The Ledger Nano S is one of the most secure and reliable cryptocurrency wallets on the market right now. It is also one of the cheapest hardware wallets out there that offers this kind of security. Before we review the Ledger Nano S, we will explain the basics of a hardware wallet and why you would want to use one. If you’re not familiar with what a hardware wallet is, here is a brief overview.
What is A Hardware Wallet?
Instead of storing your cryptocurrencies in a hot wallet like Coinbase, you can store your cryptocurrencies in a hardware wallet. Hardware wallets are used to store a users private keys on a hardware device. Hardware wallets have a few advantages over software wallets.
Advantages of A Hardware Wallet
1. Their private keys are often stored in a protected area of a microcontroller, and cannot be transferred out of the device in plaintext, which is great for security.
2. They’re immune to computer viruses that steal from software wallets. There has been no incidents of Bitcoins or other cryptocurrencies being stolen from a hardware wallet.
3. Can be used securely and interactively, as opposed to a paper wallet which must be imported to software at some point.
4. Much of the time, the software on the hardware wallet is open source, allowing a user to validate the entire operation of the device.
The Ledger Nano S
The Ledger Nano S is hardware wallet where you can store Bitcoin, Ethereum and other Altcoins. This wallet is based on robust safety features for storing cryptographic assets and securing digital payments. It connects to any computer via USB, and embeds a secure OLED display to double-check and confirm each transaction with a single tap on its side buttons.
Ledger Nano S includes Bitcoin, Litecoin, Ethereum and Ethereum Classic companion apps, and other blockchain-based cryptocurrencies. In addition, you can send and receive payments, check your accounts and manage multiple addresses for each currency from the same device. This hardware wallet tracks your digital currencies on the blockchain, the digital ledger where transactions are recorded. The Nano S holds and protects the private data, such as private keys, needed to access and manage the cryptocurrencies you own.
Once you setup your PIN code and backup your recovery phase, you should install the ledger apps, or integrate it with another software wallet. Once you have done this, you can start sending and receiving payments with your hardware wallet.
Coins You Can Store Ledger Nano S
Security
In addition to offline storage, the Ledger Nano S has a secure PIN code which is needed to send payments. It is four digits long. After three incorrect guesses, the device will wipe itself, so be sure to keep track of this code. If you ever lose the physical wallet, your accounts are backed up on a recovery sheet that consists of 24 unique words you create. This hardwaare wallet also has advanced passphrase options, which lets you add custom text onto your 24-word recovery phrase.
Where Can You Purchase Ledger Nano S?
If you are looking for place to purchase a ledge nano wallet, you can order one here.
Bulls on Crypto Street is a trading education website dedicated to digital assets such as Bitcoin, Ethereum, DeFi, NFTs, and other new advancements in the Metaverse.