Surprising Things About The Ledger Nano S
So what’s so special about the Ledger Nano S? Aren’t all hardware wallets secure in an offline environment?
Well, here’s the difference:
- You can use the Ledger Nano S to store ETH, ETC, Dash, Ripple, Stratis, ZCash, Litecoin, and a few other alt currencies (including BTC).
- Because it’s an HD wallet, you control many accounts for all supported cryptocurrencies. This means that all cryptos stored here will be secure with the same backup key. So let’s say you are storing Bitcoin for your friends or family, you can label those account for them and keep them safe as if they were your own.
- Ledger supports all ERC tokens when used with MyEtherWallet.
- Ledger is compatible with Windows, Mac, Linux, and Chrome OS. It can also connect to your Android device using an OTG cable.
- To receive Bitcoin, your Ledger Nano S doesn’t need to be connected to a computer. You can receive Bitcoin even if your Ledger is offline.
The simple act of being able to store other cryptocurrencies on this wallet has, for me, made the whole purchase completely worthwhile.
They keep adding in support for newer cryptos for their customers, including the new Bitcoin Cash. This shows that they really do put their customer’s interests first and are not just looking to sell you things.
How About The Security Of The Ledger Nano S?
Now, let’s talk about the security of the Ledger Nano S and why it is so trustworthy. Note: For even more security options, check out its more sophisticated counterpart- Ledger Blue.
How Does The Ledger Nano S Ensure Security?
Your computer and mobile can be hacked easily. When hackers can hack multi-million dollar servers (essentially big computers), then our smaller systems should also be seen as equally vulnerable.
The Ledger has a separate chip and screen to mitigate the potential security flaw of certain apps taking random screenshots of mobile and laptop screens.
When dealing with any Bitcoin wallet, one important thing we all need to do is note down the seed key/recovery phrase. When this recovery phrase is shown on a mobile or computer screen, it becomes susceptible to hacking.
When you are using the Ledger Nano S, the seed word is displayed on the OLED screen which only you can see. And it’s no exaggeration to say that this security feature alone makes your Bitcoin holdings secure.
Moreover, most of the work like checking Bitcoin balances and account management happens through a desktop app while your Ledger Nano S is still connected to the computer via a USB cable.
When you are sending Bitcoins to someone, you need to allow the transaction by tapping certain buttons on your Ledger. So even if your computer is hacked, a hacker won’t be able to transfer those bitcoins because they don’t have physical access to your Ledger Nano S.
More Security Features:
- Your Bitcoin private key is stored in a secured section of the device itself. It doesn’t ever leave the device, and hence, there’s no way for a hacker to get to it.
- The Ledger Nano S is an HD wallet. This means that every time you receive funds, you get a new receiving address. This enhances your privacy to a great extent.
- You can also sign a message using the Ledger Nano S to prove your ownership of the address. You may use this feature in the future when you advance in your Bitcoin and cryptocurrency usage.
There are more advantages of using Ledger Nano S that you will discover as you become more comfortable with the device.
If you are deciding between whether or not to buy, recognize that it’s going to enhance the way you interact with cryptos by a large degree.
I highly suggest you get one now.
A few more important things to know before ordering the Ledger Nano S:
- Due to high demand, delivery is not instant. That’s why you should order it ASAP to get ahead in the queue.
- Order Ledger
- Ledger offers the Ledger Nano S and the Ledger Blue, and both are great. But if you are looking for something portable, then the Ledger Nano S is the best. Think of the Ledger Blue as the iPad version of the Ledger with the same security features.
If possible, you should order two. You can use one as a backup in case you travel a lot. This will also allow you to have even more security when dealing with cryptos.