The Ledger Nano is a hardware/cold storage wallet used to store cryptocurrencies. Aside from storing your digital currencies on a paper wallet, a hardware wallet would be the next to come to heart because of its security features. The main reason people make use of the hardware wallet is to secure their private keys which are the doorway to the cryptocurrencies you own. Despite the device on which a private key might have been generated, it can be accessed through any other channel such as from within a desktop wallet, mobile wallet, or an exchange that allows anyone to access their coins using their private keys.
The only way you can be safe is by making sure your private keys are hidden where no one can see them and also are not on devices connected to the Internet neither should you make them accessible via your email address.
If security is essential to you, then you will want to know top reasons why you should own a Ledger Nano Hardware Wallet which is presently the safest and cheapest you can find in the market.
Because your Internet service providers can be easily hacked and information stolen, this makes our small unit systems and mobile devices vulnerable as well. The most important thing about your wallet is your seed key/private key/recovery key. Therefore you don’t want it generated or stored on a device that could easily be hacked.
With the Ledger Nano Wallet, your private keys are seen by you alone through the OLED screen of the device. It is not accessible through your personal computer neither can it be copied. This leaves your private keys safe right on the device for your eyes alone to see.
Another level of security comes with you setting up a passcode for the device. If you lose it or it gets stolen, it’s of no use to whoever sees it unless the person can figure out your pin code in 3 trials. Failure to do so returns the device to factory setting, and your private keys would be required again.
Thus, storing virtual currencies in a hardware wallet such as Ledger Nano is one of the best decisions an investor can make if he has a large number of virtual currencies of if he is handling his funds through a centralized exchange.
Support For Cryptocurrencies
Having the Ledger Nano Wallet saves you having to download and install different wallets for all significant cryptocurrencies out there. With the Ledger Wallet, you can store the Bitcoin, Ethereum, Litecoin, Dogecoin, ZCash, Dash, Stratis, Ripple, Bitcoin Cash, Ethereum Classic and many more. It presents you the opportunity to store all your assets in one place.
This hardware wallet offers support to a large number of digital currencies, allowing users to store all their digital assets on this device. That makes it easier for investors that have a diversified portfolio and do not have to hold their virtual currencies using separated wallets.
In addition to it, users will be able to send, receive and eventually exchange their digital currencies in a fast and easy way, under the same wallet.
Easy To Use
The OLED screen and browser extensions for the Ledger Nano, you don’t have to be a tech expert to figure it out. Setting up the device is pretty easy all you need to do is follow the simple directions displayed on the device’s screen to save your private keys by writing them down and also setting up various cryptocurrency wallets by pressing down the buttons on the device to change screens and also to select characters and numbers.
Despite being a hardware wallet, it is not complicated to use if you have previous knowledge of virtual currencies and if you are familiar with addresses, private keys and different ways of storing cryptocurrencies.
In order to set it up, you would only have to follow the instructions that appear on the screen. The Ledger Nano S is the most popular and common hardware wallet that has two buttons allowing you to easily handle the information displayed.
At the same time, with the application created by Ledger for mobile phones and desktop users, it will make things easier for those holding digital assets. Furthermore, it can also be integrated with a large number of other third-party software applications. More on this topic later.
Secure Transactions Confirmation
With an extra layer of confirmation, you are rest assured no one can send out any of your assets without having access to the device itself. In a case where hackers can remotely control your personal computer even while your Ledger Nano device is plugged into the USB port, they can do all other things except send out your cryptos. That’s because you have the device with you and you alone can authorize the transaction by holding down the buttons on the device. Until then is the transaction processed and transaction confirmed. As long as you don’t do this, then there is nothing to worry.
As mentioned before, the device is secure because it is not connected to the internet and it has a longer lifespan than a traditional paper wallet. If you lose your device, you can always recover your funds using the recovery phrase provided by the wallet when you first set it up. That would make it easy for you to deal with your funds in case you don’t have access to your Ledger device.
With its compact design, it can smoothly go into a key ring or on a neck chain to serve as a pendant. But of course, you don’t want to carry it around with you everywhere that you get to lose it.
The Ledger Nano device isn’t built to work with just it’s extensions made for it; it can also work with a variety of third-party software applications such as Electrum, MyCellium ( Only with Legacy, Not Segwit), GreenBits, Bitgo, MyEtherWallet, and Copay. This presents you with lots of options for accessing your cryptocurrencies.
The Ledger Nano is the cheapest among its pairs in the market. Whether you are new to cryptocurrencies or you’ve been in there for a long time or maybe you use your coins for day-to-day transactions, or you are just a long-term investor, the Ledger gives you a cheaper and secure way of keeping your investments safe.
What happens when Ledger Nano device supports a new Cryptocurrency?
You don’t have to buy a new device everytime another cryptocurrency get added to the Ledger; the straightforward guide takes you through the process of accessing your wallet address for that crypto.
Due to a large number of hacks and attacks that affected different cryptocurrency exchanges, the best way to hold cryptocurrencies is to do so through a hardware wallet, and Ledger is one of the most recognized companies to do so.
Ledger Nano is secure, it has a futuristic design, is easy to use for individuals with previous knowledge of virtual currencies, and it allows investors to deal with a large number of cryptocurrencies using a single device. Moreover, this wallet is also compatible with other third-party services creating a much better user experience.
At the moment, there are two main hardware wallets that Ledger is selling for retail crypto users, including the Ledger Nano S and the Ledger Nano X. You can read more about it on Ledger’s official site.
Finally, Ledger has also a great team that would be ready to provide support about your needs and how to solve issues that could affect the normal usage of the wallet. Although the wallet is not free, it is always important to be secured against hacks, attacks and scammers.
Image Source: HardwareWallets.com