Wallet

Review: Ledger Nano S Bitcoin & Altcoin Hardware Wallet

Experience report: we tested and reviewed one of the most popular Bitcoin and Altcoin hardware wallets


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Review: Ledger Nano S Bitcoin & Altcoin Hardware Wallet (c): Hulacoins.com

30.11.2017

Hardware wallets are one of the safest ways to store your own Bitcoins and Altcoins such as Ethereum, Dash, Ripple or Litecoins. In contrast to a paper wallet, which is also a safe storage method, hardware wallets provide additional security mechanisms and, above all, much easier handling.





What is the Ledger Nano S-Hardware Wallet?

The Ledger Wallet* is a hardware-based Bitcoin & Altcoin wallet. Hardware wallets are generally one of the safest ways to protect your Bitcoins and Altcoins from hacker attacks or other unwanted access. The wallet is a so called cold wallet, i.e. only when the Ledger Nano S-Stick is connected to the computer via a USB port, access is possible via the internet.

 

Bitcoin Hardware Wallet Ledger Nano S © "Hulacoins.com"

 

In addition, the wallet offers additional security measures: if the Ledger Wallet falls into wrong hands, then the private key is not directly visible, but it is stored encrypted on a chip. The wallet only can be opened with the correct access pin.

 


First impression: very high quality with nice design

Bitcoin Hardware Wallet Ledger Nano S © "Hulacoins.com - Ledger Nano S"

 

Overall, the packaging and the stick makes a very high-quality impression. Especially the packaging strongly reminds of the layout of Apple products - and the Nano S has nearly the same high-quality standards. In addition to the USB stick, the package also includes a USB connection cable, a small fastening belt and a shoulder strap. In addition, a short guide and a leaflet are included.

 

Instructions: setup and first steps with the Ledger Nano S-Wallet

Bitcoin Hardware Wallet Ledger Nano S © "Hulacoins.com - Ledger Nano S"

 

On the whole the operation and setup of the Ledger Nano S is very simple and intuitive. There are exactly two buttons that can be used for navigation. On the small display, the contents are displayed well and comprehensibly. 

For setting up the Ledger Wallet there is a brief guide available under start.ledgerwallet.com.*

 

Setup of the Ledger Nano S in 4 steps

After connecting the Ledger Nano S-Stick to the computer via a USB cable, you are welcomed by a "Welcome" message. After this the Ledger Nano S-Stick can be configured. By simultaneously pressing both buttons, the configuration can be started. The quick simultaneous pressing of both buttons is always the confirmation of an action.

 

Briefly press both buttons simultaneously = Confirm an action

Press left button = up / left

Press right button = down / right
 

 

Step 1: Start the configuration

With the selection "Configure as new device?", the right button will start the configuration as a new hardware wallet. In case of a loss or damage of an old Ledger stick, an existing recovery seed of another wallet can also be specified. This allows an existing wallet to be accessed.

 


Step 2: enter a new pin code

Bitcoin Hardware Wallet Ledger Nano S © "Hulacoins.com - Ledger Nano S"

 

In order to be protected against unauthorized access even in the event of a loss, a new code is assigned. The code can be between 4-8 digits long. Use the right or left button to select the number. Once you entered your own number, press the two buttons simultaneously. After four digits the code can be confirmed as a whole.

 

 

Our recommendation: if the wallet is stored safely at home, usually a code with four digits is sufficient - especially if the wallet is used more frequently, it can also be annoying to enter a longer code. However, if you carry your hardware wallet with you on a journey or carry it with you all the time, you should have a more secure and thus longer code.

 

The pin should be remembered in any case, since this is needed at every start of the hardware wallet!

 

 

Step 3: back up the Wallet using a restore seed

If the Ledger wallet is lost or broken, the wallet with the all the Private Keys of the Coins saved on it is not lost. With the recovery seed the wallet can be restored. The seeds can be re-activated on any other Ledger wallet, but also on other software or online wallets. For this, 24 short words must be written down on the recovery seed sheet which is included.

 

 

Note: the revival seed is extremely important and sensitive: it can be used to restore the wallet, but unauthorized persons who have access to the recovery seed can restore the private key to gain access to the wallet. Therefore the seed should be stored safely!

 

 

After writing down the 24 words, two words are expected to be entered in the Ledger Nano S. If these are entered correctly, the stick is ready configured and can be used.

 

 

Step 4: install Chrome apps

Congratulations! Your stick is now ready. You can install the corresponding interfaces for PC or Mac to access the Bitcoin or Altcoin wallets and receive and send coins.

 

Bitcoin Hardware Wallet Ledger Nano S © "Hulacoins.com - Ledger Nano S"

 

These wallet interfaces are small apps that work with the Chrome browser. These can be downloaded here for different crypto-currencies: https://www.ledgerwallet.com/apps

 

Bitcoin Hardware Wallet Ledger Nano S © "Hulacoins.com - Ledger Nano S"

 

After starting the Chrome app the Ledger-stick can be switched on and the corresponding wallet can be selected. Two standard wallets (Bitcoin and Ethereum) are preinstalled - additional wallets can be installed on the stick after updating.

 

Bitcoin Hardware Wallet Ledger Nano S © "Hulacoins.com - Ledger Nano S"

 

Buying the Ledger Nano S

The easiest and safest way to buy a Ledger Nano S is via the Ledger website: https://www.ledgerwallet.com/*

Our Ledger-Wallet was also purchased without problems via ledgerwallet.com. Once the hardware wallet is produced, it will be sent directly with Post Colissimo from the Ledger headquarters . 

 

Ledger Nano S price

The costs for the Ledger-Wallet itself amounted to 69,60€ plus shipping costs to Germany of 14,58€ which  accounted for a total of 84,18€. The shipping costs to the US are 23,70€.

 

Delivery time of Ledger Nano S

The big problem with the order was just the long time until the Ledger-Wallet was available. Due to extremly high demand, Ledger cannot not keep up with the production of new hardware wallets. The order had a delivery time of more than two months. Fortunately, the hardware wallet arrived already after a month.

 

Buying the Ledger Nano S at Amazon or Ebay

Basically, buying the Ledger Wallet via other trading platforms should not be a problem. With integrated anti-manipulation technology, Ledger ensures that, even if the wallets are already open, no misuse is possible. However, currently there are fewer suppliers with available wallets and in case they have a Wallet, the price is very high..

 

 

Conclusion: perfect wallet with two weaknesses

Overall, the Ledger Wallet is a truly intuitive, high-quality, thought-out and extremely secure hardware wallet. Two aspects should be discussed, though.

 

On the one hand the obligatory usage of the Chrome browser. Although it runs on almost all operating systems, including on smartphone operating systems, there is a dependency on the Google browser. These Chrome apps are easy to use and useful. Ledger also offers the possibility to use wallets from third-party providers.

 

The second point is that the Ledger Nano S-stick supports several wallets, but memory space of the stick is limited, so that only a maximum of five Wallets can be installed at the same time. Especially if you like to store Bitcoin and also several other crypto-currencies on the stick, you have to  think well which coins should be stored on the Ledger Wallet.

 

Bitcoin Hardware Wallet Ledger Nano S © "Hulacoins.com - Ledger Nano S"

 

Despite these two issues, the Ledger Wallet is an obvious purchase recommendation and currently is one of the best Bitcoin and Altcoin wallets. In our review of the best Bitcoin wallets, the Ledger Wallet got the 1st place. Read more: The Best Bitcoin Wallets reviewed.

 

Advantages of Ledger Wallet

A cryptographically secured key
 Confirmation of the transaction on an LED display
 Support of Bitcoin, Ethereum, Litecoin, Ripple and many other crypto-currencies
 Easy operation with the Ledger app or the Ledger Chrome extension
 Easy connection via USB port
 Compatible with other wallets like MyEtherWallet

 

Disadvantages of Ledger Wallet

The custom interfaces for accessing the wallets are only compatible with the Google Chrome browser
  The expansion of other Altcoin wallets is strongly limited due to the available memory space
  For purchasing, one-time costs of about 70€ for the Leger Nano S and 280€ for the Ledger Blue.
  Currently Ledger has a delivery time of several months due to the extremely high demand



S

06.10.2017

Any promo code right now for Nano S?

Hi, is a promo code available for the Ledger Nano S?

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Safe and innovative Hardware Wallet for Bitcoin, Ethereum, Litecoin, Ripple and many other Crypto Currencies

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