Ledg🅔r Wallet- Advan🅣ages/Disadvan🅣ages
As you have probably figured out, the main advantage of buying the Ledger wallet is that it is the most secure way to store your coins! In fact, owning a hardware wallet is as close to store your cryptocurrencies in a real-world safe! But why?
Well, as I mentioned earlier, software wallets can be hacked if a device is infected with malware, virus or a key logger. What the hackers attempt to do is steal your private keys, which would then give them full access to your wallet.
With the Ledger Nano S, your private keys are stored within the actual device. Furthermore, as the wallet is always offline (unless when sending funds – more on this later), nobody can attempt to access them through an internet connection.
When you receive your device, you will be required to choose a pin number, which has to be a minimum of 4 digits. Only you should know this PIN number, and you will have to enter it manually on to the device every time you want to use it.
Ledger wallet review: security.
There is an extra layer of security too which protects you if you ever forget it. After confirming your pin number, you will then be given a 24-word recovery phrase. Again, this is shown on the Ledger screen, so nobody other than you will have access to it. In the case that you forget your pin, you can simply enter the recovery phrase on to the device, then create a new pin.
The developers also release regular firmware updates. So, to ensure your hardware device remains secure, you must perform regular updates.
Another security feature is the Ledger's protection against physical damage. The Ledger Nano S has been built using highly durable materials, including a cover that is made from stainless steel. This ensures that if you made the mistake of dropping it, it would be very difficult for the device to become damaged.
There is no such thing as a perfect product though, right? So, even Ledger's security is one of the best in the industry, there are some disadvantages to consider too. I will discuss them below.
Disadvantages of the Ledger Nano S
Firstly, unlike software wallets, the Nano Ledger S is not free. If you purchase the wallet directly from the Ledger wallet website, it will cost you around 59 EUR. Although you might be able to get it cheaper from another retailer (such as Amazon), I wouldn’t recommend you do so.
This is because you can’t guarantee that the seller has not installed a virus within the hardware device, which could then give them access to your wallet. Always buy directly from the official manufacturer, which you can do here!
Ledger wallet review: Ledger Nano S pricing.
Another disadvantage is its inconvenience. When it comes to sending coins to somebody else, you will need to plug your Nano Ledger S into your desktop device. In doing so, you will then need to enter your pin number. This is much less convenient than using a software wallet, as it takes more time and effort to transfer funds.
You also need to consider that the Ledger wallet is less user-friendly than some of the software wallets available. It is really important that you read the instruction manual before you set it up.
So, now that you know the advantages and disadvantages of Ledger Nano S, I am now going to answer the question of whether it's really impossible to hack!