Imagine yourself going through this: You invest in cryptocurrency, make some profits, set aside the profit, and then when it feels as if all was set, someone comes along and carts away everything you have worked for. Painful right? That’s it!
The excitement of cryptocurrency attracted a great number of people into the industry probably because of what they heard and saw. While it has not been all rosy, a good number of investors have had reasons to smile, while others have seen their investments disappear into thin air due to various reasons, one of which is hacking!
Should this be a good reason to pack up and leave the crypto space? Of course not! There are always risks associated with business and malicious attacks are one in crypto trading. However, there is a way to minimize to the barest minimum the risk of losing one's fund and that is by using a safe crypto hardware wallet, one of which is the Ledger Nano S.
Sit back and relax as we explore this amazing device.
Hardware Wallet Explained
A hardware wallet is simply a tangible crypto wallet that guarantees the safety of digital assets by storing them offline, thereby making it very difficult for hackers to access.
A hardware wallet can also be likened to a conventional bank account and it is mostly used to store large amount of digital assets. Hardware wallets are generally known to be most secured means of storing crypto assets.
Ledger Nano S is crypto hardware wallet that is used to store cryptocurrencies such Bitcoin and altcoins like Ethereum, Bitcoin Cash among others.
A Tool Crypto Investors Can't Do Without
As strange as it sounds, the responsibility to secure funds in the crypto ecosystem falls on the shoulders of the investor.
That being the case, the importance of being armed with the best crypto storage tool that money can buy cannot be overemphasized. Powered by USB connectivity, the Ledger Nano S is not only popular for its high security capability, its affordability and ease of use also sets it apart in the market.
An Option for Multiple Cryptocurrency Storage
Are you an investor with various crypto assets? The best hardware wallet for you is the Ledger Nano S and here's why; The Ledger Nano S comes with a feature which allows it to support various cryptocurrencies.
When it comes to the game of numbers, all rivals of the Nano S such as Trezor and KeepKey, cannot compete in terms of the number of coins supported.
Also, the Ledger Nano S is presently the only hardware wallet supporting Ripple (XRP). All ERC20 tokens are also supported on the device.
Therefore, whether you plan to invest in several coins or you already have, the Ledger Nano S is always a good bet.
The Ledger Nano S cost about $60. This price includes free shipping to a wide range of countries.
At $60, the Nano S is the most affordable compared to other hardware wallets built with screens.
It is advisable that purchases should only be made from Amazon or the Ledger store.
The Content of the Box
The Ledger Nano S is neatly packed and comes with the items listed below:
- 1 USB hardware wallet
- 1 micro-USB cable
- Lanyard to wear the device around the neck
- One keychain
- One key ring
- Recovery sheet to write down the seed
Security is the primary objective of the Ledger Nano S and with the following features, it is guaranteed.
The Nano S employs the services of two physical buttons to boost its security.
It works like this:
For any payment to be confirmed, the two buttons must be pressed at the same time. This feature ensures that no hacker will be able to gain access into the device to confirm any payment.
In the setting up process of the Ledger Nano S, a user is required to create a PIN code. This is another security measure to safeguard the digital assets of users in case the device gets missing.
No one else will be able to transfer cryptocurrencies from the device because only the owner knows the 4 digit PIN. The device wipes itself after a pin code has been inputted wrongly three times.
Backups and Offline Storage
In line with the primary design of a hardware wallet, the Ledger Nano S stores keys of users in its secure, offline environment.
If we are to go by past events, cryptocurrencies are not safe when stored on an online computer because they can easily be hacked, most especially if Windows is being used by the investor.
When a hardware wallet like the Nano S is in use, cryptocurrencies will be stored offline, far away from the reach of hackers.
As if that is not enough, the Ledger Nano S also provides the option of creating backups of the wallet by using a 24-word phrase. With this phrase, a user can easily recreate their wallet in the event of theft, damage or loss.
The Power Down Mechanism Of The Ledger Nano S
The Ledger Nano S comes with no battery, therefore, when the device is connected to a power source, say a computer, it automatically turns on.
To turn it off, the reverse is the case. Simply disconnect it from the power source.
No matter the strategies employed to make money with cryptocurrencies, if an adequate strategy to protect such gains is not adopted, it could all be for nothing because in a second it could all be lost. The Ledger Nano S is a hardware wallet in a class of its own, making one of the best investments a crypto investor can make. Get one today and be rest assured of the safety of your digital assets.