Ledger Nano S wallet – October 2018 review

Ledger Nano S Wallet

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Ledger Nano S is a hardware wallet that provides access to the world’s leading digital currencies. If currency selection and affordability are what you’re after, Ledger is a great tool.

The Ledger company has quickly emerged as one of the leading providers of hardware wallets for the digital currency market. In 2016, the company launched the Ledger Nano S, a hardware wallet that allows you to store bitcoin, Ethereum and a bevvy of altcoins.

The Ledger Nano S boasts robust safety features, but its biggest claim to fame is the price tag attached to it – the Nano S is the cheapest hardware wallet with a screen. You’ll see why that’s important in a moment.

What is Ledger Nano S?

If you’re looking for a hardware wallet that stores the world’s leading digital currencies, Ledger Nano S offers an attractive value proposition.

Unlike its predecessors, Nano and Ledger HW.1, the Nano S has a built-in, organic LED (OLED) screen, which puts it roughly in the same league as TREZOR and KeepKey. The sleek OLED display means you can double-check and confirm each transaction with a single tap of a button.

It’s important to point out that the Nano S can connect to any computer via USB. If you ever decide to order this device, here’s what you’ll receive in the mail:

• Ledger Nano S device
• One USB cable
• Lanyard that allows you to wear the device around your neck
• One keychain
• One key ring
• Recovery sheet for writing down the seed

A “seed” is simply the string of random words that can help you access and/or recover your account in the event you lose your device.

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Compatibility

• Operating Systems. Windows (7+), Mac (10.8+), Linux or Chrome OS. Requires Google Chrome or Chromium.
• Runs with the following software wallets. Ledger Wallet Bitcoin, Ledger Wallet Ethereum, Ledger Wallet Ripple, Copay, Electrum, Mycelium, MyEtherWallet, GreenBits, BitGo.

How do I add currency to my wallet?

Like other hardware wallets, the Ledger Nano S doesn’t store any of your digital currencies on the device itself. Rather, it tracks them on the blockchain, which serves as a digital ledger to record transactions. The Nano S holds and protects the private data (e.g. private keys) needed to access and manage your digital currencies.

In other words, once you connect the Nano S to your computer, it will do all the work, signing transactions inside its secure environment.

How do I make or receive payments with my Ledger Nano S?

The Ledger Nano S setup process is straightforward. By following these steps, you’ll be ready to start sending and receiving payments.

1. Connect your Ledger Nano S to a computer via the USB cable provided.
2. Choose a PIN code.
3. Backup your recovery phrase.
4. Install the Ledger Apps or integrate with the software wallet of your choosing.
5. Start sending and receiving payments.

How secure is the Ledger Nano S?

The Nano S wallet offers integrated security features to help you send and receive payments as safely as possible.

• Offline Storage. The whole purpose of hardware wallets is to store your digital currencies offline and out of the reach of hackers. The Ledger Nano S is no exception.
• Secure PIN Code. Choosing a secure PIN code is one of the first things the Nano S will prompt you to do. This four-digit PIN is needed to send payments. After three incorrect guesses, the device wipes itself.
• Backup and Restoration. Even if you lose your physical wallet, your accounts are backed up on a recovery sheet that consists of 24 unique words that you create.
• Advanced Passphrase Options. The Ledger Nano S now provides advanced passphrase options, which lets you add custom text onto your 24-word recovery phase. However, this is a really delicate feature, and Ledger doesn’t recommend you use it unless you are absolutely sure you understand it.

Where can I get Ledger Nano S

As we mentioned earlier, the Nano S is available on the official Ledger website as well as Amazon.com.

Pros and cons

Next steps

If you’re in the market for a hardware wallet, you’ve probably come across TREZOR, KeepKey and now Ledger. All are high-quality products, but Ledger costs less with features that are nearly identical.

To get started, simply visit Ledger Nano S’s website to purchase the product. Make sure you select the Nano S, as Ledger has several wallets available for sale.

Frequently asked questions

• What if I forget my PIN code?

  You have three attempts to correctly enter your PIN. After three attempts, the Nano S will automatically reset itself to factory condition. The only way to recover your accounts is to use the 24-word backup.

• What do I do if I lose my wallet?

  If you lose your Nano S wallet, you can restore your entire balance on another Ledger wallet device or on a compatible software wallet, such as Mycelium. In either case, you need your 24-word recovery sheet.

• Bitcoin and Bitcoin Cash forked on August 1. Does the Ledger allow me to use both?

  Unlike other wallets, Ledger allows you to manage both bitcoin and the newly created Bitcoin Cash. Simply select the one you want to use.

Image source: Ledger