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Monday 24th May, 2021
Your cryptocurrency itself always remains on the blockchain, and can be seen inside the Ledger live app. What the Nano does is hold the private keys to your crypto and therefore no transaction can be made from out of the wallet application without the approval of the hard device. You buy your crypto on other exchanges and send it to the Ledger wallet without plugging in the device as long as you have your public address either in letters/numbers or QR code.
Wherever your crypto comes from, once it's in the wallet it cannot go anywhere without approval from the hard device. Nothing is 100% secure but the ledger is one of the best systems available to keep you feeling as safe as possible.
The Ledger wallet holds apps. Each crypto coin has its own app, and each app can be partitioned into multiple accounts. So for example, your preferred Bitcoin app may contain BTC account 1, 2 and 3, and each account can hold as much crypto as you'd like. Ledger wallet can support 26 coins and more than 1250 tokens. This includes the obvious coins such as Bitcoin, Ethereum, Ripple, Litecoin and Bitcoin Cash, as well as less popular coins such as Ubiq, Hcash, and Stratis.
Along with the hardware wallet you will be able to access the Ledger software suite, which gives you management tools for your assets. It is not meant to be confused with being an actual exchange itself. The management suite is compatible with Windows, Mac and Linux.
When you own cryptocurrencies what you really own is a private key and it is this key that you need to secure your funds.
Many people leave their crypto coins and tokens online in an exchange or software wallet, but doing this puts your private key at risk. The only way to mitigate this risk is to keep your crypto funds offline.
Additionally, there are unscrupulous exchanges out there that could disappear overnight (known as an 'exit scam'), and even if you fully trust your exchange, they could be hacked, and all coins/tokens that you store there would be taken. This is the beauty of a hardware wallet such as the Ledger Nano S. Because it is offline, it gives you full control of your private key and therefore your funds are safe.
Never buy a crypto wallet second hand or from somewhere like eBay where you have no idea who's touched it. You want to know, 100%, that you are only person who's ever used it. The device explained in this article is available to purchase from the official Ledger store on Amazon: https://amzn.to/3oINqWV or their official website.
At the time of writing there is a shortage of the Nano X models and some weeks lead time, which is why we have focussed mostly on the Nano S since it is available to purchase right now.
Both the Ledger Nano S and the Ledger Nano X support 1250+ cryptocurrencies, which includes any ERC-20 token. The Nano X works with bluetooth and has a USB-type C connector, but the important thing to be aware of is the difference in application storage size; 8 on the Nano S versus 100 on the Nano X.
Depending on what crypto currencies you HODL, or how you trade or invest will be the deciding factor in whether you purchase the Nano S or Nano X. If you're dipping your toe into crypto, or only have plans to hold 3 or so coins, let's say Bitcoin, Ethereum and Cardano then the Nano S is for you. If you want to hold many different tokens then you should opt for the larger capacity Nano X.
Aside from these storage characteristics, the 2 other differences are arguably unimportant. The first is the screen size which on the Ledger Nano S is 6mm (or less) in both directions and the other is that the Nano S only ships in black.
Both of these characteristics, we think, will not matter much when you consider the primary reason for buying a Ledger Nano hardware wallet in the first place, which is to secure your private keys.
We hope this round up of the Ledger Nano series of cryptocurrency hardware wallets has opened yourself up to the possibility of purchasing one to protect your crypto investments. Obviously, as per any investment you shouldn't invest more than you can afford to lose, but a device such as this can certainly help you keep faith that your private keys and safe, and that you're doing all you can to mitigate your personal financial risk.
Any hardware wallet should be a good purchase if you're buying and selling crypto, but generally will only make sense to people wanting to hold medium to large amounts of assets. Currently, the Nano S that we have used to talk around in this article is available at Amazon for the best possible price.
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