As promised, I am continuing my reviews on cold storage providers. Specifically, I will try to review hardware wallets that are newer to the market. In addition, the first few reviews will be over wallets that are in a decent low price range that way everyone can benefit. I want to cover most of the most popular wallets first like the Trezor One, Keepkey, and now the Ledger Nano S. Therefore, here is my Ledger Nano S Bitcoin wallet review for all you hardware junkies looking to protect your digital assets.
Nothing should be considered investment or financial advice. Enjoy the ride.
Do You Need a Cold Storage Bitcoin Wallet?
Before we jump into the Ledger Nano S Bitcoin wallet review, I want to touch on a general question I often receive.
When one of my close friends, or even an acquaintance decides to first invest in cryptocurrency, they have so many questions. The typical questions are of course like:
What is Bitcoin? Who is Satoshi Nakamoto? What is a Hodl? Where can I buy one?
Just kidding, but you would be surprised on the silly questions I get from even the most intelligent of people. It just goes to show that you can never really ask a dumb question as long as you are truly asking it to learn something. One question in particular that I get all the time is, do you need a cold storage Bitcoin wallet?
This question usually comes after I explain what Coinbase is, Binance, and ways to protect your crypto.
My answer stays pretty similar to this one: If you want to make sure to protect keep your crypto investment regardless of anyone else’s decisions or mistakes, then yes you will need a cold storage solution. A hardware cold storage wallet is the only way you can practically 100% know that your funds are safe.
Therefore, if you are reading this and you do not currently own a hardware wallet, now is the time to consider changing your ways. The bull market is coming and with it hacks, scams, and fraudsters will be lurking. Protect your wealth with the best available option, cold storage.
Ledger Nano S Bitcoin Wallet Review
Now that I have covered that, let’s proceed with the Ledger Nano S Bitcoin wallet review!
I want to kick things off by reviewing some of the features for this wallet, followed by some of the general pros and cons, then round it all up with a conclusion on what I personally think of the wallet. In the end, cold storage solutions need to be tailored to your needs in terms of your portfolio of assets, investment strategy, and convenience. Therefore, do not just take my opinion for a guaranteed aye-okay product for your specific needs.
Ledger Nano S Features
Diving right into it, the Ledger Nano S is one of the cheaper options on the market currently in terms of Bitcoin wallets. Upon purchase, the product comes in a sort of Apple inspired casing with a clean sleek look to it. The hardware itself resembles a USB drive with a nice cover that rotates from the back, covering and uncovering the port.
A clean looking product, but what about the actual applicable features of it? Here are some of the most notable features of the wallet:
- The wallet allows you to receive and send crypto, securely at your discretion.
- Easily connects through USB Type Micro-B with Mac, Windows, Linux, and Android.
- Wallet is managed through the native Ledger Live companion app with up to 8 app installs.
- Confidential data is protected by an isolated internal secure chip that is locked by 8 digit PIN code. Rechecked upon every log on.
- Anti-malware second factor verification
- Internal security for private keys protection to keep your funds out of anyone else’s hands even when connected.
- Recovery sheet make backing up & restoring your device easy. Restores can be on any Ledger device or compatible wallet (BIP39/BIP44)
- The Nano S is a multi-asset storage solution. Currently stores over 30 crypto and can additionally store ERC20 tokens from the Ethereum chain.
- Easily confirm transactions on the built-in display by navigating the wallet with two external buttons
- Designed for simplicity in mind and quick user adoption.
- Comes in 6 colors: Jade Green, Lagoon Blue, Transparent, Matte Black, Saffron Yellow, and Flamingo pink.
- Easy to use screen that has size: 24 x 8 mm.
- Wallet weight around 0.64 ounces.
Pros and Cons For Nano S
There has been a good amount of thought that went into user protection, ease of use, design, and lose prevention for this product. That is clearly why so many people use and attest to these Bitcoin wallets. Although, while most of the above features would be pros, I want to break it down even simpler for those looking for simple digestible content.
- Engineered to be tamper proof
- Top line security for it’s price point
- Low market price for everyone
- Clean and sleek design with multiple color selection
- Native App
- Recovery sheet
- Multi-currency support
- Not the best quality material, could use high grade metal.
- Not enough memory to hold more than 4 different cryptos on average.
- Restoring the seed is very tedious if wallet breaks.
- Extremely small, and can be misplaced if not taken care of.
- Need to install different coin apps in order to hold different cryptos.
- Ledger Live app has been known to have some bugs on the interface which can be annoying when trying to quickly access cryptos.
- Some negative reviews on this product for the faulty advertising on available coin storage, interface issues, and slow user support.
Should You Buy a Ledger Nano S?
This is always the hardest part for any review. To be honest, from most Youtubers, and ads you will see, this product looks like the end all be all Bitcoin wallet for a cheap reasonable price. In reality, this product is good. Not great, but good. It does it’s job, but you need to make sure you know what that job is.
The Ledger Nano S will only hold 3 and sometimes four different cryptos at once. Therefore, if you are looking to unload your $hitcoin buffet on this wallet of all your different investments, then this is not the product for you. If you are simply looking to store 2-3 types of coins on this product for safe keeping to remove your assets from a hot wallet (off the network) then this product will suit your needs nicely.
There are a good amount of benefits to using a Ledger Nano S. For instance, this product has been used by thousands of people and updated several times to make improvements and fix bugs. By now, most of those problems should be fixed, and even if they are not, someone has probably encountered it and found a work around or a solution.
What I am saying is, the product is not perfect. It will do a simple job if you give it a simple task, but do not expect it to hold your portfolio of top 20 digital assets. In terms of pricing, functionality, and convenience, the Ledger Nano S should be a great deal for the majority of crypto investors
Always, thanks for reading my cold storage reviews. If you liked it or agree, make sure to share and use my affiliate link if you decide to purchase one yourself!