The best way to protect cryptocurrency is by using a hardware wallet. It is a hardware security system that safeguards sensitive information and stores private transaction keys. Since a hardware wallet cannot be compromised without physical access to the device, it is less likely that money will be stolen using this method than an internet or mobile wallet.
A popular bitcoin hardware wallet with over a million units sold worldwide is called The Ledger Nano S.
Why Would One Use A Ledger Nano S?
Private key generation and secure storage are the two functions that the Ledger Nano S (and all hardware wallets) perform. The master passwords for your cryptocurrency wallet are similar to private keys. Someone who knows the password can manage your coins.
Many newcomers wonder, “Does my Nano S actually hold any cryptocurrency?”
Technically…no. Because it doesn’t exist in the physical world, the crypto can’t really be stored anywhere. It’s merely a number given to a blockchain address (or wallet). The Nano S guards against thieves accessing that address using your private key and stealing your coins.
Pros & Cons Of Ledger Nano S
- From a very reputable company
- Lots of security features
- Amazing price for value
- Multi-signature Support
- Device times out after a period of inactivity
- Passphrase support
- Ongoing development from Ledger
- Low resolution screen
- Limited app capacity
- Closed Source
What Does The Ledger Nano S Do?
The Ledger Nano S (and all hardware wallets) perform two functions:
They create and safely keep private keys.
For cryptocurrency wallets, private keys serve as master passwords. A user’s coins are accessible to those who know their password.
If crypto is actually stored in the device is just one of the many queries from new users.
In a technical sense, no. Cryptography is not physically stored anywhere, as there is no such thing as crypto. It is merely a number assigned to a wallet or blockchain address. The Nano S shields users’ private keys from hackers who might otherwise steal coins from that address.
The Package Contains What?
The package was influenced by Apple’s design ethos and is simple and minimalist. Contrary to many other producers, it does not affix an anti-tampering seal to its goods because it believes that such seals are simple to fake and might be deceptive.
In addition to the device itself, the package also contains a quick start guide, three cards for writing down the recovery phrase, a lanyard, a micro-USB cable, and a loop for keychain attachment.
One must first download and install the Ledger Live software before continuing with the device setup. A device password needs to be made once the application has been finished.
Users can use a micro-USB connection to connect it to their computer once this process is complete. Use the instructions displayed on the screen to configure the device. The next step is to use the tool to create a pin.
For navigation through the device’s menus, use the two switches on top. Press the left switch to move forward or upward. Press both buttons to move left or down, select an item from the menu, or respond to a prompt.
The device then generates a 24-word secret phrase that must be written down on one of the included cards in order to be used. But it takes a long time, and you have to do it all. The gadget only acts as a portal through which the 24-word phrase can be accessed, acting as the wallet. Users can get the device back if they forget the pin by entering a recovery phrase into another device. They can continue to use their cryptocurrency assets because of it. The secret word might have to be entered into an app when using a hardware wallet. The hardware wallet is rendered useless if the phone is compromised or lost because it is then sent to the device. By keeping it airlocked and only storing it on the device, the secret phrase’s security is boosted. Additionally, it suggests that recovery time should be kept to a minimum. Some users have started writing down their 24 terms in a metal handbag or cutting up their recovery phrase into smaller pieces and storing them in different places.
The user must verify the device using the Ledger Live app after selecting a PIN and noting the recovery phrase. This process should only take a few seconds.
Ledger Nano S Security Features
A hardware wallet for cryptocurrencies is similar to the safe deposit box at your bank where you keep your most valuable items. You must protect it, and the best way to do so is by using the highest level of encryption.
Customers’ trust and reputation for security have been earned by Ledger’s products. Your digital assets will be safe with Ledger Nano S even if your computer experiences a security breach. It employs two levels of security, with ST31H320 (protection) and STM32F042 (OS) chips acting as separate pieces of hardware to store and sign transactions, respectively.
Additionally, Nano Ledger S users can safeguard their coins by configuring a PIN code to unlock the device and a passphrase to allow access to their wallets.
No remote hacking of a Nano Ledger S device has ever been documented, not even as of right now. This makes it essential to keep your seed phrase offline and hidden so that no one can access it. The security of your device might be jeopardized if you record it or store it online. Using a specific robust mechanism like CryptoTag is the most secure way to save your seed phrase.
You can easily recover your hardware device using its seed phrase even if it is damaged or lost. For instructions on how to recover your device from the seed phrase, see the video below.
Ledger Nano S Review: Device Design
The device itself has a convenient and user-friendly interface. The device’s top has a screen and two navigation buttons. They all work together to assist you in selecting apps, entering pin codes, accessing the device’s menu, and entering recovery phrases. Ledger OS walks you through the setup of your device, despite the fact that two buttons make it a little difficult to enter PINs and seed phrases. You only need to adhere to on-screen instructions and Ledger Live (a desktop application for Ledger devices).
The supplied micro-USB cable makes it simple to connect your Ledger Nano S to a computer. Even so, the small screen can occasionally be a hindrance, particularly when you need to confirm lengthy receiver addresses for transactions. However, it’s only a minor annoyance, and after a while, it becomes second nature. Ledger Nano S is praised for its design and security because it is straightforward and has a small internal storage capacity and screen, which makes it dependable and secure. These restrictions also make it impossible for hackers to steal your money.
How Do I Set Up A Hardware Ledger Nano S Wallet?
A step-by-step manual for setting up and configuring your brand-new Ledger Nano S device is provided here.
- To activate your Ledger Nano S, plug it into your computer. For a secure connection, use the supplied micro-USB cable that was packaged with it.
- Set up a PIN code. The device will turn on and ask you if you want to set it up as a new device. Set up a PIN code with a range of 4 to 7 digits using the top buttons to confirm that. You must simultaneously press the top two buttons after selecting each number. Remember the code because you will need to enter it each time you use the device.
- Write down your recovery (seed) word. The following set of 24 words will be displayed by Ledger Nano S. Keep a secure, off-line record of them. The recovery phrase sheets that were included with the device in the box can be used. Make sure all of the words are accurately recorded. Because there will be no other way to recover your funds if you lose your recovery seed, take care. Use a device like Cryptotag for the most optimal recovery seed.
- Confirm your seed. Once you have finished writing your seed phrase, the device will prompt you to confirm it by selecting two random words from it. You might be asked to confirm the word “no,” for instance. 12 from the sequence. Navigate to and confirm the 12th word from your recovery phrase using the top buttons.
- On your computer, install the Ledger Live App. An app called Ledger Live goes along with your hardware wallet. Visit Ledger’s website and download it there. Ledger Live may be set up on your phone as well, if you choose.
- Install the Ledger Live software and the coin-related apps. Install the apps for the cryptocurrencies you want to hold on your Ledger Nano S by following the on-screen instructions, creating a secure password, and following the prompts. You can install 3-5 of these apps on the Nano S until its internal memory is full, but keep in mind that it has limited space for them.
- Send scams and make wallets. Create wallet addresses and send your coins there by following the on-screen instructions. The secure cold cryptocurrency wallet you were looking for is right here!
How To Move Your Crypto To Cold Storage
The most crucial task you’ll perform with a hardware wallet is transferring assets from an exchange to cold storage.
These are the steps you’ll need to follow to achieve this using the Ledger Nano S Plus:
- Open the Ledger Live app after establishing a connection.
- Select “Receive” on the menu on the left and copy the address on your screen.
- Select withdraw funds after signing in to your exchange account (exchanges differ).
- Set the number of tokens you wish to withdraw and paste the wallet address you copied from the Ledger Live.
This was the first time I had ever transferred digital assets from an exchange to cold storage, and the entire process went much more quickly and easily than I had anticipated. It wasn’t as intimidating as I had anticipated, even to double-check the address.
I transferred 10 MATIC to the Ledger Nano S Plus device as a test from my exchange account. The tokens (less the 0.1 MATIC transfer fee) appeared in the Ledger Live app after five minutes.
Depending on the blockchain you use for the transfer will affect processing times and costs.
Importance Of The Nano S Display Screen
To someone who is familiar with gadgets, the Nano S display screen may not seem like much, but its significance cannot be understated. This is because, in the event that your device is lost or damaged, the screen is crucial to the recovery of your wallet’s contents. Smartphones frequently display any cryptocurrency web wallet, but because they are connected to the internet, they are vulnerable. Due to this, it is common knowledge that cryptocurrency exchanges have been compromised, resulting in the theft of coins. When making payments, the Nano S’s display screen also contributes to enhancing security. With it, you can quickly verify both the transaction’s amount and the correct address.
How To Buy And Sell Crypto
Hardware wallets are a blockchain-only solution; as a result, fiat currency deposits and storage are not permitted. They are undoubtedly less convenient than hot wallets or exchanges because of this, but keep in mind that you gain security for any convenience you give up.
With a few third-party applications like Banxa, Coinify, and Moonpay, The Ledger enables direct cryptocurrency buying and selling on the device. They serve as a bridge between the fiat and cryptocurrency worlds and allow you to use dollars (as well as euros, pounds, pesos, etc.).) to invest in cryptocurrencies.
These fiat-to-crypto on-ramps are essential to making cryptocurrency usable by the general public. Regrettably, the majority of providers impose onerous payment requirements, impose exorbitant fees, or exclude certain areas or states from their coverage. I searched for a transaction-capable on-ramp for the better part of the morning.
Ledger is not to blame for the shortcomings of on-ramps, but they do highlight a significant problem that the cryptocurrency industry must overcome. It is a critical gap in the puzzle that easily turns off inexperienced users. I advise using exchanges for purchases and sales while keeping the Ledger for archival purposes.
Faqs Of Ledger Nano S
Is It Possible To Hack The Ledger Nano S?
Up until this point, there have been no reports of a Ledger Nano S being remotely breached. However, hackers will employ a variety of techniques to steal money from a user’s wallet.
As long as the seed is kept offline and hidden and nobody has physical access to the Ledger Nano S, the currencies stored on it are secure.
How Can I Put Bitcoins In My Nano S?
- Connect the Nano S via USB to the computer.
- Live Open Ledger
- On the Nano S device, select Bitcoin (enter PIN when needed)
- When users go to “receive” on They will see your Bitcoin address on Ledger Live.
- Send money to the Bitcoin address you made in step 5 to receive payments.
Can I Use The Ledger Nano S With My Iphone?
The Nano S is incompatible with smartphones. The Ledger Nano X, which has bluetooth capabilities, is an option for people who want to use their phone with a hardware wallet.
A good cold storage option, especially for beginners, is the Ledger Nano S. Even though the Ledger Nano X has improved buttons, displays, and connectivity options, these are merely extras.
Totally secure hardware wallets include the Ledger Nano S. It has a USB flash drive-like appearance. It is also among the best hardware wallets for cryptocurrencies. Although it supports the majority of cryptocurrencies, some assets require users to download third-party software, and application wallet space is constrained. Both novice and seasoned cryptocurrency investors who want to keep their funds offline will find the device to be ideal.