Altcoins Bitcoin

Why is the Ledger Nano S such a Popular Choice?


The Ledger Nano S is the world’s most popular cryptocurrency hardware wallet, and is consistently listed as one of the top crypto wallets. Most crypto wallets are software. They allow you to store, send, and receive coins of various types. Some software wallets hold only one currency (like the Bitcoin Core wallet), and others support hundreds (like Exodus).

The Ledger Nano S directly supports only 41 virtual currencies, including Bitcoin (BTC) and Ethereum (ETH), but it does so in a way that no software wallet could ever do.

Ledger Nano S Key Features

The Ledger Nano S is all about security. Each device is protected with a user-selected PIN, which is not stored by the Ledger company. If your Ledger is stolen, 3 successive incorrect PIN attempts will erase the Ledger.

However, if you lose your Ledger Nano S, your coins aren’t lost forever. Just buy a new one and input the secret code you were given when you set up your very first Ledger. All of your coins will reappear, just as if this was the same unit you lost.

The Ledger can also provide instant access to crypto wallets and crypto platforms that would normally require you to input a password, or even your private key! Because your private keys are stored on the Ledger, the unit becomes something of a universal key, that gets you into your most important cryptocurrency platforms, with the click of a button.

Each coin you store on the Ledger Nano S is kept within an app downloaded by the device from Ledger software. You can’t store infinite apps, but if you run out of room, just delete one. When you download it again in the future, your coins will still be there.

ledger nano s popularity
ledger nano s popularity

Ledger Nano S Design and Quality

The Ledger Nano S is small, sleek, and impeccably designed. It looks like a product by Apple, and repeated use after months and years doesn’t seem to leave a mark. The Ledger has a smaller form factor than the Trezor hardware wallets and is generally more popular; though, the competitors offer many of the same features.

All in all, the Ledger Nano S is just about the best cryptocurrency wallet you could buy. It won’t meet all of your needs, but for long-term storage of valuable crypto holdings, there’s nothing better.

Featured image source: Pixabay

Leave a Reply

Notify of

Risk Warning: Investing in digital currencies, stocks, shares and other securities, commodities, currencies and other derivative investment products (e.g. contracts for difference (“CFDs”) is speculative and carries a high level of risk. Each investment is unique and involves unique risks.

CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money.

Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Past performance does not guarantee future results. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Your capital is at risk.

When trading in stocks your capital is at risk.

Past performance is not an indication of future results. Trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Prices may go down as well as up, prices can fluctuate widely, you may be exposed to currency exchange rate fluctuations and you may lose all of or more than the amount you invest. Investing is not suitable for everyone; ensure that you have fully understood the risks and legalities involved. If you are unsure, seek independent financial, legal, tax and/or accounting advice. This website does not provide investment, financial, legal, tax or accounting advice. Some links are affiliate links. For more information please read our full risk warning and disclaimer.