The Ledger Nano S Plus boasts several enhanced security measures, up-to-date features, and an intuitive design – all at an affordable price point!
In this blog post review, we’ll explore whether or not it’s worth investing in the latest hardware offering from Ledger. We’ll take a look at its specs, benefits, and drawbacks so that you can make an informed decision on what would best suit your crypto needs.
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Pros and Cons of Investing in a Cryptocurrency Hardware Wallet
Cryptocurrency hardware wallets have gained significant popularity in tandem with the rise of digital currencies. These wallets offer a secure method to safeguard your cryptocurrency assets, akin to a physical bank for your digital wealth.
However, like any investment, there are distinct advantages and disadvantages to consider when opting for a hardware wallet in 2023.
Unparalleled Security
One of the foremost advantages of a cryptocurrency hardware wallet is the unparalleled security it provides. These wallets are fortified against viruses, physical damage, and external tampering, making them an exceptional choice for storing substantial cryptocurrency holdings. You can have peace of mind knowing that your assets are shielded from potential threats.
Complete Control
A hardware wallet grants you complete control over your cryptocurrency assets. Unlike some other storage methods, you are not reliant on a third party to access your holdings. This autonomy aligns with the core philosophy of cryptocurrencies – decentralization – ensuring you have the final say over your funds.
Cost Considerations
While the security and control offered by hardware wallets are compelling, they do come at a cost. Hardware wallets can be relatively expensive compared to other storage options. This initial investment may deter some users, particularly those with smaller cryptocurrency portfolios.
Irreversible Loss Risk
One critical aspect to bear in mind is that hardware wallets, unlike exchange accounts, lack the option for account restoration through backups or password resets. If you misplace your hardware wallet or it gets stolen, there is a substantial risk of irreversible loss. This means that the utmost care and diligence are necessary to prevent the loss of your funds.
An Introduction to the Ledger Nano S Plus
Launched in 2016, the Ledger Nano S Plus has swiftly risen to become the world’s most popular hardware wallet. Its appeal is rooted in advanced security features and a user-friendly design, making it a top choice for both seasoned cryptocurrency enthusiasts and newcomers alike.
This upgraded version offers enhanced security against hackers and online threats, ensuring the safety of your digital assets. Its larger screen and expanded memory simplify navigation and management of cryptocurrencies, allowing you to handle over 5,500 digital assets and diversify your portfolio.
Designed to facilitate exploration in the realms of NFTs, DeFi, and Web3, the Ledger Nano S Plus empowers users to take control of their crypto assets with confidence, all while providing seamless NFT management through the Ledger Live app.
Ledger Nano S Plus Setup
Setting up the Ledger Nano S Plus is relatively straightforward and can be done in three simple steps:
Step 1: Connect your Ledger Device
To start using Ledger Nano S Plus, connect it to your computer’s USB-C port using the cable provided. Once connected, your device screen will show the message “Welcome to Ledger Nano S Plus. Press the right button to continue.”
Step 2: Setup a PIN code
When the “Choose PIN code with 4 to 8 digits” message appears on the PHY device, use both buttons to begin. Use the left or right button to select the first digit of your PIN code. Press both buttons to enter a digit. Continue this process until you have entered between 4 to 8 digits.
Step 3: Store your Recovery Seed
Once you have entered your PIN code, Ledger Nano S Plus will generate a recovery seed. This is a 24-word secret recovery phrase that will be used to recover your funds in case you forget your PIN or lose access to your device. Your recovery seed must be written down and kept in a safe place.
Ledger Nano S Security Features
When it comes to safeguarding your cryptocurrency investments, the Ledger Nano S Plus goes above and beyond with a suite of robust security features. Let’s delve into the key elements that make this device a fortress for your digital assets.
Proprietary Operating System: BOLOS
At the heart of the Ledger Nano S Plus is its proprietary operating system, BOLOS (Blockchain Open Ledger Operating System). This custom-built OS is specifically designed to provide the highest level of security for your private keys. It forms an impenetrable barrier, shielding your sensitive information from external threats.
BOLOS serves as the first line of defence against potential attacks, ensuring that your digital assets remain secure and inaccessible to unauthorized parties. This level of customization and focus on security sets the Ledger Nano S Plus apart from many other hardware wallets in the market.
Secure Certified Chip
In addition to its robust operating system, the Ledger Nano S Plus boasts a secure certified chip. This chip is a critical component in fortifying the device’s security. It serves as a trusted guardian, ensuring that your digital assets are kept offline and impervious to potential threats from the digital realm.
The secure certified chip plays a pivotal role in the device’s ability to resist hacking attempts and external tampering. It adds an extra layer of protection, giving you the peace of mind you need to entrust your valuable cryptocurrency holdings to the Ledger Nano S Plus.
Offline Protection
One of the standout features of the Ledger Nano S Plus is its offline protection. Unlike online wallets or exchange accounts, this hardware wallet operates in an offline environment, disconnected from the internet. This isolation makes it virtually immune to remote attacks, phishing attempts, and other online threats.
By keeping your private keys offline, the Ledger Nano S Plus ensures that they remain beyond the reach of cybercriminals. This offline protection is a fundamental aspect of its security architecture, making it an ideal choice for those seeking the highest level of security for their digital assets.
Ledger Nano S Plus vs. Nano X
Are you wondering which crypto hardware wallet is the best fit for your cryptocurrency and NFT needs? The Nano S Plus and Nano X are both viable options, but there are key differences to consider.
While both Ledger devices can support an equal number of digital assets and run apps concurrently, the new Ledger Nano X has the advantage of being Bluetooth enabled and can be used with iOS devices.
It also has the added bonus of functioning on an internal battery without being tethered to a computer or mobile device. If you require more mobility and versatility, the Nano X may be the best choice for you. However, if you primarily use Android devices or don’t mind being plugged in, the Nano S Plus is still a sound investment.
Ledger Nano S Plus Pros and Cons
The Ledger Nano S Plus has several pros and cons that should be considered before investing. Here are some of the benefits and drawbacks to consider:
Pros
- Enhanced security features
- User-friendly interface
- Ability to store multiple digital assets
- Support for NFTs
- Priced at a very reasonable $79
Cons
- No mobile wallet capabilities (Nano X has this feature)
- Limited features compared to the Nano X
The Ledger Nano S Plus is an excellent choice for those looking for a secure and reliable cold storage wallet. It’s easy to set up, supports multiple digital assets, and offers enhanced security features that keep your private keys safe from online threats.
With its upgrade to native support for NFTs, the Nano S Plus is an ideal option for those looking to manage their non-fungible tokens without third-party software. Whether you want to store your digital assets or diversify your cryptocurrency investments, the Ledger Nano S Plus is a great choice to help protect and manage your crypto.
Conclusion
If you’re in the market for a reliable, secure hardware wallet to keep your cryptocurrency safe, the Ledger Nano S Plus is definitely worth considering. With its larger screen and more storage capacity than the original Nano S, this device is designed to make managing your crypto assets as easy and convenient as possible.
With more than 3 million Ledger Nano devices sold worldwide, it’s easily one of the most trusted and popular cold storage solutions on the market. So why not check it out for yourself and see how it can help you protect your digital assets?
When choosing a crypto wallet, it’s important to practice good security habits to ensure the safety of your digital assets. Be sure to keep your 24-word recovery phrase, PIN code, and any other access codes in a secure place where they can’t be easily accessed or stolen. Never share your recovery phrase or PIN with anyone, and make sure to back up your data whenever possible.
By following our Crypto Bookworm tips, you can rest easy knowing your crypto assets are secure and that you’re well on the way to a safe and successful crypto portfolio. For more valuable crypt advice, sign up for our Crypto Bookwork newsletter, to get expert advice and insights to help you manage your valuable crypto investments.
FAQs
1. What is the difference between Ledger Nano S and S Plus?
The Ledger Nano S Plus represents an upgraded version of the original Ledger Nano S. The primary differences lie in security features, storage capacity, and user experience. The Nano S Plus offers enhanced security with its proprietary operating system, BOLOS, and a secure certified chip, making it more resilient to threats. It also boasts a larger screen for a better user interface. In terms of storage, the Nano S Plus can handle up to 100 applications, allowing you to manage over 5,500 digital assets, while the Nano S has more limited storage. Overall, the Nano S Plus is a more comprehensive and secure solution for cryptocurrency storage.
2. What is Ledger Nano S Plus used for?
The Ledger Nano S Plus serves as a hardware wallet designed to securely store and manage cryptocurrency assets. It is used for:
- Safeguarding your digital assets from online threats and hacking attempts.
- Providing a user-friendly interface for managing various cryptocurrencies.
- Navigating the world of NFTs, DeFi (Decentralized Finance), and Web3 applications.
- Offering full control over your cryptocurrency holdings without relying on third-party services.
3. Can you connect Ledger Nano S Plus to Android?
Yes, you can connect the Ledger Nano S Plus to Android devices. It supports mobile connectivity via USB-C, allowing you to manage your cryptocurrency holdings using the Ledger Live app on your Android smartphone or tablet. This feature enhances the convenience and accessibility of your crypto assets on the go.
4. How many Cryptos can the Nano S Plus hold?
The Ledger Nano S Plus is capable of holding and managing over 5,500 different cryptocurrencies and tokens. Its expanded storage capacity allows you to diversify your cryptocurrency portfolio without compromising security.
5. How many apps can you install on Ledger Nano S Plus?
The Ledger Nano S Plus can accommodate up to 100 different cryptocurrency applications simultaneously. Each application corresponds to a specific cryptocurrency or token. This means you can manage a wide variety of digital assets without the need to uninstall and reinstall apps frequently.
6. Is the Nano S Plus worth it?
The value of the Ledger Nano S Plus depends on your specific needs and preferences. If you prioritize top-notch security, control over your cryptocurrency assets, and the ability to manage a diverse portfolio of digital assets, then the Nano S Plus is worth considering.
Its enhanced security features and expanded storage capacity make it an attractive choice for serious cryptocurrency investors. However, if you have a smaller cryptocurrency portfolio and prioritize cost-effectiveness, you may want to evaluate whether the additional features of the Nano S Plus align with your requirements or if the original Nano S would suffice. Ultimately, the decision depends on your individual circumstances and priorities in managing your digital wealth.
