How Ledger Wallet Works?
If you are serious about your investment in cryptocurrency, the you will need to take security seriously because there are so many different scams, malware, phishing websites, hacking attempts and other ways that people can try to take advantage of your weak security and steal your funds. However, due to the nature of current environment of cryptocurrency this is something we have to deal with regularly.
People who are stepping into the world of cryptocurrency will be really shocked with the technicalities that come with such an investment. Crypto is a wonderful thing which puts your finances in your own hands without having to depend on any third party like the current system of banking. You can take control of your money. However, it also means that you will have to take care of your own security. There are no banks to protect you, so must learn the best methods to keep your funds safe in a storage.
Luckily, there are some wonderful devices which are known as “Hardware Wallets” which have been developed to provide you with the greatest layer of protection that we have at the moment.
In this review, we will take a look at the leading hardware wallet of the market: The Ledger Nano S. However, we will provide the detailed guide about Ledger wallet and steps to use it correctly.
Ledger Wallet Review
The hardware wallet industry for digital currencies is advancing in technology, it has a good number of wonderful choices available in the market for those who are willing to keep their coins safe and secure and away from any potential hacking attacks on online storage servers.
The Ledger wallet is a wallet which supports Ethereum, Bitcoin, and other altcoin. It offers wonderful security features, which can be used for storing offline and online digital assets and making payments. However, some of the unique features that are linked with this wallet are ability to make quick payments, ease of use, high level of security and many more.
The Ledger Wallet Company is based in France and it was founded back in 2014. However, it has managed to attract many users since then. The Ledger team has managed to quickly become one of the biggest hardware providers in the market.
It feels like many users that are providing feedback are more than satisfied with the Ledger wallet.
There are many users who called it a great method for “sleeping well at night” specifically since the hardware wallets are mainly used by those who have a large amount of coins. The public also believes that this device works smoothly, and most of the users have no major complaints about this wallet.
However, the wallet isn’t an ideal choice for those who own multiple digital currencies and actively use most of them. This is mainly due to the low storage space offered by the device.
While storing and using a digital currency on the wallet, users will have to download a specific app for that token. Currently, this wallet has enough storage for installing two or three apps. It means if you want to use a different currency, you will need to uninstall an app and then install another app.
This process is very simple especially when you are near to a computer. However, it can be troublesome for people for make payments by making use of different digital currencies continuously.
What Is A Hardware Wallet?
A hardware wallet is a device which has been developed to provide an extra layer of seucity for those who are interacting with various cryptocurrency wallets. Normally, you will have to make use of your private key to move funds, the problem is still there, if you computer is affected by a virus or malware, however, it is possible for your private keys to be stored used for stealing your funds. The private keys are stored on the device with a hardware wallet and your privacy will never get exposed to your computer. It means even if your computer is infected by such a program your private keys will remain safe.
You will get a string of words which is called “Recovery Seed” when you will setup your Ledger wallet. However, you can make use of this to restore your wallet if it is ever lost, damaged, or stolen. It is very important to store your recovery seed in a safe place when you have created your recovery seed. However, it can used to recreate the wallet and access funds on there.
Another suggestion that we will give, is to buy 2 devices and keep them unused. In this way, if you will ever lose or damage your hardware wallet, you can make use of recovery seed on the other device. However, making a clone of it and you can then access your funds as usual. Otherwise, you will need to order a new device and wait for it to arrive at your doorstep before even being able to access your cryptocurrency.
The two most famous types of hardware wallet are the Ledger Nano S and Trezor wallet. We will take a deeper look at the Ledger wallet in this review.
What’s In The Box
Once your order will arrive, it will be sealed in cellophane. However, you will notice that it does not have a security seal like the TREZOR wallet does. It is mainly due to the device has built-in anti-tamper software that will help you to know if the device has been altered in any way. This is very helpful to know as there have been cases of people who are selling hardware wallets on eBay sell hardware which has recovery seed already setup.
You will find the following things after opening the box:
- USB Cable
- Key Chain
- Recovery Card
- Instruction Card
The Ledger hardware wallet is very nicely packed inside the box. However, you will find the documentation, Lanyard, USB Cable and Keychain, once you will remove the top layer which contains device. You will find the recovery phrase card when you will open the documentation enveloper. However, this car will be helpful for you to note down your recovery words on setup of the device.
It is very easy to install Ledger Wallet. In order to setup this device, you will have to connect it with your computer via USB cable. At that point, your Ledger wallet will come to life and it will direct you to visit the link:
The first step after that is to then configure a PIN code for using the device. However, operation of the Ledger can be carried out by making use of two buttons on the side, left or right buttons can be used to click the selection up or down and pressing the both buttons will confirm your choice.
You can choose a PIN number of a minimum 4 digits and ensure that you remember this or write it down somewhere else. You can make use of this PIN for every operation on the device and it will be useless without this PIN.
Once you have confirmed your PIN, you will need to write 24 recovery words in a order given by the device. Once you have write down all the words, the device will then check 4 of them to ensure that you have noted down the recovery words.
Once you are done with it, you will get the message that your device is now ready to use.
In order to get the most out of your Ledger wallet, you will have to make use of Chrome Browser, for which there are several apps that you can install to interact with the device and various types of cryptocurrencies. First of all, you will need to install the “Ledger Manager” app which can be used for installing other apps for the different currencies that you want o use with your Ledger Wallet. It can support 5 different apps at once. So, it is necessary to consider what you to install is from the manager by clicking the green download button which is next to the currency. However, Ledger Wallet has its own chrome apps for Ehtereum, Bitcoin and Ripple.
So let’s take a closer look at the Bitcoin app. Once you have downloaded it from the site, you will have to install it. Just go ahead and you will be asked to enter your pin in the advance and then you can choose to create a Bitcoin address. However, you will get the choice of Segwit or Legacy. We will suggest you to use Segwit which is cheaper and ideal for sending Bitcoin.
Ledger Hardware wallet is safe and secure for storing different coins. However, it is safer than many web based online wallets. The Ledger supports many different cryptocurrencies of the available Hardware wallet which is something important to keep in your mind while making a purchase. However, at the time of writing this review, the currencies that are supported by Ledger Wallet are:
- Bitcoin (BTC)
- Bitcoin Gold (BTG)
- Bitcoin Cash (BTC)
- Ethereum ERC-20 Tokens
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Litecoin (LTC)
- Dogecoin (DOGE)
- Ripple (XRP)
- ZCash (ZEC)
- Komodo (KMD)
- Startis (STRAT)
- Expanse (EXP)
- Ark (ARK)
- Vertcoin (VTC)
- Ubiq (UBQ)
- Neo (NEO)
- Vaicoin (VIA)
- Stellar (XLM)
- Stealthcoin (XST)
- Digibyte (DGB)
- Hcash (HSR)
- PivX (PIVX)
- Qtum (QTUM)
We make use of Ledger devices on daily basis and it works really great, we have never face any problem while using it and the initial setup is really easy. If you are out in the market to buy a hardware wallet, it should be assumed that you will be very knowledgeable about the technology. However, by keeping this in your mind there are many people that are facing issues while setting up and using their devices.
When it comes to the build quality of the Ledger Wallet, it feels little more delicate than Trezor wallet which is even more compact but honestly there is not a single difference between these two competent devices. I really like the fact that this Ledger Wallet has a sliding metal case which will protect the screen of wallet from scratches and other damages.
The apps that are provided by Ledger Wallet have a very nice friendly designed interface which makes it easy to use them with a pleasant experience. However, the UI is designed nicely and the layout is also quite simple so no one will have any problem to use it and finding the various options that are needed.
The Ledger Wallet offers an excellent support for several different types of cryptocurrencies which may lean people towards this particular device and the integration with MyEtherWallet is really wonderful which means you can make use of this device to store a large number of different currencies and tokens which are Ethereum based. There is no need to worry about connecting and with the website itself and placing your private openly. There are various phishing scams via twitter, email and other platforms so it is suggested to make use of Ledger Wallet which will give you extra peace of mind.
When it comes to the price of Ledger Wallet, it is simply cheaper than many alternatives that are available in the market. It will cost you less than such devices. If we will consider the security and services offered by this device, we will feel that it is perfect value for money.
Honestly, we can’t find the fault in Ledger Nano, is we are happy to recommend this device to those who are willing to invest in blockchain industry. We hope that this review will help you to make your decision according to your needs. If you will need any further information about cyrptocurrency, feel free to visit our website.
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