Ledger Nano S Wallet Review
Ledger Nano S Review
The hardware wallet industry for digital currencies is booming, with a good number of exciting choices available for those who wish to keep their coins secure and away from potentially risky online storage servers.
The Ledger Nano S represents a Bitcoin, Ethereum, and altcoin hardware wallet consisting of robust security features, which can be used for both storing digital assets and making payments. Some of the distinguishing features associated with this hardware wallet include ease of use, the ability to quickly make payments, high level of security, and more.
The Ledger Wallet company was founded back in 2014 in France, and since then, Ledger has managed to attract a lot of attention. The Ledger team managed to quickly become one of the biggest hardware wallet providers on the market.
While other hardware wallets such as TREZOR have been on the market longer, the Ledger is seen as being neck-and-neck with it.
In this Ledger Nano S review, we’ll go over a few different aspects such as usability, security, and convenience.
Court of Public Opinion
It seems like most of the users submitting reviews are beyond satisfied with the Ledger Nano S.
Numerous users have called it a great method of “sleeping well at night”, especially since hardware wallets are generally used by those who have a higher number of coins. The public also believes that the device works smoothly, and most have no major complaints with it.
However, the wallet may not be the best choice for those who hold multiple digital currencies and actively use most of them. This is due to the low storage space available on the device.
When storing and using a digital currency on the wallet, users have to download a specific app for that token. Currently, the hardware only has enough storage space for two or three of these apps. This means that if you wish to use a different currency, you’ll have to uninstall an app, and install another.
This process is pretty straight-forward especially if you’re near a computer. However, it can become a nuisance for those who make payments using different digital currencies constantly.
The user interface of the Ledger Nano S has been designed with a fluid user experience in mind.
Using the wallet is similar to the usage of most other hardware wallets on the market, and the process is fairly straight-forward. When the hardware wallet is set up for the first time, users will have to select a pin. Later on, a 24-word seed will be given which can be used for the creation of private keys.
The initial setup takes about three minutes, with most of the time being spent on having to write down your seed to keep it in a safe place. Once the device has been set up, users will have to install the apps required to use the device depending on the digital currency of choice. These apps are used to either send or receive currency- they have no purpose in helping the wallet store your coins.
A Chrome extension is available as well, and it makes things even easier. Its main functionalities are accessing account details, sending Bitcoin via the hardware wallet, generating Bitcoin addresses to receive funds, as well as various settings for the app including the exchange rate and language of use.
A great feature is that the Ledger Nano S also works with existing Bitcoin wallets. Users aren’t required to set up an additional wallet to store the coins. Some of the supported online wallets include, but are not limited to Electrum, MyCelium, Copay, MyEtherWallet, and Bitgo.
At this time, the Ledger Nano S supports the following digital currencies: Bitcoin, Ethereum, LiteCoin, Zcash, Dash, and Stratis. The device supports sending payments, receiving payments, checking account details, as well as managing multiple addresses.
The Ledger Nano S is generally easy to understand if you understand how digital currencies work and the basics behind transactions, and even if you don’t, it’s pretty easy to pick up. The hardware wallet is also controlled via two buttons, so the margin for user error is fairly small.
Hardware wallets represent by far the most secure way of storing digital currencies.
While hardware wallets come with some security flaws as well, most of them are user-based, rather than the fault of the company providing the wallet.
If you do choose to use the Ledger Nano S (or any other wallet, for that matter) you need to take special precautions such as noting down your security seed on paper, rather than on a computer, or avoiding using the wallet on PCs that could potentially be infected.
Theoretically, the Ledger Nano S wallet has no known security vulnerability. It’s a hardware wallet, and when it isn’t connected to a computer, it is close to impossible to hack.
Accessing your coins on the Ledger Nano S requires the use of a computer. The wallet needs to be plugged in with a USB. While this isn’t really much of an inconvenience if you’re at home and have the time, accessing your coins on the go can be a bit difficult.
It’s important to note that hardware wallets aren’t really purposed for convenience, but are rather meant to be used for the secure storage of large amounts over long periods of times.
So, if you want to get on the “I pay for my coffee with BTC” level, your best bet would be using an online digital currency wallet on your mobile phone.
Compared to other hardware wallets, the Ledger Nano S is simple to use. Your coins can be easily accessed, but having to uninstall and install multiple apps for different tokens can get tedious.
Final Thoughts/ Recommendations
The Ledger Nano S hardware wallet is bound to satisfy the needs of most digital currency enthusiasts. It offers an easy to use interface, nice coin accessibility, and great security features.
Ultimately, the Ledger Nano S is a leader in the market for a reason: it produces a product users trust with protecting their tokens and gets the job done effectively.
If you’re interested in purchasing a Ledger Nano S, you can do so here.
Ledger Nano S Rating
The Grayscale Bitcoin Trust (GBTC) owns about 3.1% of the global bitcoin supply– here's what you need...
Voyage Invest offers commission-free trading and a cryptocurrency interest account– learn how it pulls this off in...
Celsius and Gemini Earn are two prominent cryptocurrency interest account products; in today’s review, we’ll be comparing…
Jodie Gunzberg brings her experiences at the S&P Dow Jones, Morgan Stanley, and Graystone to the crypto as Managing Director of Coindesk Indexes.