You can store your cryptocurrencies safely with the hardware wallet known as the Ledger Nano S, also known as the Ledger wallet. Furthermore, it enables the sending and receiving of a wide variety of cryptocurrencies.
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The Ledger Wallet Is What?
The company behind Ledger are a French start-up who released their first wallet in 2014. Since then, they have risen to the top of the hardware wallet market. In fact, the Ledger wallet is so successful that it has sold over 1 million devices!
Thus, what exactly is a Ledger hardware wallet?
Before I explain how a hardware wallet works, it’s a good idea to understand how a software wallet works.
The majority of people store their cryptocurrencies in a software wallet, which can be downloaded on to a desktop/laptop or mobile device. These have lots of advantages, such as being really convenient to send coins to another person, as well as being free.
On the other hand, they can occasionally be compromised. This is so that a hacker can steal your wallet’s private keys and the cryptocurrencies contained within them by installing malware on the device and infecting your computer with a key logger.
Hardware wallets like the Nano Ledger S differ in this way. Your cryptocurrency and private keys are stored on a hardware device rather than a software platform. Additionally, your coins are always held offline as a result, rendering remote access to them nearly impossible.
Pros & Cons Of Ledger Nano S
Pros
- High level of security
- Easy to set-up and use
- Very affordable hardware option
- Compact size and excellent build quality
- Huge crypto support
Cons
- No wireless support
Ledger Nano S Performance, Features, And Functionality
The top of the Ledger Nano S is equipped with a screen and two navigation buttons that work together to give you access to all of the wallet’s features. The operating system is also slick, guiding users through the device setup. Utilizing a micro-USB cable makes it simple to connect the wallet to a computer.
It should be mentioned that its popularity is partly due to the fact that it is one of the most reasonably priced hardware wallets available. Despite its low price, it is still a feature-rich device that can run up to 100 apps simultaneously. This implies that you can send and receive transactions whenever you want.
This is a genuinely mobile wallet that can deal with everyday circumstances because of its sturdy and heavy physical design.
Ledger Nano S Supported Coins
As you probably know, there are now more than 1,500 different cryptocurrencies available to buy and sell, with more and more being added every day. Unfortunately, no wallet in the world can hold all of them, and some can only hold a single type of coin.
Fortunately, though, the Ledger wallet is a multi-currency wallet, which means that is able to store lots of different coins.
Ledger wallet can support 26 coins and more than 1500 tokens. This includes the obvious coins such as Bitcoin, Ethereum, Ripple, Litecoin and Bitcoin Cash, as well as less popular coins such as Hcash, Stratis, and Ubiq! You can also link your Ledger Nano S to wallets such as MEW and NEON, so you can store all On your ledger, you can also store Ethereum and NEO tokens.
IOTA is one of the upcoming major coins that is anticipated to be added to the Ledger Nano S team’s growing list of supported cryptocurrencies!
So, now that you know what the Ledger Nano S supported coins are, the next part of this guide will cover the advantages of the Ledger wallet.
Fees And Costs
The Nano S has variable fees that can be decided upon when transactions are created. The amount of fees set by users then has an impact on how quickly the transaction is processed.
To make the process as transparent as possible, Ledger Live dynamically estimates three levels of fees or allows custom fees for advanced users such as:
- High: the transaction will roughly be included in the next block (about 10 min for Bitcoin)
- Standard: the transaction will roughly be contained within 3 blocks (about 30 min for Bitcoin)
- Low: the transaction will roughly be included within 6 blocks (about 60 min for Bitcoin)
The gas price and the gas limit—the term used for computational transactions on the Ethereum blockchain—determine the network fees for Ethereum and Ethereum-based cryptocurrencies.
Is The Ledger Wallet Secure Against Hackers?
Let’s find out what would happen if a hacker managed to physically steal your Ledger wallet.
Firstly, to gain access to your funds, the hacker would need your personal pin, which only you have. They would be given three attempts at entering the correct pin number, and if they enter the pin incorrect three times, the Ledger will go into a timed lockout. This is an excellent security feature as it gives you time to regain access to your Ledger wallet by entering your backup passphrase.
However, there is an interesting story that was released by a journalist at Wired.com in late 2017, who explained how he lost both his pin number, as well as his recovery phrase. The journalist had more than $30,000 worth of cryptocurrencies held within his Nano Ledger S and couldn’t access the money.
The journalist was able to track down a computer whiz who discovered a flaw in the most recent Ledger wallet version that allowed him to bypass a recent security update. The Journalist was able to access his wallet again after following the programmer’s instructions.
Nothing is ever completely secure, despite the Ledger Nano S team’s claims that the security flaw has since been fixed. Keep in mind that, despite the fact that a hardware wallet makes it virtually impossible for someone to steal your money, nothing is ever guaranteed—even the world’s most secure vaults have been breached before.
In truth, there is no chance that you will ever be able to get your money back if you were in the journalist’s shoes. Your private keys are your responsibility to protect; Ledger Nano S never has access to them.
Setting Up Your Ledger Nano S Wallet
1. Order/Buy Ledger Nano S Wallet: This wallet cannot be downloaded because it is hardware; you must purchase it either online or in person. For safely storing your investment offline, Nano S is a great storage option. It’s time to initialize the hardware solution of the device once it has been delivered to you.
2. Initial Set-Up: First, you have to configure the Nano S as a new device by choosing the tick for “yes,” and pressing both buttons together. A PIN code and a recovery phrase must then be created, verified, and used for security purposes.
3. Receive and Send Cryptocurrency: Practically speaking, your device is now prepared to send and receive cryptocurrency. It is imperative to make sure that your firmware version matches the most recent version listed on the Ledger website before attempting to do this, though. Additionally, you can add a passphrase to the device by going to Settings > Security > Passphrase.
History Of Ledger Nano S
Ledger was founded in 2014 by a team of eight crypto enthusiasts. The individuals had prior experience in entrepreneurship, cryptocurrencies, and embedded security.
It debuted the Ledger Wallet Bitcoin Chrome application at the start of 2015; this Chrome extension works with hardware wallets to form an integrated system that can handle and process cryptocurrency transactions.
And the company’s first multi-currency hardware wallet, the Nano S, was introduced in 2016.
Ledger declared support for the increasingly popular Ripple on Nano S twelve months later, in September 2017. The action came after a sizable price increase in the value of the third-largest cryptocurrency.
The Ledger Wallet desktop and mobile applications were released by Ledger in 2018, and they have both been incredibly successful.
And in January 2018, the Nano S firmware was updated, bringing new cryptographic algorithms, security upgrades, and extra features to what was already emerging as a market favorite.
The business has grown to employ over 130 people across Paris, Vierzon, and San Francisco, and it is now well-known in the crypto industry.
Is The Ledger Nano S Secure?
Having been incorporated into this wallet system, the Nano S is a secure device with the highest security standards imaginable. It has a certified secure chip, and the unique operating system helps to secure the gadget.
The ST31H320 (security) and STM32F042 (OS) chips, which serve as separate pieces of hardware for storing your private keys and signing transactions, are the two layers of security used by the wallet. Passphrases and PIN codes are both needed by users to unlock their devices.
The project makes extensive use of encryption and authentication. The wallet’s high-quality security features are highlighted by the fact that it is the only hardware wallet on the market with ANSSI, a French cybersecurity organization, certification of its security.
Unquestionably, this is one of the industry’s most secure hardware options. You can store your cryptocurrency safely and feel secure knowing that all of your assets are fully protected.
Can I Use A Ledger Nano S?
Considering the variety of wallet options available, whether the Nano S is right for you may depend on your level of expertise.
I’m A Beginner
Unquestionably, the wallet is one of the easiest methods for storing, sending, and receiving cryptocurrency. Its software has been enhanced over the course of many years, and its user interface is sleek. It is also extremely safe and secure, making it unquestionably a great option for anyone just entering the cryptocurrency market.
I’m Advanced
Due to the hardware device’s extensive menu of choices, features, and customizability options, advanced users will also profit from the wallet. Given the high caliber of the package it offers, it has become one of the most well-liked wallet solutions, and this is unquestionably justified.
Conclusion
There is absolutely no evidence of any such device having ever been remotely compromised thanks to the high level of security in the Nano S. This gadget is virtually unbreakable thanks to the numerous security measures, making it the best option for storing cryptocurrency.
However, users must remain watchful and make sure that all PINs, seed phrases, and other security features are always offline. For this, a specialized system like CryptoTag can be especially useful.