The Ledger Nano X is an upgrade on the Nano S, the worlds most popular hardware wallet. Should you buy an S or an S?Short answer: yes, but….
What Is It?
It’s a digital safe.
The Ledger Nano X is a security device used to store your private keys. It plugs into your PC or Mac via a cable, or via bluetooth, and used in conjunction with Ledger Live, a software wallet. It is used to safely store your private keys offline, away from the internet.
If you’re controlling your own crypto, you should use one to help prevent loss.
Do I need a Nano S or a Nano X?
The main advantages of the X over the S is storage space and bluetooth connectivity for mobile.
Space is important if you intend to own more than a couple of coins. The problem with the S is that you soon run out of space for applications. Each coin is handled by an application that you need to load onto the Ledger device. This means that you have to add and delete applications, which can be tedious. If you only intend to hold one or two coins, and don’t do much trading, the S is sufficient. You can read our Nano S review here.
Secondly, connectivity. If you don’t want to connect a cable or you can’t because you’re using a mobile device, then the bluetooth connectivity of the X is a must.
Other advantages of the X include enhanced security features and better usability experience and design.
How Is It Used?
Before you can send crypto from your wallet, you attach the Ledger X to your computer or mobile via cable or wirelessly via bluetooth, enter a PIN number and authorise the transaction.
Even if someone else gains access to your computer, they can’t send crypto out of your wallet as they are unlikely to have access to the Ledger X. Even if they did, they would still need to correctly guess the PIN code.
Store the Ledger in a secret location, away from your computer.
Is It Difficult To Use?
It’s pretty straightforward.
Follow the onscreen prompts. I found Ledger support to be very responsive, so if you need help, it’s there. You can also follow the Ledger user group on Reddit.
What happens if I lose the Ledger X?
You can buy another one.
When you set up the Ledger, it will create a seed list. The seed list is a long list of words used to generate a unique private key. You write these words down and keep them in a safe place. If anything should happen to your Ledger device, you can get another one, re-enter the seed list, and gain access to your crypto. Some people buy multiple devices and use the same seed list with each, thus creating back-up devices.
If you couldn’t get hold of another Ledger, you could use another hardware device that is BIP39 compatible.
How much does it cost?
Around $160 US.
You should buy one direct from Ledger . Avoid buying one from a third-party whom you don’t trust.
Do I need one?
You don’t need one.
You could store your crypto on a third-party exchange, like Coinbase. You could use a paper wallet, which means writing down your crypto address along with keys on paper. You could just use a software wallet on your computer without using the Ledger device. If you’ve got a great memory, you could just remember all the information!
However, a Ledger provides an elegant, easy to use security solution.
Are there competitors?
The closest competitor is the Trezor.