A Comprehensive Review of the Ledger Nano S Hardware Wallet
The growth of cryptocurrency and the world of blockchain has spurned a lot of technological advancements. With the vast amount of cryptocurrencies which has flooded the digital space, the hardware wallet seem like a very handy component for the storage and quick access to the different cryptocurrency funds you have in your wallet.
Hardware wallets, as compared to their counterpart, the software wallets, are a special type of cryptocurrency wallet that stores your private key in a secure hardware device. This obviously has some certain advantages over the usual software wallet we all have in one point used. Some of these advantages are;
- Non-transfer of the private key
- Secured against any form of computer malware.
- The security of use is guaranteed
- Majority of the hardware wallet is open sourced.
The different hardware wallets majorly have the above general characteristics. But some go the extra mile to provide more than the above-mentioned advantages. A couple examples of such hardware wallets are the Ledger Nano S hardware wallet and the Trezor One hardware wallet.
Just a few months back, during the North American Bitcoin conference in the beautiful state of Miami, there were Ledger employees setting up their stand for the sale of their product to interested buyers. Since the product being discussed was the Ledger Nano S hardware wallet, we found it was essential to do a review on the product here.
This review will contain an overview of the product, an experience with the ledger Nano S hardware wallet, the supported coins, comparison of price with other similar hardware wallets, a comparison between the Nano S hardware wallet and the Trezor One hardware wallet, and where you can purchase a Ledger Nano S.
3 Hardware Wallets Comparison Chart
|Wallet Photo||Wallet Links||Year Released||Price||Screen||Rating|
|Ledger Nano S Shop||2016||€79||Yes||4.5/5|
|Trezor One Shop
||ECOMI Secure Wallet Review||2017||$189||Yes||4.25/5|
An Overview of Ledger Nano S Hardware Wallet
Since the advent of the cryptocurrencies and the vast use of blockchain rose, there has been every reason to secure the wallet. With the inefficiency that could be associated with the software wallet like the computer malware which could possibly affect the software through your laptop, a safer and secure type of hardware wallet was a viable way out of the potential time bomb.
The Ledger company is one of the different companies that have developed these hardware wallets like the Nano S hardware wallet. The ledger company are seasoned leaders in the infrastructure and security solution industry as related to cryptocurrency and the general world of the blockchain.
The ledger Nano S hardware wallet has recorded sales in well over 165 countries around the world. On investment alone, the ledger company can boast of about $85 million on just 4 rounds.
The Nano S hardware wallet is a compact device with a well-designed structure which is more durable as compared to other hardware wallets. Due to its compact size, you can easily fit it into your pocket or hold it comfortably with your hand.
Experiencing the Ledger Nano S Hardware Wallet
The Nano S hardware wallet works with almost the same protocol as compared with other hardware wallets. On plugin into your computer, you will be required to create a pin. This is aimed to have sole administrative authority over the hardware wallet. I had to wait a little while for a 24-word seed which I used to create a private key which is to be stored on the hardware wallet.
It is worth to note that this seed is important as it can be used to access your wallets if it finds its way into the hands of the wrong people. So it is very important to, first of all, keep the seed in a secured location in case of unforeseen emergency.
Noticeably are the two control button and a tamper screen on the ledger Nano S Hardware wallet. the screen is used to display the seeded words. The time required for setting up the Nano S is roughly 3 minutes. After a successful setup, the installation of the ledger live software is all that is left to do. The ledger live used by the Nano S hardware wallet is the link between your hardware wallet and your desktop app.
Supported Coins on the Ledger Nano S Hardware Wallet
The ledger Nano S hardware wallet supports all the common cryptocurrency on the internet. Cryptocurrencies like Bitcoin, Ethereum, litecoin, Ripple and the other well-known Cryptos are supported by the Nano S hardware. The ledger Nano S hardware wallet boast of well over 700 supported coins. With alternatively connected software, the Ledger Nano S hardware wallet supports the MyEtherWallet and MyCryptoWallet. This is one of the reasons why the Nano S seems better than the other Hardware Wallets available.
Price of the Nano S Hardware Wallet
The Ledger Nano S hardware wallet goes for $99. This price does not include VAT. Compared to other hardware wallets on the market, this product is somewhat pricey but the amount of coins it supports is the compensating factor for such a price tag. Although it is also worthy to note that there is another higher price tagged hardware wallet out there on the market, I just feel that these hardware wallets should not be above the $100 tag. What do you think? Leave a comment below, if you would care to share your opinion about that.
Comparing the Ledger Nano S Hardware Wallet With the Trezor One Hardware Wallet
The Trezor One is one of the main competition of the Nano S hardware wallet. But I would like to compare them based on their compatibility, their coinbase support, the level of security they offer and the price tag.
Both hardware wallets are designed and made to be compatible and quite easy to use. It is obvious that the Trezor One design was more design oriented as compared to the Nano S wallet design, personally, I think the Nano S is better and has a more mature edge over the Trezor One structure.
The next category is the coinbase support. With over 700 crypto coins supported, the Trezor One hardware wallet is still the undisputed leader in this category. The Nano S hardware goes the extra mile to support the XRP and myCryptoWallet with externally connected software.
The ease of use of both hardware wallets is almost the same. Both hardware wallets are quite easy to use with a screen go with it. It is easy to carry out transactions when using both devices.
Also, based on the security level from both product, I would lean over to the Trezor One as they are an older and well-seasoned producer and solution provider in the infrastructure and security industry as it concerns cryptocurrency and the general world of the blockchain.
In term of customer support also, the two companies have a great team of technical support that is always available to give technical assistance whenever a customer requires one. In this category, I honestly think it is a tie for both products.
Finally, the price comparison. While the Nano S hardware wallet is priced at €79, the Trezor One hardware wallet is priced at $99. This category is won by the Trezor One hardware wallet.
So, Which Is The Better Product?
Considering the statistics from the categories above, I personally still think the Ledger Nano S Hardware wallet is the better product for its better features. The two products are superior quality products but for the sole purpose of the additional crypto coins which the Ledger Nano S hardware wallet provide, I am definitely leaning towards the conclusion that the Nano S hardware wallet is still better. With a better compatible design, easy to use and coin support range, the Trezor One hardware wallet has an edge in their community impact and the lower tagged price of their product.
General Conclusion on the Ledger Nano S Hardware Wallet
Although there are other types of hardware wallets that are available in the market, it is worth to note that the two chosen hardware wallet were chosen based on my interest on the distinct quality they possess and the advantages they present. Also equally important is the use of a hardware wallet for the security of your wallet. As the world travels towards a decentralized and trustless way of operation, the security of the digitally acquired funds is very important.
Finally, the Ledger Nano S hardware wallet is a very suitable product for me as it supports all the major crypto coins available on the exchange. Its price is also quite affordable if you are keen to keep your wallet safe from any form of security break-in. its compatibility is also a plus in addition to its other features.
Buy A Ledger Nano S Hardware Cryptocurrency Wallet