Updated: Apr 10, 2020
A gadget that every cryptocurrency enthusiast must-have is a hardware cryptocurrency wallet. The Ledger Nano X is the latest in this domain, which is introduced by Ledger. It is a step ahead of all other crypto hardware wallets on the market today. Here is a quick review of the Ledger Nano X and whether it is useful for you or not.
Coin support of 1,000 cryptocurrencies
USB thumb-like in size
Built for the true crypto enthusiast
Supports a huge number of cryptocurrencies
Newest hardware wallet
Could be more intuitive
Hardware wallets are small devices that store the private key for cryptocurrencies. These devices are always kept offline and never expose your private key outside of the device. This cold storage feature allows users to connect their hardware wallets to any compromised computer, without risking the exposure of their private key.
Satoshi Labs (which manufactures Trezor Wallet) and Ledger are among the two largest hardware wallet companies today. Ledger was founded in 2014 and is a pioneer in security and infrastructure solutions for blockchain applications and cryptocurrencies. It has a team of over 130 professionals specializing in developing a variety of services and products, for safeguarding cryptocurrency assets, with the latest one being the Ledger Nano X.
How Is It Better?
The primary difference of Nano X over its predecessors is its Bluetooth connectivity. This allows the hardware wallet to be controlled through a mobile phone and not just from a computer. The device is a definite upgrade from other hardware wallets and previous Ledger models.
Nano S has a limited capacity for coins, which can prove to be very annoying for a hard-core crypto asset. Nano X supports over 100 cryptocurrencies. Nano X comes out on top on all accounts when compared with the competition.
The only thing that Nano X does not have a touchscreen, which is provided in the Trezor Model T (costing $169). However, most experts would have you know that a touchscreen is not that big of an advantage anyway.
Nano X has a larger screen compared to Nano S, which allows users to see an entire address during the verification stage of receiving or sending crypto. The buttons are also bigger and easier to press.
What Is Not So Good?
There are mixed feelings where Ledger Nano X is concerned. On the one hand, the device is great in terms of size, design, and features. However, it lacks intuitiveness with users having to go back and forth a few times before realizing the steps they are missing. Ledger has accounted for this limitation by making available a complete and full-fledged onboarding process on their site.
The Bluetooth connection also seems to get in the way and cause the device to slow down. In most cases, you would not be able to “approve” manually and would have to wait for a few seconds for the action to “self-approved”.
There is no battery indicator on the device. It would shut down without any notice. However, the device does show a “low battery” message.
How To Set Up?
Setting up Nano X, as with all other hardware wallets, is long and takes some time. However, the process is largely effortless and painless. The device is similar to Nano S and looks like a USB. The box comes with a short set of instructions, a USB-C to USB-A cable, and three seed phrase cards. There are no bulgy buttons on top of the device anymore. They have been seamlessly integrated into a beautiful design.
You can successfully set up the Nano X in 5 easy steps:
Step 1: Set up a Pin Code
You will need to choose a 4-8 digit Pin Code when you first fire up the device. Entering is achieved by pressing both buttons simultaneously once you toggle between numbers using the buttons.
Step 2: Entering the seed phrase
The seed phrase is similar to entering a password for your wallet and should be kept safe and hidden at all times. You will be asked to confirm the phrase entirely. You cannot skip this part like in the Trezor setup process.
Step 3: Pair it with your phone
This is the first Ledger wallet that can be connected to a mobile device, which can be controlled in a way similar to using the desktop software known as “Ledger Live”. You need to make sure your phone has a splendid Bluetooth connectivity or you may face a cumbersome setup process.
Step 4: Install apps
Each coin requires a different app. You can start installing the necessary apps when your device is paired and ready to use.
Step 5: Add accounts
Once you have the apps installed, you also need to add individual accounts. For instance, if you have the Bitcoin app installed, you also need to add your Bitcoin account on the device. This step is not conveyed in the user interface and may confuse.
What Coins Are Supported By Ledger Nano X?
There are over 1,000 coins and tokens supported by Ledger Nano X. The main coins include BTC, XRP, ETH, BCH, EOS, XLM, LTC, TRX, ADA, MIOTA, BNB, XMR, DASH, NEO, ETC, ZEC, XTZ, WAVES, DOGE, VET, and more.
ERC-20 tokens and less popular coins require alternative software connected to the Ledger to send and receive them, such as MyEtherWallet or MyCryptoWallet.
How Much Does it Cost?
The Nano X costs twice as much as Nano S at $119. You are paying for extended coin capacity at 100 assets and Bluetooth support. This price leap is big but is still worth the added functionalities. The fact that the wallet can be controlled from your phone is a huge plus point.
Another area where Nano X justifies its cost is the speed. Nano S tends to slow down to a crawl sometimes, even when you are doing something utterly simple, such as entering your Pin Code. With Nano X you would not face any such issues, no matter what you are doing. However, you need to make sure that your phone device has a good Bluetooth connectivity.