Finance

Is the Ledger Nano X Worth the Price?

The growth of cryptocurrencies over the last decade has seen several efforts to develop more advanced, secure, and user-friendly hardware wallets to store them. The Ledger Nano S is one of the most popular hardware wallets in the market today. However, the Ledger labs have introduced another brand in the Ledger family known as Ledger Nano X, which is an upgrade from the Nano S. But the question every prospective buyer would want to be answered is whether it would be worth the cost to upgrade and buy a Ledger Nano X.

Ledger Nano X

In this review, we look at the cost of the Nano X over the Nano S, added features, design, and convenience vis-à-vis the price over the S. Just to be clear, while Nano S costs $59, Nano X is priced at $119. This brief review deals with all that you need to know about Ledger’s second-generation hardware wallet.

Soare the additional upgrades from Nano S to Nano X worth the price?

The pros and cons of Nano X

Pros Cons
1.    Better/ improved display More expensive compared to its counterparts
2.    User friendly Connection and disconnection order unclear at times
3.    Sleek in design Does not validate change address on the device itself
4.    USB-C cable They encourage users to re-use addresses indirectly.
5.    One must connect the device for all operations
6.    Multi-signature Support
7.    Device times out when inactive over some time
8.    Continuous development from Ledger
9.    Passphrase support

So why should you buy Nano X with the listed pros and cons?

  1. Holds more coins

One of the most prominent and superior features of Nano X is its ability to hold more coins. One of the major limitations of Nano S is the limited internal memory of only 320kb, which is much lower than the new Nano X’s 2048kb. With this wallet, you will bid goodbye to the difficult task of installing and uninstalling apps on the older Nano S, which holds only about 4-5 apps.With Nano X, you can install up to 100 apps, which means it can hold the entire app library simultaneously. Even better is the fact that Nano X is compatible with practically every major crypto asset. It also supports new assets, which are added regularly.

  1. Multi-signature support

While most traditional hardware wallets rely on a single signature key where an individual can sign and verify a transaction. Although single keys may seem to give full autonomy to you as the owners of the funds, in reality, it can be very risky.This is because it puts a lot of power in one little string of alphanumeric numbers (i.e. your private key).

A multi-signature wallet like Nano X solves this problem. Multi-signature refers to requiring more than one key to authorize a crypto transaction. This type of signature is generally used to divide up responsibility for possession of crypto coins. The multi-sig technology fuels multis-signature wallets, which require anM-of-N signature. This is very useful in case you want to recover your funds when you lose your one key or if you are running a startup and don’t want to put the spending power in the hands of just one person.

  1. Bluetooth functionality & mobile support

Modern tech devices are becoming more minimalists, and Nano X is not left behind with its Bluetooth and mobile functionalities. If you’re one who hates wires and cables, this feature is for you. You can transact with your crypto without plugging in your hardware wallet to your computer every time. The new Ledger Nano X will enable you to simply connect your Nano X to your mobile phone or your computer via Bluetooth, and transact with the Ledger Live mobile and desktop app.

  1. Priority software and firmware updates

Ledger Nano X is Ledger’s latest product, and the company prioritizes its updates every time they roll them out. This makes it a good purchase because you are likely to receive better support than those with Nano S.

So is Ledger Nano X worth the price?

While there are better features in Ledger’s latest product, Ledger Nano X, there are people who may find it not worth the price. Priced at $119, Nano X’s price is double that of Nano S, whose current retail price is $59. If you have a limited budget for a wallet or are not interested in the new updates, hold a very small variety of coins, and do not mind plugging in your device every time you’re going to use it, then Nano S would appeal more to you instead. So whether to buy a Ledger Nano X or not is completely dependent on your needs and budget.