Hardware wallets for Bitcoin are becoming increasingly popular due to the fact that they are much more secure. Also, a hardware wallet is more difficult to steal as well. The latest one to join the list is Ledger Nano S. The Ledger Nano S is quite an improvement over its predecessors. The level of security which is provided is far superior.
The box contains the following:
- Ledger Nano S
- Micro USB cable
- Key ring
- Recovery sheet
- Band to wear the wallet around your neck
In order to improve the security of the wallet, one of the additions are physical buttons on the wallet, which can be used to easily lock the wallet. Also, in order to confirm the payment, you have to press the buttons as well. This ensures that in order to conduct any transaction, you need to have the hardware wallet along with you. This provides you with the added security. Most of the other wallets require a new digital authentication when the wallet has been connected to the machine. However, with this wallet, it would actually verify the physical access to the wallet as well. This is a huge advantage over its predecessors.
Another security feature of the wallet is a 4 digit pin which needs to be set during setup. The 4 digit pin needs to be entered whenever you want to conduct a transaction. That way, even if the device is lost, another person with access to the device would not be able to transfer the cryptocurrency since they would not have the 4 digit code. That is why this is kind of an anti-theft protection similar to debit cards. This would make it much easier to keep the cryptocurrency completely secure.
So, if you’re looking for a secure wallet which you can use in order to store your cryptocurrency, this is one of the best wallet option which you can use. You need to understand that when it comes to security, this wallet is much better as compared to some of the other predecessors. All in all, if you’re looking for a secure solution, Ledger Nano S is the perfect option for you.
Mahesh Sashital is cofounder of Smartereum.
He was previously Vice President at J.P. Morgan. He has over 15 years of experience in software engineering at various Fortune 20 companies. He has a Bachelor's in Engineering from the University of Mumbai and an MBA from the University of Texas-Austin.