Hardware Wallet Guide – Ledger Nano S

Why use a Hardware Wallet

With traditional currencies, you, the user, are the most important person. If you have ever lost your bank card, you can always go to the bank with some sort of identification and request for access back to your account.

Cryptocurrencies, however, don’t care about the physical person but rather the private key associated with the wallet. The private key is used to verify the account and transactions. Anyone who has access to this key can send funds and that is why you must keep it safe. Another thing is that cryptocurrency transactions cannot be reversed.

Hardware wallets can protect you against these things. They add an extra layer of security by storing the private key on the device itself. The only way to hack it would be to have physical access to the hardware wallet or with the backup phrase.

Paper wallets offer arguably even more security. However, the process for setting them up and using it is very complicated. Hardware wallets strike a nice balance between security and convenience.

Keep your Recovery Phrase Safe!

There will be a sheet where you can write down your 20-word recovery phrase. This is the most important part because it acts as a backup to the device. You will need to keep it very safe because if someone gets access to that paper it is essentially the same as stealing your wallet.

Do not take a photo or have a digital copy of that list!

Ledger Nano S Setup

  1. Choose a 4-digit PIN code and confirm.
  2. Write down your 20-word recovery phrase. The order of the words is also important.
  3. After setting up the device, with it still plugged in, visit https://www.ledgerwallet.com/apps and download the app you want to use.
  4. Follow the instructions on the site and use.

Note: after setting it up you will be navigating the device on your computer.

You can receive cryptocurrency even when the device is offline. It’s only when you want to send that you need to connect the device and enter your PIN and login.

After inputting all the transaction details on your computer, as an additional security measure, you can double check the details on the device. Make sure the address and amount are correct and confirm.

Get your Ledger Nano S: https://www.ledgerwallet.com/r/428b

9 comments

  1. Hello BoxMining,

    If I get a second Ledger NanoS to leave with my wife in case mine gets lost, do I set up the second device the same way as the first one?

    And my BTC/ETH is on both wallets and I can transact from either one? Will they sync automatically and track my balances? Pl advise.

    Enjoy your shows – thx!

    Ravi
    10/12/1955

  2. Hello sir, Today I come to you because you made this video and I decided to buy the Ledger because you inspired me to dos so and get one as a Hard wallet. It looks like you really know allot about this particular wallet and I really need your help.

    Today I come seeking some much needed help and maybe you can shed some light into my dilemma. I have a Ledger nano s, It had transactions on it totaling over 3k in BTC and it suddenly didn’t show any of the transactions, all of them disappeared. I went to their website and cleared the cache, reinstalled the application on my mac I followed every scenario possible to resolve the situation but all my ledger showed was a 0 balance. VERY DISTURBING. Finally it worked all my transactions showed on my ledger and I thought problem resolved “NOT”. 2 days latter I go back to deposit more BTC on my Ledger and it shows a 0 balance again. NOW I’M FRUSTRATED. So I decided to retrace all the steps i did before and after all of that it still showed a 0 balance so i decided to send myself a 1 transaction to see if it would show up on my Ledger. It does but that’s the only transaction it shows. I have tried to reinstall the application again, cleared the cache wrote emails to LEDGER for 3 consecutive days and I’m still waiting for a response. I need to get the Ledger to recognize all my previous transactions and permanently remove my money /BTC to another device since I can’t trust the Ledger. I implore you to please help. Do you know how to help me solve this dilemma or of anyone that can?

    PS

    I enjoy all your videos and and always learn something new. Maybe this particular situation will serve as a learning experience.

    Thanks in advance

  3. It might be important for new uses to know the receiving address will change with every transaction,however coins sent to the old address will still be received safely.

    Watch your you tubes regularly,thank you for advice,very helpful for beginners .Cheers Mark

  4. i do not understand .do i need physical money to buy a bit coin or just set up an account and mine for the bitcoin.
    how to own one?if i pay some agent the physical money to buy cryptocurrency the agent keeps the money?
    do not know how it works for first time buyer.

  5. 1. I’ve sent LTC to my ledger BTC address.
    2. The same address was created in LTC network.
    3. How can I access this coins using private key from my BTC wallet?

    Can anyone help please. Ledger support team has not been helpful seemed silent.

  6. Very Helpful setting up Ledger wallet ,would enjoy knowing more about purchasing Ripple XRP specifically . Ii do not have prior experience in purchasing Crypto currencies .

Leave a Reply

Your email address will not be published. Required fields are marked *