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If you’re interested in keeping cryptocurrency offline, a hard wallet is certainly something worth looking into.
The Ledger Nano X is a hardware wallet designed for storing cryptocurrencies. In this review, we’ll take a look at one of the best crypto wallets available.
Founded in 2014, Ledger is a leader in security and infrastructure solutions for cryptocurrencies. They’ve developed a variety of hardware wallets and accessories to secure crypto assets, with the latest one being the new Bluetooth-enabled hardware wallet Nano X.
The Ledger Nano X is Ledger’s newest hardware wallet. It’s made from stainless steel and looks like a USB with a small monitor and two buttons on it. It’s smaller than your smartphone and easy to carry around — a great way to store your Bitcoin and cryptocurrencies offline. It can also protect your private keys from malware, adding another layer of security over your assets.
Ledger prices Nano X at USD $119* with free worldwide shipping included. Along with the Nano X device itself, you’ll also receive a USB-C to USB-A cable, manual, keychain strap, 3 recovery sheets, and Ledger stickers in the package.
Nano X is compatible with 64-bits desktop computers using Windows version 8+, macOS version 10.10+, and Linux.
With smartphones, make sure you have iOS version 9+ or Android version 7+. Beware, however, that this device isn’t built for mining.
*Rates current as of September 2021
For Ledger Nano X to send and receive funds, you have to use the Ledger Live software on a computer or through a mobile app.
When you first receive your Nano X, you’ll be asked to set a 4 to 8 digit PIN code. Use the buttons to toggle between numbers. When you’re ready, confirm by pressing down both buttons at the same time.
Next, write down your seed phrase — a password to your wallet. When you’re first setting up your Nano X, you’ll receive a 24-word seed phrase. Make sure to write it down and store it in a safe place. If your device ever gets lost, broken, or stolen, this seed phrase can help you recover your funds. Since Ledger understands how important the seed phrase is, it will ask you to confirm it entirely after you write it down. This step can’t be skipped.
Ledger Nano X is a Bluetooth-enabled device, so you’ve got to pair it with your phone. Once the pairing is successful, you can start controlling the device through the app. If you want to add new coins onto your Ledger, you need to install their respective apps as well. So for example, if you want to use Bitcoin, you have to install the Bitcoin app on Nano X. These apps can take up sizable storage on your device.
After that, add your Bitcoin account and you’re ready to trade!
Many people will agree that the Nano X is a much-improved version of Nano S, the older hardware wallet by Ledger. For starters, the Nano X screen is much bigger and has a higher resolution than that of Nano S. The buttons on Nano X are also bigger, which makes it much easier to click.Moreover, Nano X supports a wider range of coins and digital assets, as well as other altcoins and ERC-20 tokens. It also connects to iOS devices, whereas older versions only work with desktop computers and androids.
Lastly, Nano X supports many languages. If English isn’t your first language, you can easily choose to set up your device in another language.
When you trade on the blockchain, there is one rule: transactions must be broadcast via a node on the network, regardless of the coin you’re trading.
When you use Ledger Live to send or receive funds, you’re using Ledger’s corporate nodes to broadcast your transactions. As a result, Ledger will know all of your public addresses and how much Bitcoin you own.
That said, Ledger claims that they can’t link names to Ledger Live accounts, so they won’t necessarily know how much you or your friend owns exactly.
Also, although Nano X is more advanced than Nano S and is Bluetooth-enabled, many users have reported weak Bluetooth connection, and that the connection gets in the way of many actions.
Lastly, some users have said that it’s difficult to exchange coins. You have to do multiple rounds of exchanges before depositing the coins into Nano X, which is not as straightforward as it is advertised. Their user experience definitely has room for improvement.
Ledger’s Nano X is many Bitcoin investors’ top choice for a hardware wallet.
Although it is a bit pricier and may not have a smooth exchange process or Bluetooth connection, Nano X has top-notch security and is compatible with mobile devices, making it easier for you to trade crypto on the go.
If you’re serious about crypto trading and the security of your funds, then go for Nano X. It’s one of the best cold storages you can find out there!
Soft wallets and hardware wallets (hard wallets) do the same thing and provide the same outcome; however, they do so in different ways.
Since a soft wallet is a digital storage solution, it makes sense that a hard wallet is a physical storage solution for cryptocurrency, private keys, and tokens.
Hard wallets come in the form of hard drives or flash drives and are more secure than soft wallets because your accounts are stored offline. If your desktop computer has a wallet, it is also considered a hard wallet.
A hardware wallet is typically a small device that stores your cryptocurrencies as well as your private key.
With a hardware wallet, your key is always kept offline (also known as cold storage). When you want to trade using your hardware wallet, you simply have to connect it with your computer and sign the transaction on the wallet itself, not on the computer it’s connected to.
This means that even if the computer you’re using has been hacked or is compromised, your private key will still stay safe.
As your private key is not constantly connected to the Internet, hardware wallets are a safer option for crypto traders. They are, however, not free of charge like online wallets, so it’s a decision between price and security!
While you don’t necessarily need a hardware crypto wallet, it’d be much safer if you do. Many beginners simply buy and sell crypto on an exchange or brokerage website and keep their funds there.
Many of these websites offer free crypto wallets, and they’re very secure software wallets. The only thing is that your funds will be kept online and you need a stable internet connection to gain access to your funds.
However, if you’d like to level up and make larger crypto investments, then purchasing an external, hardware wallet to store your funds is a good idea.
As always, think about how much you’d like to invest and how many layers of security you want your funds to be under. Remember, you can always get your feet wet by trying out small amounts. See how you like software wallets, and when the right time comes, go for a hardware wallet. Good luck!
