This post is a review of the Ledger Nano S, everything you need to know about it and how to use it.
The Ledger Nano S is a hardware wallet that was designed to securely store 1000 cryptocurrencies. It is the most widely used cryptocurrency hardware wallet.
So far this is the most detailed review on the Ledger Nano S you can find online.
In this post, I will also be revealing its successor; Ledger Nano X.
Post Summary and Company Review
Launched in 2014 by eight experts, Ledger is one of the leading companies in hardware wallet technology.
The company has over 130 employees in Verizon, Paris and San Francisco. Its aim is to secure every class of crypto-asset using a unique Operating system called BOLOS.
Its products include;
To make this review clear and simple, this is what I will be covering.
- Ledger Nano S in a nutshell
- Price tag and unboxing
- How to set up your new device
- Supported crypto and apps
- Pros and Cons
- Ledger Nano s and Competitors
Ledger Nano S in a Nutshell
Ledger Nano S is one of the most popular hardware wallets available.
Trusted for its high-security level, the device holds over 1000 cryptocurrencies including ERC20 tokens (i.e coins used in ICOs).
One thing that’s attractive about the device is its metal casing which makes it durable. Although it has no passphrase support you are assured of top-notch security using this wallet.
Continue reading to find out how to use the device and more.
Price Tag and Unboxing
The Ledger Nano S is sold at a standard price of $59(VAT excluded). I will always advise you to buy any hardware wallet from the manufacturer or from authorized resellers this is to ensure that you are not buying a compromised device that will lead to the loss of your coins. We want to avoid heart touching stories right?
This is what you will find in your newly purchased Ledger Nano S;
- The Nano S device
- 1 USB cable
- 1 Lanyard strap (to wear device around neck)
- 1 key chain strap
- Recovery Sheet
Congrats on your new hardware, now I’ll show you the easiest way to set up the device.
How To Setup Your Ledger Nano S
I found it very easy setting up this wallet. You can do this by following these 3 easy steps after plugging the device to your computer using the USB cable in the box.
Step 1: Set Your Pin Code
After starting up your device, you will be asked to create a 4-digit pin code.
Press the up and down buttons to alternate the digits from 0-9. Hold both buttons at the same time to select the number of your choice and move to the next until you have chosen 4 digits.
Step 2: Write Down Your Recovery Phrase
After setting your pin code, a 24-word seed phrase will display on the screen one word at a time.
Write down the words in their order of display, using the recovery sheet. You can write it down on a cryptosteel device.
The device will ask you to confirm your phrase by asking you to provide 2 random words from the 24.
Step 3: Install “Ledger Live”
Ledger Live is a software application that provides an interface of the device on your computer. You can download and install the app from your web browser.
After installing the app, use the up and down buttons to select the coins you want to be sending or receiving. For example, select the icon “B” on the display screen if you want to send and receive bitcoins.
That’s it and you are ready to rock your new wallet.
Supported Cryptos And Apps
The Ledger Nano S holds over 1000 coins including ERC 20 tokens. Here is a list of the major coins supported.
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Bitcoin Gold (BTG)
- Ethereum (ETH)
- Monero (XMR)
- Ripple (XRP)
- Litecoin (LTC)
- Dogecoin (DOGE)
- Zcash (ZEX)
- Dash (DASH)
The major coins are sent and received via the “Ledger Live”. Other coins like the ERC 20 tokens need an alternative app connected to the “Ledger Live” to support them e.g (Mycrypto Wallet, and MyEther Wallet).
Is It Safe To Use The Device?
This wallet offers top-notch security. The private keys are kept offline by a secured operating system called BOLOS, uniquely developed by Ledger.
Over 1million copies have been sold, so far the device has remained in the good books of its various users worldwide.
Pros and Cons of Nano S
Let’s check out the highs and the lows of the Nano S.
- It supports a high number of coins
- It’s very affordable
- it is user-friendly
- It has no battery
- No passphrase support
- Has no mobile support and must be plugged to a computer.
Nano S And Competitors
Let us now compare the Ledger Nano S with its major competitors.
Nano S Vs Nano X
The Nano X was introduced earlier in 2019 by Ledger as an improvement of the Nano S. The former comes with Bluetooth connectivity and can be used on your smartphones. One more thing to consider about the X is the inbuilt battery, meaning that you can use it without connecting it to an external power source.
Although the Nano S seems inferior to the new invention, it will perfectly secure your coins. Don’t forget the price tag is attractive too.
Click here to read my Ledger Nano X review.
Nano S Vs Trezor One
So both hardware wallets can hold multiple coins, but the Nano S supports a larger number. The Trezor has a bigger screen and allows passphrase support.
These wallets have similar features but the Nano S’ lower price is its main tool against the Trezor.
Also read: The best 4 bitcoin hardware wallet in 2019
The Ledger backup plan is a new package by Ledger. Allowing you to synchronize the Nano X and S to your one account still maintaining the same private keys. You can buy both devices from Ledger at a 20% discount. you will pay $149 instead of $178 when you buy them separately.
That’s it, we have come to the end of this review. By now you will be able to handle the Nano S on your own, get yours to have a feel of it yourself.
Now It’s your turn to give me feedback.
Do you have any questions about the device or this post?
What do you find most attractive about the device?
Will you like to get yours right away?…
Leave me a message in the comment section.
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