If you are a cryptocurrency enthusiast, you definitely should own a hardware cryptocurrency wallet. One such popular hardware wallet is the Ledger Nano S, which comes practically in a USB design and supports close to all cryptocurrency available today.
Nonetheless, the Nano S seems to be outdated, attributed to slow speed coupled with limited memory. The Ledger wallet can only handle up to three crypto coins at the same time.
Ledger launched a new hardware wallet-the Ledger Nano X in January 2019. The Nano X marks a substantial improvement over the Nano S in some notable areas: It comes with a much bigger screen; it’s quite fast with a wireless feature and can hold up to 100 different cryptocurrencies at the same time.
With a starting price of $119, Nano X is much more expensive as compared to the Nano S, which retails at $59. This is why I have decided to review the Nano X to establish whether it matches its premium price.
Let’s begin with an introduction to hardware cryptocurrency wallets. Hardware wallets are devices used to store your private keys offline, allowing you to access your digital assets only through a PIN securely.
Hardware wallets enhance the security of your crypto coins over software wallets thanks to features such as actual interaction via pressing a button to confirm a transaction or verifying that a cryptocurrency address is correct on a screen in real-time.
Your private keys, when using the Ledger Nano X, are isolated in a secure chip-like element and therefore, cannot be accessed via any application interacting with the Nano X. Your private key is kept safe even in the case of a compromised PC.
Ledger Nano X
The Ledger Nano X is Ledger’s new flagship product that looks to replace the Nano S, which is now obsolete. Established in 2014, Ledger is a pioneer in the manufacturing of hardware wallets.
The company is currently a world leader in the provision of security and infrastructure solutions regarding cryptocurrencies and blockchain applications. With its headquarters in Paris, San Francisco, and Vierzon, the Ledger team consists of over 130 professionals.
The professionals are responsible for developing a range of products and services aimed at safeguarding digital assets owned by individuals and companies. The Ledger hardware wallets line is among their extensive range of products and has already sold in over 160 companies. The company has made four rounds of investments raising over $85m.
The Ledger Nano X was announced in January 2019 with pre-order starting in March 2019. Ledger Nano X is hyped as an exceptional product not comparable to any other hardware wallet in the market today. After reviewing this product, I tend to agree.
Ledger Nano X Features
The Nano X comes with superior features making it stand out in the largely competitive market. The device boasts of:
Bluetooth Connectivity: The Nano X is the first crypto hardware wallet to feature Bluetooth connectivity, thus enhancing its mobility as well as ease of use.
Nonetheless, the Bluetooth connectivity feature has mostly been criticized by cryptocurrency experts due to the possibility of Bluetooth related hacks.
Ledger has, however, refuted the criticism claiming that the Nano X implements safe Bluetooth that can only transmit public data and still keep users private keys/seed secure. Thus, even if your Bluetooth is hacked, your crypto coins are not at risk.
Tip: You can still turn off the Bluetooth feature if you find it unnecessary.
Secure Security Element Chip: With the Ledger Nano X, you need not worry about the safety of your crypto coins as they are securely stored in a certified secure element that cannot be isolated from the device.
Large Screen: The Nano X comes with a much larger display screen compared to its predecessor. The screen is twice in size and measures 72mm x 18.6mm x 11.75mm. The large OLED screen allows for easy navigation and also provides space for the buttons in the front.
Supports More Crypto coins: The Nano X supports up to 100 different cryptocurrencies that can be used at the same time. The device also allows you to install 100 apps thanks to the provided 2 MB space-the largest in any hardware wallet.
PIN & Seed Features-The Ledger Nano X provides users with standard PIN code and seed back-up features that enhance the security of the coins.
Passphrase Security: Passphrase is another security feature provided by Nano X. Passphrase is created by adding a unique custom word to the 24-word seed.
The device allows you to generate as many passphrases as you deem necessary. Note that with each passphrase, you will be generating a new set of addresses.
This feature is, however, recommended only for expert users as misplacing or forgetting your passphrase will limit you from accessing your funds even after using the seed words. Therefore, use this feature with caution, especially if you are a beginner.
Auto Screen Lock & Power Off: You have probably used this feature on your smartphone. With the auto screen lock and power-off function, you can set your device to auto-lock your screen or go entirely off following a period of inactivity. Nonetheless, you can still make the device active again by entering your PIN.
Battery Enabled: The Ledger Nano X is the first crypto hardware wallet to feature an external battery. The device comes with a 100mAh battery designed to last for several hours with a lifetime of up to five years.
The battery feature was necessary to make the device mobile and also enable Bluetooth connectivity. With this feature, you can easily connect it with your iOS or Android devices and carry it wherever you go.
Live Support Feature: The Nano X has live access to the Ledger support and consistently upgrades your firmware.
Ledger Nano X UI & UX: The new Ledger Nano X also comes with a bigger OLED screen, which allows you to view and navigate the options tab on the device clearly.
Additionally, the bulging side buttons have been placed on the forward-facing side of the device, enhancing user experiencing when selecting an option.
Ledger X and Trezor are much superior compared to Ledger S regarding the number of cryptocurrencies you can hold at once. The Ledger X supports up to 100 different crypto coins simultaneously while the Trezor supports an unlimited number of cryptocurrencies.
Most crypto beginners usually start with Bitcoin but get to other crypto coins with time. The Ledger S is ideal for Bitcoin Maximalists, who don’t need other crypto coins. However, if you are open to any other cryptocurrencies apart from Bitcoin, you should go for Trezor.
And if you prefer to carry your hardware wallet with you wherever you go to spend your coins, the Ledger X is best suited for you. It’s my hope that this guide to help you reach a decision regarding which hardware wallet to purchase.
You can also check out my TREZOR Model T and Keepkey reviews if you are still undecided on which hardware wallet to buy.