Cryptocurrency Wallet…It feels like we blinked and suddenly cryptocurrency was taking over cyberspace, the global economy and every waking thought of most investment analysts.
The question of whether or not crypto is here to stay is subtly being answered by the economic behavior and value of the digital currencies over the last few years. Today, our attention has shifted from sustainability of the currencies to security, and that is where cryptocurrency wallets come in.
To answer the question every crypto-newbie is probably asking – no, cryptocurrency isn’t physical, and (technically) neither are crypto wallets. They are digital wallets used for record storage or transactional purposes involving cryptocurrencies and are categorized based on functionality and design into three main sub-groups; software wallets (which include phone and laptop apps), web wallets (which are online, third-party wallets) and hardware wallets.
Why It Matters Where You Store Your Digital Currency
It is a long established fact that wallets are a significant part of your identity – and if you take a quick peek at this article on men’s designer wallets, you’ll see why all of us at Idkmen agree to this fact. Believe it or not, there aren’t a separate set of revised rules for digital wallets. If anything, the rules are even more stringent for anyone serious about protecting their crypto wealth from hackers, computer viruses or loss.
By blockchain standards, hardware cryptocurrency wallets are the safest means to go when it comes to your digital currencies. Not only do they securely store your private keys on hardware devices like USB drives, they provide the convenience of being compatible with varying web interfaces so that they can be easily accessed at any time and with various web applications. More importantly, its ‘cold storage’ function means that no one will be running off with your hard-earned currency once you’re logged off; and ultimately, you’ll sleep better.
The Ledger Nano S
When it comes to name-dropping in the cryptocurrency wallet scene, the Ledger Nano S is famous as digital wallets come – and with good reason. As one of the crypto’s leading hardware wallets, it provides a robust form of storage for your currencies, as well as a secure, fool-proof way to carry out transactions with cryptocurrency as legal tender, without fear of malware or hackers.
The Nano S kit contains the Ledger Nano S device as well as a keychain and ring, a lanyard, a micro USB cable, a sheet with a link to a guide for setup and a recovery sheet for recovery seed phrase – which is basically all you’ll need for set up, recovery and everything in-between
Making a Case for the Ultimate Cryptocurrency Wallet
Why are we slightly obsessed with the Ledger Nano S, you may ask.
Well, for one – the Ledger Nano S is an HD wallet, which automatically gives you access to a wide range of functions all at once.
Also, you can control a variety of accounts, containing a multitude of supported cryptocurrencies which, by the way, is a long list. From Bitcoin gold and cash to ETH, Viacoin, Ripple, Litecoin, NEO, Zcash and more than 12 others, the list of supported digital currencies on the Nano S is endless. And anyone with experience purchasing or selling cryptocurrencies will agree that this function alone is sufficient reason to splurge on a Nano S.
The wallet also works on a variety of interfaces and web applications. And can operate on everything from a windows device to a Mac. And, as if that isn’t impressive enough, it uses an embedded OLED display to securely confirm each transaction. Ensuring that your account isn’t being accessed remotely.
Security-wise, this wallet has virtually no known vulnerabilities.
In terms of style, the Nano S wins the crypto catwalk. From its sleek, stylish exterior to its impressive OLED display and seamless, interactive interface; this is one USB device you’ll be proud to whip out on a whim.
But of all its many astounding features, it is these wallets offline functions that we find most impressive. Not only can you receive currencies like Bitcoins even while offline. You don’t need any additional software to operate the wallet. And as a plus, after updating and restoring, it adds all changes to your account automatically. Now, if that isn’t what makes an ultimate cryptocurrency wallet – we certainly don’t know what does.
- User and beginner-friendly interactive OLED display
- Multi-currency support – everything from the Etherum to Bitcoin and Altcoins
- Multi-functionality – you can save digital currencies in multiple accounts. And its design supports a vast range of both web applications and interfaces
- Easy set-up, backup, and restoration. One recovery phase recovers all cryptocurrencies and automatically adds all updates to your account.
- High-tech, hacker-proof, malware-proof protection for your currencies
- It has a limited app storage capacity – of course. We can easily solve this by automating the app switching process. W, which we hope to include it in future versions. (take note that this limitation doesn’t affect the currency storage capacity)
- Lacks a unique passphrase support feature, which would normally allow you to add a customized text to your recovery phrase
As far as competition goes. Trezor and Keepkey closely rivaled The Ledger Nano S. Which users admit barely stacks up to the HD multi-sig hardware wallet. That is the Nano S. Between its multi-functionality and surprisingly reasonable price tag. There is no denying that this digital wallet easily takes the top spot for all the right reasons. And unless things change in the near future. If we had to recommend a wallet that will store your hard-earned cryptocurrencies and ease all your worries; it’ll be the Ledger Nano S, no questions asked.