Ledger wallet Nano S low capacity issues!!
Ledger wallet Nano S low capacity issue!!
When I started investing/trading into cryptocurrencies I quickly became aware of the risks involved. Essentially you are your own bank, everything you own of a currency is your own responsibility.
After reading different threats on https://bitcointalk.org/ I was ready to purchase a hardware wallet. In essence a hardware wallet is a cold storage for your cryptocurrency, a dedicated vault and not consistently connected to the internet. Being connected to the internet and having wallets stored on your computer is a potential risk. I have seen multiple risks such as:
_Copy/Past stealer. As different wallets work using chrome browser, there is a potential threat of the copy/past. You might store your send/receive keys in a file or sheet. This hack looks for a copy/past action and when pasting the receiving address is changed to spoof you.
_Hacking your computer and searching for wallets on your harddisk. Use tight and strong security for your computer and back up every single day!!
_Ransonware, a recent rise in the hacking is ransomware, use backups, print your codes, etc, etc.
_Be as safe as you can be, build your own Fort Knox, because everybody is vulnerable. You can run but you can’t hide…
I’m sure there are many more scams laying around the corner. Therefore I have invested in cold/hard storage to safely manage my cryptocurrencies.
Hardware wallets
After researching online and reading many blogposts, I came to the conclusion two brands are suitable with a strong security and offering multiple cryptocurrencies.
_Legderwallet https://www.ledgerwallet.com/
_Trezor https://trezor.io/
I am sure there are other good hardware solutions, but for now there the top market selections.
Both hardware wallets have a similar approach, connecting to your computer using a USB cable and both support all platforms from Apple, Windows and Linux. Also I have read many of the bigger/earlier investors in cryptocurrencies use a dedicated computer installed with Linux and not connected to the internet. Well maybe this will be my next step into the cryptocurrency adventure.
Low capacity on Ledger Nano S
As I am testing the Leger Nano S, I came to the conclusion you and only install a few of the ALTCOINs onto the vault. I would have expected a higher capacity as for now I can only install five different cryptocurrencies. As far as this also accounts for Trezor, I have to find out. Just ordered one to do the testing.
Share your favorite way of storing your cryptocurrencies!!
Please let me know, I want to learn more. Share your favorite way of storing your cryptocurrency.
As always, thank you for reading.
Sander
Agreed. Ledger is a good wallet, but I've come across the same issues. Yes its cool knowing your crypro is safe, but having to buy another wallet just to store an extra altcoin; not so cool lol
Yes, exactly! For now I use two ledgers one for storage and one for backup. But now I have to buy more hardware storage in order to keep everything safe. Thanks for sharing.
haha yes the struggle can be real in cryoto, Thank you as well ^_^
I had the same confusion, but you can have as many wallets as you want from what altcoins ledger supports. Although you can only download a few coins at a time onto the ledger, that is only to open the wallet. You can delete apps within the ledger manager to make room for the ones you want to use in that moment and reinstall them once you want to open the wallet to send; all your coins will still be there the keys are saved onto the ledger itself.
This is very solid info. I think a lot of people are scared to delete the Bitcoin wallet app, myself included at first. Only to realize you can remove the app and re add it and your btc is still there!
Would like to hear to comment on the Trezor.
Thanks @krabgat for asking, at the moment I don't own Trezor, can't tell. From my understaind Ledger and Trezor at top market hardware suppliers. Good luck.
I just ordered a nano S, and can't wait until i get it. It's a long delivery time on it tough.
Do you mean low capacity as in few altcoins?
He means low capacity as in from the altcoins that ledger does support, you are only able to have a wallet installed for a few of them at a time due to insufficient space. Although you probably have already figured this out by now
The Nano Ledger S support over 300 cryptocurrencies if you use it to log in to Myetherwallet.