What is Ledger Nano S Wallet?
Do you want to know what Ledger Nano S Wallet is? Want to explore how to use Ledger Nano S Hardware Wallet? If yes, then here this guide can help you to get more details about everything you want. In general, there is a wide range of crypto wallets are readily available. However, it may feel difficult to choose the reliable one for your need. During that time, going with the Ledger Nano S Wallet can be the perfect choice for you.
Ledger Nano S Wallet is the best hardware cryptocurrency wallet that lets you store cryptocurrencies very safely. Along with that, it can also enable you to send and receive a wide range of different cryptocurrencies.
A French start-up is a company behind a ledger that released the first wallet in the year 2014. After that, this company has become the market leader in the industry of hardware wallets. Ledger wallet has got huge success at the early stage itself.
Before knowing about the working of a hardware wallet, it is better to understand the working of a software wallet.
Generally, most of the people prefer to store their cryptocurrency in a software wallet. That can be easily downloaded on mobile, laptop or desktop. This can give you more advantages like sending coins to another person in a convenient manner.
But sometimes they can be vulnerable and have more chances of getting hacked. A hacker can easily able to install the malware on your device and infect the user’s PC with the key logger. This lets hackers steal your cryptocurrencies and wallet’s private keys.
During that time, Ledger Nano S Hardware Wallet comes with different features. Instead of your cryptocurrencies and private keys stored on the software platform, you can store it on the hardware device. It means that your coins can be held offline always. Therefore no one can able to access it. Hence hackers could not able to hack through hardware wallets.
When a hacker wants to steal your cryptocurrencies and private keys on the ledger wallet, they have to steal your device and need the secret pin. Of course, directly stealing could not be possible when you are aware of everything. The security features are high in the hardware wallet and hence most of the users prefer Ledger Nano S Hardware Wallet.
How to Use Ledger Nano S Hardware Wallet?
To use the Ledger Nano S Hardware Wallet properly, you can know the proper setup procedure. Proceed further and explore how to set up the Ledger Nano S Wallet.
When you are planning to buy one or already have one, then this setup process can be more useful for you.
At first, you have to insert the Ledger Nano S into the USB device port.
Now you can see “Configure as new device” on the ledger wallet screen. You have to press the right side button for selecting “Yes”.
Now, this can install all the required drivers on the device effectively.
Now you need to choose the PIN. Press both the right and left side buttons at the same time to begin this process. [NOTE: Every time you have to enter the PIN when you are going to use your ledger wallet]
After entering the PIN, then you need to enter it again to make the confirmation. It is mainly to ensure that you have not made any mistake with it.
By confirming the PIN, you need to write down the backup recovery phrase without fail.
It is very essential to write down such a 24-word recovery phrase and keep it safe. With that, you will never have to worry about losing your funds. In case you forget the PIN or you keep the device anywhere, then this passphrase can give you access to the coins.
Each recovery phrase will be properly shown on your screen individually. After that, your device asks you to enter some of the phrases to confirm whether it’s you or someone else.
When the password recovery setup process gets over, now it is the right time for you to use the ledger wallet without any hesitation.
How to Receive Funds?
- Download the Ledger Manager
- After installing the ledger manager, you have to download the wallet app.
- Download the app on the device and then install it
- After launching the bitcoin app after installation, you need to insert the ledger wallet in the machine and enter a PIN
- You have to choose either Segwit wallet or Legacy wallet
- Then click the receive option
- Finally, click display address on your device
- Now you can see the address of the Bitcoin Ledger Nano S Wallet.
- You need to copy it and then proceed with the wallet that can store your coins and transfer them all over.
How to Send Funds?
- Go back to the bitcoin wallet application. Reinsert the ledger wallet when you disconnect it.
- Enter the PIN again
- Click the send option
- Enter your wallet address to send funds. Choose the right option for transaction fee
- At last, complete the transaction process by clicking on the send button
From the above mentioned scenario, now you have clearly understood what Ledger Nano S Wallet is and how to use it. Overall, the Ledger Nano S Wallet is the most secure and reliable crypto wallet that is available nowadays. It comes with an additional security layer. This means that you not only have to enter the pin code but also the 24-word recovery phrase. This wallet is the combination of durable materials and therefore it will never provide any physical damage.