I purchased two Ledger Nano S “hardware” wallets last week and they were delivered today. I have long owned a Trezor and have been quite happy with it. I am one of those IT Tech Geek guys and love gadgets. Yeah, I know, maybe I need help.
With regards wallets, we have web-based wallets such as the ones you find on the exchanges such as Binance, Bittrex, Poloniex, and Coinbase.
There are web-browser-based-extension Ethereum wallets such as Metamask. They offer very little or some measure of security with passwords, seed words, and 2FA.
There are desktop wallets such as the Exodus wallet. Desktop wallets offer more security than the wallets you have on the exchanges or Metamask because your private keys reside “with you” and are embedded within the software application itself and you control them. I find that I must use a combination of all of the above. Why? While I love the Exodus desktop wallet and its shape-shifting feature which allows me to convert/purchase cryptocurrencies from my existing holdings within the Exodus wallet easily, the Exodus wallet does not support all of the currencies I hold. Therefore, I have to leave those currencies on the exchanges.
There is are several very good wallets that run on your mobile device. My favorite is the Trust Wallet. It runs on my IOS device. It is secure only by virtue of the mobile device is in my possession. If my device is not passworded, then I run a security risk.
The most secure of all of the wallets are the hardware wallets such as the Trezor or Ledger Nano S. Why is that? Because they are “offline.” That is, your hardware wallet is not connected to the Internet and a hacker would need access your wallet remotely and your computer. Private key signing is accomplished offline.
How Do Hardware Wallets Work?
Easy. When you set it up, you will choose a personal PIN. You will receive a 24-word seed that will be used to create your private keys. You will place these 24-words in a safe secure and safe place.
The Ledger Nano S has two buttons that allow you to control it. The initial set up is very easy and will take only a few minutes. Once your Ledger Nano S is set up, you will install an App that allows you to interface with it. (Send and receive Bitcoins). It is really easy to set up. You will need no manual.
I will create a tutorial to show how easy it is to set up.
- Ethereum / Ethereum Classic
Where To Buy Your Ledger Nano S?
Word of caution! No, a warning! DO NOT purchase your Ledger Nano S from third-party websites such as Amazon or eBay. Purchase ONLY from the vendor website.