To address the vulnerabilities inherent in online crypto wallets, certain forward-thinking businesses have developed the idea of hardware wallets. It is a physical device that securely stores both the private and public keys used to receive and spend cryptocurrencies. Because hardware wallets are more secure, they have more advantages than software wallets. For instance, private keys are hardcoded into a chip, preventing data transmission in plaintext. This also makes the hardware wallet virtually impervious to virus intrusions, in contrast to software wallets, which are easily hacked. In this hardware wallet review, the author will take a look at the Ledger Nano S from the Ledger company.
Ledger is a French company founded in 2014. The Ledger Nano S hardware wallet connects via USB to the computer. The Ledger Nano S is based on proven technology that the banking industry has adopted for several decades. All cryptocurrency transactions are processed securely on the Ledger Nano S, allowing users to carry on cryptocurrency transactions even if the computer is compromised.
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The Ledger Nano S is distinguished by a number of features that set it apart from the competition. Several of its primary characteristics include the following:
Support for Multiple Currencies
The Ledger Nano wallet supports the storage of multiple cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
Integrated Display Panel
It includes an integrated display panel that enables users to monitor and confirm the transactions.
Due to its robust security features, the wallet will never be compromised.
Support for Multiple Apps
Additionally, the Ledger Nano S supports a variety of companion apps, including other cryptocurrency wallets and crypto tools like FIDO® U2F, GPG, and SSH.
Additionally, users can easily backup the ledger with the Ledger Nano S.
While the Nano S display screen may appear insignificant to those unfamiliar with gadgets, its significance cannot be overstated. This is because the screen is critical in restoring the contents of the wallet if the device is lost or damaged. While we frequently see cryptocurrency web wallets displayed on smartphones, the fact that the phone is connected to the internet exposes it to vulnerabilities. That is why there are reports of hacking of cryptocurrency exchanges and of theft of coins. Additionally, the Nano S’s display screen adds an additional layer of security when making payments. It enables users to easily confirm both the transaction amount and the correct address.
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Who should make use of it?
The Ledger Nano S is perfect for cryptocurrency owners who want to safeguard their assets and prevent hacking without giving up their ability to conduct transactions. If users have several cryptocurrency assets, the hardware is one of the most cost-effective and simple ways to secure them. Additionally, cryptocurrency investors who own a variety of different coins will be able to store them all in a single hardware wallet.
The Ledger Nano S’s convenience also makes it ideal for those who frequently conduct cryptocurrency transactions. The Ledger Nano S’s impenetrable security allows users to connect the wallet to any computer, regardless of whether the computer has been compromised or not.
The Ledger Nano S utilizes a dual chip architecture with a CC EAL5+ certification level for security. Additionally, it is protected by a four-digit pin code that must be entered each time users connect it to the computer.
The initialization or restoration process is performed only in a closed, secure environment to avoid infecting the hardware wallet with malware. Finally, the Ledger Nano S requires two-factor authentication or an actual security card when paired with a smartphone.
The Nano S features two buttons, which adds to the wallet’s security. Before a transaction can be confirmed, the wallet’s user must simultaneously press both buttons. This ensures that no hacker can access the wallet and confirm payment.
Users must also provide a PIN number when setting up the wallet apart from the two buttons—the PIN assists in securing the cryptocurrency holdings in the event that the wallet is lost or stolen. Nobody will be able to access the wallet and make any payment without the PIN. If the PIN is entered incorrectly three times, the Nano S will delete all data contained in the wallet.
The Nano S is packaged in an anti-tampering box. If the seal has been tampered with in any way, users should refuse delivery of the wallet. In this case, users can email Ledger and exchange the tapered item for a new one.
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Additionally, the privacy is protected because the data is securely stored in the safe Ledger Nano S environment. In a nutshell, the wallet is decentralized and completely disconnected from the internet. The Open Bitcoin Privacy Project ranked Ledger’s wallets as the most private in 2016. For desktop computers, Electrum and Mycelium are recommended. For Android-powered devices, Electrum and Mycelium are recommended.
What is contained in the box?
When users purchase a Ledger Nano S, the following items will be included in the box.
- The Ledger Nano S microcontroller
- 1 x USB Micro Cable
- Instruction manual
- Worksheet for Recovery
- 1 pair of keychains and a ring
Appearance of the Device
In general, the Ledger Nano S hardware wallet resembles a USB thumb drive.
The built-in display on the wallet is the only indication that it is more than a simple thumb drive.
In terms of pricing, the Ledger Nano S is currently available on the Ledger website for $79.00. Shipping is included in the price and covers the entire world.
Backups and Offline Storage
The primary purpose of a hardware wallet like the Nano S is to ensure the security of the cryptocurrency assets by storing the keys offline and out of reach of hackers. Additionally, users can backup the wallet, ensuring that even if the physical wallet is lost, users can still recover the cryptocurrency holdings. The Ledger Nano S accomplishes this by allowing users to backup the wallet using a 24-word phase. The phase enables users to recreate the wallet if the hardware wallet is damaged, lost, or stolen.
How to Use It & How to Set It Up
The Ledger Nano S can be configured in less than three minutes. The wallet can be configured without being connected to a computer. We will walk users through the setup process with the wallet plugged into the computer for the purposes of this review.
Step 1: Connecting
To connect the wallet to the computer, one will need to use the Ledger-supplied micro USB cable.
Step 2: Creating the PIN
After connecting the wallet, the Nano S display screen will prompt users to create a four-digit PIN. To select PIN numbers, use the Nano S’s two buttons. Once one has chosen a number, confirm it by pressing both buttons. Rep this procedure until all four digits have been selected and confirmed.
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Step 3: Recovering Phrases
After creating the PIN, users must backup the recovery phrase. Ledger has included a piece of paper in the box for users to write down the 24 word recovery phrase. On a piece of paper, jot down the phrases as they are seen on the Nano S display screen. After noting down the phrase, simply click the right button to advance to the next phase.
It’s worth noting that this is a critical step, as the 24 word phrases are required to recover the wallet in the event that users misplace it. For instance, Nano S will request two phrases from the 24 phrase list during recovery. If it requests the eighth phrase from a list of twenty-four, users must scroll down the list and confirm the eighth phrase with both buttons. Always keep the list of 24 phrases in a secure location. Additionally, users will be unable to complete the Nano S configuration if they cannot confirm that users copied the 24 phrases as they are seen on the Nano S display screen.
Installing the Ledger Applications
To interact with the Nano S via the computer, users must first install the Ledger Manager application. The manager app enables users to install the software required for managing multiple coins on the Nano S. For instance. If users want to use the Nano S to manage Bitcoin, users will open the Bitcoin Ledger Application. Simply scroll through the Nano S display to access the various available options. Simply press both buttons to activate the app once users see the Bitcoin icon. Once one has chosen this option, one will see the wallet interacting with the computer’s Bitcoin Ledger application.
Keep a copy of the 24-hour recovery list in a secure location. This is because if someone obtains access to the recovery list, they will be able to seize control of the wallet and its contents.
In terms of support, users can refer to the product’s comprehensive help files. If users require assistance, users can submit a request on the customer support page. Please keep in mind that the support staff is only available Monday through Friday from 9 a.m. to 5 p.m. CET.
Where and How Can The Hardware Be Purchased?
The Ledger Nano S is currently available for purchase on the company’s website.
Users can pay for the purchase using a credit card, PayPal, or Bitcoin. While users can easily purchase a used Nano S on the internet, we do not recommend it as the device’s security may have already been compromised. As a result, always purchase the Nano S wallet directly from the Ledger website or from a reputable distributor.
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- Integrated validation screen
- Support for multiple currencies
- Malware-resistant and portable
- Wallet with a proven track record of over 1 million units sold
- A lengthy seed phrase of 24 words
- The Ledger Nano S does not support passphrases.
Conclusion: Ledger Nano S
Since its launch, the Ledger Nano S has received no negative press. Compared to software wallets, hardware wallets are significantly more secure and impenetrable to hackers. Indeed, no reports of cryptocurrency being stolen from a hardware wallet have been made to date. Even if the computer on which users are working is compromised, the Ledger Nano S’s secure environment will ensure the security of the cryptocurrency asset. It should be noted. However, hardware wallets are a relatively new product on the market, and their vulnerabilities may not have been discovered yet. Thus, while the Nano S may add an additional layer of security to the cryptocurrency assets in the interim, it should not be considered a silver bullet.