Ledger has done a lot of marketing around their "secure aspect" and raised more venture capital funding than any of its competitors.
This Nano S review puts the gadget through its paces and discusses whether security components are all they're cracked up to be.
Overview
The Ledger Nano S is a small and compact device. It also features a metal casing, making it more robust than other hardware wallets. It slips effortlessly into the pocket or hand.
The Ledger Nano S operates similarly to any other hardware wallet. When people initially connect it to their computer and configure it, they will select a PIN to safeguard the device from unauthorized access.
They will then be given a 24-word seed phrase that will serve as their private key.
This seed should be written down somewhere safe, not on the computer, because anyone knows it has authority over one's Bitcoins. The Ledger Nano S features two buttons for controlling it. The device's first setup is straightforward and takes about 3 minutes. The majority of the user's time will be spent writing down their seed.
One of the places, when the second screen comes into play, is during seed creation.
A hacker would be able to see the seed if it was displayed on the screen if the machine is compromised. This is why the seed words are displayed on the little screen of the tamper-proof device, ensuring that only users can view their seed.
All that remains is to install Ledger Live once the device has been configured. A desktop application that enables users to communicate with the gadget.
What is the purpose of the Ledger Nano S?
The Ledger Nano S (and all hardware wallets) perform two functions:
They produce and securely store private keys.
Private keys act as master passwords for cryptocurrency wallets. Someone who knows a user's password gets access to their coins.
One of the many beginner questions is if crypto is really stored in the device.
Technically, no. Because crypto does not exist in the physical world, it is not stored anyplace. It is simply a number allocated to a blockchain address (or wallet). The Nano S prevents hackers from obtaining the user's private key and stealing coins from that address.
This review goes through how the Nano S accomplishes this in great detail below.
Ledger Nano S Basics
The Ledger Nano S is a multi-currency hardware device that was initially launched in 2016.
Over 1,600 coins are supported by the Nano S.
Because the Nano S hard drive is so small, people will only be able to manage three to five of those 1,600 coins at a time. "Supported coins" just implies they can manage them on Ledger hardware.
It is also worth mentioning that several of these coins are incompatible with Ledger's native software, Ledger Live.
The Nano S keeps these coins offline by generating and saving the wallet's private keys.
The Ledger Nano S's price has been reduced by roughly half since its first release, and it now retails for $59 USD, making it the most cheap hardware wallet available.
Since then, the Ledger Nano X has been introduced as a successor, holding a higher position in the Ledger product line by offering additional functionality (more on the X below) for a higher price.
Design
Because of its metal casing, the Ledger Nano S is a little smaller than comparable devices and seems a little sturdier than other devices.
Coin Supports
It supports about a 1000 different coins.
Ease of Use
The interface is easy to use. Users do not need to have technical skills to be able to use it.
Features
Secure and safe Crypto storage
The most critical component of a blockchain wallet is security, and Ledger excels at this. The private keys to the cryptocurrency are maintained in cold storage, which means they are offline, with the Ledger Nano S. It is nearly impossible to hack one's wallet because it's not connected to the internet.
There have been no reported incidents of a Ledger Nano S wallet being remotely hacked. ANSSI, a French cybersecurity organization, has also certified Ledger's hardware wallets. A Ledger wallet is an excellent solution for keeping one's crypto assets as secure as possible.
Affordable
The Ledger Nano S is a low-cost hardware wallet. It costs $59, not counting taxes and customs. If people know anyone else who wants a Ledger wallet, there's a family pack option that contains three wallets for a 21% savings.
Over 5,500 cryptocurrencies are supported.
It is most handy to keep all digital currencies in one location. Users will most likely be able to do so using a Ledger Nano S, which can hold over 5,500 different forms of cryptocurrency.
NFT data storage
Non-fungible tokens (NFTs), which contain digital art, game characters, and much more, have grown in popularity. If people decide to invest in NFTs, they will need somewhere to keep them. The Ledger Nano S supports NFTs, allowing them to keep their NFTs and crypto in the same place.
User-friendly application
Ledger wallets are compatible with the Ledger Live app. The software contains a number of tools for managing a user's cryptocurrency, such as receiving cryptocurrency, sending it to another wallet, and staking cryptocurrency to receive incentives. The nicest part about Ledger Live is that it is simple to use, so learning how it works takes a little time.
Which cryptocurrency is the Ledger Nano S compatible with?
The Ledger Nano S. supports over 5,500 crypto assets It can hold almost all of the market leaders, such as Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and the rest of the top cryptocurrencies. It is also compatible with a wide range of smaller tokens.
Pricing
The Ledger Nano S costs $59,
Three units cost $139.
Transmitting, receiving, or storing cryptocurrency does not cost anything.
More details on the pricing are available on the website. Do read the terms and conditions, which are also available on the website.
Is the Ledger Nano S secure?
The Ledger Nano S is one of the safest ways to store one's bitcoins. Since it is a hardware wallet, the private keys are kept in a place called "cold storage," which is not online. These cold wallets are made to keep one's private keys away from devices that can be hacked, like a computer and phone.
The device itself is protected by Secure Element, which is a security chip made for the military that can withstand sophisticated attacks. It also has a special operating system called BOLOS that was made to protect crypto assets. On top of that, Ledger Nano wallets are the first hardware wallets to be certified by ANSSI, a French cybersecurity agency that is independent of the government.
A four-digit PIN code is needed for accessing the Ledger Nano S. If users ever misplace their wallet, they can retrieve their cryptocurrency by using their 24-word recovery phrase. These are the only ways to access cryptocurrency held on one of these wallets, and there has never been an example of a Ledger Nano S being remotely hacked.
Who is this suitable for?
If people want the most secure storage option for their cryptocurrencies and NFTs, the Ledger Nano S is for them.
It is also suitable for those who want a hardware wallet for less than $75.
Pros
Low-cost hardware wallet with screen ($59).
Cons
Passphrases are not supported.
FAQs
Is it possible to hack the Ledger Nano S?
There have been no reports of a Ledger Nano S being remotely hacked up until now. But hackers will use many different ways to steal money from a user's wallet.
The currencies on a Ledger Nano S are safe as long as the seed is kept offline and concealed, and no one has physical access to the device.
How Do I Get Bitcoins Into My Nano S?
● Connect the Nano S to the computer through USB.
● Live Open Ledger
● On the Nano S device, select Bitcoin (enter PIN when needed)
● When users go to "receive" on Ledger Live, they will see your Bitcoin address.
● Send funds to the Bitcoin address created in step 5.
Can I Use My iPhone with the Ledger Nano S?
No. The Nano S is not compatible with mobile phones. If people wish to utilize their phone with a hardware wallet, consider the Ledger Nano X, which includes bluetooth capabilities.
Conclusion - Is the Ledger Nano S worth the money?
The Ledger Nano S is a fantastic product at an inexpensive price. It supports practically every major coin and it is incredibly simple and straightforward to use using the Ledger Live interface.
If people want to keep their funds safe, they will need a hardware wallet, and the Ledger Nano S is one of the best available.
This article is part of a featured content programme.
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(Published
27 September 2022, 05:19
IST)
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