Ledger Nano S is a hardware wallet that provides access to the world’s leading digital currencies. If currency selection and affordability are what you’re after, Ledger is a great tool. Ledger has done fairly well for themselves by improving their product line, and the latest release of the Nano S is no different.
I always liked Bitcoin as a piece of technology, but I never intended to invest in or purchase any bitcoins. However, later on, after I discovered a few Bitcoin exchanges and became even more interested in the technology, I finally decided to buy my first bitcoins. Initially, I stored them on exchanges. But later, I learned that this is risky as there is no guarantee that they will still be there when I want to use them.
How Ledger Nano S Works?
The Nano S requires the use of Google Chrome extensions when connecting the device to any computer. Before connecting the Ledger, a user can set a 4-digit pin on the instrument itself, which eliminates any key logging. Additionally, we wrote down the 24-word mnemonic phrase on a paper provided by the device. This was a good lesson for my son as I did not do the seed step with him when we first played with our Trezor last year. He learned all about what a mnemonic phrase was and also helped him with the pronunciation of each word. After completing all 24 words, the machine then asked about three of the words that were displayed with the initial seed step and asked what number was applied to each word.
Based on my research, this sounded like a solid wallet, but I didn’t want to believe in another’s words until I saw it being valuable myself. By that time, I held 2 bitcoins (each worth of $1200 at the time), and my investment on that Bitcoin had already doubled, so spending $70 was no problem at all.
Ledger Nano S Features
- Features: OLED display, USB connection
- Multi-currency support: BTC, ETH, LTC & more
- Security: PIN, backups, advanced passphrase
Ledger Nano S Pros & Cons
- Multi-currency support
- Wallet software integration
- OLED display
- Brand reputation still growing
It’s important to point out that the Nano S can connect to any computer via USB. If you ever decide to order this device, here’s what you’ll receive in the mail:
Ledger Nano S device
One USB cable
Lanyard that allows you to wear the device around your neck
One key ring
Recovery sheet for writing down the seed
A “seed” is simply the string of random words that can help you access and/or recover your account in the event you lose your device.
Operating Systems: Windows (7+), Mac (10.8+), Linux or Chrome OS. Requires Google Chrome or Chromium.
Runs with the following software wallets: Ledger Wallet Bitcoin, Ledger Wallet Ethereum, Ledger Wallet Ripple, Copay, Electrum, Mycelium, MyEtherWallet, GreenBits and BitGo.
Which cryptocurrencies can Ledger Nano S store?
- Fido U2F
- Bitcoin Cash
- Ethereum Classic
The Ledger Nano S is fairly cheaper than most hardware models out there today, at roughly $65 for this particular device — and you can, of course, pay in bitcoin. It’s also open source and developer friendly, as additional apps can be added. My son and I had a fun time experimenting with the hardware wallet and look forward to breaking it in by adding more Bitcoin and possibly some Ether.