The Ledger Nano S also referred to as the Ledger wallet, is a hardware cryptocurrency wallet that allows you to safely store your cryptocurrencies. Not only that, but it allows you to send and receive lots of different cryptocurrencies too.
Of all the big three hardware wallet companies (Trezor, Ledger, and Keepkey), Ledger offers the most popular and inexpensive hardware wallet on the market at only $59.
The company behind Ledger are a French start-up who released their first wallet in 2014. Since then, they have become a market leader in the hardware wallet industry. In fact, the Ledger wallet is so successful that it has sold over 1 million devices!
Ledger wallet can support 26 coins and more than 1500 tokens. This includes obvious coins such as Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash, as well as less popular coins such as Ubiq, Hcash, and Stratis! You can also link your Ledger Nano S to wallets such as MEW and NEON, so you can store all Ethereum and NEO tokens on your Ledger too.
The Nano S’s screen means, like other hardware wallets (like KeepKey or TREZOR), it can be used even on a computer that is infected with malware.
Ledger Nano S hardware cryptocurrency wallet is a secure cold storage solution. It is best suited for novice cryptocurrency traders and holders who seek an affordable way to store several cryptocurrencies.
Despite the variety of supported crypto assets, the main Ledger Nano S drawback is its limited internal memory. It lets you install only 3-5 different cryptocurrency wallets (depending on the size of the wallet apps). It makes for a great hardware wallet if you want to store a few distinct types of coins or tokens (for example, BTC and ETH). However, it is an ideal solution for storing your entire altcoin portfolio.
A cryptocurrency hardware wallet is like your bank deposit box where you keep your most precious possessions. You cannot leave it unprotected, and the best way to do it is by employing the highest grade encryption.
The devices by Ledger have earned consumers trust and a reputation for security. Even if your computer experiences a security breach, Ledger Nano S will keep your digital assets save. It uses two layers of protection – ST31H320 (protection) and STM32F042 (OS) chips that store your private keys and sign transactions as separate pieces of hardware.
With the Ledger Nano S, your private keys are stored within the actual device. Furthermore, as the wallet is always offline (unless when sending funds – more on this later), nobody can attempt to access them through an internet connection.
Unless you’re a cybersecurity guru, having a secure cold or an encrypted hardware wallet is a must in your crypto game plan. As the brief history of the industry has already shown multiple times, you cannot trust third-party service providers. They are not banks, so when things go south, you would be naive to expect a reimbursement.
The Nano S features two hardware buttons used to navigate the simple on-screen user interface and confirm or cancel transaction signing.
The Ledger family of hardware wallets are the only fully-certified hardware wallets on the market certified by ANSSI, the French cybersecurity agency.