Hardware wallets are the most advanced and robust form of cryptocurrency security. These hardware wallets work with any computer and provide authentic transactions even if a device is malware influenced.
Ledger Nano S is the best hardware wallet available today in the market, this wallet is produced by a company in France that also owns coins house, In this article, we will tell you about Ledger Nano S and all the things necessary to setup Ledger Nano S.
When it comes to Design Ledger Nano S is pretty much the same as Trezor and has got two buttons, but the main advantage that it is more durable as it comes in a metal casing, the hardware wallet is small and can easily fit into our pocket.
Ledger Nano has got two buttons and allows users to setup within a few minutes using a number of options and supports some popular alternative coins.
How to Setup
Setting up Ledger Nano S is same and simple like Trezor, at first user has to set up the Pin or password that protects the device, the wallet is HD wallet which means it has a 24 words backup phrase like any online wallet that is always advised to store offline and best to write down on a paper, the one who knows the seed phase can control your coins and can even get them on a new device as well, just like blockchain.info when you can get your coins back on a new wallet after entering the seed phrase.
Once the wallet is set up then you need is a UI to send, receive coins there are a number of choices to consider including MyCelium, MyEtherWallet, CoPay, GreenBits, Electrum, BitGo all of these wallets allow integration with Ledger Nano S and you can get account details, it will generate wallet address for receiving, exchange rates etc.
There are other options as well including some chrome extensions which can be searched but make sure to do a background check before starting.
Ledger Nano S supports Bitcoin, Ethereum, Ethereum Classic and other Blockchain Based currencies, the most updated List is as follows,
- Ethereum/ Ethereum Classic
Multiple accounts and addresses can be settled in the accounts page of your Interface and you can send or receive the same currency in different accounts.
Ledger Nano S is inarguable the best choice due to its price compared with Trezor T, Ledger Nano S is $65 while Trezor T can be found for $99, However, both of the companies have an amazing product with the same amount of security and functionality provided.
We recommend using any of these wallets as they both are developed by well reputable companies and are the safest means of storing coins on a large scale.