Ledger Nano S Review: Buying Bitcoin is one side of the coin but storing it safely is completely a different one. If you have bought some Bitcoin or any cryptocurrency then you must surely know about storing them in Wallets like Hardware Wallet, Mobile wallet, Paper Wallet etc.
Talking about the Hardware wallet, the first name that comes to my mind is Ledger Nano S but you must be having many questions like:
- Is Ledger Nano S safe?
- How do I use Ledger Nano S to send/receive Crypto?
- How can I buy a Ledger Nano S?
- Is it worth buying this Hardware Wallet?
These questions were also in my head when I thought to Buy a Ledger Nano S which cost around $70. Trust me after reading this Ledger Nano S review, all your confusions will about buying this Hardware Wallet will vanish into the thin air.
But before moving forward, let me share How I came across this tiny little device.
I was introduced to Bitcoin in late 2016, through a friend of mine when he said that he will send me money in the form of Bitcoins. Initially, I was shocked but being an inquisitive person I readily asked him what is it all about.
He told me that, Bitcoin is a decentralized currency and government has no control over it. Since he himself was a noob in cryptocurrencies, I had to do rest of the research on my own. Soon, I realized that Bitcoin is the future of currencies and I started dwelling deep into it.
I came across Zebpay and got my Bitcoin transferred to it.
My love for crypto increased as I read more and met like-minded people. Then I realized that my Bitcoins are not very safe in the Zebapy wallet and I started searching for the various options available in the market.
Initially, I started using Jaxx Mobile Wallet but then I found there were many drawbacks of using a mobile wallet.
Later in March 2017, I researched even more and got to know about Ledger Nano S and thought why not try this thing out. By that time, the price of Bitcoin was already very high and I made a profit of around $2000 on 1 BTC.
So, I just go ahead and ordered one Ledger Nano S for me which cost me just $70 which was good considering I had Bitcoin worth $3000.
As soon as I received it and started using this Hardware wallet, I was completely blown away by its performance, design, ease of use and most importantly Safety.
It took me one month to receive my Ledger Nano S as this device is always in high demand, so if you are willing to order one, then just order your Ledger Nano S from their official site without giving another thought.
So without any further ado let’s get straight to review this Hardware wallet.
What is Ledger Nano S?
Ledger Nano S is a Hardware wallet which allows you to store Bitcoins and many other cryptocurrencies. Being an HD wallet, you own the Private keys which make your funds extremely safe to store.
It is a product of French Company, ‘Ledger’ which was founded in 2015.
Ledger Nano S has established its name in the market as one of the Best Hardware wallets.
Features of Ledger Nano S
Here are some salient features of Ledger Nano S:
- Built-in Display
- Highly Secure
- 2 Factor Authentication
- Back & Restoration
- Compatible with different O.S.
Let’s have a detailed look at it.
Ledger Nano S allows you to store 18 cryptocurrencies like Bitcoin, Ethereum, Litecoin, Dash, Zcash to name a few. Not only this, The team is in a constant process of making their device better over the period of time. They keep on adding support for new cryptocurrencies. For example. Bitcoin Cash was recently added to the crypto list within a few days of its release.
You can also store ERC20 Tokens Via MyEtherWallet i.e. you can store your token which you get through an ICO.
Ledger Nano S is compatible with various Operating systems like Mac, Windows, Linux and even Android.
This device is pretty safe as you own the private keys and hence no one can hack it.
Let talk more about its security now.
As I already told you in the review that, Ledger is an HD wallet and you own the private key and they are not stored on any servers which make your funds pretty secure.
Moreover, This Private key is stored in a separate and secured part of the device and no hacker can reach to it in any possible way.
Also, You get a paraphrase at the time setting up your Ledger Nano S. This paraphrase/seed is needed if you forget your Private key. So remember to write down the paraphrase or the seed key on a piece of paper.
Inorder to check your Crypto balance, you need to connect the device to your computer through a desktop app. Also, when connecting for the first time, the Seed key displayed on the OLED screen will only be visible to you.
When sending the Bitcoin to someone, you need to tap a button on your Ledger in order to authorize the transaction. So even if your Computer is hacked, you need not worry as the hacker won’t have the access to your device physically.
Also, to add up an extra layer of privacy, You get a new receiving address everytime you receive funds from anyone. This happens because it is an HD wallet.
So with all these security parameters, this Hardware wallet will give you a peace of mind if you store your cryptocurrencies in it.
Now let’s see how to use Ledger Nano S to store your BTC in it.
But if you have not ordered it till now, just go ahead and Buy the amazing Hardware wallet from their official site.
Also, I would like to add a few more things before you order it.
- This device is always on High demand, hence you should order it asap.
- There is another device called Ledger Blue which is technically similar to Ledger Nano S but has a bigger size. If you like something handy then you must surely go with Ledger Nano S.
- I would suggest ordering two devices so that you can store your crypto on different devices. This would make your funds more secure.
- Last but not the least, order the device from the Official Ledger site only.
Things you get along with the device
The box you receive will consist of:
- Ledger Nano S
- 1 micro-USB cable
- One keychain and key ring
- Recovery sheet for writing down seed
Using Ledger Nano S for the First Time
As you have bought your tiny little device, its time to configure it and store your Bitcoins in it.
First of all, you need to connect your device to your computer using the OTG cable that you get with the device.
Now create a 4-digit pin code which appears on the device screen.
You must watch the video to have a complete understanding of using Ledger Nano S.
With the device, You will get a sheet where you can write down your Recovery phrase. I would recommend you correctly write down your recovery phase and keep it in a very safe place.
This recovery phrase will be helpful if you forget your pin or loose the device. However, If you loose your recovery phrase then you won’t be able to access yoru funds.
So this was all about Ledger Nano S Review. But you might still be having many questions in your mind so let me cover that too.
FAQs About Ledger Nano S
Ques. How many cryptocurrencies does Ledger Nano S support?
Ans. Currently, Ledger Nano S supports 18 cryptocurrencies including Bitcoin, ETH, Ethereum Classic, Monero etc. They regularly add new cryptocurrencies to their support.
Ques. Will I have to buy a new Ledger Nano S whenever they support a new cryptocurrency?
Ans. No, You do not have to buy a new device. You just need to update the firmware on the existing device.
Ques. What if I loose my Ledger Nano S?
Ans. This is a very common question as we worry about our funds. So first of all, you do not need to panic as you funds will be safe unless someone knows your Pin. Just order a New ledger Nano S, use the previous recovery paraphrase to restore your funds. You can also use other Bitcoin wallets like Mycelium, Coinomi and use your paraphrase/seed to access your funds.
Ques. I forgot my Leger Nano S Pin Code, What to do now?
Ans. You can easily change the Pin Code by:
- Enter the wrong Pin Code 3 times
- Restore the device using the Seed Key/Paraphrase
- Now, Set a New Pin code
See how easy it is to set a new Pin code.
Ledger Nano S Review: Is it Worth Spending $70?
One Word. Yes.
Ledger Nano S is worth every single penny. Once you start using the device, you will surely have a great experience storing your cryptocurrencies.
You coins will be safe and secure, hence you do not need to worry about them being stolen or hacked.
Just keep the seed key safely and you won’t ever have any issue.
I have already used Trezor but since I have a better experience using Ledger Nano S. If you are thinking about Ledger Blue, then I would say that it is like an older brother of Nano S.
Ledger Blue is bigger in size and it is not as hand as Nano S. Also, Ledger Blue cost more than the Legendary Ledger Nano S.
Talking about the price, Ledger Nano S is the cheapest yet best Hardware Wallet currently available in the market. This $70 device will help you safeguard millions worth cryptocurrencies.
This is it for today, I will come up with more amazing reviews at Coinscage very soon.
Meanwhile, you can have a look at our other amazing guides: