Most people who have heard of cryptocurrencies and own them (or intend to own them) are familiar with the existence of the Ledger cold wallet. Storing in this physical wallet, which looks like a USB stick, is undoubtedly one of the safest methods for storing your cryptocurrencies. However, the process itself is not the easiest for beginners. That’s why you will receive extremely useful knowledge in this article.
In this step-by-step guide, we will detail how to start using the Ledger crypto wallet, specifically the NANO S model. Ledger NANO S is one of the most recognized and secure cold wallets for storing cryptocurrencies. With this device, you can safely store and manage your digital assets. If you are encountering this for the first time – follow the steps, and soon you will understand the use of the Ledger NANO S device, and your funds will be safe from theft (hackers). Step by step. From A to Z.
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Ledger Nano S or what exactly are cold wallets and why are they so important?
Ledger Nano S cold wallets are a type of crypto wallet that is completely isolated from the internet, allowing you (consequently) to securely store cryptocurrencies. This kind of crypto wallet is popular due to its high level of security since they are not exposed to online threats such as hacker attacks. There are two main types of cold wallets: hardware wallets (e.g., Ledger NANO S) and paper wallets. Cold wallets are an excellent choice for long-term storage of cryptocurrencies as they provide owners with full control over their funds.
What do you need to safely store and manage your cryptocurrencies on the Ledger Nano S?
For starters, you need the Ledger NANO S, with the included micro USB cable.
Photo: The Ledger package includes the device, a micro USB cable, and some cards for recording the security phrase.
When you receive your Ledger NANO S, from the outside, it will look something like this (see the photo below). The package includes the device, a micro USB cable, and some cards for recording the security phrase (these cards should be empty and not pre-filled). Never use the device if the seal is damaged.
Store the device (with all its accessories) in a safe place (e.g., a safe).
Step #1: Connecting the Ledger NANO S to your personal computer
- Plug the Ledger NANO S into your personal computer using the provided micro USB cable.
- After switching on the device, a welcome screen with the Ledger logo will appear. This is a good sign!
- Press the left or right button (buttons on the side of the device) to scroll through the on-screen instructions.
IMPORTANT: Please contact your authorised dealer if the device requires a PIN code immediately after switching on (without the welcome screen and confirmation that it is a new device). This device may not be safe to use.
Step #2: Ledger live, application installation
The Ledger Live application is the heart of managing your Ledger app. Therefore, visit the official Ledger Live website (https://www.ledger.com/ledger-live/download) and download the appropriate version for your personal computer’s operating system (Windows, macOS, Linux).
- Install the Ledger Live application on your computer by clicking on the “Download” button.
- The icon to enter the Ledger Live application will now be visible on your computer's desktop.
- After starting the app (your Ledger NANO S cold wallet must be connected to your computer at all times), press both buttons on the Ledger NANO S at the same time (on the side of the device) and proceed to step 3.
Step #3: Setting up a new wallet or restoring an old one
- Restore your wallet by inserting an existing security recovery phrase.
- Create a new wallet with a completely new security phrase (password).
Since this article is a guide for beginners, we’ll start with option B: setting up a new wallet. Press both buttons simultaneously (on the side of the device) to begin usage, and the option “Configure as new device” will appear:
- Click the X symbol (left button) to restore an old device using the recovery phrase, or
- Click the checkmark (right button) to set up a new device.
Step #4: Setting up a PIN code (password)
- Enter your chosen 4-digit or 8-digit PIN by pressing the left/right buttons to select the desired number, then press both buttons simultaneously to confirm the selected number.
- Enter the (same) PIN again to confirm and complete the PIN setting process.
- Write down the PIN in a safe place (e.g. in a notebook selected for this purpose only).
IMPORTANT: It’s recommended to avoid simple PINs that would be easy to guess, yet it should be something you can easily remember. Store your PIN securely as from this point forward, you will use it every time you want to access the cryptocurrencies stored on the device.
Step #5: On the card provided, write down a recovery phrase (24 words)
- On your Ledger NANO S cold wallet, press both buttons at the same time to get started.
- One by one, the device will start displaying the 24 words that make up your recovery phrase.
- Press both buttons at the same time to move on to the next word.
- Write them down in order on the blank recovery sheet provided (the exact order of the words is of utmost importance!).
Step #6: Confirm your recovery phrase
- If you have made any mistakes when copying the recovery phrase, you will now find it.
- Enter the missing words that the device asks you to enter.
- Do this to complete the setup of the recovery phrase and proceed to the next step.
IMPORTANT: DO NOT take photos of your recovery words and do not write them down on your computer. Also, do not show them to anyone. This is important because anyone with your recovery phrase could recover your account on another Ledger device and steal your funds.
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Step #7:Your device is now ready to use!
Step #8: Setting up the Ledger Live app (theme color)
Also in this step it is important that your device is (still) connected to your computer.
Open the Ledger Live application. A screen will appear prompting you to choose a theme color for your app. The choice here purely depends on your user experience, and as a result, is entirely up to you.
- If you want a dark theme, choose "Dusk".
- If you prefer well-lit menus, choose the "Light" mode.
- Once you have decided on the colour of the theme you want, click the "Start" button.
Step #9: Initialise the new device
After completing step #8, you will be taken to a menu where you select “Initialize as new device“.
- Select the Ledger NANO S device and follow the procedure to check that you have installed your cold wallet correctly.
- At this point, you should also confirm that you have chosen the PIN yourself and that you have saved the recovery phrase (for Ledger).
- You will then be prompted to set a password for Ledger Live (which you should also save in a safe place).
Step #10: Install cryptocurrency apps
- The Ledger Live app will prompt you to install the desired cryptocurrency download apps on your cold wallet.
- Select the 'Open Manager' option, which allows you to install or uninstall crypto apps.
- To download e.g. Bitcoin to your device, select "Open Manager", search for the Bitcoin cryptocurrency in the app catalogue and simply click "Install". You will now be able to see the Bitcoin app installed on your Ledger device.
The Ledger Nano S only supports between 3 and 11 apps after the upgrade. So if you want to use your device with more than 3 cryptocurrencies, you may not be able to install all the different apps on your device (at once). In this case, you will need to uninstall some apps to make room. (But don’t worry, the cryptocurrencies you have already downloaded will remain safely on your Ledger).
If you uninstall the relevant app, you won’t lose your cryptocurrencies. However, installing and uninstalling apps to use your device can be quite time-consuming (and sometimes, annoying).
If you have, or plan to regularly use more than this amount of cryptocurrency, you may need to consider using multiple devices, or purchasing Ledger NANO X. For beginners, the Ledger NANO S is perfectly sufficient!
IMPORTANT: If your device has been idle for several minutes while installing apps, you may be prompted to re-enter your PIN (for Ledger).
Well, here we are at the end. That’s it, victory! The Ledger NANO S is relatively easy to use if you follow the steps outlined. The device itself and the app will guide you through the process safely, clearly and intuitively. You have successfully completed the installation process of the Ledger NANO S. You can now securely manage (receive/send) your cryptocurrencies that you have stored on Ledger.
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- Two specific methods for high returns, even when prices are falling.
- What will the majority do and what should you do to be in a better position?
- Background of the crypto crash and leverage of big opportunities.
- Which cryptocurrencies to buy during a crisis?
- Trends, trading, earning techniques.
Enter your name and email address now to participate for free.
