A hardware wallet for cryptocurrencies is used for "cold" storage of digital assets on a secure physical device, that is, without constant access to the Internet. All the user's private keys are stored remotely, in security modules, and are not moved to any servers or the network at all.
The size of the device is no larger than a USB flash drive or bank card and does not take up much space. It consists of a printed circuit board, a microcontroller, and a security module.
The owner of such a wallet can safely use his accounts even on an infected computer since all actions require confirmation by the gadget. The theft of funds is possible only as a result of the use of a previously compromised device
To date, one of the leaders in the hardware wallet market is Ledger company models - Nano S and Nano.
Differences Between Ledger Nano S and Nano X
Ledger Nano S is one of the most widespread hardware models in the world along with Trezor One (2 million units sold). Allows you to store from 3 to 6 cryptocurrencies and ERC-20 tokens on one device (you can choose from a list of more than 1100 coins). It looks like a USB flash drive with dimensions of 9.1 x 17.4 x 57 mm and a weight of 16 gr. The year of release is 2016.
- Bolos OS protects wallets from external attacks.
- The private keys are stored by a security chip with a CC EAL5+ certificate.
- OLED display with a resolution of 128x32.
- The outer case made of steel protects against mechanical damage.
- Works via USB Type Micro-B (supplied).
- Compatible with Android smartphones (you need to purchase an OTG cable).
- The official cost is 80$.
Ledger Nano X is a newer model that was developed specifically for smartphones and other mobile devices. It has a large 128x64 screen, a built-in Bluetooth module, and increased memory. Dimensions - 11.75 x 18.6 x 72 mm. Weight - 34 gr. The year of release is 2019.
What else is new:
- Installation of up to 100 applications (wallets for more than 1100 varieties of coins and tokens).
- Wireless connection to mobile gadgets for portfolio management on the go.
- Improved navigation system.
- Works via USB Type Micro-C.
- Built-in battery.
- Compatible with smartphones running iOS 9+ and Android 7+.
- The official cost is 150$.
Ledger Supported Coins
Both models are compatible with the following coins:
- Tether (ERC20),
- Bitcoin Cash,
- Ethereum Classic,
- USD Coin,
- and more than 1,100 other titles.
The full list of supported crypto assets can be found on the official website at the link.
- Download Ledger Live from the link provided in the accompanying documentation.
- Run the program on the computer. Connect the gadget using the cable from the kit.
- Hold down both buttons to start activation.
- The screen will display the question “Configure as a new device?”. Confirm with a tick (point the pointer at it, confirm by pressing two buttons). The download and installation of drivers will begin.
- Come up with and enter a PIN code. Maximum of 7 digits, but it is possible to make it shorter. The left button moves the number wheel down, the right one up. Short simultaneous press - Enter. Delete with a cross that follows 9. The last slot is a tick that you need to click on to confirm.
- Write the seed phrase on the card. The wallet will show 24 words sequentially, which are necessarily fixed in the same order. There will be no second attempt.
- Attention! This phrase is the only way to get access to money in case of loss of the device itself or the PIN code. Write it down on several media (paper, wood, metal, etc.), and hide it in different secluded places.
- When all 24 words are correctly recorded, make a double tap.
- To check, enter all 24 words in the prescribed order. Confirm.
How to Get Coins on Ledger
- Connect the gadget and smartphone via Bluetooth.
- Open Live on your phone. Go to the account of the desired cryptocurrency, for example, Ethereum. Click Receive.
- Choose Nano X. Confirm the address on the Ledger by double-clicking. On the phone, click Continue.
- Check the address on the screens. If it matches, then click Approve on the flash drive.
- Now, this address can be copied and sent to a customer, colleague, or friend.
- How to Send Cryptocurrency from Ledger Wallet
- Go to Live, select a coin, and click Send.
- Insert the recipient's wallet address. Continue.
- Enter the amount. Optionally change the gas settings (limit, gwei).
- Select the device from which the transfer will be made.
- Open the wallet of the desired coin on the Ledger. View all details of the future transaction. If everything is in order, then choose to Accept and send.
- Done, the money has been sent.