The Ledger Nano S is the ultimate device for investors serious about cryptocurrency. It’s widely recommended storing your digital assets in a hardware wallet where your digital assets are stored offline. The most common and trusted hardware wallets are the Ledger Nano S, Trezor and KeyKeep.
Unfortunately, these devices don’t come free, like the Exodus software wallet or the Jaxx wallet. However, spending around $100 for a hardware wallet could be one of your best investments, so you can safely secure your crypto. Don’t be fooled, hardware wallets will never be 100% secure and it’s down to the individual to protect their information. So just be careful with the information you share online and store your recovery seed safely, offline.
Ledger Nano S hardware wallet tutorial and unboxing. In this video tutorial, I explain the process of setting up your Ledger Nano S device. I show the Bitcoin wallet, send and receive options and how to add and remove wallets from the hardware device using the Ledger Manager tool.
I have created this tutorial for your benefit and show you my passcode and recovery seed. However, when setting up your device, Do Not share your information online and store your recovery seed safely, offline. Exposing your information to others may cause you to lose your crypto assets and these may not be able to be recovered.
What is a Hardware Wallet?
A Hardware wallet is a small physical device much like a USB drive, that can store your cryptocurrency assets offline. It’s a type of cold storage, meaning your crypto is stored offline, similar to a paper wallet. Unlike a paper wallet, your private key is stored safely on the device and you don’t have to enter a long-phrase of characters to send your crypto.
Of course, hardware wallets can be lost, stolen or damaged, but with your passcode and private keys, your crypto assets will be completely safe.
What’s in the Box
Very similar to what you would expect from an Apple product, the Ledger Hardware wallet comes neatly packaged and includes;
- Ledger Nano S Hardware Wallet
- Micro USB
- x3 Recovery sheets
- Get Started Card
- Anti Tampering Card
- Keyring & Chain
Ledger Nano S Supported Tokens
The Ledger Nano S hardware wallet supports the largest number of cryptocurrencies compared to its main competitors; Trezor and KeepKey. Within the list are the likes of Bitcoin, Ethereum, Litecoin, and the only hardware wallet to support Ripple XRP. One of its biggest benefits is its connectivity with MyEtherWallet. By connecting your Nano S to MyEtherWallet you can store your ERC20 tokens. For more information, check out MyEtherWallet tutorial.
Ledger vs Trezor
The Ledger and Trezor are both great hardware wallet devices, however, the main difference is the design of these. The Ledger Nano S uses secure elements/chips, whereas the Trezor is like a mini-computer.
You’ll also see a difference in the price of the 2 devices. With the Trezor costing you around $99, and the Ledger S costing around $59. The Trezor does have an advanced recovery feature too that the Nano S doesn’t. With this recovery feature, your Trezor recovery phrase won’t be exposed to the computer when recovered.
Ledger Nano X
Ledger Live Manager
Ledger Live is an all in one application that lets you set up and manage your Ledger device. It supports the Ledger Nano X, Ledger Nano S and Ledger Blue via USB. Available for desktop on Linux, Windows and Mac they also have a mobile app available from the AppStore or GooglePlay.
Where to Buy A Ledger Nano S?
If you’re looking to purchase a Ledger product or any other hardware wallet, I’d highly recommend buying through a recommended retailer.
Please Note: Do Not buy a hardware wallet from websites like eBay, as you run the risk of losing your crypto
How to Connect a Ledger Nano S to MyEtherWallet (MEW)
In this video tutorial, I show how to connect MyEtherWallet (MEW) with your Ledger Nano S device for a secure way of sending Ethereum and ERC20 tokens. This process is one of the safest ways to send these types of transactions, as the private keys are stored in your Ledger device and not exposed to online.