Hardware wallet devices are the safest way to store your cryptocurrencies. And if you own a meaningful sum of crypto, you should definitely get a hardware wallet. The Ledger Nano S is one of the best and most popular choices for crypto users worldwide. It is made by the company Ledger that has been making hardware wallets since 2014. So, let’s take a look at what Ledger Nano S is all about.
Ledger Nano S Overview
The Nano S is the original hardware wallet model by Ledger. It is known almost unanimously by people who have been in crypto for a while. It is a highly affordable and a highly secure way of storing your cryptocurrencies. One of the best things about this hardware wallet is that it supports over 1000 different coins. So, no matter which coin you invest in, you can probably store it in the Ledger Nano S.
What Comes In The Box
The packaging of the Ledger Nano S is really nice. In the box, you get a Ledger Nano S hardware wallet, a micro-USB cable, a recovery sheet to write down your seed phrase, a key ring, and a key chain. The hardware wallet looks like a thumb drive with a tiny rectangular screen on it. It also has two buttons.
Setting Up The Ledger Nano S
Setting up this hardware wallet is a straightforward process. You can simply follow the below steps:
i) Connect the Ledger Nano S with your computer using the micro-USB cable that comes with it.
ii) It will ask you to create a four-digit pin code for hardware wallet so that you can lock the device (just like your smartphone). You can scroll through the different numbers using the two buttons. Once you have your desired pin code, you can press both buttons at the same time. You will have to repeat the process to confirm the pin code once again.
iii) Now, you will need to write down your seed phrase. This is a 24-word phrase that will be shown to you one by one. You need to press the right button to get to the next word. You can use the recovery sheet that comes with the wallet to write down your seed phrase.
iv) Once all the 24 words are complete, the wallet will ask you to confirm your seed by asking two random words from your seed. You can scroll through the words and select the right ones.
v) You will need to download the Ledger Live app from Ledger’s website to do transactions from your wallet. It also provides many other features to help you manage your cryptocurrencies.
Security Features of Ledger Nano S
This hardware wallet is filled with top-notch security features. This is why it is regarded as one of the best and safest solutions to store your crypto. Below are its security features:
- Offline Storage
The Ledger Nano S generates your seed phrase offline. And since the device itself never connects to the internet, there is no chance of hackers hacking it. It is so secure that it can even be connected to a computer with malware (although you should still not do that).
2. Physical buttons
Whenever you receive or send cryptocurrencies using the Ledger Live software on your computer, the confirmation happens on the device. There are two buttons for this purpose. You can accept or deny a transaction on your Ledger Nano S. This provides an additional layer of security since you need physical access to your device.
3. Pin code
As stated above, during the setup process, you are asked to set up a pin code for your device. As with your phone, it prevents others to gain access to your cryptos even if they have access to your Ledger Nano S. It is a simple but effective security feature.
iv) Root of Trust
Ledger provides a software tool called Root of Trust to make sure that your device hasn’t been tampered with. This is important because, during the shipping process, malicious actors could tamper with your device. This software tool lets you know if that has happened. You can then start using the wallet with peace of mind.
v) 24-Word Seed Phrase
This is perhaps the most important security feature. The seed phrase is generated offline and thus, keeps your crypto safe. In case your Nano S is lost, stolen, or damaged, you can use this phrase to restore your crypto. You simply have to buy another device and use the same seed phrase on it.
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