The Ledger Nano S significantly surpasses its predecessor and rises to the challenge of giving competitive hardware wallets a run for their money. Throughout this thorough review of the Ledger Nano S, we will discuss the importance of hardware wallets, the features associated with this latest generation hardware wallet and need-to-knows when considering investing for your own Ledger Nano S hardware wallet.
About Ledger Nano S
The Ledger Nano S is a robust Bitcoin, Ethereum and altcoins hardware wallet. It reflects strong safety features for storing cryptographic assets while securing digital payments. Compared to its predecessor, the Ledger Nano and Ledger HW.1, the Ledger Nano S has buffered up their security protocols while embedding a secure OLED display. This allows users to double-check and verify each transaction with a single tap of its side buttons.
Ledger Nano S Features
This hardware wallet falls anywhere but short when taking a peak at its sophisticated yet simplistic design. Every component of the Ledger Nano S was designed with their users feedback in mind from pre-existing models allowing this model to excel beyond expectations. It should be noted that this hardware wallet is fully compatible with previous generation Ledger products so if you needed to import previous existing accounts, you can effortlessly do so.
The biggest addition made by Ledger into the Nano S model would be the addition of an OLED display. The incorporation of the OLED display revolutionizes the ease and functionality of this hardware wallet when compared to other versions. Two separate side buttons are molded in the slim figure of the Ledger Nano S allowing users to easily set up their security parameters and control transactions.
The addition of the OLED display really allowed Ledger to ramp up their security measures. The Ledger Nano S is based upon a dual chip architecture (ST31/STM32, Certification level: CC EAL5+). A 4 digit PIN code is created by the user and your private keys are never held or known by Ledger or third parties. Due to the nature and increased security measures enacted by Ledger Nano S, your wallet remains decentralized, meaning that you are your own bank.
Apps compatible with the latest Ledger model include companion apps such as cryptocurrency wallets, Fido® Certified U2F, GPG, SSH or other applications if you are capable of creating your own. Other supported cryptocurrency wallets are as followed: MyCelium, Bitgo, GreenBit, Electrum, MyEtherWallet and Copay.
Fido® Certified U2F
The Ledger Nano S is capable of supporting the FIDO® Universal Second Factor authentication standard on Google, GitHub, Dashlane or DropBox.
Bitcoin, Litecoin, Ethereum, Ethereum classic, Dogecoin, Zcash, Dash, Stratis, Ripple, Hello, Bitcoin Cash, Komodo, PoSW Coin, Ark, Expanse, Ubiq, PIVX, Vertcoin and Viacoin are supported and all able to be held in the same Ledger Nano S hardware wallet.
Backup & Restoration
After you have set up your PIN code, you will be prompted to write down the Ledger’s 24-word recovery phase. If you purchase the Ledger Nano S, Ledger will provider you with a Recovery Phase paper that you can use to write down your 24-word recovery phase. In the case that your PIN was incorrectly entered 3 times and your PIN code was wiped from your Ledger Nano S, simple prompt your hardware wallet and enter the required recovery phase words.
Additional Features with Firmware 1.2
If you want to take managing your cryptocurrency hardware wallet to the next level with the Ledger Nano S, then consider installing Firmware 1.2. With the installation of firmware 1.2, you will be able to unlock the following features included in the latest generation Ledger wallet.
- Litecoin support
- Shuffle PIN options
- Alternative duress PIN
- Support for GreenAddress & GreenBits
- Token and basic contract support for Ethereum
- Passphrase support for plausible deniability or seed back up protection
- MyEtherWallet integration on Chrome and Operate without third party extensions
Why You Should Acquire Hardware Wallets
Hardware wallets are essential to own if you are hoping to keep your cryptocurrencies safe. The main functionality behind hardware wallets is to provide a complete isolation between the cryptographic secrets (your bitcoins) and your hackable computer or smartphone. The incorporation of hardware wallets like the Ledger Nano S allow your bitcoins to remain decentralized and not held in a centralized location where hacking can occur.
Take for instance when Mt. Got was hacked in 2014, where $460 million in Bitcoin disappeared. Another disturbing example would be when hackers pilfered Yapizon, a South Korean crypto exchange, for the quantity of 3,816.20 BTC. Keep in mind that once you lose your bitcoins or send your bitcoins, there is no way to get them back. The threat revolving the theft and hacking of cryptocurrencies is real and should not be taken lightly.
Ledger Nano S Need-to-Knows
If you are considering keeping your cryptocurrencies tucked safely away in a secured hardware wallet like the Ledger Nano S, there are some things you need to consider before investing with this hardware wallet. First, in the box, you will receive the Ledger Nano S, a micro USB cable, an instruction manual, recovery sheet along with a lanyard. Nothing special really besides the essentials of what you would need.
Secondly, the average price tag accommodated by the latest Ledger product comes out to be near $85 USD. This is a more affordable price compared to other competitive hardware wallets such as Trezor or KeepKey, both of which offer similar features compared to the Ledger Nano S. It is imperative to remember that after you have successfully set up and sent cryptocurrencies to your hardware wallet that anyone who has access to your recovery phase can gain control over your bitcoins.
This is why you must make sure not to share your seeds with anyone because bitcoins are irretrievable once loss or sent. Make sure to keep your recovery phase in a safe location that can’t be compromised! Each Ledger Nano S box ships with a tamper-proof seal around the packaging. If you receive your hardware wallet and it appears that someone has tampered with your device, make sure to return in and request a new device!
As we have disclosed, Ledger Nano S features top-of-the-line security features. Compared to other competitive hardware wallets, the Ledger Nano S can be set up without having the need to plug it into a computer. If you are looking to enforce privacy one step further we encourage that while using Ledger, make sure to operate Electrum on desktop or Mycelium on Android. According to Open Bitcoin Privacy Project, Ledger hardware wallets ranked as the most private Bitcoin wallet in their 2016 report.
Ledger Nano S Feedback
Travis R. – “Excellent product and amazing customer service. I have full confidence and faith in this product and company. My lanyard came a little bit frayed so I contacted support. Within one hour the CEO shipped out a replace from France for free.”
Ronabong – “Very pleased with Ledger. They do listen to their customers…The addition of Litecoin is welcoming, as well as the new Ledger Manager.”
Ivan F. – “Nice and simple and it’s pretty cheap relatively. Also nice that it supports multiple crypto coins via all sorts of different wallets.”
Jeremy M. – “A must have for anyone holding crypto currencies and wanting to sleep soundly at night.”
JW – “This is a great little hardware cryptocurrency wallet! It was pretty easy to set up and use, seems pretty secure, and has pretty decent software report.”
Ledger Nano S Review Conclusion
The advancement and rising popularity of Bitcoin will ensure that cryptocurrencies will remain a targeted field to hackers and scammers. Unfortunately, this startling truth must be acknowledged and considered deeply by investors who wish to keep their cryptocurrencies secured. Either you can risk your bitcoins in a centralized platform, which if hacked and stolen, your bitcoins will be irretrievable or to make a minor investment into a leading hardware wallet such as Ledger Nano S to safely store your bitcoins.
Ultimately, the choice is up to you. We just wish for you take every preliminary measure possible to ensure the safety of your cryptocurrencies.
Do you have an experience to share about the Ledger Nano S hardware wallet? Please share your feedback by leaving a comment below!
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