Is this cryptocurrency hardware wallet safe? Shock alert!
Using a hardware wallet is the most effective way to protect cryptocurrency. It is a secure hardware device that stores private transaction keys and other sensitive data. Unlike internet and mobile wallets, a hardware wallet cannot be hacked without physical access to the device, making money less vulnerable to theft in this method.
The Ledger Nano S is a well-known bitcoin hardware wallet that has sold over one million units worldwide.
It is one of the cheapest hardware wallets on the market, costing just $59. It has a simple user interface and a clean design, and it supports over 1,100 coins in total.
The gadget is about six years old. In the world of digital equipment, that’s an eternity. The Ledger Nano X has already been updated.
So, is it worth spending the extra money on the update, or is the simpler and cheaper option still ideal? The following review goes over the setup process and how to use the wallet in depth.
Design and creation
Unlike competing hardware wallets such as the Trezor One, the Ledger Nano S wallet does not have a fancy design. It also lacks the heavy appearance of conventional wallets.
When a person opens it, however, they will immediately notice various alterations. On the top of the device, there is a small screen, a micro-USB port and two buttons to navigate through its settings.
In addition to green and pink, it is also available in a very attractive translucent variant. It is also useful to distinguish between primary and standby devices. It helps to match ledger to wardrobe and home decor.
Wallet at a reasonable price
The gadget is cheaper than many other similar wallets at $59. This price makes it a perfect, highly secure and inexpensive choice for people on a tight budget.
Private keys that stay with the device indefinitely
Customers using physical devices, as opposed to active wallets provided by crypto exchanges, retain ownership of their private keys. They are never deleted and are never accessible on the Internet.
1100 currencies or tokens are supported.
Investors can deposit well-known and lesser-known currencies and tokens on the gadget, which is compatible with over 1,100 coins and tokens.
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The storage capacity of bitcoin applications is limited.
Many cryptocurrencies require the use of a cryptocurrency app. Depending on their size, the gadget can only store up to six apps.
The screen is small and lacks a touchscreen.
The screen is less than an inch as the device is only 17.4mm. The device as a whole is less than an inch tall (0.685 inches). It lacks a touchscreen in favor of two touch buttons.
Other wallets are more mobile friendly than this one.
Since the gadget does not have Bluetooth, it must be connected to an Android smartphone or computer via USB.
The device supports the following cryptocurrencies:
The device can support around 107 coins and over 1000 different tokens. Even though fiat money cannot be saved on the smartphone, stablecoins can.
The Investor Materials contain key cryptocurrencies such as the following:
Polkadot (DOT) Flow (FLOW) Flow (TRC20) USD Tether (BTC) Bitcoin IOTA (MIOTA) Cosmos (ATOM) Dogecoin (DOGE) Algorand (ALGO)
What’s included in the package?
The package is minimalist and simple, and it was inspired by Apple’s design philosophy. Unlike many other manufacturers, it does not put tamper-resistant seals on its products because it believes these seals are easy to forge and can be deceptive.
The device itself, along with a quick start guide, three cards for recording the recovery phrase, a lanyard, a micro-USB cable, and a loop for attaching it to a keychain are all included in packaging.
Before proceeding with setting up the device, a person must first download and install the Ledger Live software. Once the application is complete, a password for the device must be created.
Once this process is complete, users can connect it to their computer using a micro-USB connection. To set up the device, follow the on-screen instructions. The next step is to use the device to create a pin.
Use the two switches on the top of the device to navigate its menus. To move right or up, press the left switch. To move left or down and choose a menu item or respond to a prompt, press both buttons.
Then it generates a 24-word passphrase, which must be written on one of the cards that came with the device in order to use it. However, this is a time-consuming procedure that must be completed in its entirety. The 24-word phrase serves as a wallet, while the gadget is just a portal through which the device can be accessed. If users forget the PIN, they can recover the device by typing a recovery phrase on another device. This allows them to retain access to their cryptocurrency assets. When using a hardware wallet, the secret word may need to be entered into an app. It then sends it to the device, leaving the hardware wallet useless if the phone is compromised or lost. The security of the passphrase is increased by keeping it locked and storing it only on the device. It also indicates that the recovery period should be as short as possible. Some users have taken to writing their 24 terms in a metal purse or splitting their recovery phrase into several pieces and keeping them in various places.
After choosing a PIN and writing down the recovery phrase, the user should verify the device using the Ledger Live app, which should only take a few seconds.
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A key reason people choose hardware wallets is their security. The company exceeds industry safety standards. These wallets had never been tampered with. On nanodevices, it installs Common Criteria (CC) EAL5+ certified tamper-evident chips. The chip stores the private key.
Additionally, it is the first hardware wallet manufacturer to use Secure Element chips and an operating system known as Blockchain Open Ledger Operating System (BOLOS).
The National Agency for the Security of Information Systems carries out an impartial analysis of these systems (ANSSI). At the user level, other security measures are also accessible. Buying altcoin, for example, requires manually pressing both buttons on the gadget simultaneously to prevent cybercriminals from hacking. In the wallet, a four-digit PIN code is required. Users are given a 24-word phrase to remember in a safe, offline environment.
Parameterization and application
The device is simple to set up and use. Users must first install Ledger Live on their mobile device or PC and then choose the option to setup a new device. From there, the app walks users through the process, including a safety checklist.
Once set up, investors perform most trades using the Ledger Live app and physically pressing the two buttons on the hardware package to confirm trades. Despite the small screen size, the necessary interaction works well. However, going through the alphabet to find each letter when typing the 24-word recovery instruction can be time-consuming.
It is simple to use and suitable for inexperienced investors with pennies. However, many cryptocurrencies require software and the device has only a few programs, so you have to remove one to install another.
The device has incredibly high ratings from users. Complaints have been made about the lack of Bluetooth and security protocols. In conclusion, the cost of superior security is a little less practical. Others have expressed concern about the storage capacity of the smartphone. The website, however, discloses the size and limits.
Customers must complete the return web form within 14 days of receiving the hardware wallet if any device issue occurs after purchase.
Purchase and cost
On its website, the hardware wallet costs $59. The company occasionally offers free shipping to the United States and many other countries. Otherwise, shipping costs may exceed $19. Ledger also has a large number of resellers, so it can be found at a reasonable price.
For example, the device is $59 on Amazon with free shipping, but it’s only $46.99 at Walmart. Delivery time is determined by location.
A micro USB-B cable is included in the package. It also contains works in which a 24-word sentence for a recovery statement is quoted. It also includes a choker. It also offers a set of three devices that can save you up to 21%.
The Ledger Nano S is a completely secure hardware wallet. It looks like a USB stick. It is also one of the best crypto hardware wallets. Although it supports most available cryptocurrencies, many assets require users to download third-party software, and app wallet space is limited. The device is perfect for new and experienced cryptocurrency investors who want to keep their funds offline.