Ledger Nano S Unboxing (Hardware Wallet)

Boxmining

46.5K views 514 8 years ago

Description

A bit late, but I finally got it - Ledger Nano S! This popular hardware wallet is designed to keep Bitcoin, Ethereum, Dash and other cryptocurrencies safe. The key feature is that the private key is s...

A bit late, but I finally got it - Ledger Nano S! This popular hardware wallet is designed to keep Bitcoin, Ethereum, Dash and other cryptocurrencies safe. The key feature is that the private key is stored permanently on the device and can't be accessed by hackers. Buy with this link: https://www.ledgerwallet.com/r/428b

AI Analysis

This video provides an in-depth look at the Ledger Nano S, a popular hardware wallet designed to securely store various cryptocurrencies. It highlights the critical importance of self-custody and personal responsibility in the crypto space, drawing a stark contrast between traditional banking security and the decentralized nature of digital assets. The unboxing also serves as a practical guide to what to expect when acquiring such a device, emphasizing essential setup steps and security precautions.

Here's a breakdown of the key topics and insights:

* Anticipation and Arrival: The Ledger Nano S finally arrived after nearly a month, having been ordered from France while the device was severely out of stock. There's a noticeable excitement around finally getting hands on this hardware wallet.
* What a Hardware Wallet Is: A hardware wallet, like the Ledger Nano S, functions similarly to a USB key. It must be plugged into a computer to operate and is designed to store various cryptocurrencies, including Bitcoin, Litecoin, and Dash, offering a secure storage solution.
* The Safest Storage Options:
* Paper Wallet: The absolute safest option for storing cryptocurrency is a paper wallet. It has no "moving parts" or hardware, meaning it's impervious to digital hacks. As long as it's created in a secure, offline environment and kept physically safe, it can store cryptocurrencies indefinitely. The only potential pitfall mentioned is ink fading over time if cheap ink is used.
* Ledger Nano S (Hardware Wallet): This is considered the "next best safest option" after a paper wallet. It offers a significant leap in security compared to online exchanges or software wallets.
* Why Hardware Wallets are Essential (Learned the Hard Way):
* Dangers of Exchanges: Storing cryptocurrencies on exchanges is inherently risky. A personal anecdote highlights this danger: a substantial amount of Bitcoin was lost when the Mt. Gox exchange (one of the largest at the time) was hacked. This experience underscores the critical need to avoid keeping significant crypto holdings on exchange platforms.
* Vulnerabilities of Software Wallets: Mobile or computer-based software wallets, while convenient, are susceptible to hacking. Malware, viruses, or keyloggers on a device can potentially compromise and steal funds from these wallets.
* How the Ledger Nano S Ensures Security:
* Key Never Leaves the Device: The primary security advantage of the Ledger Nano S is that the private key (which controls access to your cryptocurrencies) never leaves the device. When you initiate a transaction, it is "signed" directly on the Ledger Nano S itself. Only the signed transaction is sent out to the network, meaning the sensitive private key remains isolated and secure on the hardware.
* Physical Possession Required: Since the private key is locked to the device, only the person physically possessing the Ledger Nano S can authorize and use the stored cryptocurrencies. This adds a crucial layer of physical security.
* Convenience vs. Security Trade-off: While software wallets might offer more "on-the-go" convenience, hardware wallets like the Ledger Nano S prioritize security by requiring connection to a computer and keeping keys offline, making them less prone to remote hacks.
* The Unboxing Experience and Contents:
* The device arrived nicely shrink-wrapped, indicating it was new and untampered with.
Instruction Manual: Emphasizes the importance of reading the manual thoroughly ("read the fing manual") as it contains vital setup and usage information.
* Recovery Sheet: This is a crucial paper sheet where you'll write down your recovery phrase (often called a "seed phrase"). This phrase is the ultimate backup; if the Ledger Nano S is lost, damaged, or stolen, this sheet allows you to recover access to your funds on a new device. However, losing this sheet or allowing it to fall into the wrong hands is equivalent to losing your Ledger Nano S and access to your funds, as anyone with the phrase can restore your wallet.
* Why Not Print the Recovery Sheet: A strong warning is given against printing the recovery sheet. If a hacker intercepts data on its way to the printer, they could steal your private information, compromising your crypto. It must be handwritten in a secure environment.
* The Device Itself: The Ledger Nano S has a robust feel, featuring a metal casing and a small LCD panel for displaying transaction details and navigation.
* Connectivity: It doesn't plug directly into a computer; it requires a USB cable, which is included in the box. Users with newer MacBooks or computers might need to ensure they have a traditional USB-A port or an adapter.
* Accessories: The box also includes a keyring and a strap, suggesting options for carrying the device securely.
* Fundamental Difference: Crypto vs. Traditional Finance Security:
* Traditional Banking: With credit cards or bank accounts, there's a central authority (the bank or credit card company) that provides insurance and allows you to recover funds or accounts with government ID if your card or details are stolen.
* Cryptocurrency: There is no "bank of Bitcoin" or "bank of Ethereum." If you lose your private key, your wallet, or your device, or if your key is stolen and funds are transferred, there is no central entity to call for a refund, recovery, or insurance claim. This highlights the absolute personal responsibility required when managing cryptocurrencies.
* Upcoming Content: Plans are in place for a detailed tutorial on how to set up and use the Ledger Nano S, as well as a full review after some hands-on experience with the device.

Transcript

So it has finally arrived, my Ledger Nano S. I've ordered this almost a month ago and they were super out of stock and it took a while for it to be shipped all the way from France. But it has finally, finally arrived. So in this video, I'm going to show you what's in this box and why I'm buying a Ledger Nano S. This is a hardware wallet. So it's kind of like a USB key and it must be plugged in the computer in order to function. It can store various cryptocurrencies such as Bitcoin, Litecoin, or...

So it has finally arrived, my Ledger Nano S. I've ordered this almost a month ago and they were super out of stock and it took a while for it to be shipped all the way from France. But it has finally, finally arrived. So in this video, I'm going to show you what's in this box and why I'm buying a Ledger Nano S. This is a hardware wallet. So it's kind of like a USB key and it must be plugged in the computer in order to function. It can store various cryptocurrencies such as Bitcoin, Litecoin, or Dash. And it's one of the safer options out there. Of course, I would do have to say the safest option is something like this, a paper wallet and something that you keep very safe. Never, of course, show it online. This is just for laws, but a paper wallet is probably the safest one because it doesn't have any moving parts. It doesn't have any hardware. And if you do it in a very safe environment, you can probably store bitcoins there forever, forever until the end of time or until your ink dies and runs out, which you shouldn't, you know, just rely on cheap ink. But anyway, it's going to cover. This is the next best safest option. The reason why I bought it is because I am still storing quite a lot of cryptocurrencies and storing it on exchanges aren't safe. I learned that the hard way after I lost quite a lot of bitcoins during, well, after storing it in Mt. Gox, one of the biggest exchanges at the time. And then it got hacked. Also, of course, wallets can also be hacked. So mobile wallets or computer wallets, they can potentially be hacked on your mobile phone because, well, if hackers do put a virus on your phone or keylogger, they can potentially steal your wallet. Well, with those methods, with these methods, it's probably a lot faster and more convenient to use because you can use it on your go. And while also with this method, you got to use it on your computer. But the advantage of this method is that the key never really leaves your device. So it's actually signed on the device. You must plug it in for it to be used. And also once you use it, it only sends the signed transaction out. The key never leaves the device, which means that it's still kept there safely on the device and the only the person who possesses advice can actually use those cryptocurrencies. So I'm going to unbox it right now for you guys. It's nicely shrink wrap. This was bought in, I think the end of May. So it took a while for it to arrive almost a month and a bit, but let's see what's inside quite excited because it's my first time unboxing one of these things. I think there's also quite a price hype right now with these, but because it's out of stock everywhere. So let's check what's inside. Okay. Welcome. So instruction manual first, definitely worth a read. So read the fucking manual is probably one of the biggest things out there. So, okay. So it has a little bit of manual and it's got, this one's in English. So everything's in English right now. It's got recovery sheet and you're going to have to write your recovery on here. So this is the, in event that if something really does go wrong with this device, you still have a recovery sheet, but losing this recovery sheet once you wrote the stuff down there will be the equivalent of kind of, you know, if you give that to someone, they can recover and make a new device. So this is something you definitely don't want to lose and you don't want to fall into the wrong hands. This will be the equivalent of losing your Ledger Nano S. So that's a recovery sheet right there. And of course you write it yourself. And I've seen people who try to write these incorrectly. You got to really make sure that you write it down. The reason why you don't print these is because if on the way to the printer, some hacker stole your data, then well, you, that will, bad things will happen. The whole concept of cryptocurrencies is kind of intriguing to a lot of people because with normal transactions, the most important thing is your person. You are the most important key. So if your credit card gets stolen, you can call the credit card company and you can get your money back because there's insurance on there. And also if you go to the bank and you lost your bank card, well, you can use your passport or any form of government ID to recover your bank account. But with cryptocurrency is different. There's no bank of Bitcoin. There's no bank of Ethereum. There's no bank of Litecoin. So with that in mind, there's no way of getting your credit back, your coins back. If in the event that you lose one of these devices or lose your wallet or lose your private key. And also if you also get that key stolen from you, someone can transfer funds and there's no way, there's no insurance on that either. So this is the actual device itself. It's held nicely here. It does feel all right. It feels like it's got a, it's got a metal casing with the device itself inside. And there's a little LCD panel for it. Um, it doesn't plug in directly, so you can't really plug that directly into your computer. You actually have to use one of these, um, cables. You basically cable that. Here. And connect that to your computer. You can also have, um, there's also some attachments in a box. So you have to have a key ring. If you're one of those people who want to carry your ledger nano S or out. And it also has a nice, um, strip. Um, was it these handle things as well? Anyways, so it does include a cable and it does connect to a USB. If you do have a Mac or a Mac book, you do have to make sure that that has a traditional USB, um, socket for that. So overall, it's a pretty simple to the use device and I'm going to do a tutorial on how to use it once I get it set up. But in this video, I mostly just want to show you what's in the box and the reasons of why I bought it. So it's pretty simple box manuals. Accessories. Pretty good. So I will give a review once I start using it and what I feel about this device. If you guys are interested in buying one, there's a link below. If you buy it using that link, you, you do support my channel and need to help me out a little bit as well. Guys, thank you for watching this video. If you have any questions about the ledger nano S do put them down below. I'll try to ask them as much as I can and I'll give you another video update. Once I start using this. Thank you guys so much for watching this video. See you next time.