One of the simplest ways to keep your cryptocurrencies safe from hackers and malicious actors is to store them off cryptocurrency exchanges and onto a cryptocurrency wallet. These wallets store your private keys offline so hackers cannot access your cryptocurrencies. In this section we review the most popular cryptocurrency wallets to help you decide which is the best wallet for you, and teach you how to set up and use your cryptocurrency wallet with our simple guides and tutorials.
MetaMask Enables U.S. Users to Purchase ETH via PayPal
MetaMask developer ConsenSys has announced the integration of a PayPal payment option to its software wallet. Users will be able to buy and transfer Ethereum (ETH) by logging into the mobile MetaMask app, tapping on the “Buy” button, and selecting “PayPal.” This will redirect users to PayPal, where they can complete their transaction OR send ETH from their PayPal account to their MetaMask wallet.
Our US users will now be able to fund their wallet with ETH via @PayPal! đŠ
Rolling out in the next weeks in the US, excl. Hawaii, through our mobile app (make sure to update to v5.13.0)đ§”đhttps://t.co/392JwFYF3m
This feature will be rolled out to all U.S. users first in the coming weeks, as they are one of MetaMask’s largest markets in terms of users. For MetaMask’s desktop browser extension, MetaMask Product Manager Lorenzo Santos told Decrypt via email that it will be available in the next quarter.
As of now, it is unclear whether the feature will be deployed in other countries or if other cryptos will also be available for purchase. Since ConsenSys is run by Ethereum co-founder Joe Lubin and MetaMask is an EVM-only wallet, it makes sense that ETH purchases are focused first.
Unlocking the Web3 Ecosystem with MetaMask and PayPal
As one of the top crypto wallet providers, MetaMask is often a starting point for users interacting with DeFi applications, GameFi, and metaverse platforms. And because PayPal is one of the largest online payment systems with 432 million active accounts worldwide, adding PayPal to MetaMask could broaden the customer base, making it easier for newcomers to enter the Web3 ecosystem.
Santos stated in the press release, âthis integration with PayPal will allow our U.S. users to not just buy crypto seamlessly through MetaMask, but also to easily explore the Web3 ecosystem.â
Traditional Payment Companies Expanding to Web3
Over the past year, more and more traditional payment companies have been integrating crypto into their services. In fact, PayPal first began offering customers the ability to buy, sell, and hold crypto on its platform in 2020, and allowed customers to checkout with Bitcoin, Litecoin, Ethereum, and Bitcoin Cash in 2021. In June 2022, PayPal also enables customers to transfer crypto from PayPal to other wallets or exchanges. And now with the new integration into MetaMask, we can expect PayPal to release more new features gradually.
Other traditional payment companies have also followed suit. Cash App, the number one finance app in the App Store, has also added support for transactions via the Bitcoin Lightning Network, the layer-2 protocol for Bitcoin’s blockchain. Stripe, an Irish-American financial services company, has also launched its own tool to help Web3 companies, allowing their customers to buy crypto with fiat.
Other global financial services have also hinted at the possibility of dabbling into crypto. In October, Western Union filed trademark applications for managing wallets, exchanging digital assets and commodities derivatives, issuing tokens of value, and brokerage and insurance service, according to trademark attorney Mike Kondoudis.
Ledger, one of the top hardware wallet providers, has announced the launch of its new Ledger Stax wallet in partnership with Tony Fadell, co-creator of the iPod and iPhone. This is a significant initiative as Fadell being one of the world’s foremost tech engineer is stepping in to bring clarity and confidence to owning digital assets following the collapse of FTX.
Pre-order your Ledger Stax Wallet here!
Key Features of Ledger Stax Wallet
Fadell realized that existing hardware wallets are difficult to use for mass consumers. Therefore, he drew inspiration from his iPod design to bring a more user-friendly experience for wallet users.
Ledger Stax resembles a small smartphone and has a monochromatic E ink display which covers the front and curves around the spine. That way users can easily view complete transaction details as well as their NFT collections even when the wallet is off. This works in conjunction with integrated magnets, allowing multiple Stax devices to stack, hence its name. This is particularly useful for Ledger owners who have different portfolios since they can look at the labels displayed on the spine, like books on a shelf.
Stackable Ledger Stax wallets with displayable screen on the spine (Source: Ledger)
Users can store more than 500 cryptocurrencies or NFTs on Ledger Stax. Developers are also planning to allow users to explore Web3 applications through the Ledger Live app. Users can connect the Ledger Live app on (1) laptops via secure USB-C or (2) smartphones via bluetooth. This new user interface will enable clear and intuitive interaction for all mainstream users.
Ledger Stax also has good energy efficiency and supports wireless Qi charging. Its battery can last as long as few months with a single charge.
How to Get Ledger Stax Wallet?
Ledger Stax is now available for preorder at $279 and will begin shipping by the end of March 2023. It will also be available from select retailers such as Best Buy in the U.S. Those who purchase the wallet will also receive an Infinity Pass, which provides users with a free utility NFT.
Additionally, a Ledger Stax NFT Bundle is available to mint on [Ledger] Market for 0.22 ETH to redeem a free Ledger Stax device. It also unlocks access to exclusive NFT artwork from Ledger’s network of hand-picked artists. However, Genesis Pass holders and PREMINT Collabs have special mint-priority, and there are only 10,000 bundles available.
Key Takeaway
âNot your keys, not your cryptoâ â there is a great risk of losing all your crypto if you park it on a centralized exchange. Hardware wallets are great self-custodial solutions because only you have control over your funds. But the problem is it can be quite daunting to operate one, especially for beginners.
Ledger Stax will revolutionize this by bringing the familiar user experience of smartphones into hardware wallets. This is a big step towards a decentralized financial future as more people are opting for self-custodial solutions. If you are interested in other hardware wallets, feel free to check these out:
Pre-order your Ledger Stax for only $279 and get it by end of March 2023!
What is the Ledger Stax wallet?
The Ledger Stax wallet is a new hardware wallet developed in partnership with Tony Fadell, co-creator of the iPod and iPhone. It has a unique and innovative design in the style of high-end Samsung cell phones, and lets users view their NFT collections even when the wallet is off.
When will the Ledger Stax be available for sale?
Ledger Stax is now available for reorder at $279 and will begin shipping by the end of March 2023.
What features does the Ledger Stax offer?
The Ledger Stax wallet is an easy-to-carry device about the size of a credit card, which allows users to store more than 500 cryptocurrencies or NFT collections. It also features an E-Ink touchscreen for viewing NFT collections, and a battery that can last for weeks or even months with a single charge.
Are there any incentives for purchasing the Ledger Stax?
Yes, those who purchase the wallet will be eligible for various prizes, such as a âMagnet Shellâ protective case and an NFT from the “The Art On Ledger Stax Collection.”
Hot and cold wallets are used to store your cryptocurrencies, specifically your private keys which grant you access to your crypto assets. They are therefore a crucial element of the cryptocurrency space.
The major difference between hot and cold wallets is that hot wallets are connected to the internet whilst cold wallets are not.
For those holding cryptocurrencies, the choice between cold and hot wallets depends on factors such as the amount of coins you hold, the frequency in which you trade etc.
Extra steps are required for trading. Save for the KeepKey which is partnered with ShapeShift exchange, users must first send their cryptocurrencies from their cold wallet to an exchange before they can trade. And when cryptocurrency prices fluctuate by the minute, this can have a profound effect on your gains.
Harder to use. They do require at least 10 minutes for initial set-up, and you will need to plug in your device every time before sending your cryptocurrencies. (www.speedclean.com)
Inconvenient. Even with the Ledger Nano Xâs mobile feature allowing you to connect the device to your mobile phone via Bluetooth, itâs still not as convenient as a mobile wallet, which is simply an app on your phone.
Conclusion
Whilst there is a longer list of cons for cold wallets, they are still highly recommended on the basis of significantly improved safety of funds.
Numerous people have suffered from hacks and closures of exchanges. These victims have no way to get their funds back, or at best, it will take a very long time. For example, Mt. Gox exchange was hacked in 2011 and 2014. To date, none of its victims have gotten any of their stolen funds back.
Meanwhile, hot wallets are very convenient â if you leave your funds on exchanges, you can trade with the click of a button.
We recommend keeping small amounts of cryptocurrencies in hot wallets for day-to-day trading or spending only. Whilst the bulk of your cryptocurrencies should be kept in cold wallets. If you obtain any gains from trading, you should also consider how much you want to retain for further trading and immediately transfer the rest to cold wallets.
This setup guide helps you set up your new Ledger Nano S hardware wallet. It will teach you how to backup your wallet and install apps so you can access your cryptocurrencies with it. You can read our full Ledger Nano S review here.
The wallet is one of the most advanced cryptocurrency wallets in the market today. It supports over 1800 cryptocurrencies. The Ledger Nano S also offers better support, compact design, mobility, and security for your crypto-assets. The device retails for USD 59 or you can save 27% when buying a family pack of 3 for USD 129. Important to note that Ledger plans on discontinuing the Nano S sometime during 2022 once theyâve sold the last 10,000 Final Edition units.
Ledger Nano S Unboxing
You can also follow our step-by-step video setup guide here.
Ledger Nano S â Setup and Guide
The first step when you receive your hardware from the store is to check if the box is correctly sealed. If the box is not sealed correctly, return it to the store because there is a high chance that the wallet has been tampered with.
After verifying that the seal is intact then unbox your device and confirm that all the contents are there. The contents in the box should include:
Ledger Nano S device;
Blank sheet to write down your recovery phrase;
USB cable to allow you to connect it to the computer;
Setup guide manual that contains instructions on how to install and use your device; and
Keyring and lanyard to take your device on the go.
Inside the Ledger Nano S box
Verify that the 24-word recovery phrase card is blank. This 24-word recovery phrase allows access to your private and public key details in case your login details have been lost. If it is already pre-determined, it means that your device has been tampered with.
Setting up the Ledger Nano S
Connect the device to your computer using the USB cable included.
A welcome screen immediately flashes up your device and prompts you to press the two buttons on top to begin.
It will then ask âConfigure as a new device?â. Click: â âxâ to restore an old device using your recovery phrase; or â âââ to set up a new device.
Setting the PIN Code and Recovery Phrase
Setting the PIN Code
The device will ask you to set a new PIN code. In future, this is what you will enter to access your device.
Input your chosen 4 to 8 digit PIN code by pressing the buttons on either side to choose the digit, then pressing both buttons together to confirm. Re-enter your PIN code to confirm and conclude the PIN code setup process.
Setting the Recovery Phrase
You now need to set a recovery phrase that you will use to restore your wallet on another physical device.
Press the 2 buttons of your Ledger Nano S device simultaneously to start.
The device will start displaying the 24 words that make up your recovery phrase one by one. Press both buttons simultaneously to move onto the next word. Write them down in order on the blank recovery sheet provided.
DO NOT take a photo of your recovery words or write them down on your computer- keep it locked away. This is because anyone with your recovery phrase will be able to restore your account on another Ledger device and steal your funds.
Afterwards, the device will prompt you to confirm your 24-word recovery phrase by asking you to input some of the words. Do this to complete the recovery phrase setup.
Your device is now set up and ready to use!
Ledger Live Application Setup
Keep your device connected to your computer. You need to download and install the Ledger Live app to your computer.
Open the Ledger Live app and select: âInitialize as new device.â Click âLedger Nano Sâ and follow the instructions that check whether you have installed your hardware wallet correctly. You will then be asked to setup a Ledger Live password.
To use the device with a particular cryptocurrency, you will need to download the corresponding app on Ledger Live.
Afterwards, the Ledger Live app will ask you to install apps or add accounts. Select âOpen Managerâ which will allow you to install or uninstall apps.
For example, to use Bitcoin with your device, select âOpen Managerâ, find âBitcoinâ in the app catalog and simply click âinstallâ. You will now see the Bitcoin app on your device.
The Ledger Nano S only supports between 3 to 11 apps after its 1.6 firmware upgrade. So if you want to use your device with more than 3 cryptocurrencies, you might find it difficult to fit all of the different apps onto your device in which case you will have to uninstall some apps to make room.
You will not lose your cryptocurrencies if you uninstall the corresponding app. But of course installing/uninstalling apps to use your device is seriously troublesome.
Your Ledger Nano S is now ready to use!
Ledger Nano S setup guide: Conclusion
The Ledger Nano S is relatively easy to set up. The instructions are very clear and intuitive.
Again, ensure that your PIN code and recovery phrase is kept offline and secure. Others can access your funds using your PIN code or restoring your device using the recovery phrase.
The Ledger Nano S is limited to between 3 and 11 apps, depending on the individual app sizes for specific coins. If you have or intend to use more than that amount of cryptocurrencies regularly, you may have to use multiple devices. Or consider getting a Ledger Nano X? Check out our Ledger Nano X review to learn more.
Enjin wallet is a secure and easy to use mobile cryptocurrency wallet (iOS/Android). Itâs extremely simple to use and contains advanced features such as Dapp Browser, QR code airdrops, Cryptocurrency Exchanges and Enjinâs own NFT marketplace integration. Itâs the most secure mobile wallet weâve tested with a two-layer security encryption and secure keyboard. Enjin wallet supports a wide range of cryptocurrencies such as Bitcoin, Ethereum (all ERC-20 and ERC-1155 Tokens), Binance Chain, Litecoin, Polkadot and Kusama. Enjin wallet is created as a companion to the Enjin Platform.
Best Software Wallet Award
Enjin Wallet is our Gold Award winner in the Free / Software wallet category. We were impressed by the walletâs security features such as custom memory sweeps and double encryption. Enjin wallet is our top recommendation for any beginner who wants to keep their cryptocurrencies safe.
Is Enjin Wallet Safe to Use?
Security is the biggest concern for wallets as hackers are known to attack various wallets and attempt to steal funds. Enjin wallet offers the best in class security for mobile wallets.
Two-layer encryption: Hardware AES and software encryption is employed on the lower and application layer respectively
Secure keyboard: The protected keyboard bars keyloggers and/or data sniffers from tapping into your mobile device to steal data. It can also be randomized to increase security.
Screenshot blocking and Random Access Memory (RAM) encryption: The walletâs operating system level restricts screenshots and video recording. On the memory level, transactions are conducted on a secure RAM.
Custom libraries: Enjin Wallet features custom libraries that remove the private keys from the device memory after use â significantly reducing the attack service.
Protection processor flaws: special code is put in place to deal with flaws in ARM processors.
Security Audited: ORU security team found no issues that could be used to compromise the wallet or the cryptographic keys stored in the system (full security report here)
Samsung Blockchain Keystore support: Enjin supports the Samsung Blockchain Keystore for private key protection under Samsungâs military grade security Knox.
Mobile wallets are classified as a âHot Walletâ â meaning this wallet is connected to the internet. The Enjin team has devised special counter-measures to deal with hackers attempting to steal cryptocurrencies. All private keys are double encrypted, so even if hackers stole the file it cannot be decrypted. On top of this, the special designed Enjin keyboard deals with keyloggers â making sure that the on-device decryption process is safe. Lastly Enjin used custom libraries to wipe the private key from device memory once the transaction is sent â unlike other mobile wallets.
We added many security features that regular wallets donât have. Enjin Wallet cannot be Keylogged and not affected by CPU flaws like Meltdown and Specture.
Hot wallets are generally considered less safe due to possible device based vulnerabilities (CPU or Memory flaws) which could compromise the security of the mobile phone. That being said, Enjin walletâs can be considered to be the best out of all mobile wallets. For large amounts of cryptocurrency storage, we recommend the use of cold wallets like the Ledger Nano X.
We found the security of Enjin Wallet to be the best among mobile wallets, with external security audits confirming our viewpoint. We give it the highest security rating of 4/5 â the highest possible rating for âhot walletsâ.
Security: 4/5
What Cryptocurrencies does Enjin Wallet Support?
The Enjin wallet supports the storage of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Binance Coin (BNB), Binance Chain tokens (BEP2), Polkadot (DOT), Kusama (KSM) and Ethereum-based tokens. For Ethereum-based tokens, Enjin supports those created using the ERC20 and ERC1155 standards. Select ERC-721 collectible tokens are also supported, namely for Godâs Unchained, CryptoKitties, Blockchain Cuties and Axe Infinity.
The ERC1155 tokens fit into the Enjin ecosystem as these tokens can represent in-game assets. This fits perfectly into Enjinâs game development ecosystem for blockchain-based games.
The wallet allows users to sort, view, and show virtual currency balances in your local currency. Enjinâs partners Bancor, Kyber, and Changelly allow you to easily swap tokens.
Multi-currency Support: 4/5
Enjin Wallet Cryptocurrecy Exchange Interface
Design and interface
The Enjin wallet sports a clean and intuitive design. The wallet also allows you to easily switch from viewing your balances in cryptocurrency or the equivalent in your local fiat currency. This is extremely helpful in allowing you to know how much your portfolio is worth with a simple glance.
What is also helpful is the ability to easily create additional wallets. So say if you send or receive cryptocurrencies for different purposes, you can create a wallet for each of them (kind of like having partitions in your actual physical wallet) which makes managing your finances very convenient and easy to trace.
One slight gripe I have about the Enjin wallet is that when you look at the individual cryptocurrency balances in your wallet, there is a discrepancy in the balance shown at the top and the bottom (which is the correct balance). Though this does not affect your usage of the wallet, you just need to know and accept that the bug is there.
The balances shown are inconsistent, the one circled in red is actually correct
Despite this, Enjin wallet makes up for it with the fact that features the cleanest interface out there and additional functions not seen in any other software wallet. Because as we will see below, the Enjin wallet is more than a really good software wallet. The wallet is only one small part of Enjinâs whole gaming ecosystem. Rather, the wallet opens up additional features such as a QR code scanner, wallet for in-game collectible items and marketplace for you to trade these collectibles.
Software design: 5/5 Ease of use: 5/5
Final thoughts- my experiences with Enjin wallet
I personally store small amounts of crypto on the Enjin Wallet so I can trade, or pay or receive crypto on the go. It has an easy to understand interface with a wide range of supported coins. So I have no hesitation to use it as my primary wallet. I had friends who were new to cryptocurrency and were completely overwhelmed when hearing other people talk about hardware wallets, exchanges and crazy hacks. I showed them my Enjin Wallet and it only took them less than 30 minutes to install and master. My guess is that without Enjin walletâs simple and easy to understand design, they would have not bothered with cryptocurrencies at all. 6 months on, they are now trading cryptocurrencies regularly.
Enjin Wallet Ecosystem
Collectable Token Support
Enjin has created its own ERC-1155 digital token standard which can be used to create both fungible (currencies) and non-fungible (NFT) (digital cards, pets and in-game skins) assets on the Ethereum Network.
With the Enjin wallet, you can receive, send or melt these NFTs. The NFTs can be collectable items or in-game assets.
You can use the wallet to trade NFTs with your friends and there are Telegram forums dedicated to buying and trading collectibles!
Boxmining NFT collectable items
To learn more about all the games and the Enjin Multiverse, check out their website. Though a fantastic feature, the Enjin Mintshop, where you could mint your own NFTs was unfortunately deprecated upon launching the public mainnet of the Enjin Platform in 2020.
Boxmining collectable items are frequently given out as a way to say âThank you!!â to our fans. Subscribe to Boxminingâs YouTube channel and click the notification bell so you donât miss out!
Scan for QR Airdrops (Enjin Beam)
Enjin Beam QR giveaway
These giveaways could be found on various websites, games, and promotions on the Boxmining Channel. The Enjin Beams can take two forms: Airbeam, which sends all users the same collectible, or Lootbeam, which includes a variety of assets of varying rarities, so each user is likely to get different combinations of these loot assets. Read more about Enjin Beam here.
Enjin Wallet Marketplace
Digital Collectible items (ERC-1155 tokens) can be directly sold on the Enjin marketplace using the built in features of the Enjin Wallet. This first of a kind feature allows gamers to trade items safely without any risk by using ethereum smart contracts. Items can be listed on the marketplace by using the âsellâ feature in the Collectibles tab. The procedure is a 1 step process where seller directly inputs a selling price and confirms by executing the contract on Ethereum (paying gas in the process). The item will be directly listed on the Enjin Marketplace for public purchase.
Exchange Function
Enjinâs partners Changelly, Bancor, and Kyber allow users to easily swap between different cryptocurrencies. All you need to do is type in the amount and type of cryptocurrency you want to convert and the cryptocurrency you want to convert it to. The amount you will receive and the details of the transaction will be automatically calculated and displayed you. If more than 1 exchange offers the type of conversion you want, the information will be displayed for you to compare and choose the one thatâs best for you. Then all you need to do is press âconvertâ and itâs done!
Marketplace
The Enjin wallet also allows you to directly access their Marketplace, where you can browse and buy various NFTs. Payment can be made directly from your Enjin wallet.
Dapp Browser
Enjin Dapp Browser Support
Enjin wallet includes one of the best Decentralized App Browser weâve ever seen. The clean user interface displaces the various Exchanges, Financial, Games and Social Media Services.
Open up the app, select âcrypto walletâ and then âcreate walletâ.
Select the password you want for your wallet. When setting up your passwords and later backing up your wallet, make sure you are in a secure environment where you are not being recorded. Thieves will be able to access your wallet if they obtain this information.
Then, select which cryptocurrencies you would want to hold in your wallet. You can always add or remove more types of cryptocurrencies later. Then press âcreate walletâ.
The app will then ask if you want to backup your wallet. This is so that you can reinstate your wallet at a later date, for example when you change your phone and need to reinstall everything. So itâs highly recommended to do this step, even though it may seem tedious.
The backup is a 12 word recovery phrase that you will need to correctly re-enter to reinstate your wallet. So keep these 12 words recorded and stored in a safe place. See here for some ideas and tips on how to keep your recovery phrase safe.
You will then be asked to verify your passphrase by entering 2 of your 12 word recovery phrase at random. You will then be taken to the select coins menu where you have another chance to select the coins you want to hold in your wallet. Again, you can choose to add other coins later. If you are happy with the list of coins selected, click âcreate walletâ. The setup is then completed and you will then be taken to the main page of your wallet.
How to Send and Receive Cryptocurrency Using Enjin Wallet
Sending Cryptocurrency
On the main page of your wallet, select the cryptocurrency you wish to send.
For this demo I will be sending Bitcoin, so I selected âBTCâ.
Then on the following page (second picture below), select âsendâ. On this page you can also see your transaction history for this cryptocurrency. Note: the balance shown on the top left hand side of the second picture below is sometimes inaccurate. This is a bug in the app which hasnât been fixed yet. However this is only a display issue and does not affect your actual wallet balance which is displayed in the larger font.
On the send page (third picture below), I usually select âAdvanced modeâ which allows you to type in the number of satoshis per byte you wish to send your cryptocurrency with. The more satoshis per byte, the faster the send and of course the higher the transaction fee.
On the send page you have 3 options for inputting the receiverâs address, either: (a) type in the address; (b) paste the address; or (c) scan the recipientâs QR code address.
For the demo I will scan the recipientâs QR code address, so I selected the QR code icon on the top right hand corner, which opens up my phoneâs camera, as shown in the second picture below. There I can either choose a QR code from my photo gallery, or in this case, I scanned the QR code of the recipient.
Once youâve scanned the recipientâs QR code you will be brought back to the send page (first picture below) with the recipientâs address filled in. In the secondentry you can enter in the amount you wish to send or simply click âALLâ to send the entire balance in your wallet. And in the third entry the number of Satoshis per byte, which as mentioned will determine how fast your transaction will be sent.
To see how many satoshis per byte I would want to send my cryptocurrency with I go on the website whatthefee. This website gives an estimate of how fast my transaction will go through at any given time (second picture below). On the table, the figures in black represent the percentage likelihood a transaction will take a given length of time. The figures in the middle represent the number of satoshis per byte. So for example, the green shaded entry on the top right hand corner means that with 20.1 satoshis per byte, there would be a 95% chance your transaction will go through in 0.5 hours. The higher the satoshis per byte, the faster my transaction and consequently the higher the transaction fee.
Once youâve entered in the recipientâs address, send amount and satoshis per byte, click ânext stepâ. This will bring you to the confirm transaction page (third picture above). Here you can double check that the details are correct, if it is, click âsend nowâ. Now you are all done!
Receiving Cryptocurrency
On the main page of your wallet, select the cryptocurrency you wish to receive. If the cryptocurrency you want to receive is not shown, click the â+â button on the top right hand corner, select the coin you want to receive and then click âupdate coin listâ.
For this demo I will be receiving Bitcoin, so I selected âBTCâ. Then on the following page, select âreceiveâ. Your Bitcoin address will then be displayed in the form of a string of letters and numbers, or a QR code representing your address. You can then either (a) copy the address and give it to whoever will be sending your cryptocurrencies; or (b) have them scan your QR code address.
Note: the balance shown on the top left of the second picture below is sometimes inaccurate. This is a bug in the app which hasnât been fixed yet. However this is only a display issue and does not affect your actual wallet balance which is displayed in the larger font.
When the cryptocurrency is successfully sent to your wallet, the balance on your main page will be updated. Tip: You can select the small circular arrows next to âvalueâ to display the balance in your local currency or the cryptocurrency itself.
Congratulations! You are all set!
Successfully set up your Enjin wallet? Learned how to send and receive crypto? Now itâs time to get started with trading Bitcoin and other cryptocurrencies! Check out my course created in collaboration with Jeff Kirdeikis of Uptrennd-Â Bitcademy: Learn, Invest & Trade Bitcoin â In Under an Hour
Enjin Wallet 2.0
Enjin is also currently enrolling users in testing its Enjin Wallet 2.0 Beta, although itâs only available for Android users. This new wallet will be a completely re-written Enjin Wallet from the ground up, including all of the code to ensure better performance, stability and reliability, as well as a completely new UX and design.
If you want to participate in testing the Enjin Wallet 2.0 Beta, you can sign up here!
FAQs
How to download the Enjin Wallet?
The wallet is available for use on mobile devices powered by iOS or Android operating systems. Download the Enjin wallet on the Apple App Store or Google Play Store.
Can I import cryptocurrencies from other wallets to the Enjin wallet?
The Enjin wallet allows coins to be imported from other cryptocurrency wallets. Examples of cryptocurrency wallets are: Bread, Eidoo, Exodus, Coinomi, MetaMask, Trezor Model T, Ledger Nano S, Ledger Nano X and Jaxx.
The wallet uses an extremely interactive and secure user interface. This eliminates the confusion of copying and pasting addresses.
How does Enjin bring NFTs to Video Games?
One of the key features unique to the Enjin Wallet is the ability to bind the wallet to various video games. So together with the ability to send and receive, scan QR codes and their Marketplace, players can obtain NFT tokens representing various in-game items and import them into different video games. This allows players to truly own digital assets â the items are not stored centrally on databases but on the Ethereum blockchain instead. (https://www.hanakaimaui.com/)
Ledger Nano S was first released in 2016 with more than 3 million units sold around the world. Ledger announced that they will retire the Nano S in June 2022. This is to let its new and improved version, the Nano S Plus, take its place going forward. Even though Nano S will stop production, firmware upgrades for it will keep rolling out in the future.
The final (and special) edition was called Ledger Nano S Final Edition. It came with a POAP card that allows you to claim an exclusive NFT created by the artist âwhat is real?â. However, it is sold out.
We recommend you get the upgraded Ledger Nano S Plus as it has added DeFi and NFT friendly features. Check out our review of the Nano S Plus here.
Ledger Live allows for staking a growing number of coins, including ETH (Ethereum), SOL (Solana), ATOM (Cosmos) and DOT (Polkadot). Users can lock up their cryptocurrencies and in return they get interest. This feature expands Ledger into more than just a secure place to store your cryptocurrency. It can even help you grow your digital assets.
Depending on the coin, staking can be done natively on Ledger Live, or through a dedicated wallet. For example Yoroi Lite for ADA (Cardano). Staking is done in 3 simple steps for coins that can be staked on Ledger Live.
First, freeze your assets by logging onto Ledger Live. Choose the relevant account for the asset you wish to stake and click âearn rewardsâ. A popup window will appear. There you will be allowed to select the amount in your wallet you wish to freeze. Secondly, vote for your validator(s) who will be making the blocks on your network. The cryptocurrency earned by making these blocks will be redistributed to voters. Lastly, claim your rewards by clicking âClaimâ in your relevant account. Rewards are claimable every 24 hours.
Swapping
Ledger has released a Ledger Swap feature which allows users to exchange their cryptocurrencies through Challengly, Wyre, Paraswap and 1inch. You send your cryptocurrency from your device to the exchange, which will then send you back the swapped cryptocurrencies.
To swap you will need: Ledger device, Ledger Live, the app for the crypto you want to swap and receive, and the exchange app.
Lending
Ledger is working with Compound (COMP), Aave (AAVE) to allow users to lend DAI, USDT and USDC through their decentralised finance (DeFi) protocols. The purpose of doing this is that the lender could earn an interest on their loan. Ledger Live has also integrated with Alkemi Earn. This is a lending-borrowing protocol that utilizes a permissioned liquidity pool of digital assets comprising ETH, wBTC and stablecoins. The purpose of which is to generate yield for liquidity providers.
There are numerous benefits when using Ledger to lend:
Control:Â You have control and proof that the crypto you lend and generated interest belong to you. When you lend on Compound, you receive cTokens as proof of ownership of lent cryptocurrencies and generated interest. You can redeem your assets and interest by sending cTokens back to the smart contract.
Security:Â cTokens are stored on your ledger hardware wallets.
Convenience:Â Compoundâs lending features are available directly through Ledger Live.
You can lend crypto using Compound or Aave and Ledger Live in 3 simple steps. Firstly, on Ledger Liveâs Manager, install the application for the cryptocurrency you want to lend and create an account. Secondly, enable your account to authorise Compound/Aaveâs smart contract to interact with your account. Finally, select the amount of cryptocurrencies you want to lend and issue a transaction to Compound/Aave. Verify and approve the transaction on your device.
Security Features
Ledger Nano S features 2 hardware chips: ST31H320 & STM32F042
One of the key reasons to buy Ledger hardware wallets is the firms reputation for security. Cryptocurrencies hardware wallets are like bank accounts â they contain full access to funds and need banking grade security. Ledger Nano S contains two hardware chips:
Secure Element:Â ST31H320 (secure) is independently certified CC EAL5+ and stores the private key and signs transactions
Operating system:Â STM32F042 chip is responsible for Ledgerâs BOLOS proprietary Operating System.
Secure elements are separate pieces of hardware (second layer of security). Secure elements have their own storage and limited functionality that hackers cannot breach.
Even if hackers or malware compromise your computer, the Ledger will still keep your cryptocurrencies secure. Devices like the Trezor One and Trezor Model T have chosen not have secure elements. And so only have a single layer of security.
The Nano X, Nano S Plus and Nano S are the only cryptocurrency hardware wallets to receive CSPN (First Level Security Certificate) certification. This is issued by the ANSSI (National Agency for Information Systems Security). The certification scheme evaluates multiple aspects of a deviceâs security. For example firewall, identification, authentication and embedded software by putting it through multiple attack scenarios.
Similar to the Nano X, users can also protect their funds using a PIN code and passphrase. The PIN code is to generally unlock your device to use it. Whilst you can also set up wallets protected by a passphrase in addition to your primary PIN code.
If someone threatens you to unlock your device, you can give them the PIN code to access wallets with fewer funds. Meanwhile, passphrase protected wallets contain the bulk of your crypto assets.
Ledger firmware version 1.6: security enhancements
24 words recovery phrase confirmation has been simplified and shortened. Now for each of the 24 words of the recovery phrase, users will only choose among 4 words. Therefore making it much easier to get through the process;
The Nano S now has the Control Center feature that was originally on the Nano X. Allowing for functions such as accessing settings, locking device or deleting applications possible directly on the device;
Added support for Bitcoin Taproot upgrade;
Added support for the seed derivation algorithm EIP-2333. Thus allowing you to securely sign a deposit contract transaction for Ethereum 2.0 on your device;
Before the firmware update. The power consumption is in a predictable pattern.After the firmware update. The device consumes power in an unpredictable pattern and inverts the PIN code display.
After the update, we find that being unable to enter PIN code digits in order anymore may be slightly inconvenient. However with cryptocurrencies, security always comes up top over convenience. And with the added partial screen inversion, we see that Ledgerâs bounty program is not just a PR stunt. Ledger actually looked into submissions and made the security improvements even when the suggested hack was only hypothetical.
Ledger Hack?
In July 2020, Ledger confirmed they suffered a data breach. An unauthorised third party had accessed Ledgerâs e-commerce and marketing database. (www.gamepur.com) Ledger collaborated with forensic firm Orange Cyberdefense and determined that the data breach affected around 292,000 customers and exposed approximately 20,000 customer personal records.
Ledger had reported the matter to authorities and are working with Orange Cyberdefense to investigate.
Subsequent the breach, users have reported receiving phishing emails and texts. These emails and texts ask users to download a new version of the Ledger software. Clicking the email link redirects users to a fake Ledger site. If users download the âupdateâ, it asks for their Ledgerâs recovery phrase but is actually malware. The attacker uses the entered recovery phrase to recover the userâs wallet and sends the userâs cryptocurrencies to the attackerâs wallet. For a full explainer on how the phishing attack works see the report from Kraken.
Phishing email sent from info@ledgersupport.io address (Image credit: Kraken)
Therefore this incident was a âdata breachâ rather than a âhackâ. More importantly, this breach had no link or impact on the Ledger hardware wallets or the Ledger Live app. Cryptocurrencies stored on the Ledger devices have never been at risk.
Even before the firmware update, the Nano S scored full marks on security. We also note that the hack does not affect the Ledger device itself, so our scores remain unchanged.
Ledger has one of the most diverse support for different cryptocurrencies such as Algorand (ALGO), Solana (SOL) and Chainlink (LINK). With their open policy to development from project teams, the Ledger Nano S supports 1800+ different assets. Many of these assets like Vechain or NEO are not found on competitors like the Trezor Model T or KeepKey. Thus making Ledger the only hardware wallet available for many coins.
One of the initial weaknesses of the Nano S was that it only fit 2-3 apps on the device. However Firmware Version 1.6 allowed users to install 5-11 apps (depending on the type of app installed). This will certainly answer the prayers of a lot of average cryptocurrency holders who generally hold around 5-10 different coins.
If you need more apps, you can uninstall the ones youâre not using and reinstall them later. Uninstalling apps wonât delete coins and all account information will remain. The newly released Ledger Nano X fixes this problem by increasing the internal memory to 2 MB.
Ledgerâs firmware update directly addressed a significant weakness in the Nano S. Whilst it still canât beat the Nano X in terms of multi-currency support, it is good enough for most traders. For this reason, we give our thumbs up and bumped the score up from 4/5 to 4.5/5 for multi-currency support.
Multi-Currency Support: 4.5/5
Hardware Design
Ledger Nano S compared with Nano X
Ledger Nano S has two hardware buttons â located on the top of the device. These two buttons allows us to access menus (hold both buttons), make selections (press both buttons). And even input recovery phrases (use buttons to scroll). We found that entering PINs and recovery phrases to be tedious with only 2 buttons. Perhaps a touchscreen or additional buttons could have helped?
With the update 1.6, the Ledger Nano S has an improved display UI. So, the device displays the full cryptocurrency address without the need to scroll. This allows for easier verification of the target destination. The Nano S uses a USB micro-B interface for charging and connecting to the PC.
With its plans to continue its firmware upgrades in the future, clearly the Ledger will never fully abandon the Nano S.
Hardware Design: 3.5/5 Ease of Use: 4/5
Why Use a Hardware Wallet
With traditional currencies, you, the user, are the most important person. If you have ever lost your bank card, you can always go to the bank with some sort of identification and request for access back to your account.
Cryptocurrencies, however, donât care about the physical person but rather the private key associated with the wallet. You use the private key to verify the account and transactions. Anyone with access to the key can send funds, so you must keep it safe. Additionally, you cannot reverse cryptocurrency transactions.
Hardware wallets can protect you against these things. They add an extra layer of security by storing the private key on the device itself. The only way to hack it would be to have physical access to the hardware wallet or the backup phrase.
Ledger Nano S Worth it in 2023?
In short, the answer is: not really. Ledger has retired the Nano S and even the Ledger S Final Edition. Both are no longer available for sale on the official site. This means that the only places where youâll be able to buy them are 3rd party sellers or second hand. We highly advise against both options because someone might have tampered with the device.
Mind you, Ledger will continue to support the Nano Sâs firmware so it stays up-to-date. If you were lucky enough to buy the Nano S while it was still available, it is still worth using. Unless, you want the upgraded DeFi and NFT features. If not, your only choice is to get a Nano S Plus. Although this costs an extra 20USD, they did add upgrades to make it worth your while.
64-bits desktop computer (Windows 8+, macOS 10.8+, Linux) excluding ARM Processors. Also compatible with smartphones (iOS 9+ or Android 7+) via OTG cable.
