In this article, we look at the LEDGER Nano series. So, let’s dive straight in to the Ledger Nano wallets.
Just got a brand new Ledger and need a quick guide on how to get started?
This one’s for you.
Unfurl to learn how to get started.
— Ledger (@Ledger) November 23, 2022
What Is the Ledger Nano Wallet?
A Ledger Nano wallet is a cold storage hardware wallet. In other words, you don’t connect your wallet to the internet or Wi-Fi. To clarify, cold storage refers to offline storage. They are a French company, based in Paris. Their wallets accommodate a variety of crypto currencies and
Ledger currently has three different Nano wallets on offer.
- — This is their flagship wallet.
- Nano S Plus — The updated version of the Nano S.
- — A good wallet for beginners.
The actual wallets look more like a slightly oversized USB stick. However, their screens are rather small. To make navigating the Nano wallets easier, there’s also the Ledger Live app. Once you connect your Nano to the Ledger Live app, you can take full advantage of what a Nano has to offer. The Ledger Live app is available for iOS, Android, and as a desktop version.
It’s best to order the wallet directly from their offices. So, the easiest way is to order from their Paris headquarters. However, for U.S. citizens, there’s also an office in San Francisco. There are two more offices, one in London and one in Singapore. To clarify, be aware that the website connects to their shop based in France.
Buying a secondhand Nano is not a good idea. Also, accepting a Nano with an already opened package is not advisable. Somebody else may have the seed phrase and thus have access to the device in question. Each Nano model requires a PIN code to get access. It also has a 24-word seed phrase, with which you can restore your wallet. This is in case you lose it or you don’t have access to it. The video below shows the new Ledger Live app.
Why Use the Ledger Nano Wallet?
It is most important that you separate your private keys from your computer or phone. They are easy-to-hack platforms. With cold storage on your hardware Ledger wallet, you achieve safety from such hacking. Your Nano is never connected to the internet or Wi-Fi. It connects with a USB cable to your device or via Bluetooth. So, the USB cable is the safer option.
Whoever has access to the private keys has access to the crypto assets on that device. That is why it is of utter importance to isolate your private keys. Don’t share them with anyone. You also don’t want to store them online or with a picture on your phone. Doing so makes your Ledger wallet vulnerable to a hack.
Keep the seed phrase on the cards that come with your device. There are three of them, and store them in separate, safe locations. Ideally, you get a Billfodl or Cryptosteel Capsule Solo. These are steel cases that protect your seed phrase. When there’s a fire or water damage, written words on paper can fade. A steel capsule will come unharmed out of this.
If you lose your recovery phrase, there’s nobody that can help you. Ledger doesn’t store these phrases. In other words, it’s a big responsibility to have these phrases and store them securely. So. treat them with the care they deserve. You are your own bank now.
The following video gives you many reasons why you should keep your crypto on a Ledger.
Which Ledger Wallet to Buy?
The Ledger Nano X is the flagship of the Nano series. It has by far the most options and storage capacity. The Nano X launched in 2019. You can set up over 100 apps in your Nano X. In total, it allows you to manage a total of over 5,500 coins and tokens. This includes, of course, the most popular ones, like Bitcoin, Ethereum, or . They are already factory installed.
The Nano X also has an exchange on the Ledger Live app, which allows you to buy or swap crypto.
It has the CC EAL5+ certified secure chip. This is currently the best chip for security on the market. You can connect it to your phone with Bluetooth. The Nano X is the only Ledger device with Bluetooth. Besides crypto, it can also store your NFTs.
Bluetooth gives it a clear edge over the new Nano S Plus. However, the Nano S Plus is half the price of the Nano X.
Compared to the Nano S, the S Plus is a giant step forward, with plenty more options and features. After the introduction of the Nano S Plus, Ledger stopped producing the Nano S.
They are now selling off their stock of the Nano S.
The picture below shows a Nano X on the left and a Nano S Plus on the right.
Source: Ledger
Conclusion
This is the first part about the Ledger Nano series. Part 2 will be live soon. We answered three popular questions about the Ledger Nano series.
