The Ledger Nano S hardware wallet is arguably the safest place to store cryptocurrency
It's no secret that most of our readers have invested a million or two in cryptocurrencies. With the growth of courses and the number of news about hacker attacks, there is a need for reliable and convenient storage of currency. I was also puzzled by this issue and, after studying the market, I purchased a hardware wallet Ledger Nano S.
And, at the request of subscribers, made a small review of it.
What are the benefits of the Ledger Nano S?
The main advantage is safety.
First of all, this is a hardware wallet. In the auxiliary applications on the PC necessary for working with the Ledger wallet, no data is stored, they serve only as an interface.
1. These devices are erased if you enter the wrong PIN code three times in a row. But it remains possible to restore using a special phrase of 24 words in a certain order (in most software wallets - a phrase of 12 words).
2. The mnemonic phrase for recovery is 24 words in the correct order. The phrase is generated directly on the device, displayed on the device and should be recorded in a secluded place or on the card included in the kit:
The data inside the wallet is stored on a protected element, which, when trying to intervene hardware, will erase the data.
If you lose your wallet, Belaz crushes it or squabbles wring it out, you can restore all your funds by buying a new device and entering a phrase of 24 words. The main thing is not to give it to the gopniks.
Also, support for a large list of currencies is encouraging, the list is periodically updated with the release of new firmware, the current one can be found here:
Noteworthy is the support of Ripple, recently popular with investors.
How to buy
The best option is to buy from the official site.
However, due to the great demand, now only pre-order is possible.
Personally, I bought in Moscow from outbids with a small overpayment.
How to use Ledger Nano S
Contents of delivery
The full scope of delivery is shown in the title photo. In addition to the device itself, in the box you will find a cord for connecting to a PC (a standard connector, in case of loss any cord for Android smartphones is suitable), a long cord, a shorter cord, a ring for use as a keychain and a set of pieces of paper with a link to instructions and for recording SEED - phrases (read above).
Navigation, setting a PIN code and recording SEED phrases
At the first connection, the device will prompt you to press 2 buttons (both located on the side) at the same time. Here we get acquainted with the navigation on the device - clicking on the left or right button is a change of items from the menu, pressing two buttons at the same time - selection, confirmation.
In some cases, for example, when confirming the transaction is sent, or as in the photo above, where we are asked whether to configure the device as a new device, the left button means NO, the right button YES.
Click - Yes, configure as a new device.
Next, you will need to set a PIN code from 4 to 6 digits, and then write down the issued phrase of 24 words. Then a device to check whether you spelled the phrase correctly will offer to select words from it. For example, indicate the 5th and 20th word.
At the end of the security settings procedures, an inscription appears that everything is OK, the device is configured:
Well, here is the menu of the device in working condition:
Installing applications on a wallet and on a PC
To use the wallet, you need to install the Ledger Live program on your computer. Currently supported 64-bit versions for Mac, Windows and Linux. In addition to the computer program, it is now possible to use the application for mobile devices. This option is available for owners of devices with iOS or Android.
To install the wallet, you will need a computer based on a 64-bit system (the minimum software version is indicated, the application can be used if the system version is higher):
- MacOS 10.9
- Windows 8
- Linux Ubuntu 16.10.
Make sure your computer is connected to the Internet and there is an available USB port. Use a special adapter to connect to the USB Type-C port. There is nothing remarkable about installing a program on a computer; the steps are similar to installing any other program.
Then you need to install applications for the currencies you need. A list of all available applications is located here. After upgrading to version 1.5, wallets in the form of extensions for the Chrome browser have been eliminated, now all information will be displayed in Ledger Live.
Consider the process of installing the application using the example of a wallet for Bitcoin:
- Make sure that Ledger Live is installed on your computer and that the wallet software version is updated to the latest.
- Open the Manager menu in Ledger Live.
- Connect the device and unlock it.
- Find Bitcoin in the list of apps.
- Click Install.
The installation window will appear, Processing will be written on the device screen. After confirming the installation, the wallet can be used.
The next step is to add the currencies that will be stored in the wallet to the Ledger Live portfolio. Accounts will be listed in the Accounts menu.
To add an account you need:
- Click the plus sign in the left pane.
- Enter or select the desired asset type and click Continue.
- Connect and unlock the device, open the application of the desired currency.
- Click Continue so that Ledger Live starts searching for accounts on the blockchain.
- The next step is to choose an account. Three options can be available here: select an existing account, add a new account, added accounts.
- The option "existing account" shows those accounts that already have transactions in the blockchain. In the "add a new account" option, you can add a new account by checking the box next to it. You will not be able to do this if no transactions were received in the last account you created for a particular currency.
- Click Continue and the accounts will be added to the portfolio.
After that, the wallet will be completely ready for work.
Sending and receiving transactions
In general, it is not much different from standard wallets.
- We connect the device to the PC;
- Enter the pin code on the device;
- Open the application for the corresponding currency on the PC;
- Choose the appropriate application in the device menu, for example, Dash (to work with Dash, run the Bitcoin application on the PC);
5. The wallet interface for sending and receiving funds will appear in the application on the PC
When you click on "Receive" you will see your wallet address, when you click on "Send" a window will appear to enter the recipient's address. After filling in all the data, you will need to confirm the transaction on the device itself by pressing the right button:
Similarly, for other currencies.
Of course, if you have $ 100 in cryptocurrency, there is no point in buying a Ledger Nano S. But with larger amounts, it is worth considering. Personally, I am satisfied with the purchase and transfer to the Ledger those currencies in which I am sure for long-term storage. Something like a pocket safe. Another plus is that the wallet can be used from any other computer without fear that the passwords will be taken away.