Last updated: 09/15/2019
Now, a lot of people know about crypto wallets in general. However, not many can tell the difference between a soft wallet and a hard wallet.
Well, luckily, we are here to let you know more about hard wallets and tell you about one of the best hard wallets on the market. Let’s get to it then, shall we?
What Are Hard Wallets – an Overview?
Hard wallets are devices that are used to store and generate private keys. The hard wallet uses open source software are designed to store private keys offline and generate the digital signatures needed to spend cryptocoins.
Ledger Nanos vs Trezors
Ledger Nano S
Ledger Nano X
Trezor Model T
These hard wallets are designed to be unhackable. When using hard wallets, all transactions have to be confirmed on a physical device.
Why Do You Need a Hard Wallet?
- When compared to other wallets, hard wallets possess better security
- Hard wallets are designed to use firmware that makes it unsusceptible to computer viruses
- Hard wallets can support numerous cryptocoins
To use a hard wallet, it would require a pin. This ensures that your hard wallet is safe from unauthorized users
- All transaction to be carried out on your account will require a confirmation on your device. This ensures that no one can make a transaction on your account without having access to your hard wallet
What Is Ledger Nano S Hard Wallet – Reviews & Comparison?
Ledger Nano S is a physical hardware wallet users can use to store their cryptocurrencies with private keys. Users are able to process transaction via exchanges directly from the ledger. The Ledger Nano S stores your cryptocurrency private key on the device offline which makes it unhackable, it changes your public address every time you receive new cryptocurrencies.
The Ledger Nano S device allows you to control multiple accounts, which means once you have the device you can help a neighbor or a friend store their cryptocurrency on a separate account.
An updated version called Ledger Nano X was released early this year, but’s it’s twice the price of the older model which you can still get and
work as well as the model x.
Cryptocurrencies Supported By Ledger Nano S
The Ledger Nano S hard wallet support vast cryptocoins which includes the following:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Bitcoin Gold (BTG)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Litecoin (LTC)
- Dogecoin (DOGE)
- Zcash (ZEC)
- XRP (XRP)
- Dash (DASH)
- Stratis (STRAT)
- Komodo (KMD)
Ledger Nano S supports over 1,000 cryptocurrencies.
How to Setup Ledger Nano S
Step 1: Connect your Ledger Nano S device to your computer using the USB cable
Step 2: Follow the instruction displayed on the screen and press the two buttons together
Step 3: Press the button located above the validation icon when the device displays the ‘configure as new device’ message
Step 4: to choose your pin, press both button when the devices display a chose a pinned message, press the right button to choose your preferred first digit and press both digits to select the digit you have chosen.
Do this until you have selected all the digits of your pin. Then select the check icon (✓) and finally press both buttons to confirm your pin code
Step 5: select your pin again to confirm.
Step 6: your recovery word will be displayed on the screen of your device word by word, carefully write down those word on the recovery sheet because those words will be displayed only once.
To access your Ledger Nano S
- Connect your device to the computer, enter your pin code, and open your bitcoin application
Ledger Nano S Frequently Asked Questions
How much does Ledger Nano S cost?
The Ledger Nano S costs about 59USD
Can Ledger Nano S be hacked?
The Ledger Nano S cannot be easily hacked
Is the Ledger Nano S 100% secure?
The Ledger Nano S, like all hard wallets, is very secure
How to reset Ledger Nano S
- Connect your device to the computer, input an incorrect pin three times, the device will reset after that. Simple as ABC!
The security of hard wallets is higher than any other type of wallets, so getting a hard wallet is an intelligent choice. The Ledger Nano S is one of the best hard wallets in 2019, getting it won’t be a choice to regret.