Overview
Ledger Nano S is a hardware key that is used to store your crypto wallet. It is a physical form of wallet that can be unplugged from your computer. Meaning, your wallet is offline and untouchable to any malicious attack. The hardware wallet is an optional alternative to store your crypto in. Thus, you can keep your crypto holding in the brokerage platform through which you purchased the coins. However, if you feel like keeping it on the platform is not secure enough, then you can purchase the hardware wallet and use it as a safe for your cryptos.
The Ledger Nano S is the hardware wallet that we recommend for anyone that wants to hold for a long period of time up to four different types of cryptos. By types of coin, we mean such as Bitcoin, Ethereum, Doge and so on. Although it is a more expansive alternative, we suggest Ledger Nano X to anyone that wants to hold more than four different types of coins at once, and that for a long period of time.
Which coins can be store in Ledger Nano S?
Ledger Nano S supports over 100 coins on Ledger live application. Ledger live application is where you will choose which app to download on your hardware. Each coin has its own app. Ledger live supports all the most popular coins and much more. The full list of supported coin can be found in the following link: https://www.ledger.com/supported-crypto-assets
How do you set up the Ledger Nano S?
1. First step is to download the ledger live application on your computer from their official Ledger website.
2. Choose the purchased hardware from the options Ledger Nano S, Ledger Nano X or another device.
3. Connect the hardware wallet to the computer and follow the next instructions that will indicate how to set up the pin code for every time you access your wallet as well as give the 24 words recovery sentence. The 24 words recovery sentence needs to be written down and preserved carefully. This is a 24 word code that can be used to restore your wallet on another hardware in the case where you lose your current hardware.
4. Once you have written down the 24 words recovery sentence, you will need to click on both upper buttons on the key to finalize the final step. The device is now ready to use.
5. Install the app for each crypto that you wish to store. If you wish to store Bitcoins in your wallet then you will need to install the Bitcoin app on Ledger Live to your key in order to be able to store as many Bitcoins as you wish. Make sure to verify the amount of space of the app you can install and choose the cryptos that you wish to preserve on the key if you have multiple types of coins.
Pros
· Safer than keeping money on a crypto exchange platform.
· No one can hack your money.
· Money is stored in a physical wallet that is offline.
· If you lose your hardware wallet, the 24 words recovery sentence can be used to restore data of the old key on a new one.
· More than 100 types of coins are supported on the Ledger Live app to store in your wallet.
Cons
· Limited number of apps can be installed for the hardware. Up to six apps can be installed on the Ledger Nano S. This means six types of coin can be stored. For example, Bitcoin app and Ethereum app would count as two apps installed on the hardware wallet.
· There is a network fee when storing the cryptos on to your wallet.
How do you use the Ledger Nano S?
Once the initial setup is done, for further use of the Ledger Nano S you will need to insert the hardware into your computer, insert the pin number and press on the physical button on top of the hardware.
Can Ledger Nano S be hacked?
No, the Ledger Nano wallet cannot be hacked. The only way someone could access it is if they either have your physical key and know your pin code or if they have got to know your 24 words sentence. An online hacker could not reach your 24 words sentence, your pin code nor your physical wallet. Therefore, it is not possible to hack and withdraw your money that is stored inside the hardware wallet.
What happens if I lose my Ledger Nano S?
Ledger Nano provides a recovery sentence of 24 words during the initial setup of the hardware wallet. Those 24 words need to be kept in a secure location in case you lose your Ledger Nano. If you lose your hardware wallet, then you can use the 24 recovery words to restore your information on a new wallet through the Ledger Live app.
What if someone steals my hardware wallet Ledger Nano?
If someone steals your hardware wallet, they will need to know your pin code to access it. The dangerous scenario is if they steal your physical wallet and the 24 words recovery sentence, in which case there is nothing that can be done. This is why the 24 word sentence needs to be kept somewhere safe and, in a location, different from the hardware wallet.
What is the difference between Ledger Nano S and X?
The main difference between the Ledger Nano S and Nano X relies on the number of apps that can be stored. An app is a type of crypto that can be downloaded to the key. For example, two apps downloaded on the key could be Bitcoin and Ethereum. The ledger Nano S can store up to 6 apps and the Ledger Nano X can store up to 100 apps.
In most common investment strategies, we will only pick our highest conviction cryptos to invest in them more heavily than others. Therefore, the Ledger Nano S does the job of storing up to six different types of cryptos. In most cases if you add Bitcoin and Ethereum you can only store two other apps since these 2 apps take a little more space on the hardware.
The price of the Nano X is almost double the price of the Nano S due to higher app storage capacity. An additional feature the Nano X has is that you can manage your crypto on-the-go with Bluetooth connection which is something that is not quite necessary since the whole purpose of the hardware wallet is to keep cryptos in a secure space without touching them.
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