The creation of a cryptocurrency wallet is the first approach for securing any coin in the cryptocurrency industry. This not only helps you provide maximum security for your crypto coins but it gives you free access whenever you need your assets for a trade. Cryptocurrency wallets can either be an official wallet launched by the blockchain platform itself or a third party wallet for the storage of tokens.
Ledger Nano S wallet is a good example third party wallet that can be used to store ERC-20 tokens. As we read along this article, we are going to look at a detailed review of its features and the benefits of using The Ledger Nano S wallet.
What is Ledger Nano S?
Ledger Nano S wallet is a hardware wallet that can be used to store coins like Bitcoins, Ethereum, and all ERC-tokens. This hardware wallet exists as a USB-like device that is good for offline storage of cryptocurrency. Its portability makes it easy to be carried about. Its weight comes as low as 0.0062kg with a variable color ranging from silver to black.
Ledger Nano wallet not only stores cryptocurrency but have built-in compatibility to display real-time messages for the confirmation of transactions through the use of side buttons. It is compatible with Windows, Macs, and Linux operating system but only compatible with ARM processor or smartphone with the use of OTG kit.
Ledger Nano S provide support for more than 20 companion apps for various cryptocurrency that grant users the access to send, receive, and manage different assets from its device. This support for users makes it easy to control asset and provide firm security to different digital assets.
Benefits of the Ledger Nano S
Here are a few benifits you can expect with this device;
1. Multicurrency level Storage
Ledger Nano wallet is one of the most viable hardware wallets for the storage of multicurrency. Its built-in multicurrency capability allows you to store more than 1000 type tokens. Its flexibility of storage will give you access to store 18 coins as well as ERC-20 tokens at a time. With the use of Ledger Nano wallet, you can manage different token at a time, exchange tokens and provide different security level for each token.
2. High level of security
The fact that Ledger Nano wallet is an offline storage wallet for digital assets makes it more difficult for cyber hackers to access your digital assets. As an addition to its offline storage functionality, Ledger Nano wallet is built with a secure element for security. This secure element is a secure application that is costly and difficult to hack. Its secure element application was developed with the use of BOLOS operating system in other to support high-level security to multiple currency storage. With this secure element, you can develop your PIN code lock in other to create a high level of security.
3. Flexible and easy to operate
The Ledger Nano S wallet is a popular cryptocurrency wallet because of its simplified system of operation. Each Ledger Nano S wallet comes with a screen and two buttons for easy management of tokens. The buttons are used to control all transactions appeared on its screen making it easy for the operation of its wallet.
4. Easy recovery system
Ledger Nano S wallet system is built to store your private keys that give you access to your tokens. Before each Ledger Nano S is being initialized, it is required of you t to generate a 24-word passphrase. This 24-word passphrase is essential for the recovery of a lost account in case of any misplacement of your ledger wallet. When your account is being restored, you can instantly manage your digital assets once again.
Should I use Ledger Nano S?
Even though we still have different types of cryptocurrency wallets ranging from both online and offline storage, Ledger Nano wallet has many reasons why you should invest in it and wave goodbye to any form of threat to your digital asset. Some of its reasons include:
1. Twenty-four hours access to your cryptocurrency
You never can tell when the need may arise for accessing your digital assets. It might be the most inconvenience time or place. Ledger Nano S wallet gives you access to your funds 24 hours of the day. Yes! All you need is a good internet facility, your laptop, and your Ledger Nano Wallet. You can even choose to operate and access your cryptocurrency through its offline storage mode.
2. Easy to move about
We are currently in a millennial where digitization rules. You don’t have to stash cash into your wallet or bags before performing transactions. With your 0.0062kg of Ledger Nano S wallet, you can easily store millions of asset and find ease to move them about. Its shape, weight, and design make it difficult for anyone to know if you are worth a million dollars or not.
3. Highly secured gateways
The major drive that led to the creation of Ledger Nano Wallet is the provision of safety for cryptocurrency asset. Ledger Nano S wallet is not only built to be user-friendly but to provide security of funds to users. Its secure chip system makes it resistant to tamper by making it extremely difficult to hack.
4. Cheaper alternative
Is it worth storing a digital asset of 1 bitcoin on a device of $70-$80 that could guarantee you %99 security? If digital assets are like fortunes, then it important to protect and secure them with great zeal. No matter how small your cryptocurrency might be, its security should be primary to others. With as low as $70 you can secure a ledger Nano S wallet with its USB cable accessory.
5. Easy to operate
Modern technologies have made everything simple and easy to operate that you don’t need to spend weeks mastering all working processes. When starting with your new Ledger Nano S for the first time, it is required of you creating an 8 words pin code before getting access to your 24-word passphrase. With access to your new passphrase, Bing! your device is ready to use. The rest of the process involves installation of all relevant app into your Ledger Nano S wallet. Ledger Nano wallet makes its installation guide and set up extremely easy for a novice to navigate through.