Ledger, the company behind the Nano S, just released a new hardware wallet – the Nano X. The device allows you to store your cryptos safely and not worry about a hacker stealing your money. Moreover, even a thief who physically steals a device won’t be able to get to its coins no matter how hard they try.
Hardware wallets are one of the safest way to keep one’s cryptos. Originally, this kind of wallets was introduced as an additional layer of protection and was mostly used to store big sums of cryptos. Over the past few years though, more than a dozen companies worked to make those devices easier to use in the daily life. The Nano X is the latest and one of the most user-friendliest hardware wallets to the date.
Meet the Nano X
Meant to be used in your daily transactions, the Nano X is rugged, small and portable. Just like its predecessor, the Nano X comes with an aluminum case that protects the LCD screen and the two buttons.
The screen notifies you of any pending transactions that are awaiting your approval. Use those two buttons to either approve or deny a transaction. This way, even if a hacker gets access to your software wallet and initiates a transaction to steal your funds, you will always have the last word. A hacker can potentially steal your credentials but they can not press the physical buttons for you.
Unlike most other hardware wallets, the Nano X is very easy to operate. First of all, it requires no cables – this model is connected to your phone via Bluetooth. The Bluetooth signal is encrypted on both ends, ensuring safe communication between the two devices. This way, you can buy anything you want on the go – use your mobile wallet to initialize a transaction and then confirm it by clicking on the right button on your Ledger Nano X wallet. It as easy as it sounds.
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The wallet is also compatible with software wallets and can be used with a computer with a 64-bit OS (Windows 8+, macOS 10.8+, Linux). It comes with an USB cable to be connected to a computer. From there, you can update the firmware and install apps.
Talking about which, the Nano X supports over 100 applications and therefore thousands of different tokens, including (obviously), the most popular ones such as Bitcoin, Ethereum, XRP, Bitcoin Cash, Monero, Dash, etc etc.
Ledger Nano X – A Great Layer of Security for Mobile Wallets
We all know that mobile devices are the most susceptible to hacker attacks. Hijacking a smartphone is relatively easy (for an expert anyway) thanks to the huge amount of software and hardware exploits most mobile devices have. A hacker can do that remotely, though if they manage to get their hands on the physical device, they might get unlimited access to your phone and every account linked to it.
This means that having all your funds on your mobile wallet might not be the best decision. You can (sometimes) restore a stolen PayPal account if you contact the right authorities in time, however there are no third parties and no authorities in the world of cryptos.
On the other hand, most of us have busy schedules, which is why mobile wallets come in so damn handy. Here’s why a device like the Nano X is so important – when properly used, it protects our cryptos from external threats without compromising transaction speed or portability.
Now, what happens if the Nano X gets stolen?
First of all, the hacker won’t be able to unlock your wallet unless they know your passcode. In case they decide to disassemble the wallet and decipher the information stored inside the main chip, they will have to deal with the ST33J2M0 40nm secure element, which is considered one of the most secure modern microcontrollers, rated CC EAL5+.
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On your side, you won’t lose any of your funds that were stored in your Nano X. During the first setup, the Nano X gives you a 24-word passphrase that you have to write down on a piece of paper (or a cryptosteel/billfodl) and store somewhere safe. In case of loss of your device, you can use that recovery phrase on any other Ledger device to restore your funds*.
(*) Ledger does not hold your funds, neither does it have access to them.
Nano X vs. Nano S
The Nano X is an upgrade to the S in all aspects. Among the most important features, the Nano X supports more tokens and can handle 10x times more apps. It also features a more powerful secure element chip as well as an improved architecture. Last but not least, the Nano X supports Bluetooth, while the Nano S doesn’t.
That being said, Ledger promises to keep supporting and manufacturing the Nano S. The older device is cheaper and can still be used as a backup, as well as to secure transactions that are not being made on the go.
The Nano X will start shipping March 2018. The actual price is roughly $142 USD. The device comes with a 2 year warranty. Moreover, Ledger allows you to cancel your order if your unit hasn’t been shipped yet.
Ledger is a company that is made itself a name by making reliable and user-friendly hardware wallets. While the Nano S was one of their biggest hits so far, the upcoming Nano X looks even more promising thanks to its enhanced security and ease of use.
Disclaimer: This is not financial advise, I am not a financial advisor, this is for educational purposes only. If you want to invest in cryptocurrency please do your own research and invest at your own risk, 1stMiningRig is never liable for any decisions you make. 1stMiningRig may receive donations or sponsorships in association with certain content creation. 1stMiningRig may receive compensation when affiliate/referral links are used.
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