Cryptocurrency is becoming more widely adopted on a daily basis, which is great for the industry as a whole but also means security is becoming an increasing concern. Many small-time investors still consider it safe to store their cryptocurrency online but for true, long-term security, nothing beats a proper cryptocurrency hardware wallet. With that being said let’s take a look at our Ledger Nano X review and guide.
Ledger is one of the leading providers of cryptocurrency hardware wallets and a trusted voice within the industry. It announced its latest Nano X device back in January this year and this month it becomes available to the general public. The latest version in its Nano range of cryptocurrency hardware wallets replaces the hugely popular Ledger Nano S.
The Nano S was the first independently-certified cryptocurrency hardware wallet and cemented Ledger’s position as the leading provider of digital asset security. The company have sold over one million Nano S wallets to customers in 165 countries worldwide. With cutting-edge security, a simple to use interface and support for up to 1100 cryptocurrencies, its hard to see where improvements could be made.
The new Ledger Nano X comes with some important changes, most significantly the highly controversial addition of bluetooth connectivity. Many feel that the use of bluetooth will make the wallet more vulnerable to remote hacks but Ledger claim it is completely safe.
Let’s take a look at some of its key features:
Previous hacks of bluetooth-enabled smart devices like fridges have been widely publicised in the past, leading to widespread skepticism of the technology. However, it remains one of the most popular protocols available for wireless device interconnectivity such as portable speakers or wireless keyboards.
Ledger claims the Nano X uses state of the art bluetooth security designed to ensure that digital assets are inaccessible even the event of a hack. During the pairing of the Nano X with a device such as your phone, a unique number is generated which a user can confirm on both ends before transferring any assets. In addition to this, the Ledger Nano X features end-to-end encryption and a microcontroller unit (MCU) that is entirely separate to the asset storage chip.
The addition of bluetooth means users no longer need to plug the device in with a physical cord. Depending on how you use your hardware wallet, you may consider this to be an advantage. In tests, customers have said they find the addition of bluetooth makes it far easier to install the required applications for various cryptocurrencies.
The setup is simple and the initial pairing takes about 15 seconds, after which subsequent pairings should be almost instant.
Ledger Live is a new all-in-one application which makes it quick and easy to complete payments via bluetooth using the Nano X. It acts as a companion app to any Ledger device and replaces the old system of using individual apps for each digital asset.
The easy-to-install application supports multiple accounts, tight security and the ability to check balances even when disconnect from a device. It features detailed guidance that is easy to follow and ensures that users validate and confirm all transactions before completion.
The Nano X also features greatly increased memory which means it can now store up to 100 digital assets at once.
At 2MB, it’s still not the largest amount of memory available on a cryptocurrency hardware wallet but it is more than most cryptocurrency users will ever need.
What’s in the box?
In addition to the physical Ledger Nano X device, customers will also receive a USB type C cable, a keychain, three recovery sheets and a few ledger stickers.
The change to USB type-C is a nice upgrade as the adaptor is far more robust than the old Micro-USB style. It can be used to both charge and interact with the device as with previous models.
Recovery sheets can be used to record the 24-word passphrase that is needed to recover a backup in the event that your device gets locked out or reset.
For the Nano X, Ledger chose to place the function buttons on the front of the device rather than the sides, which greatly improves the user experience. The screen is also much larger, making it easier to see and much simpler to control.
The Nano X is quite a bit larger than the Nano S and at 36 grams, weighs twice as much. This gives it much more robust and sturdy feeling while remaining small enough for easy storage and portability.
Most of the extra weight can be attributed to the larger battery which can now last up to 7 hours on a single charge.
At $119, the Nano X is not the cheapest cryptocurrency hardware wallet on the market but its still more affordable than the Trezor T which retails for around $165. Trezor also feature its cheaper Trezor One wallet for only $78 but since the release of the Ledger Nano X the Nano S has now dropped to only $69.
Depending on a users individual requirements, security concerns and the overall value of their digital assets, the Nano S may be more attractive. However, large investors who require the most advanced features and cutting-edge security will likely find the Nano X preferable.