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Ledger Nano S looks like a flash drive with a compact footprint which makes it highly portable. Weighing only 16 grams, you won’t even feel it in your pocket. It’s protected in a metal casing ensuring long term durability. Ledger Nano S offers fantastic value for users, especially amateur cryptocurrency traders.
Setting up the Wallet
Ledger Nano S works in a similar way to other cold wallets. First you connect it with your PC and set up a PIN code to ensure no unauthorized person can access it. Once you’ve set up a PIN, the wallet will give you a 24-word phrase, called seed phrase, which basically is your private key. You must write that down on paper instead of storing it on any of your digital devices. Keep in mind that whoever knows the seed phrase can access your cryptocurrency.
Ledger Nano S features two buttons on the side enabling you to control it. The initial setup is a breeze and you’ll be done within 5 minutes and most of the time will be consumed in writing down the seed phrase. Seed phrase is displayed on a tamper proof screen on the device so it’s only visible to you.
After you’ve gone through the above steps, you need to install Ledger Live on your computer which acts as the interface of the device to send and receive cryptocurrencies like Bitcoin, Ethereum, Ripple and more. The interface of the software is quite intuitive and you won’t need much help to get used to it.
Security of Nano Ledger S
The most critical selling point of Nano Ledger S is its security. It’s akin to your bank account offering banking level security. The device also allows you to set up a passphrase in addition to your PIN. Ledger Nano comes with two separate hardware chips – for operating system it has a STM32F042 chip which controls Ledger’s BOLOS operating system and a secure element ST31H320 which has received CC EAL5+ certification and is designed to sign transactions and hold private key.
Secure element is a unique hardware with its own storage and functionality that can’t be exploited by cyber criminals. So, in the event that your PC is compromised, the cryptocurrency on your device will remain secure. Ledger Nano wallets also have the distinction of receiving First Level Security Certificate (CSPN) issued by ANSSI. The manufacturer has also made it a habit to release updates in the form of firmware versions to make the device more secure and functional.
Cryptocurrency Compatibility
Ledger Nano wallets offer support for a very wide range of cryptocurrencies and their open development platform has enabled the devices compatible with more than 1,100 digital assets. You can store all the major currencies including:
- Ethereum
- Bitcoin
- Bitcoin Cash
- XRP
- EOS
- Stellar
- Litecoin
- Bitcoin Gold
Apart from that there’s also support for more niche cryptocurrencies such as Vechain, Monero, and NEO as well as ERC-20 tokens primarily used for ICOs.
Conclusion
In 2019, Ledger Nano S is one of the most affordable hardware wallets with robust security and unmatched compatibility. At only $59.00, the security features are head and shoulders above the competition while it supports all the cryptocurrencies you’d want to buy or trade. This is a perfect choice for people who are just getting into the cryptocurrency market and want to ensure their digital assets remain secure and accessible.