You are a crypto trader but you don’t intend to trade your cryptocurrency anytime soon. It is safer to keep your cryptocurrency in a physical wallet. However, it can be difficult to set up a hardware wallet.
In one of my previous posts, I showed you how to set up a Trezor wallet. Today’s post will show you a great alternative to a cryptocurrency hardware wallet, the Ledger Nano.
This article will explain how to configure the Ledger Nano S hardware wallet, how to store crypto into it, and everything in between.
The Nano S was created by the Ledger SAP team. It is one of the most cost-effective, easy to use and secure ways to store cryptocurrency offline. It costs approximately USD $70 per unit and comes in a variety of colors.
The Nano S is not the only option. There’s also a higher-end (and therefore more expensive) version, the Ledger Nano X which comes with wireless access and a larger screen.
For this article, I’ll be using the Ledger Nano S.
Here’s everything to expect in your Ledger Nano S wallet.
Let’s first get the Ledger Nano S set up.
Let’s first set up the device. Next, we will download and install Ledger Desktop. This will make your life easier. You don’t need to rely on the buttons on the device to change or make changes.
Your Nano S must be running the most recent firmware. Before you install any apps, you should do this first.
To check if your Nano S needs a firmware upgrade, go to the Manage tab in the left sidebar. The message “ Update firmware for X.X.X” will appear on your Nano S. This is a sign that the firmware is out of date.
Before you can send cryptos to your Nano S hardware pocket wallet, you must create an account for each respective coint.
This example will show you how to create an Ethereum account within the hardware wallet.
Note: You will need to create a new account for each cryptocurrency that you want to keep in your hardware wallet. You will need to follow these steps again to create each account to store Bitcoin, Ethereum, or Dogecoin in the Nano S hardware wallet.
Let’s assume we have several different crypto accounts. Now let’s transfer some coins to it.
Here’s how I send Dogecoin using my coinbase software wallet and this nano S hardware wallet.
We will first need to know the Dogecoin wallet address. To retrieve it:
Note: Any Dogecoin successfully sent to this address will be stored in the Ledger Nano S hardware wallet.
Now, I will launch the Coinbase Software Wallet App on my mobile phone so that I can transfer some Dogecoin to the Nano S.
This means that your Dogecoins have been successfully transferred from Coinbase’s software wallet to Ledger Nano S’s hardware wallet.
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