Securing your bitcoins with a hardware wallet

When you posses a larger amount of bitcoins, ethereum or other cryptocurrency, it’s wise to save them on a hardware wallet. A hardware wallet is specifically designed for securing your bitcoins. With a software wallet or online wallet, there is always the chance that cybercriminals get a hold of your private key since the private key  is saved online. This is impossible with a hardware wallet. You are the only one who possesses your private key since it is generated and stored offline. You can even securely use the hardware wallet on computers which are infected with malware.

Hardware wallets also have a little screen to show you important information about your wallet and to verify payments. A hardware wallet is very user friendly and easy to use for securing your bitcoins!

You can compare your hardware wallet with a savings account on which you securely store larger amounts which you don’t immediately need.  In this comparison, a software wallet is like a little money purse that is easier to use on a day to day basis. It’s more handy to take with you and to make small payments.

Securing your bitcoins with a Ledger Nano S hardware wallet

The Ledger Nano S wallet is the cheapest hardware wallet available right now and can be ordered here.  It costs 59 EUR and you can pay with Bitcoin, Paypal or creditcard. The Ledger Nano S looks like a USB-device with a mini-usb port to connect it to your computer. You can safely store Bitcoin, Ethereum and some Altcoins on your Ledger Nano S.   

 Securing your bitcoins with a Ledger Nano S

Source: Ledger Wallet

In the Ledger Nano S box you can find the following items:

The Ledger Nano S

A mini-USB cable

A card to write down the 24 words you might later need as a recovery seed

A keychain and keyring

ledger-nano-s box

Source: Ledger Wallet

Unbroken seal around the box

When you receive the box with your Nano S inside, you have to make sure the seal on the box is still intact. If not, you have to return the box. The box might have been opened by someone else and the Nano S might be tampered with.

Ledger Nano S unopened box

Source: Ledger Wallet

How do you have to use this wallet?

The Ledger Nano S has 2 little buttons at the side which are used to navigate through the menu. When you connect your Nano S for the first time with your computer, you have to choose a four digit PIN code. Do not forget this PIN code! When you or someone else chooses the wrong PIN code for 3 times, the Nano S is reset and all the data is wiped clean. You will need the 24 words, your recovery seed, to recover your data.

Recovery seed

After you’ve chosen your PIN code, you’ll get to see 24 words which you can write on the card that was also in your Nano S box. These words will be your backup in case you ever lose your Nano S or in case you enter the wrong PIN code for 3 times in a row.

After you’ve written down the 24 words on your card, the Nano S will check if you did. You will have to enter two random words from the 24 you’ve written down to verify this. In case you lose your Nano S AND your recovery seed card, there is no way to still access your wallet and your coins. So please, secure your recovery seed in a safe place! Maybe even make a copy and put this copy in another safe place just.

Ledger nano s recovery phrase

Source: Ledger Wallet

The Ledger Nano S only works through a google chrome app which you have to download before you can log in. You can find this app here. Once logged in, this wallet works like every other wallet you have used before. You can send and receive Bitcoins, Ethereum and other altcoins.

The big difference is that you have to press the two buttons on the side in case you want to do a payment. This means that you have to do a physical action in order to complete the transaction. It’s an other level of protection against hackers who are unable to complete this action and thus are unable to steal your bitcoins.

Highly recommended for securing your bitcoins!

Ledger Nano S

Cheapest hardware wallet available

User- and beginner friendly

Secures you against cyber criminals

In case of theft or loss, you can recover all your data