Ledger Nano S is a hardware wallet that stores your private keys securely offline. You can use this device to store any cryptocurrency you want.
It supports Bitcoin, Ethereum, Litecoin, Dash, Dogecoin, and many other cryptocurrencies. It also supports ERC20 tokens such as Augur REP, OmiseGO OMG, Golem GNT, and others.
If you’re wondering how to set it up, then this article is for you!
Step By Step
Ledger Live includes interactive setup instructions. You simply open the app to get going.
You need to download the Ledger Live software onto your PC or smartphone before you can use the Ledger Nano S.
This is because the Ledger Live software is what allows you to back up and restore your Nano S.
You need to confirm your account information before proceeding. You’ll need to use a paper backup if you lose your phone.
Create A PIN Code
You’ll be asked to enter your PIN code. Make sure you press both buttons at the same moment to confirm and continue. Your PIN code should be 8 digits long.
Avoid using any code that is common or easy to guess. Make sure you choose a code that you can memorize and write it down.
You must use the up and down arrow keys to select each digit. Pressing both buttons at once confirms your selection.
You have a backspace option which allows you to go back to the previous digit.
You can use this to correct your mistake or make sure that you entered the correct PIN.
Confirming your PIN twice ensures that you didn’t accidentally enter an incorrect PIN.
You should write down your recovery phrase somewhere safe, but also make sure that if someone finds it, he or she can’t use it to steal your money.
When you own crypto, what you really own is a private key. Your key remains protected in a secured chip.
Ledger offers the highest level of protection: your keys remain protected in a certified secure device.
The words that make up your recovery phrase are part-of the BIP38 dictionary.
A unique permutation of 24 of the 4096 words will be generated for you. You must write them down one at a time.
You can generate many wallets, but the Ledger Nano S will only be able to access one at a time; it will not be able to access more than one wallet at a time.
You can use recovery cards to restore your wallet if you lose them. A billfold is a great way to store cash, but it’s also vulnerable to theft.
For added security, you can buy a Ledger wallet. If you’re worried about losing your wallet, you can protect yourself by using a metal plate backup device.
You should write down the number of every word in the sentence as well as the order of them. This will be very helpful when you need to recover your wallet later.
Press both buttons at the same moment to confirm each word.
You must be careful because if you make a mistake while writing down your recovery phrase, it will be revealed.
Open Ledger Live
At this point, it’s time to open Ledger Wallet (which you should have already downloaded and installed by now), and select the color of your theme (light or dark) as well as whether you want bright or dark menus.
Once you’ve made your choice, click the “get started” button.
You should choose the most popular cryptocurrency (Bitcoin) first. Then, you can add other currencies such as Ethereum, Ripple, Litecoin, Dash, etc.
Ledger Nano S supports hundreds or thousands of cryptocurrencies, but only a few devices can hold them all.
You should be careful about how much cryptocurrency you store on your device.
If you’re using an old phone, you’ll need to make sure that you have enough storage space available.
Also, if you haven’t used your device for some time, you might have to enter your PIN code again.
Hardware wallets are very secure devices that store private keys offline. They can be used to send bitcoins or other cryptocurrencies.
You can use them to create accounts for different cryptocurrencies. Your funds are stored inside the device, and you can access them whenever you want.
This makes them ideal for sending money to friends. However, if you lose your device, you won’t be able to recover your funds.
At this point it’s a great idea to conduct a genuine check which confirms your Nano X ledger is legit.
This is a feature that uses the official Ledger live software and can be utilized anytime.
Ledger Nano s. or human errors in sending to the wrong address.
When you’re about to receive bitcoins, your Ledger Nano S checks its validity. Your addresses will be generated on the hardware wallet and transmitted to LedgerLive.
This means that in normal situations, the information is identical, but if something goes wrong, you’ll know right away.
You must be careful when sending money. Ledger will help you by checking your transactions before you send them.
Physical keys are essential for the validation process, but the software itself can’t make any transactions.
A hacker can’t access the MCU of the device, but he or she can still access the information stored on the device.
The Ledger Nano S firmware is the code that allows the hardware wallet to communicate with the computer.
This firmware is updated regularly by the company. There are many security updates released every month. These updates are usually free.
However, if you want to be sure that your firmware is up-to-date, you should check the website of Ledger.
You should always keep your Ledger Nano connected to your computer when updating. This is because the Ledger Live app will notify you about an update.
Once you’ve removed the cable, you’ll need to press the left button on the device and connect it again.
After this, you’ll see a message on screen asking you to remove the cable.
Pressing the left button while holding the cable will put your Ledger into bootloader mode.
You need to wait until the firmware gets updated. Then you’ll be asked to enter your PIN code again.
Don’t worry about losing your data. Your wallet will be recovered automatically if you back up your 24 words.
Hopefully, with this guide, you’ve learned how to set up your Ledger Nano S!