It’s easy to buy any cryptocurrency but it’s very difficult to keep it safe or away from hackers. For a layman, it’s indeed a hectic task to choose best way to store his/her cryptographic assets like Ripple, Bitcoin, Ehtereum, Litecoin etc. You’ve multiple options like online wallet or hot storage (holding Bitcoins or altcoins on an exchange), software wallet, paper wallet, and hardware wallet, to store your Bitcoins or any other cryptocurrency. But too much options make selection a difficult process. There’s no doubt that hardware wallet is a safest way to store a cryptocurrency. In this Ledger Nano S review post, I’ll be showing you highs and lows of this device and also I’ll help you understand why you should use a hardware wallet right now.
First, let me tell you why I’ve chosen a hardware wallet to store my coins.
Like you, when I started investing in Bitcoins and altcoins, I kept my coins on exchanges. Though I was aware of other methods to store cryptocurrencies but I preferred hot storage because I was cocksure that no one can hack an exchange due to its A+ grade security. But when I heard that some Bitcoin exchanges like Youbit got hacked, I realized that it was my misconception that exchanges were hack-proof. Promptly, after hearing the news, I decided to move my Bitcoins to a paper wallet. I don’t know why but still I was not feeling relaxed. Perhaps because of risks associated with paper wallet like if your computer is infected and a key logger is running on your computer then your paper wallets’ private keys are not private. I got stuck. So I left with only one option for my own peace of mind and that is hardware wallet. One problem goes, another comes! After that, following questions came into my mind:
- I’m new to blockchain technology and I don’t know how it works, will I be able to use it (hardware wallet)?
- What are the best hardware wallets available out there?
- Is there any wallet to store multi-coins?
- How to choose a hardware wallet?
- Is it worth buying?
- What if I lose my hardware wallet?
Without trying, how can you know what you can’t do? I did a little research and I ordered one Ledger Nano S for myself. That time I’s not aware that whether my decision was right or wrong. But after using it, I realized, my decision was right. With no time, I’d moved my coins to my Ledger Nano S.
I’d ordered Ledger Nano S without getting answers of many questions. But, you don’t worry! I’m here to help you! Here are your answers:
Yes, hardware wallets are designed in such a way that anyone even a non-techie can use them readily. Ledger Nano S is very easy to use. All you have to do is just install a Chrome extension and start using it. It’s very easy to setup.
As of now, the top 3 hardware wallets are Trezor, first hardware wallet, Ledger Nano S, and Keepkey. Trezor is a renowned hardware wallet and first choice of all cryptocurrency investors. On the other hand, Ledger Nano S has started grabbing attention of new Bitcoin investors because of its price tag and security features. Trezor and Ledger Nano S are almost identical in terms of security features and functions. Read a detailed post.
I always recommend to buy a hardware wallet that supports multiple cryptocurrencies. If your hardware wallet supports multi-coins then you can easily move your other cryptocurrencies to it, otherwise, you’ll have to buy a new device to do the same. Above listed hardware wallets support multi-coins. Apart from Bitcoin, you can store your Ripple, Litecoin, Bitcoin Cash, Ethereum etc into them.
Ledger Nano S supports many evolving cryptocurrencies like Ripple, Litecoin, Ethereum, Bitcoin Cash, Bitcoin Gold, Zcash, Stratis, ARK, Ubiq, Dogecoin, NEO, and more. Here is a list of Ledger Nano S supported coins.
Basicslly, there’s no selection criteria for a hardware wallet. However, while selecting a hardware wallet, you should see/do following things:
- What cryptocurrencies does your hardware wallet support?
- See price: If two devices are offering same security and features then buy cheapest one. After all, who doesn’t want to save money?
- Read Ledger Nano S reviews.
Yes, it is. Here on IlaInfo, I often advise to buy a hardware wallet. If you can survive for month on your Bitcoins or altcoins then you should buy a hardware wallet right now. Otherwise, paper wallet would be a good alternative.
Don’t worry! You can easily restore it using your recovery phrase or seed key that you get at the time of setting up your device. To restore your wallet, you don’t need to buy a new Ledger Nano S (if you can’t afford new one), you can restore your wallet using any software wallet.
But remember, you cannot restore your wallet without recovery phrase.
Now, lets review Ledger Nano S cryptocurrency hardware wallet.
Ledger Nano S Review 2018
Ledger Nano S is made of brushed stainless steel and plastic. The device somewhat looks like a USB pen drive. Due to its small and compact size, you can carry it anywhere. It’s an OLED display to read screen instructions. The Ledger Nano S has two buttons to make selections. The device is compatible with Windows, Mac, Linux, or Chrome OS. You can also connect it to an Android device. It has ST31 (secure) and STM32 chips to store your private keys in an isolated space. You can install its free cryptocurrencies wallet interfaces to use it readily and also you can use other compatible wallets such as Electrum, Mycelium, MyEhterWallet, and the like.
The Ledger Nano S is currently available in pre-order. You can buy it for €79 or $97 or ₹6200 shipping charges extra and also be ready to pay customs duty. I strongly suggest to buy Ledger Nano S from official website of Ledger wallet to get a genuine product. Here is a post on how to buy Ledger Nano S from Ledger wallet website.
Inside the box, you’ve one lanyard; to hang it around the neck, two key chains, one USB cable, and one recovery sheet; to write down your recovery phrase. It’s noticeable that new Ledger devices are coming without a seal.
Ledger Nano S devices are based on dual chip technology to allow you perform transactions within a secure environment. Since the device has its own OLED display so it does not share anything with your computer. Due to this, you can use it even on an infected computer. At the top, let’s suppose someone gets access to your wallet but still he/she cannot spend your Bitcoins or altcoins because all transactions require physical interference; to complete a transaction, you’ve to press physical buttons.
Also, you’ve to setup a PIN code to unlock your device. Therefore, if you lose your hardware wallet then still no one can misuse it. If someone enters three wrong PINs then your device automatically resets and to restore it you’ve to enter recovery phrase.
You private keys are stored in your device only. Even Ledger’s server cannot read your private keys. Therefore, there’s almost zero percent chance that someone can get access to your private keys.
- It secures your cryptographic assets with best possible security.
- You can receive different cryptocurrencies even if your Ledger wallet is offline.
- You can easily send coins from your Ledger wallet to other bitcoin addresses.
- It gives you peace of mind that your Bitcoins or altcoins are safe.
- You can store multiple cryptocurrencies in your Ledger wallet.
- There is only one backup key for all wallets.
- You can easily restore your wallet using recovery seed; if you lose it.
- You can store unlimited coins by creating more than one wallet address for a particular cryptocurrency.
As of now, hardware is a best and only reliable way to store your cryptographic assets. If you’re still confused then let me make you understand by citing an insurance example. Most of us reluctant to pay insurance premiums because we think we’re not going to visit a hospital. But in reality, everyday thousands of people face injuries or fractures. When we visit a hospital then we take a sigh and pat on the back that we’ve an insurance policy to pay the hospital expenses. But think, what would happen with them who do not have insurance? In the same way, we hesitate to pay for a hardware wallet but it’s worth buying.
I’ve come up with this Ledger Nano S review to help you decide whether to buy this device or not. If you’ve any question then feel free to ask in the comment box.