Cryptocurrencies are increasing in value exponentially and more investors are holding large sums of money on exchanges. Security is improving but you should still take extra precautions to keep your Bitcoin and Ethereum safe. There are multiple ways to secure your money, some easier than other. In this article I will explain why you should use a hardware wallet, such as the Nano Ledger S or Trezor.
Many exchanges and wallets store your crypto as well as your keys. Storing keys and wallets in the same place is not good as it is vulnerable to hackers. You should hold your encryption keys yourself, and the easiest way to store them is in either a paper wallet or hardware wallet.
A paper wallet is not 100% safe as your key is displayed on your screen for a brief moment before it is written down, and this is enough time for a hacker to steal it.
The best alternative is a hardware wallet and there are multiple options. At Coinworld.io we use the Nano Ledger S created by Ledger. The ledger stores all your keys out of reach for hackers and you can access your wallet offline. It is easy to use, safe and supports most major cryptocurrencies you can find today. If you find our guides and news helpful, you can support us by buying your own Nano Ledger S here!
The Nano Ledger S
You can choose to use their own wallets or synchronize it to other major wallets, such as MyEtherWallet.
Currently their own Etherum wallet does not offer a custom gas limit which may make it difficult for you to make transactions during ICOs or other high traffic occurrences.
Another alternative is Trezor. Trezor offers a similar product, and we will make a guide soon.
7 Simple Steps to set up and use your Nano Ledger S!
- Make sure the protective seal on your Nano Ledger S has not been breached.
- Plug your Nano Ledger S in with the USB-cable provided and press both buttons at the same time.
- It will ask you to configure as a new device. Press the right button to continue.
- Pick a pin code by pressing the left button for down and right button for up. In order to unlock your Nano Ledger S and confirm transactions this pin is required.
- You will be given a recovery-phrase in case your Nano Ledger S breaks or is lost. Write the seed-words down in order and store them in a secure place.
- Go to https://www.ledgerwallet.com/apps and the corresponding wallet of your currency.
- You can now select the wallet you wish to open with your Nano Ledger S by pressing the left or right button and once you’ve found for currency, both buttons at once.
Congratulations! You can now access your wallet on your computer and make transfers by confirming them through your device. If you don’t know how to use a wallet, you can find our guide here.
You can buy your own Ledger Nano S here!