When I first ordered the Ledger Nano S last year, I thought it was only used for storing bitcoins. Later, I realized that it supported many other cryptocurrencies as well. And ever since then, knowing that has opened up numerous opportunities for me because it cleared my doubt on how to keep all of them secure.
If you are planning to order a hardware wallet (which I highly recommend), then you should definitely consider what cryptocurrencies that particular wallet supports.
I understand that initially you may only want to use it to store Bitcoin, but as you start to understand the cryptocurrency world better, you’ll probably want to store other coins too. For example, Ethereum and Dash are two cryptocurrencies that are super worthwhile investments, and I recommend them to all CoinSutra readers.
Since I got my Ledger wallet, I have invested in many cryptocurrencies, thanks in large part to the robust security of my Ledger device.
And because the world of cryptocurrencies is evolving so quickly, the people behind the Ledger wallet keep adding support for more cryptos. While this alone is not a reason to invest in these supported cryptos, it does give us incentive to do some more research and figure out why they may or may not be good investments for us.
The Ledger Hardware Wallet’s Supported Cryptocurrencies
- Bitcoin (BTC): This should go without saying. The Ledger was first designed for holding Bitcoin.
- Bitcoin Cash (BCC): The Ledger was the first hardware wallet that made it easy for Bitcoin holders to get free Bitcoin Cash. Now, you can use their BCH wallet to store Bitcoin Cash.
- Ethereum (ETH): The Ledger supports Ethereum. Ethereum is a solid investment, and it should be a part of your cryptocurrency portfolio.
- Ethereum Classic (ETC): The Ledger also supports Ethereum Classic (ETC). This is a forked version of ETH and you can read more about it here.
- Litecoin (LTC): LTC is popularly known as the “silver of cryptocurrencies”. I’m not too bullish on LTC, but having 3-4% in your portfolio is not a bad move.
- Dash (DASH): I met the Dash team when I visited the Bitcoin Miami event. I feel Dash has a great future considering they have a really strong team, great marketing, and most importantly, a usable currency. I would suggest that 20-25% of your portfolio is reserved for Dash.
- Dogecoin (DOGE): On a Ledger wallet, you can store Dogecoin as well. I’m not certain about the future of Dogecoin, so my stance is not to buy. If something changes, I will write a post about it.
- Zcash (ZEC): Zcash is a privacy-based cryptocurrency and is loved by many. It’s a decent investment, but I wouldn’t put more than 4% in my portfolio.
- Ripple (XRP): For those who are looking to hold Ripple long term, the Ledger is an ideal choice. They added support in mid-2017, and now, I believe it’s one of the best wallets for holding Ripple.
- Stratis (STRAT): Stratis is a strong cryptocurrency with a great development team and a bright future. I would highly recommend adding STRAT into your portfolio.
- Komodo (KMD): Ledger added support for Komodo recently, and as of now, I have no comment on investing in it.
Also, Ethereum tokens (ERC20 tokens) can be managed using the Ledger Nano S via MyEtherWallet. I’ve yet to test this feature fully, but you can learn about the basics in my earlier guide on storing ECR20 token using the Ledger Nano S.
— Ledger (@LedgerHQ) September 18, 2017
If you are a long term HODLER, then my suggestion for you is to buy the Ledger Nano S and put your bitcoins on it. Moreover, if you are in a country where you can buy Dash, ETH, LTC, or other cryptos directly, then you should definitely secure them with a hardware wallet like the Ledger.
And if you don’t have direct access to these altcoins, then you can use Changelly, which is the simplest and fastest way to exchange Bitcoin into other cryptos. I have used it multiple times and have had no issues with it. You can read my experience of using Changelly here.
You can order Ledger from the official site using the below link:
I will keep updating this list as Ledger keeps increasing its support for new cryptocurrencies. For now, you should check out the below YouTube playlist from our channel. This will help you to understand how to use the Ledger wallet as well as many important tips and tricks:
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