The most effective method of keeping the cryptocurrency safe is utilizing a hardware wallet. It is a safe hardware device for storing private transaction keys and other sensitive information. In contrast to online and mobile wallets, a hardware wallet cannot be hacked without physical access to the device, which means that the money is less vulnerable to theft in this manner.
The Ledger Nano S is a well-known cryptocurrency hardware wallet selling over a million devices across the globe.
It is one of the most affordable hardware wallets available on the market, costing just USD 59. It features a clean design and a straightforward user interface, and it supports more than 1,100 coins in total.
However, it will celebrate its fifth anniversary in 2021. It is an eternity in the world of digital equipment. Ledger Nano X has already upgraded the device.
So, is it worth it to spend the additional money on the upgrade, or the simpler, less expensive alternative is still perfect? The following review explains the setup procedure and use of the wallet in detail.
Design and development
Unlike competitor hardware wallets like the Trezor One, the wallet by Ledger Nano S does not have any fancy design. It also does not have the bulky appearance of other wallets.
When a person opens it up, though, they will notice several changes right away. There is a mini screen, a micro-USB port, and two buttons on the top of the device for navigating through its settings.
In addition to green and pink, it is also available in a transparent version that is very attractive. Additionally, it is useful differentiating between primary and backup devices. It helps match the ledger with the clothing and home decor.
What does the package have?
The packaging is minimalist, simple, and it was inspired by Apple’s aesthetic. Unlike few manufacturers, it does not include an anti-tampering seal on its products because it believes that such seals are simple to forge and may be deceptive.
The gadget itself, as well as a quick start guide, three cards essential recording the recovery phrase, lanyard, a micro-USB cable, loop to connect it to a keychain, are all included in the package.
- It is necessary to download and install the Ledger Live app before a person proceeds with setting up the device. After the application is ready, a person has to create a password for the device.
- After an individual completes this step, they can connect it to their computer with a micro-USB connection. Follow the on-screen instructions to configure the device. The next thing is to create a pin using the device.
- Utilize the two switches on the device’s top, which allow moving through its menus. Press the left switch to go right or up, the right button to go left or down, and both buttons to choose a menu item or react to a prompt.
- As a following procedure, it produces a secret phrase of 24 words, which one needs to write down on one of the cards that come with the gadget to use it.
- However, it is a time-consuming procedure but essential to complete in a true sense. The 24-word phrase serves as the wallet while the device is merely the gateway by which one may access the device. If you forget the pin, it is possible to recover the device by entering a recovery phrase on another device. It allows retaining access to the cryptocurrency holdings.
- When using a hardware wallet, a person may be required to input the secret phrase into an app. It subsequently transmits it to the device, rendering the hardware wallet ineffective if one’s phone is compromised or lost. The security of the secret phrase is enhanced by keeping it airlocked and only storing it on the device.
- It also implies that a person must keep the recovery term as safe as possible. A few users have taken to writing their 24 terms in a metal purse or dividing their recovery phrase into several pieces and keeping it in different places.
- Once a person has selected a PIN and written down the recovery phrase, they need to authenticate the device via the Ledger Live app, which should only take a few seconds.
- Wallet at affordable price: For $59, the device is less costly than many other hardware wallets, giving it a suitable, highly secure, and low-cost alternative for those on a budget.
- Private keys that stay forever with the device: In contrast to hot wallets provided by crypto exchanges, these physical device customers retain control over their private keys. They are never deleted from the device and are never accessible via the internet.
- Supports 1,100 currencies or tokens: Investors may deposit famous and less famous coins and tokens on the device, compatible with more than 1,100 coins and tokens.
- Limited storage capacity for cryptocurrency applications: Many cryptocurrencies need a cryptocurrency application. The device can only store up to six applications as per their size.
- The screen is tiny and does not have a touchscreen: Because the gadget is just 17.4 mm in height, the screen is less than an inch tall. The device as a whole is less than an inch in the height of 0.685 inches. It does not have a touchscreen but instead has two tactile buttons.
- Other wallets are more mobile-friendly, but this one isn’t: Because the device does not have Bluetooth, it must connect to an Android smartphone or computer via a USB connection.
Cryptocurrencies supported by the device
The device is capable of supporting around 107 coins and more than 1,000 different tokens. Stablecoins may be stored on the device, even though fiat currencies cannot be stored there.
The hardware used by investors holds major cryptocurrencies, such as the following:
- (DOT) Polkadot
- (FLOW) Flow
- (ALGO) Algorand
Purchase and Price
The hardware wallet costs $59 on its website. The business sometimes provides free delivery to the United States and many foreign destinations. Shipping charges may otherwise exceed $19. Ledger also works with many resellers, and one can find it somewhere cheaply.
For example, the device on Amazon costs $59 for free shipping, whereas at Walmart, it costs $46.99. The time for delivery charges as per the location.
Inside the package, there is a USB-B micro cable. It also includes papers to quote a 24-word recovery sentence. It also comes with a neck strap. Ledger also provides a package of three devices that save up to 21%.
Safety is the most important reason why consumers purchase the hardware wallet. The business surpasses industry requirements for safety. These wallets were never tampered with. It installs EAL5+ certified Common Criteria (CC) tamper-resistant chips on nanodevices. The private key is saved on the chip.
In addition, it is the first hardware wallet maker utilizing Secure Element chips and an OS, known as the Blockchain Open Ledger Operating System (BOLOS).
These devices undergo an impartial examination by the French National Information Systems Security Agency (ANSSI). Additional security measures are also available at the user level. For example, to buy altcoin, one must press both buttons physically on the gadget at the same time prevent the hack by cybercriminals. A minimum four-digit pin code is essential in the wallet. The users are given a 24-word phrase to keep in a secure, offline environment.
Configuration and use
The device is easy to set up and use. Users have to download Ledger Live on their mobile device or computer and select the option to set up a new device. The program passes users through the procedure from there, including a guided checklist of security.
Once established, investors use the Ledger Live app to conduct most measures and physically push both buttons on the hardware package to confirm transactions. Although the display is tiny, the necessary interaction works nicely. However, it may be laborious to go through the alphabet to locate every letter while entering your 24-word recovery sentence.
It is simple to use and beginner-friendly for infrequent investors with a few pennies. However, many cryptocurrencies need software, and the device has just a few applications, which means one needs to remove one application to install another.
The device gets extremely high user satisfaction ratings. Complaints involve the absence of Bluetooth or safety procedures. In summary, the price paid for top-notch security is somewhat less convenient. Others have raised worries about the storage capacity on the smartphone. However, size and restrictions are mentioned on the website.
If a device issue arises after purchasing, customers must fill out the return web form within 14 days of receiving the hardware wallet.
The Ledger Nano S is a safe, USB flash drive-like hardware wallet. It is also one of Bitcoin’s finest hardware wallets. Although it supports thousands of cryptocurrencies, many assets need users to download third-party software, and wallet capacity for applications is restricted. The device is ideal for novices or expert crypto-investors who wish to keep their funds offline.