Ledger Nano S Review Set Up and Complete Guide for Beginners

Ledger Nano s is the world’s most-known hardware wallet with more than 1.5 million
sales. Ledger is a French company established in 2014 by eight experts whose aim is to
create solutions for blockchain applications. Nano S wallet is best known for its security,
affordable price, device portability, and human-friendly software. Like every hardware
wallet, Ledger Nano S keeps your private keys in the wallet and allows you to send
transactions securely from any computer. I will do a full Ledger Nano S wallet Review and Set Up with Complete Guide on how to send and receive transactions.

What is in the box?

Before opening your Ledger nano s make sure that the box is sealed. The package is
shipped with tamper-proof tape, so if you see it torn or damaged, contact Ledger
support. The following items should be in the packaging when you open it.

1. Ledger Nano S
2. Micro USB cable.
3. Keyring and keychain.
4. Recovery sheets for the seed phrase.
5. Lanyard for wearing the wallet around the neck.

ledger nano s unboxing

How to set up Ledger Nano S?

The device is straightforward to use, and if you follow the steps below, there shouldn’t
be any problem with the setup. Ledger Nano S is the easiest to use hardware wallets on
the market so that most people wouldn’t have any problem operating it.

1. Connect your Ledger Nano S to a computer. Use the micro-USB cable
from the box for a secure connection.

2. You need to Set up a PIN code. When the wallet screen is on, you will be asked
to configure it as a new device. To do so, you will need to press the top two
buttons to confirm and then to set up an eight digits PIN. It is important to
remember the password because you will need it every time you want to use the
wallet.

3. Your recovery seed phrase. The device will show you a series of words or 24 in
total. You should be writing them very carefully and check them a few times with
the once displayed on the wallet screen. It is crucial because this is the only way
to restore your funds if the device gets lost or stolen. When you have your seed written, the wallet will want to confirm that everything is correct by asking you for two random words from the seed phrase. It could be any of the words from 1 to 24, so you need to use the device buttons to navigate to the asking word.

4. The next step is to install and set up the Ledger Live App on your
computer. Ledger Live is a hardware wallet interface app. You should download
it from the Ledger website. When you download the app, follow the instructions
where the important thing is to set up a secure password. From Ledger live, you
could create wallet addresses and install the coin applications on the device.

How to send and receive a transaction with Ledger Nano S?

Sending transaction with Ledger Nano S

1. Open Ledger Live on your computer and enter your password.

Ledger live
2. Go to the left side of your screen and select send.

select send

3. Choose the currency you want to send (in this case, this will be Tezos).

4. On the recipient address, enter paste or scan the address you want to send the
coins to and press continue.

5. Enter the amount you like to send and press continue again.

ledger amount to send

6. The screen will show the address you are sending from and the one you want to
send. Before proceeding, you could recheck the addresses.

send transaction with Ledger

7. Connect your hardware wallet and enter the pin.

connect ledger to pc

8. Open the app of the currency you like to send.

Open the app of the currency

9. You need to confirm the transaction, and also you will be able to recheck the
address.

Confirm transaction on the device

10. The transaction is sent, and you will be able to see it in the block explorer if you want to.

How to Receive Transaction on Ledger wallet?

1. Open Ledger Live on your computer and enter your password.

ledger live password

2. Go to the left side of your screen and select receive.

select receive

3. Chose the account you want to credit and select continue (in this case this will be
Tezos).

ledger account

4. Connect and unlock your Ledger hardware wallet.

connect your ledger

 

connect ledger to pc

5. Open the app of the currency you like to receive.

nano s

6. Copy the address and send it to the sender or open and scan the QR code with
the device you want to move the coins.

 

How secure is Ledger Nano S wallet?

Ledger wallets are fully certified by the French cybersecurity agency ANSSI. Ledger
nano s use secure chip ST31H320 with CC EAL5+ certificate. The seed phrase is
stored in to secure chip, which is tamper-resistant and protects the wallet against
various attacks. Even if you connect the hardware wallet to a compromised computer,
the attacker will not be able to see your seed phrase. Ledger Nano S device is an HD
wallet, so is changing receiving address every time you receive a new transaction.
Another cool future is that you can sign a message from the wallet to prove ownership
of your coins. It is great when a new project is launched, and they give away
cryptocurrencies to the existing holders, so you receive a passive income. Signing a
message in your ledger wallet does not expose your private key, which never leaves the
device.

How to store 24 words recovery phrase?

Storing your 24 words recovery phrase is the thing you should care about most. Even if
your hardware wallet gets lost or stolen, you can restore the funds only with the
recovery phrase. By losing the 24 words, you are losing your money forever. There are
many things you should consider apart from losing or damaging your device. You could
store the precious seed phrase in the safest place, but if the building gets flooded or
catch fire, your fund’s arent secure. So below are the tools I recommend for maximum
protection of the seed phrase against water and fire.

1. Stainless Steel Plate is needed as a base to stamp our seed phrase. I am using
a grade 430 stainless steel plate in the picture below. It is good against
corrosion, and the melting point is between 1425-1510 C (2552-2642 F). If you
want to spend a bit more grade, 304 is better against corrosion and is easier to
work on, but 430 steel plate does the job for me.

2. Number and Letter metal punch set, which has 27 pieces or each later of the
English alphabet as well with the numbers from 0-9. Each punch is about 60mm
in length and with letters and numbers of 4mm.

3. I am using a 16 oz hammer which I find perfect for the job, but you could use the
one you have at home.

How to store your recovery phrase

Ledger Nano S Coins Supported

Probably this is the best selling future for Ledger Nano S. The wallet supports more
than 1300 coins, which is great for people who like to hold a lot of different currencies and
tokens. Ledger team has proved themselves as quickest of adding new cryptocurrency
projects to their wallets. Below are some coins worth mentioning and supported by the
wallet.

Bitcoin (BTC): Bitcoin is the first decentralized cryptocurrency launched in 2009 and created by Satoshi Nakamoto.

Etherium (ETH): The second cryptocurrency by market capitalization launched in 2015
and founded by Vitalik Buterin. Etherium is the first smart contract platform.

Litecoin (LTC): Litecoin is a fork of the Bitcoin code and is the second oldest
cryptocurrency functioning today. Charlie Lee created it in 2011. The main advantage of
LTC over BTC is because its four times faster to send without compromising the
security.

Monero (XMR): Monero is the first privacy and in my opinion, the best privacy coin
launched in 2014.

Digibyte (DGB): Digibyte is a blockchain that focuses on scalability and security. DGB is
probably the most secure UTXO blockchain.

Tezos (XTZ): Tezos is a liquid-proof of stake smart contract platform using a functional
programming language. The best thing is you could staking Tezos directly in your
wallet.

HEX (Hex):  HEX is a smart contract on the Ethereum network that is the first blockchain-
based certificate of deposit.

Dash (DASH): Dash is another open-source cryptocurrency offer private and instant
send.

XRP (XRP): is a cryptocurrency built for enterprise use. It is used by the payment
network (Ripple), which is also behind the token itself.

Decred (DCR): Decred is a hybrid cryptocurrency combining two consensus algorithms
Proof of Work and Proof of Stake.

Conclusion

Ledger Nano S is one of the best hardware wallets for people new to cryptocurrency. It
is compact, secure, and easy to use. It is one of the cheapest options (if not the
cheapest) on the market. There is a lot of information on the web if something goes
wrong or you don’t understand how to do it. The only downside is that the code is not
open-source, but the company itself has an excellent reputation.

What's your reaction?
Happy1
Lol0
Wow0
Wtf0
Sad0
Angry0
Rip0