I run a site called “Bitcoin Wallet: https://btc-wallet.jp/.” This is a site specializing in cryptocurrency hardware wallets.This article coversLedgerNanoSandTREZOR, comparing these two major hardware wallets. This article contains no affiliate advertising.“Security is the top priority in cryptocurrency management. Is there a recommended hardware wallet?” “I’m considering buying a hardware wallet but I’m undecided.” “I’d like criteria for comparing hardware wallets.” With these readers in mind, this article was written. Also, there is no one definitive answer as to which is best“What’s optimal varies from person to person.”Therefore, after a general comparison, we will explain in detail by user type.

1.LedgerNanoS andTREZOR (new vs old models) comparison

Cryptocurrency wallets broadly fall into the following2 types. ・Online wallets (hot wallets): Wallets connected to the Internet, offering high convenience but security risks exist. Example) exchange wallets, web wallets ・Offline wallets (cold wallets): Wallets disconnected from the Internet, sacrificing a bit of convenience to improve security. Example) hardware wallets, paper wallets Also, even among the same offline wallet (cold wallet) and even the same hardware wallet, differences in design and specifications lead to different levels of sacrificed convenience and security. For example, if a hardware wallet uses generic internal components, if stolen, there is a higher risk of disassembly and secret key extraction. Therefore, even hardware wallets are not a “do anything goes” situation.As ofNovember2018, hardware wallets highly regarded by cryptocurrency users worldwide and in Japan includetwo options. One is“LedgerNanoS”, and the otherone is“TREZOR”.

1.1LedgerNanoSWhat is it?

LedgerNanoSis a hardware wallet released by the French companyLedger.※From Ledgerofficial website.2018year11month21day viewed ※URL：https://www.ledger.com/ Number of supported currencies is over700, making it capable of supporting even fringe currencies..

1.2TREZOR (new vs old models)とは？

TREZORis a hardware wallet released bySatoshi Labsbased in Czech Republic.※TREZORofficial website.2018year11month21day viewed ※URL:https://trezor.io/ In facthas2018year11month currently “old model (TREZOR One)” and “new model (TREZOR Model T)”, twotypes of models, sold concurrently.

1.2.1TREZOR OneAbout

TREZOR Onesupports over500 currencies, but note that it does not support RippleXRP.In addition, it is about 10,000 yen cheaper than the newer modelofficial website. New modelTREZOR（TREZOR Model T）has improved hardware and software, enhancing convenience and security, and also supports Ripple () and others that TREZOR One did not.※TREZORofficial website.

1.3 4 comparison criteria – “Security,” “Supported currencies,” “Support,” “Compatibility”

When comparing multiple hardware wallets, there are four important factors. First, whether the design focuses on “security” is closely linked to the wallet’s purpose. Second, in the list of “supported currencies,” whether the currencies you want to store now or in the future are included is also very important. Third, whether (Japanese) language support is robust is important for beginners. Finally, if there is “compatibility” with other online wallets, it can improve usability. Key elements of hardware wallet security are“hardware-software design”and“risk management by each user”of2 parts. Regarding the former “design.”LedgerNanoSand both old/newTREZORemploy unique hardware-software designs to prevent hacking or physical disassembly and analysis. For example, the old/newTREZOR And to anticipate that a computer might be hacked or infected with malware, the input of the PIN is performed only on the hardware wallet itself, and the device only connects to the Internet after the PIN is entered. Thus, in terms of design-level security, bothLedgerNanoSand both old/newTREZORare of a high standard, with little difference between them. However, even with high security in design, if a user’s risk management is sloppy, cryptocurrencies can be easily stolen. For example, if you store the PIN in a place visible to others, or keep a backup recovery phrase on the same paper as the wallet, no matter how excellent the hardware design is, it is meaningless. Therefore, while choosing a hardware wallet with high design security, it is important to thoroughly manage one’s own risk. Supported currencies/tokens are already substantial for\nLedgerNanoSand the old/newTREZOR, but not all currencies/tokens are supported. When purchasing, you should check the latest support status on the official product pages. Reference (official pages, English):LedgerNanoSSupported currencies:https://www.ledger.com/pages/supported-crypto-assetsOld/newTREZORSupported currencies:https://trezor.io/coins/ 2018year11month22day latest firmware comparison showsLedgerNanoSsupports700types or more.XEM (NEM) is not supported. On the other hand, both old/new models ofXEMare supported by, but the number of currencies supported is about500compared to LedgerNanoS, and does not include RippleXRP or MoneroXMR. The newer model TREZOR Model T compensates for this. Also,the currencies/tokens supported increase with firmware updates.

1.3.3 Are Japanese-language support via “phone,” “email,” and “chat” available?

Many beginners to intermediate users find it hard to implement it after purchase. Online articles and manuals provide guidance, but for concrete issues, contacting support is quicker. LedgerNanoS norTREZOR are sold domestically, so to receiveJapanese-language supportyou should purchase from a Japanese authorized distributor. Authorized Japanese distributors are as follows. ・LedgerNanoS: Hardware Wallet Japan （URL：https://hardwarewallet-japan.com/） ・New/OldTREZOR：MyHardwareWallet（URL：https://myhardwarewallet.com/） Amazon“サポートを受けられない”“偽造品・改造品を送られる可能性がある（仮想通貨の盗難リスク）”などのリスクがあります。

1.3.4 Is compatibility with online wallets surprisingly important?

Hardware wallets sacrifice some convenience. However, the drawback can be mitigated by compatibility with wallets on the web. For example, LedgerNanoS is compatible with MyEtherWallet, which is very handy for participating in ERC-20 ICOs and Airdrops. See the summary table for compatibility with each wallet.

1.3.5 The claim that “cheaper prices” are not a major advantage of hardware wallets

LedgerNanoS and the newer/olderTREZOR, arranged in order of price, are as follows. ・TREZOR One9,800LedgerNanoS：12,490yenTREZOR Model T：21,800yen2018year11month22day official distributor prices (tax included) However, the price advantage of a hardware wallet is not a major factor. Quality is paramount. Therefore, it is recommended to judge by other specifications rather than price.

1.3.6 Conclusion

LedgerNanoS and the newer/olderTREZOR are on par in terms of security, Japanese-language support, and compatibility with other wallets. The biggest difference is the range of currencies/tokens supported.If you choose the wallet that supports what you want to store, you probably won’t have to worry about the specs.

	Security	Supported currencies/ tokens	Japanese support	Compatibility with other wallets
TREZOR One	Private keys protected by a special chip ＆ managed by a standalone device	500+ more ※ Not supportedXRP XMR ZEN ADA	Support from authorized distributors, LINE support	MyEtherWallet Mycelium Nano Wallet Electrum TREZOR Walletetc.
TREZOR Model T	Above ＆ touchscreen included	Above ＆ All above-not-supported items are supported
LedgerNanoS	Private key encryption ＆ management by standalone device	700+ more ※ Not supportedXEM	Direct support by authorized distributors via dedicated dial & chat & LINE & email support	MyEtherWallet Electrum Copay Mycelium BitGo GreenBits

※2018year11month21day as of writing.

2. Amazon reviews of each wallet and notes

It’s recommended to purchase from official distributors, but Amazon reviews can be informative.Amazon reviews are below.Amazon reviews and notes

2.1LedgerNanoS review

Reviewers repeatedly praise the large number of supported currencies.※Amazon official page (as of 2018-11-22): same information.2018year11month22 But at that time (posting in December 2017), TREZOR Model T (released February 2018) did not exist. Now, LedgerNanoS and TREZOR Model T support Bitcoin, Ethereum, and Ripple.

2.2TREZOR One review

Reviewers who like TREZOR One’s usability.Note that the old TREZOR (TREZOR One) also has a display, but unlike the new Model T, it does not have a touchscreen. Also, the resolution differs.

2.3 TREZOR Model T review

The other differences are minor, such as the number of input digits for the PIN lacking a zero.There were no reviews on Japan’s Amazon yet, so we present English reviews from Amazon.com.Translation: “Class A: I love this little gem. It is incredibly easy to use. It feels like I have CIA-grade equipment.” The latest model is regarded as a “case study” by hackers, but its security is robust and nearly unbreakable unless user error occurs. Therefore, to not waste this security design, users should thoroughly protect“PIN storage”and“memo and storage of the recovery phrase.”

3. Hardware wallet selection by user type

In practice, hardware wallet choices are essentially a two-option choice: LedgerNanoS or TREZOR (new/old).options.And the selection criterion is“Supported currencies/tokens.”Thus, depending on your level of proficiency in the crypto world, the recommended product varies.

3.1 For those who trade only major cryptocurrencies on domestic exchanges

For those who trade only major currencies on domestic exchanges like Bitflyer, LedgerNanoS is recommended.Bitcoin (BTC), Ethereum (ETH), Ripple (XRP)Note, however, that minor currencies such as NEM (XEM) supported by domestic exchanges may not be supported.

3.2 For those who trade broadly including overseas exchanges

BINANCE etc.Overseas exchanges offer a wide range of currencies; it is recommended to get bothLedgerNanoS to cover most currencies and the non-supported parts by TREZOR Model T (TREZOR Model T), i.e., two devices in total.Of course, there are minor currencies/tokens not supported by either, but future firmware updates are expected to increase supported currencies.

3.3 Not only exchanges but also ICOs and Airdrops

If you want to manage not only listed exchange coins but also more niche currencies like ICOs and Airdrops, in addition to “supported currencies,” focus on “supported web wallets (compatibility).” In particular, MyEtherWallet is important for ICOs and Airdrops, but LedgerNanoS and TREZOR (new and old) are both compatible. So if you’re considering storing multiple cryptocurrencies/tokens, we recommend purchasing LedgerNanoS and TREZOR Model T (new) two devices each, for a total of four devices. So how was it? LedgerNanoS and the newer/olderTREZOR are both excellent hardware wallets. Which one to buy depends on your situation, but in either case, to avoid wasting the security design, make sure you implement personal security measures carefully.

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