Ledger Nano S

Posted May 22, 2020 07:37 AM

In this guide I will explain everything about Ledger Nano S. It will cover the following: What is this, what it is used for, what type of cryptocurrencies you can store, how to set it up, price, security, supported apps and user preference.

Introduction
There are different types of wallets which people use, including: online, offline, mobile, hardware, desktop or paper. Each type refers to the type of medium on which the wallet is stored and whether the data is stored online or offline.

What is Ledger Nano S?
Ledger Nano S is a hardware wallet (one of a few) on which you can store Bitcoin, Ethereum and other cryptocurrencies. The advantage of the hardware wallets is that the private keys are stored in the chip of the device and it is impossible to get it which makes this device resistant to hacks.

Security
All Ledger wallets integrate a certified chip, designed to withstand sophisticated attacks, and capable of securely hosting cryptographic data such as private keys. Ledger wallets are the only hardware wallet to have their own custom OS (BOLOS) to protect the device against malicious attacks and isolate applications from each other.

Ordering Ledger Nano S
The device can be ordered through their official website for the price of $59. It comes in 6 variants. You can choose between Matte Black, Saffron Yellow, Flamingo Pink, Jade Green, Lagoon Blue or Transparent. The price remain the same for all of them.
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Unboxing Ledger Nano S
It comes well packed and receiving damaged device through transport is almost impossible.
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The content that comes in the box.
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Installation / Setup
1. The device can be connected to the PC through micro USB cable which at the same time it is being used as a power supply.
2. New or existing wallets are created or imported using the device itself using the two navigation buttons.
3. The PIN used in each powering of the device is set.
4. The device generates 24 words that serve as a backup so in case of loss, theft or malfunction you can restore your private keys. It is safest to keep the words written on the sheet given in the box or you can start learning them and remember in your head rather than writing them somewhere (in case the paper gets lost)
5. Installing Ledger Apps. Ledger Apps is a Google Chrome extension that allows you to manage your device's wallets, ie send or receive funds.

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Final product
The device is ready for use
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