Ledger Nano S

Ledger Nano S Overview

Ledger Nano S was paved way by Ledger Nano where the difference is that, the former has an OLED screen attached to it. It was released in 2016 and has been able to offer not only secure but cost effective ways through which individuals can store their digital currencies. The upgrade from the Nano and the pocket friendly nature of Nano S wallet has made it popular among investors. It features an OLED display plus a USB cable which allows you to easily connect it to your laptop.

The screen on the Ledger Nano S wallet acts the same as the screen on a phone. It helps to display the 24-word recovery phrase. The good thing about this wallet is that, it generates that secret text offline which means that it cannot be hacked. Apart from that, it allows you to confirm all payments as they are displayed on the screen before you give the go ahead. Of all the wallets that come with a screen, Ledger Nano S cryptocurrency hardware wallet is the most affordable, going for $65.

Ledger Nano S Review

We at Cryptoncy.Net received a parcel with Ledger Nano S Wallet. It was well-placed inside a Ledger box.

Inside, there was the Ledger Nano S device and other accessories accompanying it. 

The device has a display screen, which was no there in the previous Ledger versions of wallets.

On one side of the device, there are two buttons. They make sure that your coins are protected in case you attempt to make the wrong payment or someone hacks your device. Before you make any payment, you have to press the two buttons simultaneously to complete the payment.

Others accessories include the USB cable, a keychain, a key ring, Lanyard, a recovery sheet, and an instructions guide. The function of the USB cable is to connect the Ledger Nano S with your PC so that it can be turned on. For the Lanyard, it helps you to hold the wallet so that you can wear it around your neck all the time wherever you go. The recovery sheet plays a vital role in helping you to recover your account in the case your hardware wallet is lost. You will have to put down the 24 words, the seed, generated during the setup of the device, in that recovery sheet. The instructions guide helps you to get started on how to use the hardware in storing your blockchain coins.

What coins does Ledger Nano S support?

The good thing about this crypto wallet is that Ledger Nano S supports a broad range of coins which makes it easier for you to receive and send payments regardless of the coin. This way, you will be able to store your coins as you receive them into your wallet and they will be stored differently in their variant forms. For example, the private keys for Bitcoin will be stored differently, in the same wallet, from those of Ledger Nano S Litecoin.

Another aspect that seems unique and reliable for Ledger Nano S is that, it does not store digital currencies but rather plays the role of tracking the blockchain. Instead, it stores the private or secure keys and automatically tracks the digital ledger of the digital currencies on your behalf. Nano Ledger S also supports Ripple and Monero.

How to use Ledger Nano S wallet?

First, you will have to set up the wallet before you can use it to receive or send the coins. The process is simple. They include:

• Connect the Ledger Nano S cryptocurrency wallet with your computer or laptop using the USB cable that comes with the package.
• Choose a 4-digit PIN code that will function as a security protocol every time you want to send payments or access the wallet.
• Generate the 24-word recovery phrase, just in case you lose your wallet.
• Add a custom Ledger Nano S passphrase on to your recovery phrase for additional protection. However, this is optional.
• Finally, you can integrate it with other software wallets depending on your preference.

What are the pros and cons of Ledger Nano S?

The pros include:

• Stores coins offline which adds to the security of your tokens
• It is cheaper than other wallets with the OLED screen display
• It comes with a Ledger Nano S passphrase protection on top of the recovery phrase
• It can be integrated or used together with other wallets
• It supports multiple currencies
• Confirmation of payments is done using physical buttons and thus free from hacking

The only drawback about Ledger Nano S cryptocurrency hardware wallet is that it is still not as popular as it should be despite the many pros it exhibits. However, this may change with the need for security of your coins on the internet since this device stores them offline in a secure environment.