What is a Hardware Wallet?
A hardware wallet also called a cryptocurrency wallet or digital currency wallet is a special type of bitcoin wallet which stores the user’s private keys in a secure hardware device.
Hardware wallets are typically small, portable devices that can be connected to a computer through USB drives. They allow transactions without exposing one’s private Bitcoin keys to the connected computer or mobile device.
Several hardware wallets have been specifically designed for holding Bitcoins and other cryptocurrencies, while some people have built their own with 3D printing technology.
What is the Ledger Nano S?
The Ledger Nano S is a cryptocurrency hardware wallet. It was released in 2015 by a French company. The Nano S connects to any USB-capable computer (eg: Windows, Mac OS, Linux) and embeds an OLED display to double-check and confirm each transaction with a single tap on its side buttons.
The device offers robust safety features as well as supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Dogecoin, Zcash, Dash, and Stratis. This article focuses on using this device to store Bitcoin.
How to import an existing wallet into the Nano S?
The Nano S includes a specific interface for Bitcoin (BTC) wallets. Once your wallet is installed in the Nano S, it will be displayed on the screen. You can choose which Bitcoin addresses you want to use as an input and output in a given transaction.
However, if you do not already have a Bitcoin account and do not know how to install one on the device beforehand, you will need to create it first before creating any wallet or adding it to your device. To do this, simply open your blockchain account’s website and select “Create New Wallet”. Then, complete the fields which ask for your email and password.
What is a seed?
A seed is a collection of words (or phrases, such as 1234 or 0123456789) that are used to recover access to the corresponding private keys. As such, it is very important to keep it secure and do not expose it online.
The Ledger Nano S uses a cold (offline) wallet setup where no seed is required in your primary account. If you lose the device, your funds will be lost forever unless you have a backup from another device or service.
To restore your funds by accessing the recovery phrase using another device, you will need the seed associated with that device.
Importing your wallet into the Nano S
The Ledger Wallet for Bitcoin application can help you do this. It contains one button that will let you import your blockchain account’s seed phrase.
To import a seed, open the Ledger Wallet for the Bitcoin application. From there, select “Recover” and then select “Recover by writing down a Recovery Phrase”. The recovery phrase is displayed on the screen in real-time and you can write it down anywhere, but keep it private as many websites are using this trick to steal your passwords.
Then, press back on the device to finish the process and copy down the recovery phrase displayed on the screen in case of loss or theft. Remember to never reveal it online or send it by email.
What are the main security features of this device?
The Ledger Nano S includes many security features: a 24-word recovery phrase, a pin code, an OLED display, and anti-tampering technology.
These features work together to ensure that your Bitcoin wallet is properly protected at all times. The Bitcoin wallet will require the 24-word recovery phrase in order to be recovered if you mistakenly delete it from the device, lose it or have your account compromised through any other means.
The pin code must be entered before making any transaction on the device. The display is also used to ensure that the two buttons are pressed together at the same time, preventing hacking attacks.
This device also uses an extra piece of security designed to mitigate drastic changes in temperature, a technology called “anti-tamper”. This technology uses a small red square at the bottom of the device.
When it is being tampered with, there should be a white light passing through it. If nothing appears through this opening when you receive your Bitcoin wallet or when you open it for the first time, check if it looks original and check if no one has tried to open it before sending it to you.
If it looks like a replica, do not send any information to the web browser you are using, and contact Ledger immediately.
Is this device dangerous?
This device is fully functional and safe for use. However, it is recommended to make a backup copy of your seed phrase on a separate computer or mobile device in case you lose it or misplace your Ledger Nano S.
This backup is most useful if you never plan on using the device again or if you plan on selling it. It is also important to create an extra recovery email address that you can access from another device in case of loss or theft.
How Can I Recover My Bitcoin Wallet?
When you first set up your device, you will be asked to write down a 24-word recovery phrase that can be used at any time to restore your Ledger Nano S to its previous state. This is very useful in case you lose your device or in case it is stolen.
However, as this information is stored securely on the Nano S, you should never share it with anyone else or write it down on a physical piece of paper that could be accessed by another person. In addition to this, having the recovery phrase written down should always be considered as a last resort and only used when absolutely necessary.
However, if you do lose your device or it is stolen from you, in order to recover your wallet, simply enroll the device through MyEtherWallet.
Once the recovery phrase has been imported into MyEtherWallet, you can then restore your wallet onto a new Ledger Nano S. If you are unable to access your recovery phrase within the first 12 hours of setting up your account, there is a three opportunity window for requesting assistance.
How can I add funds onto my device?
Ledger Nano S allows users to send and receive Bitcoin and other cryptocurrencies by storing private keys offline. The device is an ideal solution for storing funds safely and securely for long periods of time. However, if you do need to send funds to your account, there are a few ways in which you can do so.
The easiest way to add funds onto your device is by using the built-in Bitcoin wallet which allows you to sign transactions with the account’s private keys. The funds will be sent directly from one of your Bitcoin addresses and will show as having been sent from that address. However, if you believe that someone may be able to trace these transactions back to you, you may want to use a different means for transferring funds from your Ledger Nano S.
For more information about this topic and other useful features on the device and how they work, visit this page on their official website: https://www.ledgerwallet.com/start/faq/
Ledger Nano S Support
Ledger Nano S is a great piece of hardware and software that can be used as a secure cold storage wallet for cryptocurrency. However, if you do run into any problems with your device, make sure to check out the Ledger support page to help you troubleshoot or recover your device.
You can also contact Ledger directly for further assistance. The top support email and phone numbers are listed on their official website: https://www.ledgerwallet.com/start/support/.
Ledger Nano S is a good investment if you plan on storing your cryptocurrency in “cold storage” for long periods of time. The device has a great display, easy-to-use interface, and security features that make it ideal for storing Bitcoin.
However, before purchasing the device from Amazon or any other retailer make sure that it is real and not a replica due to the no longer available development kit made by Ledger. As always, use common sense when dealing with cryptocurrencies, especially on online marketplaces such as eBay where scammers often look for unsuspecting buyers to rip off.