Stellar Lumen’s Compatibility with Ledger Nano S
Stellar Lumens XLM was initially based on the Ripple Labs protocol and was then re-written as a result of a hard fork. Stellar is an open-source network, a decentralized digital currency for low-cost transfers between any currency pair.
Since Stellar’s launch in July 2014, its objective was to support financial companies through blockchain technology.
An open-source network that makes cross-border trade in assets less costly is Stellar Lumens (the network’s native token). All this is aimed at challenging existing payment providers, who often charge high fees for a similar service.
Despite these upgrades, XLM remains vulnerable to exploitation, just like any other crypto asset. For this reason, XLM holders can secure their money. These funds can be stored offline with hardware wallets, such as Ledger Nano S.
Key Takeaways
• Ledger Nano S is one of the best crypto wallets out there for storing Stellar’s XLM.
• XLM holders are always open to exploitation hence the need for them to safely store their crypto assets in a secure wallet such as the Nano S.
SEE ALSO: How to Choose a Validator when Staking with Ledger
Steps to Store XLM Using the Ledger Nano S
1. Open up Ledger Live and connect your Ledger Nano X to your computer. This can be undertaken either by Bluetooth or a USB cable.
2. Navigate to the ‘Manager’ area of Ledger Live, choose a PIN code, and put down your recovery phrase. Follow instructions on the Ledger device and press confirm, and then confirm the recovery phrase.
3. Access Ledger’s App catalog, using the search bar type ‘XLM’ then press ‘Install’. The installation process may take several seconds. Once installed, click on ‘Add account’ and then hit ‘Continue’.
4. On the device open the XLM app. You may need to enter the PIN code. Once this is confirmed the device screen will display ‘Application is ready’ and synchronization begins. This may take up to several seconds.
5. Then press ‘Add account’. This will add the XLM app to your device. To confirm this, navigate to the ‘Accounts’ section on the Ledger Live. There you can see that the device has been synchronized successfully and that your XLM app has been added to your accounts hence your XLM coins are safely stored and secured.
With this, XLM has now been installed on the Ledger Nano S. hence you can select the “Account” section to add accounts and start making good use of your funds.
SEE ALSO: How to Mine Stellar Lumens In a Nutshell
SEE ALSO: How to Backup Your Hardware Wallet – Best Practices
Frequently Asked Questions (FAQ)
1. How do you store XLM?
You can store your XLM in a paper wallet in a cold storage environment. This keeps the private keys offline and inaccessible but runs the risk of physical damage to the paper wallet, or the potential for a physical theft of the paper wallet.
2. Can you store XLM on Ledger?
Install the Stellar app on your Ledger device to manage your lumens (XLM) in Ledger Live. The Stellar app is developed and supported by Ledger.
3. Does XLM need a memo?
A memo is an optional piece of extra information that some receivers (and many exchanges) will require you to include with your XLM transaction. This is so they can verify from their end that it was you who sent the transaction.
4. How Safe Is Nano S ledger?
The Ledger Nano S is the most secure way to store your cryptocurrency, thanks to the company’s robust security protocols. Beginner or occasional investors will have peace of mind knowing their assets are secure offline, yet they can easily access their crypto or view their accounts when using the physical device.
5. What happens if I lose my ledger Nano S?
Ledger and Trezor products come with warranties and you should be able to get a free replacement, especially if you purchase from an Authorized Retailer. In this case, you can just recover your crypto assets by importing the recovery seed into the replacement hardware wallet.
SEE ALSO: What To Know About Stella Lumen Consensus Protocol
Final Thoughts
Storing XLM on Ledger Nano S is very seamless as you only need a few requirements to get going as has been shown above in this article. Ledger Nano S is one of the safest and best cryptocurrency wallets out there suitable for XLM.
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