Using a cryptocurrency wallet is the most efficient way to keep your cryptocurrency safe. Unlike internet wallets and mobile wallets, a hardware wallet cannot be hacked without physical access to the device, making money less vulnerable to theft when using this method. Ledger Nano S is one such cryptocurrency wallet.
The Ledger Nano S is a well-known cryptocurrency wallet that has sold over a million copies worldwide. Priced at just $59 (around 1600-1800 TL in Turkey), the device is one of the cheapest cryptocurrency wallets on the market. It has a simple user interface and clean design and supports over 1100 tokens in total.
The Ledger Nano S has been on the market for almost six years now. With the advancement of technology, this means eternity for digital equipment. Despite many years, Nano S still holds the market due to its functionality and affordable price. So, is it worth spending extra money on a cryptocurrency wallet, or should you consider simpler and cheaper options? We will also consider this issue in our review.
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Ledger Nano S design and packaging
Unlike competing models, the Ledger Nano S doesn’t have a complicated design. It also doesn’t have the rough look of traditional cryptocurrency wallets.
When someone who has had the opportunity to closely examine cryptocurrency wallets opens the Ledger Nano S, they will immediately notice the various changes it has undergone compared to other models. The top of the device has a small screen, a micro USB port, and two buttons for viewing its settings.
In addition to green and pink, the popular translucent color option is also available. This color variety, useful for distinguishing between main and backup devices, also helps the device blend in with the decor of the place where it is located.
Ledger Nano S; It comes with a quick start guide, three cards that can be used to recover data from a forgotten device, a strap, a micro-USB cable, and a keychain loop.
Setting up the Ledger Nano S
Installation and operation of the device are simple. Users must first install Ledger Live on their mobile device or PC and then select the option to install a new device. From there, the app guides users through a procedure, including a security checklist.
After you download and install the Ledger Live software, you need to create a password for your device. Once this process is completed, users can connect the device to their computer using a micro USB connection. The next step is to create a device PIN on the device it is connected to. In addition, entering and saving recovery codes on the cards supplied with the device is an important step in setting up the device.
After choosing a PIN code and entering the recovery phrase, all that remains is to verify the device using the Ledger Live application. You are now ready to use the Ledger Nano S.
Security Ledger Nano S
An important and fundamental reason why people use cryptocurrency wallets is the security standards they provide. The security of the Ledger Nano S is above industry standards, so this cryptocurrency wallet has never been exposed to obvious vulnerabilities.
The nanodevices use tamper-resistant chips that are EAL5+ Common Criteria (CC) certified. These chips store information inside nanodevices with a special sensitivity.
In addition, the Ledger brand is the first cryptocurrency wallet manufacturer to use Secure Element chips and an operating system known as the Blockchain Open Ledger Operating System (BOLOS). In other words, we can say that this is a device with high security standards.
Pros and Cons of the Ledger Nano S
Pros of the Ledger Nano S:
The $59+ price tag makes the Ledger Nano S a great, highly secure, and cost-effective choice for crypto traders on a budget. Ledger Nano S is more convenient than many similar devices.
+ You can store private keys of cryptocurrency transactions and confidential information on the device for an unlimited time
+ Unlike hot wallets provided by crypto exchanges, customers using physical devices retain ownership of their private keys. They are never deleted and cannot be accessed over the Internet.
+ Capacity up to 1100 cryptocurrencies or tokens
+ Investors can contribute both well-known and lesser-known currencies and tokens to the Ledger Nano S.
Cons of the Ledger Nano S:
– Limited storage capacity for bitcoin apps. (Many cryptocurrencies require the use of a cryptocurrency app. The device can store up to six apps depending on their size.)
– The screen is small and does not have a touchscreen. The screen is less than an inch, and the height of the device is only 17.4mm.
– Many device-equivalent cryptocurrency wallets are more mobile-friendly than the Ledger Nano S. Since the device does not have Bluetooth, it must be connected via USB to an Android smartphone or computer.
Instead of results…
The Ledger Nano S is a completely secure hardware wallet. It is also one of the best cryptocurrency wallets for its price, with a structure that resembles a USB stick.
While it supports most existing cryptocurrencies, storing most cryptocurrencies in a physical wallet requires users to download third-party software, and the Ledger Nano S is very limited in order to be able to download all of these applications.
The device is ideal for both beginners and experienced crypto traders who want to secure their crypto assets offline.
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