Cryptocurrency is becoming more and more popular every day.
There are many different types of cryptocurrencies, but they all share one thing in common – they’re digital currencies that can be used for online purchases or sent back and forth between users on peer-to-peer networks.
The most famous type of cryptocurrency is probably Bitcoin, which was created by an unknown person (or group) using the alias Satoshi Nakamoto in 2009.
Since then, the currency has become increasingly popular and valuable, with some people calling it “digital gold” because of its limited supply and growing value over time.
With this continuous growth, there has also been a growth in the various platforms where you can trade, buy, sell and store cryptocurrency.
These exchanges are operated either centralized or decentralized.
Centralized means that the platform itself controls and hosts your private keys, whereas decentralized means that you host your own keys on a blockchain hosted by a third party.
Examples include Coinbase, KuCoin, and Binance.
There are also physical hardware platforms where cryptocurrency is able to be stored, such as the Ledger Nano S which is what we are going to be talking about today.
Physical platforms for cryptocurrency work by securing your coins from hacks, malware, theft, etc., on a physical piece of hardware whilst giving you complete control over your own funds.
It is important to understand that these devices come with their own unique set of risks when trading cryptocurrency such as losing your device, loss of access to your funds, phishing attacks, malware, viruses, etc.
In order to mitigate these risks, make sure you research the companies that produce these products before buying them.
With that being said, let’s take a look at how the Ledger Nano S works, as well as how you can use it to send bitcoin.
What Is The Ledger Nano S?
The Ledger Nano S is a hardware wallet that allows you to manage your crypto-assets offline while protecting them from hackers.
It connects via USB to your computer or laptop and generates a unique recovery seed that must be written down and kept somewhere safe.
Withdrawing funds requires entering the 24-word recovery phrase which is generated when you first set up the device.
This is the only way to recover access to your account if anything happens to the device.
Using The Ledger App
The Ledger Nano S comes with its own mobile app called ‘Ledger Live’.
This app works in conjunction with your Ledger hardware wallet and allows you to view all your balances, addresses, and transactions.
It also gives you access to the Ledger’s web interface, which is useful when you are offline or don’t have internet connectivity.
Downloading the app is easy as it is available for both Android and iOS devices.
Ledger Nano S Features
There are a few features that make the Ledger Nano S stand out from other hardware wallets.
First off, it supports multiple coins including Bitcoin, Ethereum, Litecoin, Dash, Ripple, Monero, ZCash, Dogecoin, Stellar Lumens, NEM, IOTA, EOS, and Qtum.
Secondly, it has a built-in OLED screen, so you can check transaction details without having to connect to any external devices.
Thirdly, it has a built-in secure PIN code entry system that protects against malware and keyloggers.
Lastly, it has a high level of security, meaning that even if someone were to get their hands on your device, they would still not be able to steal your assets.
Setting Up Your Ledger Wallet
When setting up your Ledger wallet, you will need to choose a strong password.
You should never write this down anywhere, and instead keep it safely hidden away.
Once you have selected a strong password, you will need to create a new wallet by clicking ‘Create New Wallet’.
On the next page, enter a name for your wallet and click ‘Next’ to continue. Enter a strong passphrase into the field provided and click ‘Save’.
Now you will need to confirm your email address and click ‘Confirm Email Address’.
After confirming your email address, you will receive instructions on how to download your wallet software onto your computer.
Open the downloaded file and install the application. If prompted, select ‘Run As Administrator’. Click ‘Yes’ to allow the app to run.
The Ledger wallet will now open with an empty canvas ready for you to start creating transactions.
Storing Bitcoin On The Ledger
To begin storing your bitcoins on the Ledger, click ‘Add Funds’, then ‘Funds Management’. Select ‘Bitcoin’ from the list and click ‘Continue’.
Enter the amount of BTC you want to add to your wallet and click ‘OK’. Your balance will be displayed in satoshis (1 Satoshi 0.00000001 BTC).
You can change the number of satoshis per dollar by clicking ‘Change Display Unit’.
Next, click ‘Send/Receive’. Choose ‘Send’ and enter the destination address for your transfer. Click ‘Generate Transaction ID’, then ‘Submit’.
Wait until you see the confirmation message before sending your bitcoin.
Sending Bitcoins From The Ledger
To withdraw your bitcoin, click ‘Withdrawal’, then ‘Manage Wallets’. Select the wallet you wish to send your bitcoin from and click ‘Select’.
Then click ‘Send’. A pop-up window will appear where you can enter the amount of bitcoin you wish to withdraw.
Enter the amount and click ‘Send’. Confirmation will display once the transaction has been processed.
Is the Ledger Nano S A Good Way To Store And Send Bitcoin?
The Ledger is one of the most popular options for storing and transferring bitcoin. It offers some great functionality and comes at a very reasonable price point.
However, there are a couple of things to consider when choosing whether or not to buy the Ledger.
Firstly, it does require a lot of technical knowledge to set up and use correctly.
This means that if you’re looking to store large amounts of bitcoin, the cost may outweigh the benefits.
Secondly, while the Ledger is extremely safe, it’s also incredibly expensive.
For these reasons, the Ledger is best suited to those who don’t plan on keeping more than $100 worth of bitcoin on their device.
Final Thoughts
If you’re looking for a secure way to store and manage bitcoin, the Ledger Nano S is probably the best option available today.
It supports many different cryptocurrencies and allows users to easily access their funds securely.
It’s easy to set up and use, but it’s not the cheapest or simplest device out there.
Still, it’s a good choice for those who value security over convenience and technical ease.
If you want to learn about making more money through stocks, crypto currencies, and more unorthodox ways to generate money, then you’re in the right place. I want to teach as many people as possible about making money today.
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