The Ledger Wallet also referred to as the Ledger Nano S is a hardware crypto wallet that allows one to store their cryptocurrencies safely. It also allows users to send and receive many different cryptocurrencies.
The startup behind the Ledger Wallet is a French company that released its first wallet in 2014. Since then they have become the global leaders of the hardware wallet industry. The wallet has been a huge success and has managed to sell over one million devices.
How The Ledger Wallet Works
To understand how the hardware wallet works, first, we need to know how the software wallet works. A software wallet can easily be downloaded on a desktop, laptop or a mobile device. It offers many advantages including being free and also the convenience of being able to send coins to another person fast.
However, these types of wallets are sometimes vulnerable to hacks. If a hacker manages to install malware on your device, they can easily steal your private keys and the crypto coins stored on your wallet.
But, a hardware wallet offers another level of security. Instead of storing your private keys and crypto coins in a software platform, they are held on a physical hardware device. It means the keys and the coins are always held offline making it impossible for anyone to access them.
So if a hacker wanted to steal cryptocurrencies from your ledger wallet, they would have to steal the device and also your secret pin.
Coins Supported By The Ledger Wallet
As of the time of writing, the Ledger Wallet can supports up to 25 different cryptocurrencies. The list includes the likes of Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, and many others. Also, the wallet supports other less known coins like Hcash, Ubiq, and Stratis.
It’s also possible to link your Ledger Wallet to other wallets like MEW and NEON, and this allows you to store all the Ethereum and NEO tokens on the wallet too.
The team behind the wallet is continuously working on adding new coins, and IOTA is expected to be the next currency supported on the wallet. To see the full list of coins supported you can click on this link here.
Advantages Of The Ledger Wallet
The Ledger Wallet represents one of the safest and most secure ways of storing your coins. Its similar to storing your tokens on a safe.
Unlike software wallets which can be hacked if malware, virus or a keylogger infects a device, the private keys on the Ledger Wallet are stored on the actual device. And since the wallet is usually offline, there is no one who can access it through an internet connection.
The wallet requires one to set a four number pin and enter it manually any time they need to use the device. Also in case you forget the pin, the device allows you to set a 24-word recovery phrase that helps you to create a new pin.
The device developers also create regular firmware updates. So, to ensure your device is always secure, you must perform regular updates. For full instructions on how to do this, you can click on this link here.
The device also protects against physical damage. It’s made of stainless steel material that makes it difficult to damage in case you drop it and so on.
Disadvantages Of The Ledger Wallet
Unlike the software wallets, the hardware wallet is not free. It costs around 95 euros when buying directly from the Ledger Wallet website.
It’s possible to get a cheaper deal on Amazon or any other online marketplace however it’s not advisable since the seller could have installed a virus within the device and this can give them access to your coins.
Another disadvantage is that it’s less convenient when compared to a software wallet.