How to Safely Store Your Crypto-Currency so You Can Sleep Better at Night -- Ledger's Nano S Hardware Wallet

As a crypto-currency enthusiast I have bought Bitcoin and other crypto-currencies like STEEM, Ethereum and Dogecoin. I have a separate computer that I use as a cold storage hardware wallet for storing some of these coins. I have put this computer behind an Uninterrupted Power Supply (UPS battery backup) to protect from power outages and surges as well as a firewall to protect from outside network intrusion. This same computer has 2 Mirrored Hard drives for redundancy. I also back up the wallet.dat files to a File Storage Server anytime I make transactions with those wallets.

Taking all the precautions that I do, I still have a sense of vulnerability when it comes to the security of my crypto-currency. I recently began looking into a hardware wallet, and was leaning towards the Trezor hardware wallet but was quickly discouraged. I read a story where the Trezor would calculate the Bitcoin Network transaction fee in order for it to be confirmed in a timely manner. With recent Bitcoin network congestion, the Trezor Hardware wallet was inadvertently adding a fee of about $500 just to be able to send Bitcoin in a timely manner. So this error caused to me to continue looking into a Hardware Wallet and I came across the Ledger Nano S.

The Nano S by Ledger

The Nano S is made in France by Ledger SAS and retails for about $65. Having done my homework, I knew that whatever hardware wallet I obtained, it was going to have an onboard screen which adds security to the device. The Nano s does have a small screen with 2 buttons that are used to configure the device. The Nano S also provides security against any type of loss to the hardware wallet, including theft and/or total loss from damage. It does this with a 24 word pass phrase that would be needed should the Nano s be lost, stolen or damaged in order to recover the coins.

Once you receive your Nano S, configuring the device is straight forward. You connect the device with its USB cable to your computer. configure an access Pin code to the device and then it gives you a 24 word pass phrase for recovery of the device. Then you can set up the Nano S to your liking in order to store your cryptocurrency with settings such as screen brightness etc. Once you have configured the device, you install the Ledger Manager and then the Bitcoin manager on your computer, and any other wallets that you want to get in the mix as Google Chrome Apps.

Configuring the device during the security phase was quick and easy. I spent more time writing down the 24 word phrase than anything else. Once I finished with the security phrase then it was time to open the Chrome browser and use the Bitcoin Manager app with Google Chrome. The manager was very intuitive and easy to use.I was quickly able to send a small amount of coin in order to test it. It worked flawlessly, allowing me to send my Bitcoin to the Nano S.


Ledger Bitcoin Manager for Nano S
All in all the Ledger Nano S hardware wallet is money well spent. Although my only experience with a hardware wallet has been a computer with a backed up wallet.dat file, this hardware wallet is by far better. You don't have to have a wallet on your computer or a wallet.dat file to backup and protect. The Nano is small and very compact so it makes for an excellent device to "hide" your Bitcoin or other crypto-currency. When you want to move coin in or out of the wallet it is very easy using the Bitcoin App for Chrome browser. Overall, the Ledger Nano S is very well worth buying for some peace of mind and merits 4.5 out of 5 stars. If it would have stored STEEM, which is coming soon I believe, then it would have received the 5 Stars.

Any questions, let me know.

Full Steem Ahead!

@streetstyle
05/26/2017