Ledger Nano Tutorial – Essential Bitcoin Security – Cryptocurrency Explained – Free Course

welcome to cryptocurrency explained in this lesson I’m going to show you how to set up a ledger nano Hardware wallet and I’ll be answering some of the most common questions that new users have regarding the security and usability of the hardware wallet and of course maintaining the security of your digital assets is extremely important in case you haven’t figured it out by now I know I’ve been saying a lot but it’s super important because the internet is filled with stories of people who did not take their security seriously and they lost everything get a hardware wallet is the safest way to store your assets I recommend getting the ledger nano S or the new nano X there is a link down below if you need to go and buy one the market is full of great hardware wallets though like the trays or which is my second favorite and many more companies are continually innovating but the ledger is my go-to brand for hardware wallets there are also many great desktop wallets like Exodus and Jack’s and of course mobile wallets like bread and abra which have very user-friendly interfaces but for long-term storage you want a hardware wallet okay let’s get into this so we have here two different ledger nanos now the ledger nano S has been the go-to for a long time but this is actually the older model now the new ledger nano S has just come to the markets and it is a very exciting option now the ledger nano S is still a good go-to so if you still want to pick up your ledger nano s there’s nothing wrong with them they still work there’s still a great piece of hardware but they just have the old button system here where we can see there is two click buttons on the top whereas the new ledger nano X has actually got the buttons built in like this now aside from that this only has one megabyte and this has two megabytes so you can see they’re actually bit bigger as well this has also got an internal battery in it so it can work on Bluetooth with your mobile phone without having to be plugged in to the computer so there’s a bit of a difference between the two the ledger nan OS is still a great model but I’m not going to be covering how to set the ledger nan OS up in this tutorial we’re gonna be setting up the ledger nano X but with that being said all of the questions and answers that come after this tutorial are still valid for the ledger nano s they are a very similar device the ledger nano X just has an increased memory and Bluetooth functionality so we have some extra features here but the ledger nano S is still a great device and the set up is largely the same as the ledger nano X so we’ve got our ledger nano X here I’m gonna go ahead and go and open it up and plug it in get that battery charging up great welcome to ledger nano X press the right button to continue so we’re going to go over to download the ledger live application at ledger comm slash start you okay so we’ve got our ledger live app downloaded go ahead and click on get started so we’re going to initialize as a new device now of course if you have lost your device you can always restore device from your recovery phrase we’re gonna be starting a new device here so we got the ledger nano X we’re gonna go ahead and hook that up again this is a very similar setup if you have the ledger nano s as well so you can basically take this guide and apply it to the ledger at nano s if that is what you’re getting set up here okay so we’re gonna go ahead and enter a pin code I’m gonna make a really easy one I suggest you do something much harder than the pin code I’m going to put in here so I’m just gonna put in seven seven seven seven now that’s an easy to guess pin code I’m just doing this as an example but you’ll want to choose something much trickier and you can even make it up to an eight digit pin now we are going to write down our recovery phrase this is super important you can see I’ve got this piece of paper down here there is actually three of these included with the ledger nano X so you can actually make three copies if you want this is super important confidential do not disclose I do not recommend that you make a video of this on YouTube not a good idea anyone with this information can hack into my wallet now back to the device here so write down your recovery phrase these 24 words are your only backup secure them carefully very important information so we’re gonna write down words one by one word number one south now we have got our 24 safely written down you can of course make a second or even third copy of this if you want but these 24 words are incredibly important so here we have to confirm word number one which is south so we’re going to scroll until we get South both buttons to confirm word number two and finally our twenty fourth word business and we are processing your device is ready great now we’re going to work on installing some apps we’re going to go back over to our ledger live now it’s going to ask to allow the ledger manager we’re going to click both buttons to confirm yes now you can set a password to lock your ledger live app you don’t have to do this it is an optional step we’re gonna just skip over that for right now but I would recommend doing that on your own computer so now we are in the ledger live app we’re gonna go to open manager so the wallet doesn’t come pre-installed with any wallets so we’re gonna have to install the wallets one by one we’re going to install a bit coin wallet now we have successfully installed our Bitcoin wallet you can see what that looks like on the device itself we’re also going to go ahead and install the etherium wallet well we’re here something to note as well is that you can easily uninstall any applications you can come over here and just uninstall your aetherium application for example and that will uninstall aetherium but actually you can still reinstall that later it doesn’t delete your aetherium it doesn’t erase any of your crypto assets you’re just uninstalling the application from the device temporarily you can always put it back on at any time so if we come back up here to portfolio we can add accounts so we have two accounts that are already here we have a Bitcoin account you okay now that we’ve got our Bitcoin wallet set up here on our ledger live application we’re actually going to make a deposit so we need to go out over to receive we’re gonna be receiving Bitcoin we’re gonna click continue we’re gonna verify the address on our device so the device will actually show the address so we’re gonna double click to verify and approve easy so we’re gonna copy our address we’re going to go over to our Exodus wallet here and send some Bitcoin across to our ledger great we’re gonna come over here and we’re gonna go to bitcoin send Bitcoin gonna put in that address from our ledger wallet you can go back over to ledger and have a real quick double check there and make sure you got the right one on that’s it F X W last three letters there F X W here we’ll go ahead and send all that Bitcoin across after paying our network fee and click send and it’s that easy now we can come back over here to our ledger and very shortly that Bitcoin will show up as being received in our account and it is that easy to send Bitcoin and to store Bitcoin in your ledger live application so it’s really easy there’s no excuse not to get a ledger there’s no excuse not to take your security seriously well the Exodus is a fine wallet and it’s great for a hot wallet it’s a nice place to store some cryptocurrencies it is not a long-term storage solution you want to get yourself a ledger hooked up now one of the great things about the ledger nan-oh X is that you can use it with your mobile phone so you have the ledger live app on your mobile so we’re gonna go ahead and click get started’ ledger nan-oh X so we’ve got Leger nano X we’re gonna click on use initialized device yes I chose my pin code yes I saved my recovery phrase I didn’t click continue and so we have to make sure that our ledger nano X is unlocked with Bluetooth enabled we are there at the moment so we’re gonna pair a new device yes we’re going to allow we can now see that the device has been paired up good click continue and we can add our accounts over here to my portfolio now we can see our account has been added and we have a little bit of Bitcoin sitting in our account which is super awesome so now what we’re gonna do is send some Bitcoin back over to our Exodus wallet so we’re gonna go down here to the bottom and click transfer send funds I’m going to send point zero one nine nine click continue click continue now it’s going to ask us to verify our transaction over on the ledger nano X so we’re sending that amount of Bitcoin to this address that is all correct and I will accept that those are my fees that I’m paying here I accept that and I send and it happens that quick now that we have our ledger setup I want to address some of the most common concerns that new users have about the hardware wallets the first is of course what happens if someone steals it or if I lose it well a ledger will reset after three failed attempts to log in now if this was you who failed to get your PIN right then no worries because you can just reload your wallet using your recovery phrase but if someone does steal your ledger and this is a safety feature designed to protect you equally if you do end up losing your wallet you can just buy a new device and recover your funds by entering your recovery phrase that brings us on to the twenty forward recovery phrase itself now this is not your private key but a phrase which generates your private key this means that you do not need to trust the company to hold your keys because your key is randomly generated ledger can’t steal it be they don’t know it they don’t have it conversely if you lose your 24 word passphrase no one at Leger can help you recover it because they don’t have it while many people are primarily concerned with hackers stealing their cryptocurrency and hey look that is a valid concern without a doubt a hardware wallet basically eliminates the risk of that happening most people lose their crypto currencies because they do not take storing their keys seriously enough that 24 word seed phrase is incredibly important do not lose it fires floods dogs babies they all happen put that somewhere safe laminating your paper copy to protect it from moisture is a pretty good idea if you have a laminator around or put it in a plastic bag maybe if you have a fireproof safe excellent make two or more copies of your seed and store them in different secure places preferably in different geographic locations for example at your mom’s house is not a bad idea also plan for the unlikely event of you suddenly dying it happens guys gonna happen to all of us someday loved ones should be aware and able of how to recover your crypto holdings should that happen to you so make sure you plan for that and if you ever lose your ledger get it stole and it burns up in a house fire any of that stuff please do remember that that 24 word passphrase that you have been keeping safe laminated different geographic locations can be used to recover your wallet on a new device very easy to do I personally always have a fresh ledger in a box sitting in my house just in case something happens I don’t have to wait to order a new one I can just load and boot up to a new device very quickly also do remember that your funds are not physically stored on this the ice your bitcoin is not in the ledger it is on the blockchain but the ledger acts as your set of keys for interacting with the blockchain likewise you do not need to connect your device to send yourself cryptocurrency because you’re sending it to your public address on the blockchain these are just your keys to open your box some might say lark isn’t this basically just a USB stick couldn’t I just store my keys and an old USB laying around in my sock drawer or something no no not really at all the ledger nan OS has advanced security features and is specifically designed to be the top Hardware wallet for crypto currencies it is not possible to expose your private keys when plugging your ledger in but if you take an old USB then your private keys are potentially visible to hackers also your wallet cannot be hacked and drained well connected to the Internet in order to send funds you need to physically press the buttons on the device no hacker can hijack the process it’s very very secure the ledger always also presents the address that you will be sending to on the device screen double check this always before pressing send it is a valuable extra security step that protects you from online mirroring and phishing sites for example and if you suspect someone may have access to your passphrase then move all the funds to an exchange or to another wallet which you control immediately and reset your device and create a new 24 word passphrase as the old passphrase is linked to your other set of keys and thus accessible by that bad actor you suspect may have that passphrase and a new passphrase will be linked to your new keys there’s also a ransom option on ledger yes there is a hostage situation feature it’s an advanced option I’m not going to be showing you to do it here but know that it exists if that is something that you think you may need at some point also very much worth noting is that you can uninstall and reinstall any of the wallets at any time with no worries your funds are not lost they are still there because your keys are still there just reinstall the wallet to access them so you can take neo on and take neo off take a theory Mon and take aetherium off no problem also please be careful of second-hand wallets only buy from the official website there are so many stories of people buying used wallets online or new wallets from the unofficial dealers places that have great sales on the ledger only to have their funds stolen later on use the link below to buy yourself a ledger or a trace or from the official source firmware updates do happen from time to time they do not erase your keys so just be chillin run the update and keep your firmware up-to-date I hope that this tutorial on how to set up a ledger is super useful for you check out the next video in this series to learn more about crypto currency and feel free to post any questions that you may have about the ledger or anything else crypto related down below in the comment section there you will also find my recommended list of exchanges and of course of Hardware wallet options and if you did find this video useful we have a thumbs up on it and if you are new around here you can subscribe to the channel for more crypto education and information long live the blockchain and peace out the next time

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