Ledger Nano S review: Is the best-selling wallet still trending in 2020?

Ledger Nano S has been the best-selling cryptocurrency hardware wallet with sales of more than 1.4 million. But with the new Ledger Nano X coming to market, is the Nano S still a worthwhile product? Find the answer in the in-depth review in 2020.

Ledger Nano S review: Is the best-selling wallet still trending in 2020?

Ledger Nano S has been the best-selling cryptocurrency hardware wallet with sales of more than 1.4 million. But with the new Ledger Nano X coming to market, is the Nano S still a worthwhile product? Find the answer in the in-depth review in 2020.

About Ledger Nano S

Ledger Nano S has been the best-selling cryptocurrency hardware wallet with sales of more than 1.4 million. But with the new Ledger Nano X coming to market, is the Nano S still a worthwhile product? Find the answer in the in-depth review in 2020.

Among the first and most popular hardware bitcoin crypto wallet was Ledger Nano S. It was designed by French blockchain security company, Ledger. Founded in 2014, with the iconic Mt. Gox exchange hacker, Ledger has been very concerned about how to securely store cryptocurrency. That idea let the company become world’s leading hardware wallet manufacturers. The Ledger Nano S released in 2016 is not only the best-selling hardware wallet on the market but also the number one product of Ledger. Up to date, Ledger has sold 1.5 million hardware wallet devices, of which Ledger Nano S has sold  1.4 million units.

Ledger Nano S Review for 2020

The Ledger Nano S is proven in sales compared to the larger and more expensive similar products Ledger Blue and Ledger Nano X, which proves the importance of simplicity and usability. Similarly, Ledger Nano S supports multiple cryptocurrencies and subsequently became the preferred hardware wallet for users of various cryptocurrencies. But what makes Ledger Nano S the most popular hardware wallet in history, and with the new Ledger Nano X, can Nano S maintain its title? Blokt checked the features and specifications of this iconic hardware wallet in the full Ledger Nano S review.

Ledger Nano S hardware wallet review

Ledger Nano S is a very compact device that is the same size as a USB memory stick and has a small weight. Ledger Nano S integrates a metal slide cover, which provides small screen protection for the device and covers the micro-USB port. It is really small and light. For those who do not know what a hardware wallet is, might think it was another run of factory USB. Unlike Trezor hardware wallet, Trezor actually looks like something other than USB. Ledger recently began offering options to customize the colour of the Ledger Nano S.

Unboxing the Ledger Nano S

Although it is definitely a well-designed device, it look  as a standard USB device, which makes it an excellent choice for those who do not want to promote their own cryptocurrency.

  • Dimensions: 56.9 x 17.4 x 9.1 mm
  • Weight: 16g
  • Connection: USB Type Micro-C
  • CPU/Chip type: ST31H320 (secure) + STM32F042
  • Display: 3.5 inch LCD
  • Currency Support: > 1,000 assets
  • Supported OS: 64-bit Windows, 64-bit Mac OS, and 64-bit Linux.
  • Price: ~ $60

Ledger Nano S uses simple packaging and some basic accessories. In the box, the user can find a card with installation instructions, another card writes a recovery phrase of 24 words, and a third card shows that there is no obvious tamper-proof label on the packaging. Also inside, users will find the Micro-USB cable, for device connection. In addition, Ledger Nano S is not equipped with any suitcase or docking station and does not provide more high-quality equipment, such as Trezor Model-T, but Ledger Nano S is so small and compact that it does not require multiple accessories.

The Ledger Nano S supported coins

Ledger Nano S hardware wallet  supports a lot of coins, in a total of more than 1,100 assets, including most major cryptocurrencies and all ERC-20 tokens!

The Ledger Nano S supported coins

The most popular supported assets on Ledger Nano S include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), EOS (EOS), Stellar (XLM), Litecoin (LTC) and Cardano (ADA). 

How to setup Ledger Nano S?

Sending and receiving most major coins, established through the Ledger Live platform. In addition to providing an overview of the total balance, Ledger Live also allows users to easily install new applications on their devices to provide multiple encryption support. 

When users start Ledger Live for the first time, they only need to make sure that the Ledger Nano S is connected to the computer, and then select “Device Settings”, then Ledger Live will guide you through the steps of using the device.

Example of Bitcoin transactions 

Through Ledger Live, Ledger Nano S users can update the firmware of their devices, which is recommended to ensure device safety. All supported ERC-20 tokens can be accessed through online wallets such as MyEtherWallet (MEW), but the user’s private key will never leave the device, so accessing funds in this way is much safer than trading through a hot wallet entirely. For example, the funds that can be accessed on the Nano Ledger S through the MEW are sent and received in the same way as ordinary MEW transactions.

Ledger security features

Package of the Ledger Nano S included a card asking the user if he noticed that there was no tamper-proof sticker on the packaging. Ledger claims that this is because every time the device is opened, the encryption mechanism checks the integrity of the device. Ledger achieves this by using the “security element” chip unique to the Ledger device for tamper resistance and eavesdropping, as well as its proprietary operating system (called “Blockchain Open Ledger Operating System” or “BOLOS”) This goal. In short, the application for a single cryptocurrency runs completely isolated on the Ledger Nano S device and only accesses the private key for transactions when the user gives manual permission on the device interface.

Ledger Nano S makes sure that you write down the 24-word seed phrase on the provided card during the setup process, and check if you have written it down correctly. There are more potential combinations of 24-word seed phrases than there are atoms on the earth-so if kept secret, this is a very secure wallet security method. Unlike Trezor wallet, Ledger hardware code is not open source and cannot be audited by users. However, all individual asset applications are completely open source. But recently found that Trezor equipment is less secure than Nano. If the attacker has physical control of Trezor, it can be cracked due to hardware errors. This is not possible with the ledger.

Ledger Nano S Pros & Cons

ProsCons
Simple setup and usability;
Huge coin support;
Features;
Ledgers secure chip technology;
Very affordable device;
Lightweight looks like a USB stick
Maybe worth checking out the Ledger Nano X;
Not open-source hardware;
Screen navigation can be tedious
with just two small buttons.
Ledger Nano S Pros and Cons

Summing-up Ledger Nano S review

With the development of hardware wallets, Ledger Nano S has occupied a central position since its release. However, with a similar but updated device Ledger Nano X launched by Ledger, can the Nano S maintain its leading position?

In the near future, it may. Ledger Nano S hardware wallet is one of the most respected and trusted cryptocurrency wallets on the market. Similarly, for only $60, it is also one of the most affordable devices.

It also has a strong security history, and no known hacker attacks have occurred over the years. This alone is enough to put Nano Ledger at the top of the leaderboard. Security is the main function of hardware wallets, and users must make sure that their funds stored in the device are safe.

Ledger Nano S white edition

In addition, Ledger Nano S offers the same coin support as the new Ledger Nano X. Despite this, Ledger Nano X still has a Bluetooth connection function, which greatly improves transaction speed and convenience, which may be a function that some users want to use.

However, for casual users who do not trade frequently, Ledger Nano S is still one of the best choices for hardware wallets on the market. In the foreseeable future, Ledger is likely to continue to support Ledger Nano S firmware.

Verdict

History showed that Ledger Nano S is the most popular cryptocurrency hardware wallet, with sales of more than 1.4 million. It is easy to understand the reason. This is a cheap option for storing large amounts of cryptocurrency assets, and has a stylish design and simple functions. 

It is difficult to find another device that can tick all the same boxes. Overall, it is highly recommended to use Ledger Nano S as an affordable and effective way to store large amounts of cryptocurrencies.

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