Once the step is taken to make an investment in cryptocurrencies, there is something essential to pay attention to, when acquiring bitcoin or other cryptocurrencies, the user is responsible for the security of the same and is the one who must put all the means so that this investment is protected, in this review we will talk about Ledger Nano S a cryptocurrency wallet that facilitates this delicate work.
There are many scammers that can jeopardize our cryptocurrencies, phishing websites, malware, hacking tools and other tools that people can try to take advantage of and steal their profits. The number of cryptocurrencies stolen with any of these methods in the first semester of 2018 has been 3 times higher than in all 2017.
Phishing is one of the most common fraud methods. Duplicate websites (exact copies of other websites) are cheap to maintain and quite profitable with the right approach. Phishing hackers can earn from 30,000 to 2.5 million dollars per week.
In order to increase the user’s security against these attacks, the so-called hardware wallets have been developed.
What is a hardware wallet?
A hardware wallet is a device that was created to provide an additional level of security when interacting with cryptocurrencies. Usually, use a unique password to access the device and be able to make transactions.
With a hardware wallet, private keys are stored on the device itself and never transferred to a computer
Configuration Ledger Nano S
When connecting the LEDGER NANO S for the first time, it will be necessary to follow some simple steps to put it into operation:
– The first thing that the wallet will ask is to press the two buttons of the device at the same time.
– Then ask if you are going to configure a new device.
– Once this message is accepted, you must choose the Wallet PIN code, this PIN code consists of up to 8 digits, each of these digits must be selected with the top buttons and when the desired number appears on the screen we press the two buttons at the same time to move to the next, this process must be done until the PIN code is completed. (Do not forget to write this code on a piece of paper while it is being configured as it will be necessary to access the device)
– After choosing the PIN, the wallet will ask us for a confirmation of it.
The next step is the most important of the configuration, since we will proceed to write the recovery phrase of the wallet, essential if at some time we want to restore the device or if the LEDGER NANO S is broken, when knowing this phrase can recover completely the data on any other Ledger device, so even if you lose your wallet, you can “clone” it to another nano Ledger.
– In this step the wallet will show different words (a total of 24), which should be noted on the “Recovery Sheet” cards supplied in the LEDGER NANO box.
In the box there are 3 cards to write down these words, it is advisable to write them down in at least 2 of them and keep them in safe places to avoid losses or accidents, because if you lose these words you will not be able to recover your wallet in case of loss or damage, so you could lose all the cryptocurrencies it contains.
– Once this step is finished, the wallet will ask us for a verification of the words to ensure that they have been correctly targeted.
The initial configuration is already finished, the next step to start using the Ledger Nano S is the installation of the application on your computer.
Installing the Ledger Live application
To continue working with the wallet, we recommend downloading and installing Ledger Live. With this application, you can update the firmware of the general ledger wallet to the most current one, add or delete a cryptocurrency, receive it or transfer it.
- Go to the official website ledger.com and download the Ledger Live application.
- Run the installation.
- When you begin, select “Start a new device Ledger”.
- Select the device you are installing.
- Confirmation is made to ensure that the PIN code, recovery phrase has been saved and a check will be made to see if your Nano Ledger is genuine.
- We create the password for the application, which will be necessary every time we access it.
Now your Nano Ledger will be almost ready to be used, you just have to install the cryptocurrency wallet that you want to use in the Ledger Nano.
Installation of wallets in Ledger Nano S
To install a wallet you must go to the Manager menu, located at the top left of the Ledger Live application, then find the wallet you want and click on Install.
The Ledger Nano S has a limited space to install wallets, so if the device returns a message saying there is not enough space do not worry, you should only remove any of the wallets you have installed until the device has enough space for the new wallet.
Quietly, deleting the installed wallet does not imply deleting your cryptocurrencies, in order to make transfers again you only have to reinstall the deleted wallet and your cryptocurrencies will still be stored in it.
Conclusion and tips on the Ledger Nano S wallet
The Ledger Nano S cryptocurrency wallet is one of the most popular and safest on the market, which is why it is one of the hardware wallets most used by the community.
Keep the firmware of your wallet updated, you can see the current version in the Manager menu of the Ledger Live application.
If you want to buy a Ledger Nano S, do it on the official website or at an authorized dealer, otherwise you may be buying a manipulated wallet.