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Hardware

Ledger Nano S

Ledger Nano S is a secure Bitcoin hardware wallet. It connects to any computer through USB and embeds a built-in OLED display to double-check and confirm each transaction with a single tap on its buttons.

  • Bech32
    Bech32 is a special address format made possible by SegWit (see the feature description for SegWit for more info). This address format is also known as 'bc1 addresses'. Some Bitcoin wallets and services do not yet support sending or receiving to Bech32 addresses.
  • Hardware Wallet
    Some wallets can pair and connect to a hardware wallet in addition to being able to send to them. While sending to a hardware wallet is something most all wallets can do, being able to pair with one is a unique feature. This feature enables you to be able to send and receive directly to and from a hardware wallet.
  • Legacy Addresses
    Most wallets have the ability to send and receive with legacy bitcoin addresses. Legacy addresses start with 1 or 3 (as opposed to starting with bc1). Without legacy address support, you may not be able to receive bitcoin from older wallets or exchanges.
  • Multisig
    Some wallets have the ability to require more than one key to authorize a transaction. This can be used to divide responsibility and control over multiple parties.
  • SegWit
    Some wallets support SegWit, which uses blockchain space more efficiently. This helps reduce fees paid by helping the Bitcoin network scale and sets the foundation for second layer solutions such as the Lightning Network.
  • Taproot
    Some wallets support Taproot, which can increase privacy and use blockchain space more efficiently for complex transactions such as multisig. Some Bitcoin wallets and services do not yet support sending or receiving to the Bech32m addresses (which begin with 'bc1p') which Taproot uses.

Criteria

Control

Control over your money

Good

This wallet gives you full control over your bitcoins. This means no third party can freeze or lose your funds. You are however still responsible for securing and backing up your wallet.

Validation

Variable validation

Not applicable

Payment validation features are provided by the software wallet you use with this device.

Transparency

Basic transparency

Acceptable

The specification for this wallet is public. This means any developer in the world can do blackbox testing. However, you still need to trust developers of this wallet because the device cannot be verified to be generating secure random seeds and the source code cannot be audited. Updating your device's firmware, generating your own secure random seed or using multi-signature can make it harder to steal your bitcoins.

Environment

Very secure environment

Good

This wallet is loaded from a secure specialized environment provided by the device. This provides very strong protection against computer vulnerabilities and malware since no software can be installed on this environment.

Privacy

Variable privacy

Not applicable

Privacy features are provided by the software wallet you use with this device.

Fees

Variable fee control

Not applicable

Fee control features are provided by the software wallet you use with this device.

Ledger Nano S — Hardware

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  • Good
  • Acceptable
  • Caution
  • Not applicable