Because it is entirely digital, the blockchain industry is vulnerable to hackers. An effective countermeasure against hackers is the development of hardware wallets, which have proven to be the most secure way to keep your digital assets safe in all circumstances.
Software or hot wallets like MetaMask are always connected to the internet in order to allow you to quickly transact your assets to wherever you want. With hardware wallets, your funds are stored offline, leaving no trace on the Internet to provide you the best possible security and peace of mind. If you are looking to get a hardware wallet, your best option is Ledger Nano S, which is advanced, secured, efficient, and easy to use. Read on to find out the features and storage capacity of Ledger Nano S.
Key Takeaways
- Ledger Nano S is one of the best hardware wallets
- Nano S can store 1,100 different coins, and the updated Nano S Plus can store 5,000+ coins
- Nano S supports 3 apps at once, and Nano S Plus supports 100 apps at once
What is Ledger Nano S, and how does it work?
Ledger Nano S is a hardware wallet that is specifically designed to keep your crypto assets safe and secure. To be clear, Ledger is a hardware wallet brand, and Nano S is one of the models of wallets that they have launched.
Ledger Nano S works in a simple way. Instead of storing data online like most software wallets, Ledger Nano S stores all of the data in the memory chip that is integrated within the hardware wallet purchased by the users. The wallet even comes in the shape of a USB, and you can easily connect it to your PC to access your funds safely and securely. Your assets become inaccessible by any party over the internet, offering you fool-proof security for your funds.
Ledger Nano S Features?
Since its initial release in 2016, Ledger Nano S has become one of the best hardware wallets, with plenty of features.
Design and aesthetics
While design and aesthetics may not be a priority for most users who are security-centric, having a nice looking hardware wallet is a bonus. Ledger Nano S comes in several colors, and you will find multiple accessories and documents inside the box.
Integrated screen
Another great feature of Ledger Nano S is the integrated screen that makes navigation a lot easier. The screen has also been made wider and more prominent than that of previous versions and models, which further enhance user experience.
Security and privacy
Ledger Nano S has a certified chip to keep your private keys offline and make them impenetrable to hackers. Plus, users have to press buttons on the wallet to confirm their transactions. Even if a hacker attempts a breach when your wallet is connected to the PC, they won’t succeed unless those physical buttons are pressed.
How many coins can Ledger Nano S hold?
Ledger Nano S supports thousands of cryptocurrencies that you can keep in your hardware wallet without any problems. The wallet used to support around 1,100 crypto assets when it was first released. However, Ledger has launched an updated version of the same wallet, known as Ledger Nano S Plus. Users of the Nano S Plus can store over 5,000 digital assets.
You can have 100 apps installed simultaneously in your Ledger Nano S Plus and even store your NFTs. This means Ledger Nano S Plus can hold 100 coins based on different networks at a single time. So, whether you are planning to store popular cryptocurrencies in your hardware wallets like BTC, ETH, LTC, DOGE, XRP, NEO, or even the not-so-popular ones, they are all supported by Ledger Nano S Plus for impeccable security.
What are apps on the Ledger Nano S?
As I have stated above, Ledger Nano S Plus supports 100 apps that can be simultaneously installed on the hardware. But what does it mean? Each cryptocurrency that you want to manage within your hardware wallet requires a separate application in order to use the private keys and access the blockchain of that particular asset. That is why it is necessary to install the application of the crypto asset you want to store in your Ledger. But if the crypto assets you are trying to store in Ledger Nano S are based on the same network or blockchain, you can manage them in a single application.
How to set up Ledger Nano S?
It is quite simple to set up Ledger Nano S and it takes only 10 minutes to complete the whole process. To get started, you have to install the official application of Ledger on your computer. After the installation, you have to connect your Ledger Nano S with your PC and then run the application that you installed.
That is when you select the particular device you are going to set up, choose a PIN, and write down your recovery phrase. The application also requires users to set up a password which they need to use to access the required data. After giving permission and setting up a password, the wallet is activated and becomes ready to use.
Conclusion
Ledger Nano S is a great hardware wallet for both beginners and professionals who have a diversified crypto portfolio and want to keep their assets safe. Although it may seem that you can only keep 100 cryptocurrencies in your wallet due to the fact that only 100 applications can be installed simultaneously, you can increase that number by managing several coins within the same application. Moreover, you can uninstall an app to make space for another app, and the cryptocurrencies are still stored in your wallet even though the app is not currently installed. When you reinstall the app, you will find your coins safely there. The features like the big screen, unhinged security, and premium design are other reasons to invest in the Ledger Nano S.