Ever since its launch in 2014, The ledger Vault rapidly became a market leader in the Hardware industry. Have you been hearing about the Hardware Wallet buzz. Well if you are reading this article, consider yourself a lucky child.
Whether you want to avoid unnecessary charges and start saving or you want to stop banking traditionally — consider yourself lucky because our goal is to show you one amongst the safest way to store your Cryptocurrencies.
Yes! In this article, we’ll dig into one of the most popular Hardware Wallet and its most commonly asked questions.
What Is A Ledger Nano S Wallet?
Ledger Nano S wallets are simply physical wallets that enables users to securely store their digital currency. If you carry a traditional wallet(purse) in your pants and you would like to move around “lightly”, Its high time you consider a hardware wallet (either ledger or trezor wallet) over a more traditional baggy one.
A Ledger wallet makes your silhouette look less lumpy and bulky, regardless if you tuck it in your front pocket or back pocket.
You can also use it to hold your car keys Yes! It also serve as a keyholder. You should think of a ledger wallet as a Unisex wallet available for any individual to house his or her cryptocurrency in a fashionable style.
This section gives a complete look at the Ledger Nano S hardware wallet from several angles.
Features of a Ledger Nano S Wallet
- Ledger Live Application: All Ledger devices come with an app called Ledger Live. With Ledger Live you have full power over your crypto: This single app lets you manage 27 coins and more than 1500 tokens directly from your smartphone or desktop and gives you access to differential crypto services. Want to exchange your crypto? Use ledger live app to exchange, swap, and buy new Digital currencies all from the safety and intuitive interface of the Ledger Live Application.
- Control over your money: This Hardware wallet gives you full control over your bitcoins. This means no third party can freeze or lose your funds. You are however still responsible for securing and backing up your wallet. You can create multiple wallets, all of them with their own purpose, directly in Ledger Live. Create a wallet for your savings and another one for you groceries. Or use this feature to create a wallet for your parents and let them own some crypto as well. This will help you organize your assets and your tokens.
- Convenience: Convenience goes hand in hand with functionality. Most hardware wallet lack both functionality and convenience due to their security requirements. Ledger wallet has taken another giant step ahead of its competition by combining maximum security with maximum convenience. Variable fee control Fee control features are provided by the software wallet you use with this device.
Why do You need a Ledger Wallet?
Hardware wallets provide an added layer of security to protect your Digital Currencies from theft. The Ledger Nano S, along with all other hardware wallets, does this by securing the private keys which are what allow you to ‘unlock’ your funds and transfer them on the Blockchain. Without the private keys, nobody can access your funds. Hardware wallets, along with paper wallets (literally just a paper copy of your private keys) are the most secure way of storing private keys. The least secure way of storing your coins is probably on an exchange website. so our advice is, by all means use exchanges to buy and sell, but when you’re not using your coins, your best bet is to employ a hardware wallet, like the Ledger Nano S, to keep your precious private keys safe.
How many coins can I store on my Ledger Wallet?
We’re going to go over this one more time and give this question its own toggle because there seems to be a lot confusion over what, exactly, is stored on cryptocurrency wallets. So, let’s settle this once and for all: There is no limit of coins you can ‘store’ on your Ledger Nano S device because it is private keys, not coins, which are stored on the device itself.
How safe is a ledger wallet
Ledger provides the highest security standard for your crypto: your private key remains safe in a secured chip. More important than that Ledger wallet is the first certified hardware wallet on the market, certified for its security by ANSSI, the French cyber security agency. Ledger devices are built with a custom operating system that goes further by integrating a certified chip, designed to withstand sophisticated attacks, and capable of securely hosting cryptographic data such as private keys.
Why do I need PIN code and recovery phrase?
PIN code: The Ledger Nano S prompts you to create a PIN code upon first usage for security and convenience purposes. Obviously, the recovery phrase – which you will of course have meticulously written down on the card provided and stored in a safe and secure place – provides the highest level of security, being twenty-four words long. However, who would want to type out twenty-four words using just two buttons on an LCD screen every time they wanted to access their funds? Not many people, one can assume. Ledger introduced the PIN code to maintain a high-level of security while allowing for ease of access. Once you’ve spent some time using your Ledger Nano S, you’ll notice that, if left inactive for a short period of time, the device will lock and you will be required to reenter the PIN code once more. This is a reassuring feature but the same functionality would be positively infuriating if each time you had to type in twenty-four words! Recovery phrase: The recovery phrase is of paramount importance because it is the last method of recovering your coins from your wallets/addresses if your device gets lost, broken, or stolen. It’s a 24-word phrase which is listed to you on the Ledger Nano S screen, one word at a time (to allow you to write it down on the card provided), and is a unique string of random words which, in the case of a lost, broken, or stolen Ledger Nano S, will allow you to recover the private keys (and with them, access to your precious coins) which are effectively locked into the device. Most cryptocurrency wallets will have a recovery phrase, either 12words, 18-words, or 24-words long, respectively. Recovery phrases generated by Ledger Nano S devices are always 24-words in length. What if my Ledger Device gets lost/stolen? If your device gets lost, broken, or stolen, you will need to use your 24-word recovery phrase to recover your funds (technically speaking you will be recovering the private keys which allow you to access your funds). The safest way to do this is by purchasing a new Ledger Nano S device and, upon first usage, when asked the question, ‘Configure as new device?’, decline by selecting the cross symbol with the left button. You’ll then want to select ‘Restore configuration’ with the right button. Now, choose a 4 to 8-digit custom PIN code, using the left button to decrease the value, the right button to increase it, and both buttons to validate/confirm each number, just you did upon first usage. Now, confirm your PIN selection by re-entering your newly created 4 to 8-digit PIN code. Now, you’ll need your Ledger recovery sheet upon which you previously copied your 24-word recovery phrase (or a passphrase from a wallet manufactured by another brand, depending on the scenario at hand). Choose the number of words required to restore your backup. If you are recovering private keys from a Ledger device, select ‘24 words’, because Ledger devices always generate 24-word recovery phrases. If you are recovering private keys from a wallet manufactured by a different company, this may be different; choose the appropriate selection for the recovery phrase you have in front of you. Then, if using a Ledger recovery phrase, enter each word in chronological order until you’ve entered all 24 words into your device and wait for confirmation.
What if I lose my recovery phrase?
This is the one thing you’ll want to really try not to do. Because, if you do lose your recovery sheet, and lose your Nano S or forget your PIN code, there’s a chance that you’ll lose your private keys and all your funds along with them, which would obviously be a total disaster. However, if the unthinkable does happen and you misplace your precious recovery sheet, you do have one option.
Realistically, if you do throw away or otherwise misplace your recovery sheet, it’s unlikely that somebody will get hold of it and even more unlikely that they will recognize what it is and possess the technical know-how to understand what to do with it to steal your funds, should they be inclined to do so… Although, it is possible.