With the sudden surge in popularity of Bitcoin and other cryptocurrencies, came an overwhelming demand for a secure way to store these digital assets. This is where hardware wallets come into play!
Today we will specifically talk about the benefits of owning a Ledger Nano S hardware wallet in 2018.
Here’s what you need to know:
The basic idea of each wallet is to function like a vault for your crypto-currencies, serving as a barrier between your coins and the outside world through encryption and separation, ie cold storage.
The Ledger, the second of the major hardware wallets that we’ll be covering- is currently reaching the best seller rank on Amazon.
Ledger Nano S is a Bitcoin, Ethereum and Altcoins hardware wallet. It incorporates one of the highest level of safety features for storing your digital assets and securing digital payments. The Ledger Nano S connects to any computer via USB while using LED display that is easy to read. This allows you to verify by confirming each transaction with easy use of its two top buttons.
- Current pre-order price on their official website: $96.40. Current price on Amazon: $165.00. Within the past couple months, the price doubled as it’s call for demand was more then they could possibly handle. Retail sellers are placed on waiting lists, while customers may even wait months for this valuable necessity.
- Quick Setup: The Ledger wallet takes approximately 15 minutes to set up through a very basic registration process.
- Ease of Use: Simple two button design and built-in LED screen make the Ledger a preferred option for even the most technologically challenged users.
- Compatibility: The Ledger can be used to store ETHEREUM, FIDO U2F, ZCASH, DASH, STRATIS, RIPPLE, BITCOIN CASH, BITCOIN GOLD, ETHEREUM CLASSIC, STELLAR, KOMODO, QTUM, STEALTHCOIN, VIACOIN, DIGIBYTE, BITCOIN, DOGECOIN, LITECOIN, and is also compatible with all major operating systems: Windows, OS X, and Linux.
- Security: Your confidential data is never exposed as it uses advanced cryptographic algorithms and practices. Additionally if the Ledger is ever destroyed or stolen, you can recover your coins using a special 24 word recovery seed phrase that you made at the time of setup (YOU WILL NEED TO PROTECT THIS RECOVERY PHRASE, TO GET ACCESS TO YOUR FUNDS IF YOUR LEDGER IS EVER LOST OR STOLEN). Your digital assets are protected inside a highly secured environment by a four digit PIN number that you will manually enter.
After you make a purchase of the Ledger Nano S this is what you can expect next:
Your Ledger wallet should be in its original box sealed with shrink wrap.
This is what it will look like when you open it:
After you open the box, remove the contents inside. You can now plug your Ledger Nano S into the computer with your USB cable allowing it to turn on.
On demand, your new hardware wallet will provide you with your 24 word recovery seed phrase. This may take up most of your time in the process, but is well worth your time.
You will need to write down the words it gives you. Secure it in a place where you will not lose it, or be found by others.
Lastly, it will ask you to verify the phrase to confirm your final recovery process.
If your device is ever stolen or damaged, you will need that recovery phrase to insert into a new Ledger. You will now be able to recover your previously stored funds.
Now that the most important part is complete, you are now able to transfer your funds. You will be able to download necessary apps through Ledger’s website here.
Once the apps needed are downloaded, your new wallet will provide you with an address for your desired coins or tokens. You can now withdraw your funds from an unsecured website to your individual decentralized bank, the Ledger Nano S.
What you can expect to find in the box:
LEDGER NANO S
Here are some other features provided by the company Ledger:
“DIMENSION & WEIGHT
Size: 98mm x 18mm x 9mm.
Windows (7+), Mac (10.8+), Linux or Chrome OS. Requires Google Chrome or Chromium, and one USB port to plug your Ledger Nano S.
MICROCONTROLLERS & CONNECTOR
Connector: USB Type Micro-B.
Certification level: CC EAL5+.
Chips: ST31H320 (secure) + STM32F042.
Brushed stainless steel and Plastic.”
Important tips to remember:
If you ordered your Ledger Nano S new, and you receive the box without shrink wrap, you need to question it. If your set up does not ask you to make a 24 word seed recovery phrase, do not consider even using it. This is most definitely a scam in hopes that you will store your funds on it. This will allow the original owner to recover and steal your digital currencies. If anyone finds your recovery phrase, they can potentially hack your assets.
Conclusion – The Ledger Nano S is another perfect choice for any entry-level investor hoping to secure their investment in the world of digital currencies.
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Disclaimer: Cryptocurrencies are a high risk, speculative market and subject to extreme volatility-never invest more than you are willing to lose. None of the information found on this website should be taken as investment advice or council. We are not liable for any financial losses. Some links found on the website may be affiliate or referral links. Images obtained by google.com (images). References: Ledgerwallet.com, Amazon.com, Google.com.