As of right now, cryptocurrency is fairly new, but is something that so many investors already have their hands on. If you plan on taking part in the world of cryptocurrency, then you need to make sure you keep all of your coins safe. For this reason, we recommend choosing a wallet that you know you can count on. There are quite a few wallets that really stand out from the crowd, one of them being the Ledger Nano Wallet.
Ledger has a couple of other hardware wallets – the Ledger HW.1 and the Ledger Nano. The Ledger Nano is different from the Ledger HW.1 as it has a screen.
What is the Ledger Nano Wallet?
The Ledger Nano Wallet is a Bitcoin, Altcoins and Ethereum hardware wallet. It has robust safety features that ensure you are storing all of your cryptographic assets safety. It is capable of connecting to any computer via USB and has an OLED display so that you can confirm each transaction simply by tapping a button that is located on the side of the device.
Included in the box:
- Lanyard, so you can wear the device around your neck
- The Ledger Nano S (of course)
- 1 micro-USB cable
- One keychain
- One key ring
- Recovery sheet that you can use to write down seed
In terms of privacy, you don’t have to worry about anything because your private keys will never be known by Ledger or a third party. With this device, your wallet will remain decentralized and you will be your own bank.
When you have the Ledger S in your grasp, you will need to create a PIN code on setup. By using a PIN code, you don’t have to worry about the loss of your coins if you were to misplace your device. This means that a stranger wouldn’t be able to come along and access your cryptocurrency, unless they knew your 4 digit PIN code. Of course, you may be worried about them guessing your PIN code, but that is where the fun comes into play …you see, if someone sits there and tries to guess the PIN code, after three incorrect guesses, the device will completely wipe itself – I personally find this really neat.
When you store your Bitcoins and private keys on a computer that is always connected to the Internet, you will become a target for hackers (hackers look for this type of stuff). This device has offline storage, so you will be storing your keys in an offline, secure environment. Really, storing your coins offline makes sense – when you use this hardware wallet, or any hardware wallet that stores your bitcoins offline for that matter, then you can rest with the satisfaction of knowing that they are out of reach from hackers.
Setting the Ledger Nano Up
Believe it or not, it doesn’t take a rocket scientist to set up the Ledger Nano S. In fact, it is actually pretty easy. Starting off, simply plug the device into your computer and turn it on (you will need a micro-USB cable in order to do this). Once you have done this, you will need to create a four digit PIN code on the device’s screen. To choose the PIN code, simply slide the numbers higher or lower. You will be asked to repeat the process in order to confirm the coder. After you have the PIN code set up, you will need to write down the 24-word recovery phrase. The words will show up one at a time – to see the next word, click the right button. You will then be asked to confirm your seed – this is done by asking for two random words of your seed. After all of this is done, as long as you have the Ledger Chrome application installed on your computer, you will be able to access your wallet.
You see, when you own cryptocurrencies, it is important that you keep your information safe and confidential. By using the Nano S, your secrets like private keys are never going to be exposed and for added security, it’s all locked by a PIN code. You don’t have to worry about your transactions getting tampered with and you can physically verify them on the screen simply by pressing a button. All in all, the Ledger Nano S is a great wallet and I highly recommend it for those that are looking to store their coins.