The safest way to store your bitcoins and other cryptocurrencies are in your hardware wallet. A small physical device that keeps private keys offline.
The best cryptocurrency wallet you choose must have the ability to connect blockchain networks and send/receive cryptos.
Additionally, there are some factors you need to consider such as fees, frequency of use, how many cryptos it can store, and how to protect it from hackers.
Here, we’ll walk you through the ledger cryptocurrency wallet, how it works, the fees, and the different products available.
What is Ledger Crypto Wallet?
The ledger wallet for crypto is a french based product that was founded in 2014 and is trusted by millions of users all over the world.
The company uses an open-source code to develop its app store or Ledger Manager and guarantees high security of digital assets.
The company has released the Ledger Nano S cryptocurrency hardware wallet which is one of the most rational products in the crypto world. Others include the Nano X and Nano S Plus, models.
Ledger Nano S Wallet Features
For Ledger Nano S to work, it must be connected using a USB to a computer and the user can conduct transactions manually to prevent hacking.
The first impression of the Nano S reveals a USB-like device. However, it’s a flash player that is loaded with high-level protection, a tiny screen, and other features to boost internal security.
The device is pretty small with an overall measurement of 9.8×1.8×0.9 cm. It only weighs 16.2 grams and you can put it in your pocket, small purse, or wallet.
Its construction comprises plastic and stainless steel with the out part consisting of steel. Further, there are two buttons for operating the device.
Other added features include two STM31 and STM32 chips that boost security. For integration with your computer, you must download a crypto ledger wallet app from Chrome Store.
How To Set Up The Ledger Wallet Nano S
After you unpack the wallet, connect to the computer and allow for a new configuration. Next, choose a pin and confirm the setup.
Your ledger Nano S will be ready for operation once you install the Ledger Manager to your PC. It’s more like a device organizer.
Ledger Nano S allows other software wallets such as BitGo and Electrum and users can manage their transactions seamlessly.
Ledger Nano S Wallet Apps
The Ledger Nano S Wallet has four apps that you can install on phones. One of them is Authenticator for Android and iOS.
After the ledger wallet extension has been synchronized with your phone your wallet will be ready for storing and protecting your funds.
Recovery
A unique feature of the Ledger Nano S is the Recovery function whereby you can get back your lost or stolen device. However, you’ll need a private seed key for this functionality.
How Much Does Ledger Nano S Hardware Wallet Cost
On the website, the Nano S hardware wallet costs $59. However, other costs such as shipping fees may apply.
Ledger Wallet Address
To get started, you will need a ledger wallet address which is a unique identifier that you can use to receive or send your cryptos. With such a wallet, all you need is a password or a private key which you shouldn’t share with anyone.
It’s highly recommended to have this information offline because a ledger cryptocurrency hack can expose your crypto codes to unauthorized parties.
Sending Bitcoins
You can send bitcoins by first copying the bitcoin address and sending bitcoins. Worth noting, that every time the wallet generates a new address depending on anonymity and security questions that you set.
However, you can use each address multiple times since it’s permanently assigned to your account.
Ledger Nano X Hardware Wallet
The X model has similar security features to the Nano S. In addition it supports the same cryptos. However, the X model has the Bluetooth feature which lacks in the Nano S.
On the flip side, the Nano X is more expensive than the Nano S model.
The Ledger Nano S Plus Cryptocurrency Wallet
The Ledger Nano S Plus is the newest hardware wallet from Ledger. It lies between Nano X and Nano S models. The screen is larger than the original Nano S and has a higher storage capacity.
The wallet is an upgraded version of the Nano S hardware and resembles a thumb drive with an aluminum shield rotating to reveal the body.
Whereas it may not be a masterpiece design, it’s much better looking than most wallets on the market. It sports a more curved design with rounded buttons.
Additionally, it has a USB-C port like that found on the Nano X instead of the micro-USB found on the Nano S model.
Some of the top features of the Nano S Plus include access to the live ledger which is your main point of interaction.
Like the Nano S model, the Nano S Plus doesn’t have an internal battery and Bluetooth connectivity like the Nano X.
Along with Ledger Live, you can use 50 plus wallets with Nano Plus. These include;
- MyEtherWallet
- MyCrypto
- MetaMask
The wallet also supports 1000 plus coins just like the Nano X and S models.
The Nano S Plus has the same security features as the S and X models. The device uses a proprietary operating system that requires you to verify a transaction on the hardware wallet.
Therefore even if your computer is compromised, the wallet will display the correct information. On the company’s website, it costs $79 which is cheaper than the X model.
Bounty Program
Ledger company has a bounty program in place for identifying vulnerabilities or breaches in its products.
Conclusion
The Ledger Nano S cryptocurrency wallet is a fairly affordable hardware wallet for storing cryptos. It’s a small and versatile device that is easy to set up and use. Additionally, it’s highly secure and cannot be hacked. Recovery services are available to in case of loss or damage.
Unless you want Bluetooth connectivity or the ability to use the wallet with your iOS devices, the Nano S Plus is also an excellent choice with great features.
