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Ledger Hardware Wallet

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Jul 27, 2022
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5 min read
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This blog post will cover:

  • What is Ledger?
  • What types of Ledger wallets exist?
  • Ledger Nano S
  • Ledger Nano X
  • Ledger Nano S Plus
  • Who created the Ledger wallet?
  • What are the advantages of Ledger?
  • What are the disadvantages of Ledger?
  • Conclusion

What is Ledger?

Ledger is a company that provides security and infrastructure solutions for cryptocurrencies by producing hardware wallets. These wallets are used to store private keys offline. This gives an extra level of security to the most vulnerable part. Usually private keys are stored online and become a target for thefts and hacks. Hardware devices help to keep critical information safe on a USB driver. In case the device is stolen or lost, users have a backup recovery phrase to access their assets.

Ledger wallets are multi-currency wallets. They support a vast amount of coins and tokens and the list is growing. For example, new models of Ledger help owners to manage their NFTs as well. 

The Ledger headquarter is situated in Paris, France.

What types of Ledger wallets exist?

Currently Ledger has three main products: Ledger Nano S, Ledger Nano X, and Ledger Nano S Plus. These types of Ledger wallets provide various functions:

  • Receive and send cryptocurrency
  • Run the third-party applications
  • Connect to the Ledger Live application on the mobile device via Bluetooth or cable

However, each of them has a number of peculiarities. Let’s take a closer look at them.

Ledger Nano S

This wallet was introduced in 2016. It can be used to purchase, trade, and exchange cryptocurrency. It supports around 1,800 cryptocurrencies. Up to 3 applications can be installed on the device. Deinstallation is also very simple. The device itself is small and easy to use. The main disadvantage here is that it connects only with Android, it is not suitable for iOS.

Ledger Nano X

The Ledger Nano X was introduced in 2019. Just like its predecessor this wallet can store and manage crypto assets. It also supports the same amount of crypto, in addition, it provides an opportunity to manage NFTs. It allows users to install up to 100 applications. Ledger Nano X has a better design, longer-lasting battery, and extended memory. This wallet connects with Android and iOS.

Ledger Nano S Plus

This model went on sale in 2022. Ledger Nano S Plus has an extended memory so it is possible to install more than 100 applications at the same time. It has a larger screen to make users’ experience easier and a nicer design.

Who created the Ledger wallet?

Ledger was launched in 2014 by eight experts: Pascal Gauthier, Ian Rogers, Alexandre Blanc, Matt Johnson, Charles Guillemet, Antoine Thibault, Jean-Michel Pailhon, and Quentin Ricomard. They combined their experience to create an innovative project. Now the Ledger team has employees all over the world.

The CEO of Ledger is Pascal Gauthier. He worked with Kelkoo and Criteo. He also worked as a Venture Partner in Mosaic Ventures. At the moment he is also a non-executive chairman in Kaiko.

What are the advantages of Ledger?

  • Higher level of security
    
    It is safer to store private keys offline, where it is impossible for hackers to access them.
  • 24-word backup phrase
    
    It is a chance to restore the information in case something is wrong with the device.
  • A lot of supported coins
    
    Multi-currency wallets are more effective instruments and give owners more advanced opportunities.
  • User friendly
    
    It does not take a lot of effort to learn how to use these wallets.

What are the disadvantages of Ledger?

  • Limited storage
    
    Since these wallets are devices, their opportunities are limited. Even though Ledger Nano X provides a lot of storage, it still has limits.
  • No live customer support
    
    In case there is something wrong the only option available is the question page.
  • Possibility of the device being lost or stolen
    
    Even though the security level of offline storage is much higher, nonetheless there is a possibility that something happens with the device.

Conclusion

To conclude, we can say that Ledger produces high quality hardware wallets with an extremely high level of security. Undoubtedly, there are some disadvantages that should be considered before purchasing a device. By the way, be extremely careful to buy the Ledger wallet from the official shop only and read the instructions provided by the company.

Ledger proved itself to be a respectable company, which has its customers' best interests in mind.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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