Ledger Nano S Review for Sports Betting

by May 1, 2020Bitcoin

Cryptocurrency for Sports Betting

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Ledger Nano S 

What is the Ledger Nano S?

If you intend to use Bitcoin for sports gambling, you need to have a Bitcoin wallet. Wallets are how you store your bitcoins. That’s how you keep them safe. The Ledger Nano S is a hardware wallet that houses your Bitcoin, Ethereum and Altcoins. The device is very secure and one of the safest options available for cryptocurrency transactions. This device will give your cryptocurrency transactions an enhanced level of security and give you peace of mind in knowing your transactions are safer than normal means. The Ledger Nano S will support Bitcoin, Litecoin, Ethereum and Ethereum Classic companion apps, and other blockchain based cryptocurrencies. The altcoins that are supported by the Ledger Nano S consist of Bitcoin Ethereum/Ethereum Classic, Litecoin, Dogecoin, Zcash (z-addresses are not supported) Dash and Stratis. *Update as of March 6, 2017.  Ledger just announced the new firmware update 1.4.1 for their Ledger Nano S wallet. The update further optimizes various user experience and security elements on the device.
The company that developed Ledger Nano S is from France and founded the company in 2015. They started out small but gained substantial traction in the cryptocurrency world and are now a worthy competitor to SatoshiLabs, who are the creators of TREZOR. Ledger Nano S provides excellent customer support to their users.

Getting Started with Ledger Nano S

When you initially purchase your Ledger Nano S and begin unboxing the item, you will have the following items below. Make sure when you purchase your Ledger Nano S that the tamper proof tape that encloses the product is not tampered with in any way. If you suspect that the device could have been opened or not sealed properly, please email Ledger and request a new device!
  • Ledger Nano S
  • Micro USB Cord
  • Lanyard
  • Keychain and Key Ring
The Ledger Nano S is a bit different than Ledger’s other two hardware wallets. The main difference is the Ledger Nano S is device with two buttons and utilizes a screen. Both buttons need to be pushed at the same time in order to confirm a payment and to make a transaction. The Ledger Nano and the Ledger HW.1 do not have a screen and are not as secure as the Ledger Nano S. Due to the fact that the Ledger Nano S has a screen, it can actually be used even on computers that are infected with malware and viruses. The initial setup of the Ledger Nano S is very easy and only takes minutes to set up. The first thing you will want to do after you unbox your product is plug it in to your computer and turn it on. You plug it in to your computer using the Micro USB Cord that is enclosed in the box. The device does require you to set up a PIN Code on the initial setup. This will help prevent the loss of your Bitcoins and Cryptocurrencies in the event that you lose your device. This is another form of security because if someone happens to find your Ledger Nano S, they would not know your 4 digit pin code and therefore, won’t be able to make the transaction. After three incorrect selections of the pin code, the Ledger Nano S will wipe itself clean and prevent the information contained from ever being utilized. After you have successfully set up your pin code, you will need to write down the Ledger Nano S 24 word recover phrase or sometimes referred to as a seed. You will have a card in your box when you purchased the item that will help you store your written recovery phrase. Remember, this needs to be kept in a safe and secure location, where only you have access to the 24 words. The majority of the time for the setup, is consumed by writing down your seed. After you have wrote down your seed, Ledger Nano S will require you to confirm your seed with two random words that you wrote down. They may select any of the 24 words and require you to push both buttons on the device, when it appears on the screen. Once the device is completely set up, the only thing you will need to do is install an app that will allow you interface with the actual device. The app that we use here at the Spooky Express is a Chrome extension. This will provide you with ability to send Bitcoins and other cryptocurrencies from your hardware wallet, generating your Bitcoin or other cryptocurrency address to receive settings for your app (e.g. exchange rate, language, etc.) The interface itself is fairly simply to use and doesn’t require a manual to learn how to utilize this. If you do not wish to use the interface, the Ledger Nano S will also use existing Bitcoin wallets such as MyCellium, Electrum Bitgo, GreenBits, Copay and MyEtherWallet.

Benefits of the Ledger Nano S

In general, one of the best benefits of the Ledger Nano S is the fact that it is one of safest forms of security that you can use for your Bitcoins and other forms of cryptocurrency. With the Ledger Nano S, you can send and receive cryptocurrency coins on any computer at any time. These types of wallets are very secure because they store your private key offline and use a secondary option for your transactions. The Ledger Nano S uses a second screen option, which basically means that you must use two different forms of transactions such as a computer and a mobile device. The wallet is very affordable, on average running approximately $95.00. The Ledger Nano S is currently the least expensive hardware wallet that utilizes a screen for secondary security. The Spooky Express recommends that you never purchase the Ledger Nano S or any other hardware wallet from eBay or other auction like company that sells used items. We recommend that you purchase the item from the Ledger company itself or from Amazon.

Negatives of the Ledger Nano S

One of the negatives that we must mention is the Ledger Nano S lacks support for passphrases. It would be nice to see this company give some better support for one of the most important aspects of the Ledger Nano S. To put this into normal terms, it means that they would allow you to making up your own or custom text for your 24 word recovery phrase. By being forced to write down the recovery phrase, you are subjecting yourself to compromised security due to the fact that if someone obtains your passphrase, they can gain access to your cryptocurrencies. The company has said that they are working on this option but it is not currently available.

Overall Conclusions of the Ledger Nano S

The Ledger Nano S is a great option that we have found to bring a higher level of security to your Bitcoin and Cryptocurrency transactions. There is nothing more frustrating than the feeling of losing your Bitcoins or Cryptocurrency due to a lack of security or from your account being hacked online. Ledger Nano S gives you a much great level of security and a peace of mind knowing that your investments are safe and secure. Hackers are finding more and more ways to work the system but due to the fact that the Ledger Nano S is offline and is not stored on any computer, it drastically increases the level of security. We strongly encourage the usage of the Ledger Nano S due to the level of security and the safety that it provides.

Cryptocurrency for Sports Betting

Click on any of the below links to get started buying, selling and trading Bitcoin and other cryptocurrency with these recommended wallets and exchanges now!

Coinbase | Binance | Gate.IO | KuCoin | CoinMama | 

HitBTC | Kraken | HuobiKeepKey | Trezor |

Ledger Nano S 

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