The Ledger Nano S is a cryptocurrency hardware wallet that has become very popular among Bitcoin investors. This small physical device allows individuals to store Bitcoin and other cryptocurrencies in a secure wallet that can be carried anywhere. Hardware wallets provide a form of offline storage for cryptocurrency that provides more security for one’s holdings.
Before you decide to purchase one of these devices you might be wondering about Ledger Nano S supported coins. Let’s take a closer look at the device and all of the tokens that you can store on the Nano S.
About the Ledger Nano S
CryptoSwede has provided a detailed review of the Ledger Nano S and other hardware wallets for your convenience. For those who may not have read the review or are unfamiliar hardware wallets, here is a brief recap of the Ledger Nano S.
The Ledger Nano S was the first and only independently certified hardware wallet for cryptocurrency. A cryptocurrency hardware wallet differs from a software wallet in several important ways. These are the primary distinctions:
- The hardware wallet is a small physical device that typically contains a microcontroller
- Private keys are stored in a protected area of the microcontroller
- Private keys cannot be transferred out of the device in plain text
- Offers immunity to viruses that can compromise software wallets
- Private keys never come in contact with software
As you can see, the emphasis with hardware wallets is improved security. For this reason they are preferred by individuals that own larger amounts of cryptocurrency. They are also chosen because most of these wallets will support several tokens. You can store Bitcoin, Ethereum, and other digital currencies on one easy to use and manage device.
The Ledger Nano S makes use of all the above advantages, and it pioneered the development of cryptocurrency hardware wallets like the Nano X and the Trezor. It remains a leader in the field, and the price of the device has recently declined to around $60 USD. This makes it affordable for most people that invest in cryptocurrency.
What Cryptocurrencies Does the Ledger Nano S Support?
Another very impressive feature of the Ledger Nano S is that it currently supports some 1,100 cryptocurrencies. Here are some of the more popular ones that you will probably be familiar with:
- Bitcoin – the world’s first cryptocurrency and still the most popular by far, Bitcoin remains one of the top choices of cryptocurrency investors all over the world.
- Ethereum – a close second to Bitcoin in terms of popularity, Ethereum is known for its Smart Contract features and the ability of developers to create new tokens on its blockchain framework.
- Ripple xrp – a fast-growing digital token that is making news for its partnerships with important financial companies and banking institutions.
- Litecoin – a digital token that imitates Bitcoin in many ways but seeks to improve upon what its developers feel to be weaknesses in the Bitcoin framework.
Bitcoin Cash, Stellar, and other highly traded assets are also included in the list, as are many tokens that you have probably never even heard of. It is unlikely that you will ever hold 1,100 or more different tokens, but if you choose to do so you would have that ability with the Ledger Nano S.
Why is Support for Multiple Tokens an Advantage?
When it comes to the Ledger Nano S and other hardware cryptocurrency wallets, the number of supported coins is a valid consideration for those who actively trade or hold cryptocurrencies. For the individual who just owns Bitcoin this might not be much of an advantage, but a word should be said here about cryptocurrency investing.
Many people who own Bitcoin also hold Ethereum, XRP, or other tokens. Cryptocurrency investing tends to be an activity that encourages enthusiasm about blockchains and digital currency. As such, a lot of people get very caught up in owning tokens. This is especially true when a new coin is released.
If you were to hold cryptocurrencies in a software wallet, paper wallet, or other form, you would require a different wallet for each token. That would mean keeping track of all the private keys on your computer or passwords for an exchange where you keep tokens. A cryptocurrency exchange will allow you to access and manage all of your digital tokens with a single platform, but exchanges have also been vulnerable to security breaches in the past.
A hardware wallet gives you the same convenience of accessing all your cryptocurrency wallets with a single device, but it improves the security features. As long as you have the device in your possession, no one is going to be able to steal your cryptocurrency.