Ledger Nano

Cryptocurrency investors use the hardware wallets released by Ledger Nano to store private keys for cryptocurrencies offline.

Cryptographic private keys are usually used to conduct transactions that involve cryptocurrencies. However, these keys are easily stolen and hacked if stored online.

As a result, cryptocurrency users have developed alternative systems for storage, such as hot wallets (online wallets), paper wallets (stored on paper), and mobile wallets (wallets in smartphones).

In this review, Simple Passive Income will be looking at the Ledger Nano and properly examining the benefits, drawbacks, design, and creation of the said product.

At the end of this review, our readers will have the clarity needed to decide whether they should use Ledger Nano.

Brief and Critical Summary of Ledger Nano

Ledger introduced the Ledger Nano S in 2016. The Ledger Nano S is the original hardware wallet. The Ledger Nano S is used to buy cryptocurrencies and secure and manage assets.

It is made possible by the certified security chip integrations, which permit users to store applications within the range of three to twenty (3-20).

Ledger introduced the Ledger Nano X in 2019. People use it to buy cryptocurrencies and secure and manage assets. Like the Ledger Nano S, Nano X integrates a certified secure chip, but in this case, it permits users to store more applications (up to 100).

Also, the Ledger Nano X has a Bluetooth connection, making it easy to manage your cryptocurrency from anywhere.

 

 

Utility of the Product (Ledger Nano)

The Ledger Nano S is a popular Bitcoin hardware wallet that has sold millions of units worldwide.

The Ledger Nano S is an affordable hardware wallet option, priced at only 59 USD. It boasts a user-friendly interface and sleek design and is compatible with over 1,100 cryptocurrencies.

Despite its age, being around for six years in the rapidly evolving digital world, a newer version, the Ledger Nano X, has been released.

This review will explore whether it is worth investing in the upgrade or if the original, more budget-friendly option still proves to be the best choice, delving into the setup process and usage of the wallet.

Design and Creation 

Unlike the competitor hardware wallet, such as the Trezor One, the Ledger Nano S wallet does not have a sophisticated design. It also lacks the hefty appearance of conventional wallets.

When a person opens this ledger, they will immediately notice various alterations. A little screen, a micro-USB port, and two buttons for browsing through its settings are on top of the device.

In addition to green and pink, it is also available in a very appealing translucent variant. It is also useful to distinguish between primary and backup devices. It aids in matching the ledger to the wardrobe and home decor.

Benefits of Ledger Nano

• Affordable pricing: At just $59, the Ledger Nano is a budget-friendly option for those seeking a secure wallet.
• Physical key ownership: By using a physical device instead of a hot wallet that crypto exchanges offer, users maintain ownership over their private keys, which are never deleted and remain accessible only through the device.
• Wide coin support: The Ledger Nano is compatible with over 1,100 coins and tokens, allowing investors to store well-known and lesser-known cryptocurrencies.
• Limited storage capacity: The device can only store up to six cryptocurrency applications, depending on their size.
• Support for stablecoins: While it can’t store fiat money, the Ledger Nano supports the storage of stablecoins.
• Key cryptocurrencies supported: The hardware wallet can hold important cryptocurrencies such as Polkadot, Flow, USD Tether, Bitcoin, IOTA, Cosmos, Dogecoin, and Algorand.

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What is Included in the Ledger Nano Package?

The Ledger Nano designed its package with simplicity and it follows a minimalist design inspired by Apple. Unlike other manufacturers, it does not use anti-tampering seals, as they can be easily forged and give a false sense of security.

The package includes the Ledger Nano device, a quick start guide, three cards for recording the recovery phrase, a lanyard, a micro-USB cable, and a loop to attach to a keychain.

Before using the Ledger Nano, the user must first download and install the Ledger Live software. Once the software is installed, the user must create a password for the device and connect it to their computer using a micro-USB cable.

The device setup process is straightforward and involves following the on-screen instructions to configure the device and create a pin. The device is controlled using two switches on the top of the device to navigate its menus.

Once the device is set up, it generates a 24-word secret phrase you must record on one of the included cards. This secret phrase serves as the wallet, and the Ledger Nano device is simply a portal to access it.

If the user forgets the pin, they can retrieve the device using the recovery phrase on another device. Securing the secret phrase is important, as it is the key to accessing the user’s cryptocurrency assets.

Some users store the recovery phrase in multiple locations or write it down in a secure, tamper-proof container. Once the recovery phrase has been recorded, the user must verify the device using the Ledger Live app, which only takes a few seconds.

Ledger Nano Security

The Ledger Nano is a highly secure hardware wallet which many prefer for its safety features. The company is known for exceeding industry standards regarding security, and the devices have never been compromised.

The Ledger Nano is equipped with EAL5+ certified Common Criteria (CC) tamper-resistant chips that store the private key, making it the first hardware wallet manufacturer to use such chips.

In addition to the CC chips, the Ledger Nano also uses the Blockchain Open Ledger Operating System (BOLOS), which enhances the device’s security even further.

The French National Information Systems Security Agency has conducted an unbiased analysis of the Ledger Nano, which is a testament to its reliability.

To add another layer of protection, the Ledger Nano requires users to manually push both buttons on the device when buying altcoins. It helps to prevent cybercriminals from hacking into the wallet.

At the user level, Ledger Nano has several security measures to ensure that users’ private keys remain safe. You will require a four-digit pin code to access the wallet, and users are also given a 24-word phrase that they must remember in a safe, offline setting.

These measures ensure that the user’s assets remain protected even if the device is lost or stolen. The Ledger Nano’s focus on security sets it apart from other hardware wallets and makes it a popular choice among crypto users.

Configuration and Application

The Ledger Nano is an easy-to-use device for managing cryptocurrency investments. To get started, users need to install the Ledger Live app on their phone or computer and follow the steps for setting up a new device. The app provides a step-by-step guide, including a security checklist.

Transactions are confirmed using the Ledger Live app and pressing two buttons on the hardware device. Although the display is small, it’s functional.

However, typing in the 24-word recovery statement letter by letter can be time-consuming. Despite its simplicity, the device only has limited software, and users must choose from a pool of different cryptocurrencies.

 

Customer Satisfaction 

The device has received positive reviews from its users, although some have raised concerns about the lack of Bluetooth and security protocols.

The trade-off for heightened security is slightly reduced convenience, and some users have also questioned the storage capacity of their smartphones.

However, the website provides information about the size and limitations. If a problem arises with the hardware wallet after purchase, customers must fill out a return form on the website within 14 days of receipt.

Purchase and Cost of Ledger Nano

The Ledger Nano hardware wallet is available for $59 USD on its website. There are times when the company offers free delivery to various countries, including the United States, although shipping fees may sometimes apply.

You can also purchase the wallet at a lower cost through its numerous resellers. For instance, on Amazon, the device is sold for $59 with free shipping, while it is priced at $46.99 at Walmart.

Delivery time varies depending on the location. The package includes a USB-B micro cable, a 24-word recovery phrase, and a neck strap.

Additionally, buying a bundle of three devices is an option that can result in a 21% discount. To get your Nano Ledger hardware wallet, click here.

From our thorough research and criticism of the Ledger Nano, Simple Passive Income has come to agree that the Ledger Nano is a reliable and secure hardware wallet in the form of a USB drive.

Investors consider the Nano Leger as one of the top cryptocurrency wallets, supporting many digital assets, but with the catch of needing to use third-party software for some of them and having limited storage. This device is suitable for beginners and experienced crypto investors who prefer to keep their funds offline.

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