recovery phrase recover all of the extra cryptocurrencies?
A. Yes. A single recovery phrase supports all cryptocurrencies. You can restore any cryptocurrencies (that you are using on your Ledger device) using the same recovery phrase.
Q. What if you leave behind the Ledger Nano S speld code?
A. You can reset your Ledger Nano S to its factory settings by coming in the wrong speld Trio times. You will then need to restore your wallet using the 24-word backup key.
Q. Ledger Nano S or Ledger Blue: Which one should I buy?
A. Ledger Blue is an extended version of the Ledger Nano S, and it is costlier. The Ledger Nano S is portable and effortless to budge around with. If you don’t need portability and want to connect your Ledger to your devices using Bluetooth, the Ledger Blue is a good choice. Otherwise, the Ledger Nano S is better. You can also order both devices and use the same seed key to configure both of them. This way, one device can be used spil a backup device.
Ledger Nano S Review: Is It Worth It?
Obviously, you can tell that I’m a hefty fan of this little device. It has entirely switched the spel for mij spil I no longer have to worry about my coins becoming hacked or stolen.
Unlike a normal wallet that stores specie, even if someone steals this wallet, they won’t be able to get the funds because they won’t know my speld or seed key. This makes it truly secure.
All ter all, if you’re looking for the best hardware wallet, there’s nothing better than the Ledger Nano S.
Do you own a Ledger Nano S? Are you pleased with your practice? What’s your review? Share your practice with mij te the comments below!
Know someone who could benefit from a Ledger device? Share this postbode with them!