The primary concern for people joining the cryptocurrency niche is the security of their tokens and/or cryptocurrencies. One of the best methods of keeping the tokens secure is using cold storage such as a hardware wallet. These are devices that are designed to provide an additional layer of security while ensuring that transactions are always signed on the hardware, and NOT on the user’s computer.
Today, one of the leading hardware wallets on the market today is known as Ledger Nano S. Its advanced security features have made the crypto community consider it as the ultimate wallet for storing their digital tokens. However, concerns about Ledger Nano S’s security have emerged after a teenage boy claimed to have hacked the wallet.
This Ledger Nano S review is a comprehensive analysis of the Ledger Nano S wallet in order to answer questions such as “Is Ledger Nano S Safe?” and “Should you trust Ledger Nano S?”
What Is Ledger Nano?
Ledger Nano S hardware is a finger-sized hardware wallet that resembles a flash drive. It was created by a French company, the Ledger Wallet Company, in 2016. The aim was to provide optimal security for their users’ digital coins.
The Ledger Wallet Company development team was concerned that people no longer felt safe using most transaction services, and that transactions were starting to become overly complicated. Therefore, the company has been adding new features such as the anti-tamper proof feature that checks the integrity of the hardware when it is first powered on.
This focus on security has made Ledger Nano S sales grow steadily, and as of January 2018, the wallet was said to have surpassed one million devices. During this Ledger Nano S wallet review, we established that the company is working on taking the wallet to the next level after raising $75 million to develop more advanced features such as multi-accounts and timelocks.
Ledger Nano S: A 4.7 Star Rated Cold Wallet
This Ledger Nano S review has already established that the wallet has won praise from far and wide because of its design which gives users total control over their tokens. Once your tokens are stored on the wallet, tampering or hacking is considered to be nearly impossible.
The high ranking also stems from the wallet’s user-friendly interface that makes it easy for both new and experienced cryptocurrency users. Whether it is sending funds, or trading them through a decentralized exchange, you will find Ledger Nano S interface to be easy and fun to use.
However, the high cost of using Ledger Nano S has created a perception that the wallet is only meant to be used by the rich. In light of this, an increasing number of people keen on using ledger Nano S have been calling for the price of hardware to be cut back.
The Ledger Nano S User Interface
The Ledger Nano S interface is designed to deliver a simple and fluid user experience. When you get the wallet for the first time, it will require you to set a pin, and then, a 24 seed phrase that will be used to generate your private keys.
The setup is fast and should not take any more than a few minutes. And, if you want to print the seed phrase, the process can be completed in less than two minutes.
After setting the wallet up, you will be required to install apps such as a Chrome Extension that helps with sending and receiving tokens. Note that these apps do not play any role in storing the coins on the wallet, they only help to make the device easy-to-use.
Ledger Nano S allows users to integrate and work with other top wallets such as Bitgo and MyEtherWallet. This means that if you already have one of the supported wallets, there is no need to install any additional apps.
The Ledger Nano S wallet is very easy for users, especially those with a bit of previous knowledge about digital currencies. Even for new users, learning how to use it is pretty easy and straightforward. The following video is a demonstration of how to set up the wallet.
Ledger Nano S Security
In 2017, when a British teenager, named Rashid Saleem, created a code to “backdoor” the Ledger Nano S wallet, the community started wondering whether coins stored in the hardware wallet were safe anymore. However, even with the attack claim, Ledger Wallet Company has demonstrated that the device’s security is completely safe to use. Here are some of the top security features and strategies that make Ledger Nano S one of the most secure wallets on the market.
- Use of offline storage: Ledger Nano S stores the users’ tokens offline to ensure they are completely safe from hackers.
- A secure PIN code: This is a four digit code that you must use to access the wallet. If you input the pin incorrectly three times, it wipes its memory, and you will then need to regenerate it with the original seed phrase.
- Physical buttons: To run transactions on the wallet, the user is required to press physical buttons on the hardware device. This implies that even if a hacker manages to break into the wallet, it will be impossible to siphon the tokens without physically having the hardware in their hands.
- Anti-tamper proof feature: This feature is used to check the integrity of the Ledger Nano S wallet every time it is powered on.
- The BOROS proprietary operating system: The BOROS creates a unique shield around the Ledger Nano S wallet to ensure that no sensitive information is accessed remotely.
Ledger Nano S hardware wallet is a device created to offer optimal security to its users. It is correct to point that the core objective of the manufacturer, Ledger Wallet Company, in terms of security has been realized. This is because ledger Nano S wallet is one of the most secure today. Here is a summary of the wallet.
- Ledger Nano S supports many cryptocurrencies including Bitcoin, Ethereum, and most ERC-20 coins.
- It is considered the most secure wallet on the market because of its advanced features that help protect users both off and online.
- The wallet has an intuitive user interface that makes it easy for both new and experienced users to run transactions.
- The wallet allows users to integrate it with other wallets such as Electrum, MyEtherWallet, and Copay.
- The development team is highly committed to advancing both their security and operational features.
- The wallet is one of the most expensive wallets in the market.
- It is not open-source.
- Signing transactions can only be done when the device is connected to a computer.
This Ledger Nano S review has has shown that the hardware wallet is quite highly secure and reliable for storing multiple types of cryptocurrency. Furthermore, its multiple security features have contributed to the crypto community believing that the wallet is unrivaled by anything else on the market.
For a wallet to be considered reliable, security is only one factor to keep in mind. This Ledger Nano S review established that this wallet offers a variety of other benefits such as easy integration with other wallets, supporting multiple coins, and offers an intuitive user interface that makes it irresistible to most cryptocurrency users.
So, if you are looking for a cryptocurrency wallet, or you are not satisfied with the service provided by other wallets, this Ledger Nano S hardware wallet review strongly recommends using the Ledger Nano S wallet.