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Author Topic: "Ledger Nano S" review and guide - One of the great hardware wallet  (Read 65 times)
PHI1618
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September 26, 2018, 08:08:35 PM
Merited by AztecGoldHero (10), ekiller (1), mistersehmuz (1)
 #1

Hello guys. I have been using Ledger Nano S for a while now. I have learned quite a bit about the product via experiencing. And I have Trezor wallet, Bitbox Wallet, Kasse wallet. I will publish their reviews soon.

Good reading

I translated this thread from Turkish into English. I made this review 20 september 2017 last year. Here is the original thread
https://bitcointalk.org/index.php?topic=2193095.msg22024830#msg22024830

I wanted to prepare a guide as it would become a great source of experience based information via your questions and my efforts to answer them as much as I can. I will be updating the subject upon getting new information or with new experiences.


  Sept.2018 Update: Guys, the new software, Ledger Live is live now. Chrome add-ons are disfunctional as of now. Ledger Live analysis will be added to this subject.




I just received my Ledger. What should I do now?

It is quite simple. Plug the device to your computer. It will guide you through the process.
Write down the words appear in your screen when you turn the device on for the first time on the seed paper (included in the package) with great caution and attention and never lose this piece of paper. Each and every action you make will be through these seed words. So, these words will be your savior if your Ledger is broken or lost. You will be able to retrieve your coins via this piece of paper.
You’ve written the seed words and turned on the device.
https://www.ledgerwallet.com/apps
Install the add-ons to Chrome via the link above. “Ledger Manager” is used to add or remove the applications and updating the device. Others are the Windows applications of the coins. All of them work as add-ons to Chrome. During the turn on phase, the device ask sif you prefer BTC or BCH. If you are going to use BTC, select BTC and keep on. Next, it ask sif it is legacy or segwit. My advice: select segwit so that you can benefit from the perks of the new system.
Other coin applications are almost the same in terms of being user-friendly.



This section of review is a little bit old. Here is the new app url
https://www.ledger.com/pages/ledger-live




Why can Nano S only support 4 or 5 coins at the same time?
I have been using Nano S for two weeks now. Applications of BTC, LTC, ETH and XRP applications are installed. In addition to these, if you want to add the stratis application to the device, it gives “Memory Full” error. I made a research on this subject. Ledger designers have put in a limited memory space in order to enhance the security capabilities of the device. If you are not willing to withdraw different coins from the device, such limitaiton does not matter much.Furthermore, if you will be using the device only to store, it does not matter at all. Whatever coin you’d like to store, install the application, write down the adress somewhere, then send your coins to this adress every time. Even if you delete the application of the particular coin, once you re-install the application, you will see that your coins are still stored there. The most important thing is to never and ever lose the first seed words.
Please check the declaration of Ledger CTO via the link below.

https://www.reddit.com/r/ledgerwallet/comments/6s99xv/just_received_my_nano_s_only_install_4_wallets/dlbgfsb/
Simply, he states that they have chosen to limit the capacity as security is the first priority.
Also, a little information regarding Ledger’s memory capacity:

"Nano S has 320 Kb flash, 10 Kb RAM, Blue has 480 Kb flash, 12 Kb RAM (less available for applications after the OS is installed)"
So, the device has only 320 KB’s of memory. As mentioned before, the reason of such limitation is security. In other words, if the virüs or malware’s size is over 320 KB’s, it cannot even penetrate to your Ledger. Moreover, once you install the operating system and the wallets of your coins, there only remains 10 – 20 KB’s of memory space left. As you might guess, this is a very small space for viruses to penetrate.

Can I send ERC20, or ethereum based coins to the Ledger? How can I?
Answer: Yes you can.

You can send ERC20 tokens to the ethereum adress Ledger gives you. I have sent Monetha. But, when you open the ethereum interface of Ledger’s via your computer, you cannot see these tokens. Don’t panic… Your tokens are still there.

In order to be able to see the coins other than ETH and ETC, you should use https://www.myetherwallet.com/ which is supported by Ledger’s official web page.
You should click on “Send Ether & Tokens” link in MEW. Click on “Ledger Wallet” option and connect your ledger to your computer. Once you enter the pin of the Ledger, open the ETH application on Ledger. There is one important thing to do here. You need to turn on “Browser Support” in settings once you open the ETH application in your Ledger; so that MEW can link to the Ledger, see your tokens and send them to other adresses.
P.S. The ETH application on your computer does not work if the browser support is turned on. You need to shut down browser support to work on your ETH application in your computer.


Can I open different wallets for one coin?
Yes; I have already experienced this in BTC and LTC. Unfortunately, Ledger does not have this function for ETH and XRP.
When you open the BTC application on the ledger and computer, there is an “add account” screen. I created an account form y BTC’s. I created another form my friend’s BTC’s. We can send his BTC’s to his wallet and see his own balance. In my opinion this is a great function. The same function is applicable for LTC too. But, unfortunately, the device does not support the same function for ETH or XRP. I honestly do not know why.
P.S. If your current account does not carry any BTC or LTC balance, you cannot opemn a new wallet. The current account has to have some balance in order to open a new wallet. I have not tried how many accounts one can have; therefore, I do not know yet 😊


Ledger responds to my messages too late. What can I do?

They are generally too busy. If you post on device’s Reddit page, experienced users and even the CEO and CTO may reply to your quesries from time to time.
https://www.reddit.com/r/ledgerwallet/


What is the meaning of the words written on the device?




 “Vires in numeris!” loosely translate as the power of numbers or digits.I think it is the perfect slogan for a device like this.
The slogan of Ledger. The slogan is laser engraved to the device. When you turn on the device but not actively use it, the slogan can be seen on the screen as well.
I must add this as well.

“In my opinion” there is always the risk of being hacked given that the process is related with computers and the Internet. Nothing is 100% invulnerable. We do our best to secure what we have, and that is it.
Ledger is one of the higest security providers; but, I would not be surprised if I hear news as “Ledger’s Chrome application is hacked and BTC’s are stolen.” Because, everything can be hacked.


My ledger was broken down/lost/stolen/does not work. What should I do?
Now, there are alternatives… For once, your coins are still in secure hands. Without knowing your PIN code, no one can access your wallet. If your PIN code was stolen as well; say goodybye to your coins.
If not; let’s see what you should do…

If you do not have a back up Ledger, get one and use the seed phrases from your previous Ledger during the first set up. This way you can access your existing wallet and your coins. Problem solved…


What if we cannot get a new one?
The Ledger seed is the one to save the day again.
For Ethereum, you can access your wallet via the “Mnemonic Phrase” option via  https://www.myetherwallet.com/#view-wallet-info .
For BTC, Mycelium mobile application accepts the seed phrases. You can access your BTC’s accordingly.
Other coins probably have similar ways to retrieve your coins but I have not tried them yet. I will update this topic once I experience them.


You can see all supported coin list here
https://www.ledger.com/pages/supported-crypto-assets



THIS IS EXTREMELY IMPORTANT!!!
Once you enter your seed phrases to another provider, the security level of your coins / wallet decreases. Do not enter your Ledger’s seed words to another account just for trying out.


If you have a question or problem, please write to the topic. I'il try to help.



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PHI1618
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September 26, 2018, 08:10:10 PM
 #2

Reserved for future.

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September 26, 2018, 11:06:56 PM
 #3

Nice review. In past I read quite many reviews about Ledger Nano S or Trezor, so I didn't found something new on your article, but it may be useful for less experienced users. I have Nano S for almost 1 year and I'm satisfied with it. I like their New Ledger Live app, it's great, only disadvantage that it still support quite limited number of coins. But it's great that I'm not forced to use Chrome browser anymore to access Ledger addons.
I'm waiting to see reviews about Bitbox and Kasse wallets. It's always good to see articles about less popular wallets.
P.S. I don't think it's a good idea to ask for Merits Wink

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September 27, 2018, 06:12:49 AM
 #4

Nice review. In past I read quite many reviews about Ledger Nano S or Trezor, so I didn't found something new on your article, but it may be useful for less experienced users. I have Nano S for almost 1 year and I'm satisfied with it. I like their New Ledger Live app, it's great, only disadvantage that it still support quite limited number of coins. But it's great that I'm not forced to use Chrome browser anymore to access Ledger addons.
I'm waiting to see reviews about Bitbox and Kasse wallets. It's always good to see articles about less popular wallets.
P.S. I don't think it's a good idea to ask for Merits Wink

As I said, I did the review 1 year ago. But I was able to translate it into English. So you are right that I may not offer anything new in here.
I have Trezor, Bitbox and Kasse reviews. I hope you like them Smiley

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