For those who purchase and hold digital assets like Bitcoin or Bitcoin Cash, having a safe place to store your digital currency is of the utmost importance. While cryptocurrency wallets like those used on exchanges or on computers are often easier to access, providing an extra layer of protection to your crypto by storing it in cold storage or using a hardware wallet is highly recommended.
One of the more well-known hardware wallets around is the Ledger Nano S. If you’re considering this Ledger product to act as your next cryptocurrency hardware wallet, take a look at the information provided below to learn more about whether this hardware wallet and whether or not it is a safe way to store your crypto assets.
What Is the Ledger Nano S?
The Ledger Nano S is a popular hardware wallet that allows users to secure their crypto by making it so that they can only access their cryptocurrency wallet through the physical access of their Ledger Nano. To put it simply, think of your Ledger Nano S as a safe. The Ledger Nano S uses a secure chip to protect your private key and, therefore, your crypto assets. However, rather than using a password and logging in online, which leaves your wallet vulnerable to being hacked, you must access your digital currency through your Ledger Nano S, which requires a PIN code to get into.
The Ledger Nano S is also resistant to hacks, which is something that cannot be said about popular alternatives such as paper wallets or hot wallets. If you’re looking for the best choice when it comes time to store cryptocurrencies away, it is no wonder why the Ledger Nano S hardware wallet has made the top of the list for keeping your crypto assets safe.
How Does the Ledger Nano S Work?
The Ledger Nano focuses on ease of use, making it the best hardware wallet for those who are first-time hardware wallet users. Simply take your new Ledger Nano S out of its box, plug it in, and create a new wallet. Figure out a PIN code you want to use to secure your crypto assets, and make sure that you write down the 24-word recovery phrase provided by the Ledger Nano.
This is the most important thing to remember as you will not be able to get your wallet back without the recovery phrase should your product be lost, stolen, damaged, or should you forget your PIN (the Nano S does come with a recovery sheet that you can write your recovery phrase on). Once you’ve taken care of this initial setup, all you have to do is sync your Nano S with your cryptocurrency apps and transfer your crypto assets to your new Ledger hardware wallet!
Is the Ledger Nano S secure?
While the features listed above are exciting, the biggest thing that matters to crypto enthusiasts is whether or not the Nano S actually works as a secure hardware wallet. The good news is that the Ledger Nano S wallet is a secure product, which is why it often shows up amongst lists of other best hardware wallets. Here’s a short breakdown as to why it is a secure device:
- Normal wallets can be hacked online. The Nano S provides an extra layer of security by making sure that you can only access your wallet if you have your Ledger product with you. Without this device, hackers can’t get in.
- If someone were to take your device, they would need to know the PIN in order to get in. Of course, you can always recover your wallet on another device using the 24-word recovery phrase provided to you with your device. The Nano S also comes with a feature that wipes your data if the PIN is incorrectly entered three times.
- The Ledger team claims that the Nano S is unhackable, which is reinforced by the fact that they used their own customized operating system to provide the support that Ledger products need.
It’s important to note that, while hacking a Ledger product is near impossible without the information listed above, there are extreme circumstances where some hardware wallets have been compromised. That said, the Ledger Nano S is most certainly a secure wallet where you can store your crypto.
Ledger is amongst some of the most popular hardware wallets, making the Ledger Nano S an excellent hardware wallet to choose if you need additional security when it comes to your digital assets. If you’re new to the concept of a hardware wallet, especially the Ledger wallet, make sure to look at a comprehensive Ledger Nano S review prior to making the decision to buy.