If you are going to hold more than a few hundred dollars, you should consider a hardware wallet. These wallets will securely hold your private keys. The Ledger Nano S is a top hardware wallet. Buy it directly from the manufacturer. It is available on Amazon but if you don’t get it from an official reseller there is a security risk (and you could lose your coins). Even though the company has a link to Amazon, just buy it directly from Ledger so you don’t have to worry about it.
Hardware wallets for Bitcoin and other cryptocurrencies are more secure. They are difficult to hack and will not get malware. The screens provide extra security by verifying and displaying important wallet details.
Ledger Nano S is one of the most secure bitcoin hardware wallets.
It takes a little bit of work to setup hardware wallet and be intimidating to newcomers. This guide will make it much easier to install and configure the Ledger Nano S.
UNBOXING THE LEDGER NANO S
The packaging looks great and very similar to how Apple designs their products.
The Ledger Nano S is tightly secured in the box. Included items are a USB cable and sheets in the Welcome envelope.
A Recovery sheet is included for the recovery phrases that will be set up on the device when you initialize for the first time.
The start-up sheet, shows where to go to start the setup process.
CONFIGURING A LEDGER NANO S
Go to start.ledgerwallet.com with Google Chrome and select the Ledger Nano S. Do not accidentally select the older Nano.
Click ‘Configure my device.’
Select the configuration tab.
Plug in the Ledger Nano S into any USB port and the screen should display ‘Welcome’ and ‘Press both buttons to begin’.
Use the left/right buttons to change values and go through the multiple-choice lists. Press both buttons to confirm or continue to an application. To begin the configuration, press both buttons simultaneously.
Now you need to pick a PIN code. You can enter between 4-8 numbers for your PIN.
Next, the screen will tell you a recovery phrases is for recovery of the wallet. The recovery phrase is up to 24 words and you should write them all down on the recovery sheet and store it somewhere for safe keeping.
Now you will be confirming your recovery phrase. Take your time, you will be checking exact words in order.
After you enter the words correctly, you will get a “Processing…” screen and a check mark saying your device is now ready.
Pressing both buttons will bring you to the screen below. Now download the Bitcoin wallet from the Ledger website.
LEDGER BITCOIN WALLET SETUP
click on ‘Apps’ tab on the top of the menu bar.
Select the ‘Ledger Wallet Bitcoin & Altcoins’ Icon.
Click on ‘Get the apps.’
Select the Chrome application since you will mainly use your computer the when doing anything with your Ledger nano.
Click on the ‘Ledger Wallet Bitcoin’ app.
Now the wallet has been installed.
On your Nano S press both buttons to open the Bitcoin wallet. On your browser, select Bitcoin.
Inside the wallet app your balance for bitcoin will be shown. Click on Receive to get the address to send bitcoin to your wallet. Once you have coins in your wallet you can click Send and a window will open to input recipient address and the amount you want to send.
Now you are set to securely store your bitcoins!