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Fincash » Ledger Nano S

Ledger Nano S

Updated on November 30, 2022 , 866 views

What is a Ledger Nano S?

Ledger Nano S is referred to a hardware wallet that gets used for storing and transacting popular cryptocurrencies, such as Ethereum, Bitcoin and other well-known altcoins, like ZCash, Bitcoin Cash, and Litecoin.

Ledger Nano S

This wallet is powered by the connectivity of a USB and comprises firmware-level support for apps used for several cryptocurrencies that enable users to receive and send cryptocurrency payments, check accounts and regulate multiple addresses for every cryptocurrency from one single device.

Understanding Ledger Nano S

The device – Ledger Nano S – simply looks like a basic USB pen drive that can easily be connected to any computing device, which is compatible, through the accommodated USB cable. As mentioned above, this device can be used for a variety of currencies.

Also, it provides an appropriately-sized inbuilt display that provides real-time messages and functionality to tap and confirm transactions as well as funds on the device with physical buttons. This specific device is extremely useful in safeguarding wallet addresses and cryptocurrency holdings. Your private keys get stringently locked in the secure element of ledger nano S, making them fool-proof. Every time you plug the device for a query or transaction, a 4-digit PIN code is needed, prohibiting misuse in case there is a theft or the device is lost.

On top of that, this device supports FIDO® Universal Second Factor standard that is basically used to ease the authentication process on popular and compatible online services, such as GitHub, Gmail, Dropbox, and Dashlane.

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Presently, Ledger Nano S is supporting more than 24 dedicated apps for different security features and cryptocurrencies. Since these apps are enabled for browsing and firmware updates through apps catalogue, they provide an improved security and protection level from malicious attempts. The device is compatible with a variety of ledger wallet apps as well, which are compatible software wallets of well-known cryptocurrencies that can easily be installed on any of the computing devices. Moreover, Ledger Nano S enables secure Import and export of recovery sheets for seamless backup as well as restoration on any of the compatible wallets with BIP39 / BIP44 or ledger wallet.

The device is said to be malware-proof and compatible with Chrome Linux, Mac 10.9+ versions and Windows 7+ versions operating system. It gets the required power from the USB, and no batteries are needed to operate the wallet.

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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