If you are new to cryptocurrencies, you may be wondering how holders secure their coins from hackers. Hacking which is a common phenomenon in the industry is something that every holder of cryptocurrency should be concerned about. This is the essence of this Ledger Nano S wallet review.
Ledger Nano S is one of the better known hardware wallets that is used to secure cryptocurrencies such as Bitcoin from hackers because the wallet ensures that your coins are stored off limit from malicious actors.
The company behind the Ledger Nano S is dedicated to embedded security. They have been in business since 2014 at a time the crypto industry experienced one of its biggest hacks in which Mt Gox the then largest exchange had their security breached.
A Million Hardware Wallets Sold
Ledger Nano S boasts a robust security and has already sold more than a million units of its hardware wallet. This is an indication that the wallet is widely received by the industry.
Supports A Range of Top Cryptocurrencies
Some of the features of the wallet that makes it very popular with crypto users are its ability to support some of the top coins including Bitcoin, Ethereum, Litecoin, Komodo, MIOTA and a range of other top coins.
Custom Operating System
The wallet also has an easy to use interface that is facilitated by an in-house operating system called BOLOS. This makes the Ledger Nano S an easy hardware wallet that protects your cryptocurrencies.
This OS enhances the security of the Ledger Nano S in that it is a departure from the convention with most hardware wallets that utilize a monolithic system in which the device firmware is used as the operating system that stores all information concerning the cryptocurrencies.
Monolithic system has a major drawback in that if there is a problem with one of the cryptocurrencies it affects all the other coins stored with the wallet and there will be a need for an update to correct the situation.
Enhanced Possibility of Upgrades
With an OS such as the Ledger BOLOS, coin storage is more independent of other coins and third party vendors and developers can actively contribute in updates of the wallet without compromising its security.
This secure element has put Ledger ahead in a sense since it is the first hardware manufacturer that has incorporated custom operating system. This means an extra layer of security introduced by Ledger making it extremely difficult for malicious users to access the data in a Ledger Nano S wallet.
Easy to Use Interface
The advantages of the Nano BOLOS are that it makes the Ledger Nano S hardware wallet secure, easy to use and accessible to third-party developers. Users will also be able to physically approve or reject individual transactions by pressing accept or reject button on the screen.
When you order a Ledger Nano S wallet, it comes with all the appurtenances that you need such as a USB with which to connect it to a computer, a recovery sheet with which to write down your mnemonic phrase of the seed words that helps you recover your wallet and even a chain to hang it with if you so desire.
Nano S is Compatible with Many Software Wallets And OS
It is instructive to know that Ledger has other hardware wallets beside the Nano S and when you are making your order you should ensure that you are buying Nano S which is a top range wallet.
One of its strengths is that is supports other wallets such as Mycelium, MyEtherWallet, BitGo, Ledger Wallet Ethereum, Ledger Wallet Bitcoin and that of Ripples all of which are software wallets.
It is compatible with window 7+, Mac 10.8+ and Linux operating systems making it easy to integrate with your everyday OS irrespective of your device.
A Safe Environment for Your Digital Currencies
Another security measure employed by Ledger Nano S is that your cryptocurrencies are not stored within the wallet itself rather the wallet stores your private keys enabling you to connect to the blockchain using the safe environment created by the hardware wallet.
Setting Up Your Ledger Nano S
Using the Nano S is straightforward. After purchasing your wallet, the first thing you do is connect it to a computer using the USB, then create a pin for your wallet. This is the 4-digit PIN that secures access to your wallet just like the one you use for your bank card.
Next secure your recovery phrase. This should be backed up on a paper such as the one provided by Ledger. It enables you gain access to your wallet if something goes wrong later.
You can now install the Ledger App and integrate with any of the compatible software wallets that you chose such as Electrum or MyetherWallet.
Your Ledger Nano S is now ready to start sending or receiving cryptocurrencies.
The advantage of having a hardware wallet is that it secures your crypto by keeping them off limits to hackers. The Ledger Nano S is no exception and has been proven to be very safe. Nevertheless, using a hardware wallet has a weak link – the user.
Securing Your Nano S Hardware Wallet
How do you secure your wallet?
Be sure that you select a secure PIN code for your wallet. This is needed for accessing your wallet and sending or receiving cryptocurrencies. The Nano S is programmed to wipe all data in it if the PIN is wrongly imputed thrice.
The key to wallet safety is ensuring that your recovery passphrase is secured. This must not be stored online or even on your computer. This is the use of the paper in your Nano S pack.
Where to Buy Your Ledger Nano S
The Ledger Nano S is one of the best hardware wallets in the market and comes at a price that is worth every cent. This is why users rarely have reason to complain about the wallet. However, it is cheaper buying directly from the manufacturers since the resell price is far more than what you get from the company. You can buy your Ledger Nano S hardware wallet here.Please note that I’ll earn some affiliate commission if you do.
Have you used the Nano S before? Please let me know your experience in the comment box below.