Ledger HW.1 Review 2018 — What You Should Know Before Buying

Ledger HW.1 Review

You might be confident on the security of your current online wallet; after all its providers have put together concrete security measures to secure your coins from cyber attacks (or so you think). However, most top exchanges have been hacked at one point in time or another and believe me, it’s only a matter of time before your current exchange falls victim to an attack, and when that happens, it is most likely that no wallet will be spared (including yours).

Apparently, hardware wallets are the only way any individual can totally secure his/her coins from both virtual and physical theft, we earlier reviewed the 4 best hardware wallets available in 2018. Today, we will be laying emphasis on the Ledger HW.1 which is the most portable and affordable of them all. We will be walking you through the process of buying, setting up and initializing a Ledger HW.1 wallet, to how best you can use it for optimum result.

Ledger HW.1 Review

Ledger HW.1 ReviewPROS

  • Very affordable, selling at $25.99 (N9,360 Naira)
  • Has a state of the art security framework
  • Supports 2-factor authentication
  • Easily backed up and restored
  • Has an android and ios app
  • Very Portable (arguably the most portable of all hardware wallets.)

CONS

  • No display screen
  • Supports only Bitcoins

WHAT IS A LEDGER HW.1? — Ledger HW.1 Review

A Ledger HW.1 is a multi-sig Bitcoin wallet primarily designed for large organizations but can be used by both individuals and enterprises. It is remarkably lightweight and compact. It secures its users’ funds by requiring multiple key signatures for all outgoing transactions. Furthermore, the major advantage it has over its major competitors is the fact that it provides top-notch security and is relatively affordable.

However, unlike its major competitors, the Ledger HW.1 doesn’t have a display screen; it requires a PC connection for all transactions. Luckily, the Ledger HW.1 is compatible with Windows, Mac and Linux operating systems and can be connected via USB. Its security features include; 2-factor authentication, a PIN code amongst other. It can run in three convenient modes: Multisig, Classic and Enterprise.

 

WHERE TO BUY A GENUINE LEDGER HW.1 HARDWARE WALLET

A Ledger HW.1 can be purchased on Amazon and a couple of other outlets. However, buying a hardware wallet from peer to peer marketplaces like eBay is not a wise move. Hardware wallets are backed up by word seeds, these seeds can be used to access them in events where they are lost, damaged or stolen.

Buying from peer to peer marketplaces is synonymous with buying from individuals. A seller might sell an already backed up wallet, and when you buy such a wallet, he/she can easily gain access to it afterwards.

The safest place to buy a genuine Ledger HW.1 hardware wallet is on Amazon. currently selling at $25.99 (N9,360 Naira)

Buy Ledger HW.1

 

Ledger HW.1 Review

SECURITY PROVIDED BY THE LEDGER HW.1 HARDWARE WALLET

Ledger HW.1 ReviewThe Ledger HW.1 is an HD wallet; it can be backed up and reinforced by a 24-word seed which is created on set up. The 24-word seed is created using RNG between the Ledger HW.1 device and a computer.

Unlike its major competitors in our 4 best hardware wallets, the Ledger HW.1 does not have a display screen; all transactions are displayed on the computer connected to the Ledger HW.1 wallet. However, the process of setting up your Ledger wallet can be done on a disconnected computer (offline); this ensures your seed’s privacy. To ensure you safely set up your wallet, Ledger provides a USB called a Ledger starter, which is included in the box upon delivery.

Furthermore, you will be required to set up a 4-digit PIN Code when setting up your Ledger HW.1 wallet. This PIN code is required each time you connect your device to a PC and also required to validate all transactions. Three wrong trials of this stick code will wipe up the device.

Additionally, the Ledger HW.1 comes with a security card; this card provides additional security in the form of 2-factor authentication. This security card is required to confirm all transactions since the device does not have a display screen. Furthermore, to transfer funds from your wallet to another address, you will have to input some letters from the destination address using the security card; this is to ensure your funds are sent to the right recipient.

From the foregoing, you can rest assured that your coins are safe when you use a Ledger HW.1 wallet, however, if you will feel more secured using a hardware wallet with a display screen, check out our top 4 best Bitcoin hardware wallets.

Ledger HW.1 Review

SETTING UP YOUR LEDGER HW.1 HARDWARE WALLET

The entire process of setting up your Ledger HW.1 hardware wallet can be done using either the Ledger chrome extension or the Ledger starter. However, using the ledger starter is safer, since it does not require an internet connection.

The entire process is pretty straightforward and is explained in this youtube video by DIYTUTZ.

 

LEDGER HW.1 PRIVACY

As is the case with all hardware wallets, their privacy is influenced to a large extent by the product wallet they are used with. The Ledger HW.1 hardware wallet is compatible with numerous software wallets, this includes Mycelium, Electrum, GreenAddress, Coinkite, Ledger Chrome wallet, Copay and GreenBits.

Electrum and Mycelium are the most secured by our standards. However, Copay can be used together with a Bitcore full hub, which can provide more privacy to your HW.1.

Ledger HW.1 Review

 

LEDGER HW.1 MOBILE APPS

The ledger HW.1 might not have a display screen like the TREZOR or KeepKey hardware wallets, and cannot be used to check active exchanges. However, it does have an iPhone and Android app that can be used to confirm a transaction, this isn’t completely safe as iPhones and Android phones are web associated gadgets and that might pose security issues.

On the bright side, the Android and iPhone Apps provide quite a measure of convenience on the go, and shouldn’t be underestimated.

Ledger HW.1 Review

 

CONCLUSION

Looking at the system User Interface, you will notice that the Ledger HW.1 is capable of storing a wide variety of Altcoins, it’s up to the wallets programmers to incorporate them in the nearest future. We at Nigeriabitcoincommunity see the Ledger HW.1 as a perfect mix of quality and affordability and consider it to be a decent device capable of securing your Bitcoins at all times. Go for it.

While at it, you can also take a look at our top 4 best Bitcoin hardware wallets.

Buy Ledger HW.1

 

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Also read:

Ledger Nano S Review 2018 – 5 Things You Need To Know Before Buying

Keepkey Review 2018 – 7 Things You Need To Know Before Buying

TREZOR Wallet Review 2018 – 4 Things You Should Know

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