Nanoledger - Essential for 2023
A crypto wallet is required to store and access your crypto assets. However, not all wallets are as secure as a hardware wallet like Nanoledger.
A crypto investor can use different types of wallets to safeguard their crypto tokens. A cold wallet is often recommended as it provides top-notch security and protection to almost all kinds of digital assets, including NFTs.
The most affordable option in cold crypto storage comes from Ledger. These wallets find a decent connection between ease of use and security. They deliver a high level of protection in an offline environment while being user-friendly.
The France-based company Ledger produces these hardware wallets. It was launched in 2014 by a group of eight experts with the goal of creating secure solutions for blockchain applications. These are multicurrency wallets that store your private keys offline. Ledger offers mainly three variants of offline wallets: Ledger Nano S Plus, Ledger Nano X wallets, and Ledger Stax.
The necessity of securing your private keys
When we get a crypto wallet, we buy a pair of public and private keys, both unique and cryptographically generated on the blockchain. The private key unlocks our publicly stored assets on the blockchain.
Most of the time, we tend to buy and store our digital currencies on exchanges, but here comes the problem of not having the private key in our control.
"Not your key, not your crypto"
Without private keys, you actually don't own your crypto. However, if you own the keys, you are responsible for keeping them secure. That is where Nanoledger comes to play.
How Nanoledger differs from other wallets
The simple truth is that we don't really own any crypto if we don't have the private key to it. The Nanoledger is a secure hardware wallet that stores these private keys. It is the most popular hardware wallet on the market, and there is a good reason for that. It is small, inexpensive, and does exactly as advertised - it keeps your coins safe.
What kind of security?
These cold wallets are device-based, which means they use storage mechanisms like USB drives to store private keys offline. This makes it difficult for hackers to access the key from an online location.
These USB storage devices enable users to perform various functions like sending and receiving crypto from other blockchain users. The wallets can also employ 2FA for various crypto-related websites. To protect the crypto assets of a user, Nanoledger combines a secure environment and a sole operating system.
These wallets use a 24-word backup recovery phrase that can be used to import wallet assets in case the physical wallet is lost. To be more cautious, the 24-word phrase can be etched into a device called Billfodl, which holds them in a physical form.
Ledger Nano S Plus Review
According to the company's security standards, the Nanoledger is an innovative way to secure crypto assets.
Previously it was called Ledger Nano S, where one could only store up to 1,100 tokens. In the latest version, investors can store more than 5,500 crypto coins and tokens.
• The Ledger Nano S Plus is quite affordable at £69.
• Being a cold wallet, Nano S users hold their private keys. The keys are not accessible via the web and are never removed from the device.
• Having extensive memory, this wallet allows us to install up to 100 Dapps.
• Managing NFTs can be fun with Ledger Live. One can send and sign NFT transactions with complete transparency.
• It has two buttons instead of a touchscreen, making it a less complex device.
• This device requires a USB cable to connect to a computer or Android device.
Ledger Nano X Review
This Nanoledger is the second hardware wallet introduced by Ledger. Investors can store more than 5,500 cryptocurrencies with a new Bluetooth-enabled hardware wallet. All your digital assets are secured in one place, and you can receive and send your crypto assets easily.
• Bluetooth is compatible with Ledger Live Mobile and costs only £136.
• Battery life is better than S Plus. The battery lasts around eight hours while in use and a few months when idle, once fully charged.
• Nano Ledger X is 10mm larger than S plus.
• Because of its phone-friendly interface, the Nano Ledger X is the perfect hardware wallet for managing crypto.
• Nano X doesn't require cords unless charging and is compatible with iOS and Android.
How to transact with Nanoledger
Follow four simple steps to accomplish a successful transaction using Nanoledger. The steps are as follows:
• Set up the Nanoledger.
• Connect it to the app in which we are hoping to transact. Let's say we want to transfer some Bitcoin, then we need to open Bitcoin App.
• Open Ledger Live and choose the Bitcoin account there.
• Click on the "receive" option to see the Bitcoin Address.
One can send Bitcoins to this address, and, importantly, the Nanoledger wallet is not required to be connected to the system to receive funds.
What if I lose my hardware wallet?
Here comes the nightmare - lost wallet! It's not a big issue if you have saved your recovery phrase and your wallet has a pin. Using the phrase, you can import your current wallet to a new hardware device, and the pin protects your lost device from unauthorized use. Enjoy your cryptos with Nanoledger knowing that all your crypto assets, including coins, tokens, and NFTs, are always secured and protected.
Every crypto investor loves their crypto assets. That's why they should opt for the best security. Ledger has provided different Nanoledger options for cold storing your crypto, and you can choose between them according to your pocket and need. Make sure to back up the recovery phrase, so you don't lose access to your cryptos even when you lose your physical Nanoledger wallet.
Author: Sayani Chakraborty
Has been working in the Crypto Industry for over 5 years now, as a Strategic Content Creator and copywriter.