The North American Bitcoin Conference held in Miami hosted a sale of the leading hardware wallet by the leading brand, Ledger. In this article, we bring to you the honest review of the Ledger Nano S and will also provide you a detailed comparison of the Ledger Nano S and TREZOR One (the main competitor of Ledger).
If you are looking for a detailed analysis of various wallet aspects, be with us till the end. Here is what we have covered in the article.
A Brief Review of Ledger Nano S
The Ledger Nano S is the well-renowned Cryptocurrency supporting hardware wallet that is known to support a wide variety of coins. The Ledger Nano S is a bit on the expensive side than the competitor TREZOR One and the former is also capable of providing top-notch security for their coins using a simple and clean user interface.
An Overview of the Hardware Wallets
Hardware wallets are the proven form of security you can provide to your Bitcoins or any other Cryptocurrency you own. It is probably the most humongous form of security for the cryptocurrencies. The hardware wallets allow you to send and receive Bitcoins or other cryptocurrencies on each and every computer and even in the ones that are infected with malware. The wallets assure that in such critical conditions as well, there will be absolutely no interruption in the transaction. To know more on this matter, you can refer to the video.
Do you know how these wallets achieve maximum security? Well, they do so by storing your private key and simultaneously signing your Bitcoin transactions offline so that it becomes a lot of heck if someone is attempting to “hack” your wallet remotely.
It has also been noticed that in many other hardware wallets, the device uses a second screen or device to verify the recent actions on your wallet like any recent signing of a transaction. This way it makes sure that even if the hackers achieve control over your computer, they would not be able to do anything as they will require the physical device connected on your system.
Ledger is the leading security and infrastructure solution for the cryptocurrencies and blockchain applications and it was founded in the year 2014. Ledger nurtures a team of over 130 professionals. The headquarters of Ledger is located in Paris, Vierzon and San Francisco.
The professionals are qualified in developing a huge number of products and services that are meant to safeguard the Cryptocurrency assets for individuals and enterprises. Amongst their vast range of products, the Ledger hardware wallet line is already sold in 165 countries. The company has successfully risen over $85 million in a total of four rounds of investments.
Ledger Nano S Experience
It is a small and compact device possessing metal casing making it more durable as compared to the various other hardware wallets. The size of the device is such that it can easily fit inside your pockets or even inside a fist.
The working procedure of the Ledger Nano S is very similar to the other hardware wallets available in the market. The first time when you plug in the device to your computer, you will need to set up a unique PIN to protect your device from unauthorized access. Later you will be provided with a 24-word seed that you have to use to create your private keys. You have to store the seed safely by writing down somewhere and keeping it out of the reach of anyone other than you. This is because anyone who has the access to the seed can have control over your Bitcoin. A Cryptosteel device can come to your rescue in this matter.
If you closely look at the Ledger Nano S, you would be able to find two buttons on the side of it that is meant for its control. The initial set up is short and crisp and takes only 3 minutes but the maximum taken is to write down the seed. The second screen or device is required here in the seed creation.
The hacker might be able to see the seed if your system is infected with malware and the seed is displayed on the screen. For this particular reason, the seed is displayed on the small screen of the device which is tamper-proof assuring that you can only see your seed.
As soon as the device is set up, all that you are left out with is the installation of Ledger Live. The Ledger Live is a desktop app that allows you to connect with the device to send and receive Bitcoins. The Ledger Live user interface is very clean and does not require any manual for its operations. The Ledger Nano S can also be used to provide security to the existing software wallets like Electrum, MyCellium, MyEtherWallet and more.
Ledger Nano S supported Cryptocurrency
The Ledger Nano S possesses the capability to support over 700 tokens and coins. Ledger Live Software is used to send and receive the main coins. Here we are providing a list of the top supported cryptocurrencies:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Bitcoin Gold (BTG)
- Dash (DASH)
- Dogecoin (DOGE)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Litecoin (LTC)
- Ripple (XRP)
- Zcash (ZEX)
Some of the less popular coins like the ERC-20 tokens (coins used in ICOs) needs an alternative software connected to the Ledger Nano S to send and receive them (For E.g., MyCryptoWallet, MyEtherWallet).
The Ledger Nano S is available for $99 (exclusive of VAT). At this price point, it is the most affordable hardware wallets as compared to the other wallets such as the TREZOR One and Archos Safe-T. Although the native additional coin (XRP) support can cost up to a few extra bucks.
Ledger versus TREZOR
TREZOR One is the primary competitor of Ledger Nano S. If you closely compare both of them, they are almost similar in the work or the purpose. Let us dig in more to find out who crossed the other on several parameters.
- Design: Based on the size of both the devices, both of them equally fits into the pocket, although the Ledger Nano S is a bit smaller and durable due to its metal casing that protects the device which is not found in the TREZOR One. So, in this parameter, the Ledger Nano S clearly wins.
- Coin Support: Both TREZOR One and Ledger Nano S support 700 coins and tokens. But the major difference is that TREZOR One user interface requires a third party wallet as no direct transactions can be done. TREZOR One also does not support XRP completely. Again Ledger Nano S is the clear winner in this parameter.
- Usability: The user interface in both the devices is similar having a very user-friendly interface. Technical know-how is also not necessary to operate the devices. Both the devices have a second screen that secures your transaction and Bitcoins. It is a tie between the duos.
- Company Reputation: Both the Ledger and TREZOR have been raging the market since 2014. Both of them uses open source code for their apps and have excellent customer support and stability in recent years. Both the companies are reputable but on a community point of view, TREZOR is more mature than the other.
- Price Point: The TREZOR one is priced at $80 while the Ledger Nano S is priced at $99. This clearly states that TREZOR is the winner in this parameter.
The Clear Winner!
Both the companies have been producing amazing stuff which is proven by their products. The Ledger Nano S provides you with great design, usability and coin support though TREZOR One has a higher reputation and lower cost. Therefore, the Ledger Nano S is the clear winner.
Conclusion – Is it Worth the Investment?
The Ledger Nano S is a worthy investment as the price tag must be a little on the higher side but the features are incomparable. Plus, it supports almost all Cryptocurrency and comes with a metal case for protection. It has the highest security possible and definitely the must-have hardware wallet if you are dealing with cryptocurrencies.
We would love to hear your thoughts down below!
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