Ledger Nano S is one of the most popular and widely used hardware wallets along with Trezor. Hardware wallets are considered the gold standard in cryptocurrency storage. They keep your cryptocurrencies stored on the hardware device offline. Ledger Nano S is a cheaper alternative to Trezor and supports a wide variety of cryptocurrencies. One of the cryptocurrencies it supports is Ripple which is not supported by a wide variety of wallets. The private key is stored on the device itself. To send transactions, users link the device to a PC via a USB. Even if the PC is compromised, the device will remain secure due to the strong encryption and the private key being stored on the device itself.
The wallet is hierarchical deterministic. The wallet can also be linked up with other wallets such as MyCelium and CoinKite. In the case of the hardware device being lost or stolen, there will be a recovery seed that users can apply on a new device to recover their funds.
The wallet interface links up with a Chrome application. The wallet functions on Windows, Mac, and Linux. Although there is a lot of support for how to use Ledger, it has been noted to be more difficult to use than Trezor.
- A cheaper alternative to Trezor and supports more cryptocurrencies
- The private key stored on the device itself
- Recovery mechanism in case the device is lost or stolen.
- Has not been established as long as Trezor
- More difficult to use than Trezor