There are many advantages to owning your bank. The main drawback is that you are responsible for all funds stored. Any Bitcoin or crypto-holder must be familiar with basic safety storage rules.
Cold-storage is the best way to store cryptos. The private key is not exposed to the internet at the time of writing. Trezor, and Ledger Nano S are the two most popular hardware wallets. We will be reviewing the installation of the Nano S.
Meet the Ledger Nano
The Nano S is an offline cold-storage wallet that stores Bitcoin, Ethereum and other supported altcoins. This is how the Ledger NanoS is described. Ledger, a company behind the hardware wallet claims it is indestructible. This is why they ship unsealed packages. Make sure you have yours as soon as you get it.
The hardware wallet can be operated with only two buttons, just like the Trezor. You can navigate the menu by using either the left or the right button. Hold both buttons to select a menu item. It’s that simple.
The Ledger nano S has a large number of supported coins that can safely be stored on it.
Security is, obviously, the ability to keep your private keys offline. This is the purpose of cold-storage hardware wallets.
What’s inside the Box?
If the box arrives unsealed, contact support.
The Ledger Nano comes in a nice package and includes the following items.
- Ledger Nano S
- 1 micro-USB Cable
- Lanyard to wear around the neck
- A keychain and a keyring
- For writing down seeds, you will need a recovery sheet
Ledger Nano S – Quick Installation Guide
Before you start the initial configuration, ensure you have a Chrome browser open. This is where you will install your wallets and manage your wallet accounts.
1. Connect your Ledger Nano S
The USB cable is provided for your Nano S. The Ledger wallet will give you several options. You can choose to create a new wallet (or restore an existing wallet with a private key).
2. Enter a PIN code
Confirm your PIN code. Your PIN code is required to connect your Nano S. Make sure you remember it. Depending on the firmware, you may have a four-digit or eight-digit PIN code (v1.1-1.2), depending on what firmware you have.
3. Save your recovery phrase
Now, the Nano S will show you 24 words one by one. This is your private key. You must copy the words in the exact same order. The attached “Recovery Sheet”, which comes with the package, can be used. However, we don’t recommend it. If someone finds your sheet, they will likely know the words and have full access to your coins.
This is a crucial step to ensure you have the ability to recover your wallet in the event of a theft or corruption, or if you forget your PIN. For lazy people, this step cannot be skipped. To confirm that you have correctly written the words on your device, you will need to select some of them.
4. Install Ledger apps
To use your wallet, you will need to download the Ledger Live application on your computer. The management page is located under “Apps”. You can download different apps to store coins on your wallet from this page.
You need to open and manage your coin wallet.
- Start the wallet application from your computer
- To unlock the Nano S and synchronize your wallet, open the appropriate application
Congratulations! You are now ready to send or receive payments.
Securing lost or stolen Ledger Nano S
You can use the private key of 24 words to restore your entire balance in case your Ledger Wallet is lost or stolen. Without knowing your PIN code, it will be impossible to gain access to your coins in the event of theft. The Ledger NanoS will wipe itself if you enter the wrong PIN code three times.
Other Ledger Applications
You can install additional applications with the Ledger Nano S, such as the UF2 authentication standard on Google and Dropbox, Github, Github, or Dashlane. You can also install SSH, GPG and SSH. Or you could try creating your own applications using C language (very sophisticated stuff).
In this context, the word “application” is misleading. To store each coin on your wallet you will need to install an additional app. Nano S comes with some pre-installed applications: Bitcoin, Ethereum, and UF2.
The following list contains some of the supported coins as of this article’s writing.
– Bitcoin Cash
– Ethereum/ Ethereum
– Ripple (XRP).
Ledger Nano S has its own crypto wallet interfaces, Ledger Apps (free Google Chrome apps). Other compatible software wallets are also available:
- Ledger Wallet Bitcoin
- Ledger Wallet Ethereum
- Ledger Wallet Ripple
The Ledger nano S is a fantastic device. The device claims it is unhackable, and we love the requirement to confirm transactions physically. Even if hackers are able to trigger transactions on the Ledger they will have to physically confirm that transaction. This is almost impossible. A cold-storage wallet is a good choice for anyone who wants to maintain security.