The safest place to store Bitcoins found.
Best wallet to store your all your cryptocurrencies - Ledger Nano S
Satoshi Nakamoto, no one know who this guy exactly is, but his/her/their creation is known to all. Bitcoin is no more something people do not know about. But for those who are not aware of what is Bitcoin, you’re not much behind of the buzz of it. People who have invested in Bitcoin are worrying about the security of it as Bitcoin are more valuable than an ounce of gold. So in this post, we will see the review of Ledger Nano S, one of the Best Bitcoin wallet available today.
Undoubtedly, Bitcoin has become the most talked topic. But the investors are worried about the security of the purchased bitcoins. Initially, Bitcoins were stored in exchanges but it is no surprise that it is vulnerable to hacking. No one can keep it secure till we have hackers in place. So there should be something to store your purchase under the best supervision.
Alternatives to secure wallets for Bitcoins
Alternate to exchanges, mobile wallets for Bitcoin were in use by many. Best Bitcoin wallet for IOS and Android is. But the problem with this app was that it was on a mobile device, and it is as vulnerable to hacking as a computer is. So people denied using it too.
Next came Paper wallets and even they failed. The reason being that it was not convenient in long run. Undoubtedly it was safe but the inconvenience has no repair.
People, industries, and investors were worried and then Ledger Nano S happened. After a lot of research and learnings, I found out that Ledger Nano S is the Best Bitcoin wallet of this time. I have ordered one, but the research I did before the purchase sums up in this post.
If I go by the review for the device, it seems that people are already loving it. But to take a step away from the reviews I thought of researching it further to be double sure. I am super excited to get that device in my hand as it will be taking care of the bitcoins I will be purchasing very soon.
Before we can get into the details of security features of Ledger Nano S we’ll see how to buy Bitcoins from most trusted sites in the industry.
Most of the Bitcoin exchanges are okay with most used payment methods, but few are not okay with credit/debit card because of irreversible nature of Bitcoins.
Without wasting further time let us dive into the top trusted platforms for buying Bitcoin.
CEX.IO
One of the most trusted platforms for everything Bitcoin and my personal favorite. Here you can buy, exchange and sell. Below are links from the CEX.IO ecosystem for your various needs.
Coinbase
Coinbase supports three most used Cryptocurrency of this time i.e. Bitcoin, Etherium, and Litecoin. At the time of writing this post, the current price of 1 Bitcoin was $4467.13. Coinbase is restricted for US customers for now but it might expand its market to other markets also.
You can signup for Coinbase to buy/sell in these three simple steps.
- Signup for coinbase so that you can secure your purchase with the highest security. Coinbase is super-friendly and is available on mobile also. Download the apps for IOS and Android and register.
- Connect bank account to Coinbase account.
- Buy-Sell Bitcoin securely.
Coinmama
Coinamama is another platform where you can buy Bitcoin using your debit/credit card. There ain’t any wallets within this platform to receive Bitcoins, you need to add your Bitcoin address to receive it there. Coinmama lets you buy Bitcoins instantly and hence this platform is one of the most convenient ways to transact Bitcoins. Coinmama also supports cryptocurrencies like Bitcoin and Ether.
Bitstamp
Bitstamp accepts the purchase of bitcoin using Credit/Debit card. It accepts many countries for purchasing Bitcoins on their platform which is a good thing for the buyers. There is a cap of USD 5000/USD Euro daily and USD 20,000/Euro 20,000 monthly per user, for security reasons. This is for now, I hope this cap is either raised or removed for endless transaactions.
Bitstamp is available on IOS & Android and as safe as the website platform.
Changelly
Changelly is instant cryptocurrency exchanger that provides the best crypto to crypto rates in the market. This platform is known for its exchange services. Changelly accepts Visa Mastercard. Your account is protected by 2FA authentication that increases the security of your investment. You can change it anytime once you signup.
Try exchanging your Bitcoin from the widget below.
Bitpanda
Bitpanda is a fully automated system that sends the Bitcoin to buyers automatically once the payment is confirmed. Since it is an automated system, this enables the customers to finish their transaction with ease and grace. Bitpanda is extremely fast, reliable and secured.
Now that you know how to buy/sell/exchange Bitcoins, let us know the benefits and security features of the wallet that’s going to store those Bitcoins securely.
Benefits of Ledger Nano S
- In spite of being super compact, Ledger Nano S can store almost all cryptocurrencies like ETH, ETC, Dash, Ripple, Stratis, Zcash, Litecoin and BTC.
- Ledger Nano S has this feature of storing cryptocurrency account wise, which also means that you can create multiple accounts. So with respect to the type of currencies you own, you can create respective accounts. In case you need to store currencies from your friends or family you can do that too, account wise.
- Compatible with windows, Mac, Chrome OS and Linux.
- As the transaction portal is online, for obvious reasons, you can receive Bitcoin even when Ledger Nano S if offline. You can transfer received Bitcoin to the wallet anytime later.
The company is working towards adding various other cryptos to their system hence making it more customer friendly.
What makes Ledger Nano S secure?
What makes Ledger Nano S the Best Bitcoin wallet? It’s security features. Let us take a look at it.
- So far, Bitcoins were stored in mobile wallets, Paper wallets, and exchanges. All these were effective but not secure. Mobile and computers are hackable and paper wallets weren’t convenient enough.
- Ledger Nano S operates offline, so technically it is not at all traceable, forever.
- It has an OLED screen and just 2 buttons that will do away with most of the security flaws like taking evidence from the device.
- All the authentication process is carried out on the device and not on the computer while it’s connected to it. Your recovery phrase and seed are nowhere displayed on the computer and displays only on the device. So at no combination will the hacker get access to that information.
- To complete a transaction, you need to validate it from the Ledger Nano S. While you transact using the PC and even if your pc is hacked the hackers wouldn’t be able to steal your investments as they do not have access to the ledger.
- The device is an HD wallet which means that it will generate a new receiving address every time you get funds.
- The private key that is another most important thing, is stored in the physical device which leaves no room for hackers to steal it.
Attention
Ledger Nano S is available on Amazon, everything seems fine but since it is not from the official site it remains untrusted.
Visit the official website here for buying the official ledger.
Conclusion
Ledger Nano S is a benchmark in this very field. Still, there’s a long way to go, the company is making efforts to implement custom passphrase that would give one more layer of security. So even if someone gets hold of the recovery phrase, you’d be left custom phrase that only your brain stores.
The best part of the device I liked is the 2 step authentication. First the pin and then the recovery phrase. So even if someone gets access to that device it will be of no use to them. Let me remind you, this device has no such software that is hackable, in case this device comes in hands of hackers there is very high chance that they’d give up. Bottom line is, Ledger Nano S is the best Bitcoin wallet available in the market.
Over to you, tell me how are you planning to purchase your bitcoins? Will it be on this secured device or something else? Comment your thoughts on this device below in comment section.
Are you familiar with someone who’s looking for securing their Bitcoins? Share this with them.
Originally published at www.smarterworld.in on August 16, 2017.
