{"id":58724,"date":"2022-01-24T21:01:23","date_gmt":"2022-01-24T13:01:23","guid":{"rendered":"https:\/\/www.hongkiat.com\/blog\/?p=58724"},"modified":"2022-04-12T19:06:18","modified_gmt":"2022-04-12T11:06:18","slug":"buy-store-crypto-hardware-wallet","status":"publish","type":"post","link":"https:\/\/www.hongkiat.com\/blog\/buy-store-crypto-hardware-wallet\/","title":{"rendered":"How to Store Crypto in Hardware Wallet (For First-timers)"},"content":{"rendered":"

So you are a crypto trader, but for some reason, you want to hold your cryptocurrency for a longer period of time and don\u2019t plan to trade it any time soon? The best and safest would be to store them in a hardware wallet. But setting up a hardware wallet can be pretty complicated.<\/p>\n

I\u2019ve shown you how to set up a Trezor hardware wallet<\/a> in one of my previous posts. In today\u2019s post, I\u2019m going to bring to your attention another great alternative to a crypto hardware wallet \u2013 the Ledger Nano S<\/a>.<\/p>\n

This article will detail how I set up and configure the Ledger Nano S hardware wallet<\/strong>, to storing crypto<\/strong> into it, and everything in between.<\/p>\n

Here\u2019s the Table of Content<\/strong> for easier navigation:<\/p>\n

    \n
  1. Intro to Ledger Nano S hardware wallet<\/a><\/li>\n
  2. Ledger Nano S hardware wallet unbox<\/a><\/li>\n
  3. Setting up: Ledger Nano S hardware wallet<\/a><\/li>\n
  4. Setting up: Ledger Desktop app<\/a><\/li>\n
  5. Ledger Nano S Firmware update<\/a><\/li>\n
  6. Adding Crypto Account in Ledger Nano S<\/a><\/li>\n
  7. Sending crypto to Ledger Nano S<\/a><\/li>\n<\/ol>\n

    1. Ledger.com and Nano S Hardware Wallet<\/h2>\n

    Created by the folks behind Ledger SAS<\/strong>, the Nano S is one of the cheapest, easiest to use, and most secure solutions to store your cryptocurrency offline. The device costs around USD $70 per piece, and is available in various colors.<\/p>\n

    Click here<\/a> to learn more about Ledger\u2019s hard wallet.<\/p>\n

    Tip:<\/strong> The Ledger Nano S is much cheaper (21% discount) if you buy in a pack of 3.<\/p>\n

    Apart from the Nano S, there\u2019s also a more advanced (and hence costlier) version called the Ledger Nano X<\/a> that comes with wireless access and a larger display.<\/p>\n

    For this article, I\u2019ll be using the Ledger Nano S.<\/p>\n

    2. Ledger Nano S Unboxing<\/h2>\n

    If you\u2019re planning to get yourself a the Ledger Nano S hardware wallet, here\u2019s a list of everything<\/em> you should be expecting in the box.<\/p>\n

    \"ledger<\/figure>\n
      \n
    1. The Ledger Nano S device<\/strong>,<\/li>\n
    2. One piece of recovery sheet<\/strong> for noting down the recovery phrases,<\/li>\n
    3. One Ledger-branded lanyard<\/strong>,<\/li>\n
    4. One USB cable<\/strong> (Male to Micro B Male), and<\/li>\n
    5. Some not-so-important papers that you can read later.<\/li>\n<\/ol>\n

      3. How to Set Up Ledger Nano S<\/h2>\n

      First things first, let\u2019s get the Ledger Nano S device set up.<\/p>\n

        \n
      1. Connect the Nano S device<\/strong> to your computer with the USB cable provided.<\/li>\n
        \"welcome\"<\/figure>\n
      2. When the device is powered, you will be greeted with a \u201cWelcome<\/strong>\u201d and then \u201cPress both buttons to begin<\/strong>\u201c. Do as instructed; press both the buttons <\/strong>on the device to begin setup.<\/li>\n
        \"begin\"<\/figure>\n
      3. Click the right button<\/strong> to configure your Nano S as a new device.<\/li>\n
        \"new<\/figure>\n
      4. Here lies the most crucial part of the setup \u2013 you need to create an 8-number PIN code<\/strong> for your device. The left button decreases<\/em> the number count, the right button increases<\/em> the number count, and pressing both buttons together confirms your input.<\/li>\n
        \"pin<\/figure>\n
      5. Repeat to confirm<\/strong> your PIN code entered.<\/li>\n
        \"confirm<\/figure>\n
      6. Next, you will be given a set of recovery phrases<\/strong> \u2013 all 24 of them. They are just as important as your 8-digit pin codes because, shall you lose the device, these phrases are your only hope in recovering the cryptos inside. Write the recovery phrases down<\/strong> in the recovery sheets provided, and keep them safe and inaccessible to anyone else but you. Use the right button to navigate to the next phrase and the left button to the previous.<\/li>\n
        \"recovery<\/figure>\n
      7. Once you\u2019ve written them down, the device will want you to confirm all 24 recovery phrases<\/strong> again. This step ensures you\u2019ve recorded the correct phrases in the right order. Follow the instructions on the screen and pick the correct phrases accordingly.<\/li>\n
        \"confirm<\/figure>\n
      8. \u201cYour device is now ready<\/strong>\u201d is what you will see if everything works out fine.<\/li>\n
        \"device<\/figure>\n
      9. Clicking both buttons<\/strong> together will bring you into the hardware wallet, where you can make further changes to its settings or add any cryptocurrency app directly on the device. But there\u2019s no need for that; we will do that in via Desktop app later.<\/li>\n
        \"in-device<\/figure>\n<\/ol>\n

        4. Install and Set Up Ledger Desktop App<\/h2>\n

        After the device is set up, let\u2019s download and install the Ledger Desktop app. The desktop app will maake life much easier; at least you don\u2019t have to depend on the two buttons on the device for every setting you are going to make or change.<\/p>\n

          \n
        1. Head over to https:\/\/www.ledger.com\/ledger-live\/download<\/a> to download and install<\/strong> the correct Desktop Ledger app for your operating system.<\/li>\n
        2. Upon installation, click \u201cGet Started<\/strong>\u201c, agree to the terms and conditions, select your device\u2019s model, which is Nano S, and click \u201cOK, I\u2019m ready<\/strong>\u201c.<\/li>\n
          \"desktop<\/figure>\n
        3. Keep clicking \u201cNext step<\/strong>\u201d (because we\u2019ve already done those), until you reach the page where you click \u201cOK, I\u2019m done!<\/strong>\u201c.<\/li>\n
          \"click<\/figure>\n
        4. You\u2019ll be required to take a 3-question quiz to continue. Try answering these questions to the best of your understanding, but I\u2019ll share the answers<\/strong> here anyway.\n \u2013 As a Ledger user, my crypto is stored: On the blockchain.<\/em><\/strong>\n \u2013 If my recovery phrase is no longer secure or private: My crypto is no longer safe and I need to transfer them to a secure place.<\/em><\/strong>\n \u2013 When I connect my Nano S to the Ledger app, my private key is: Still offline.<\/em><\/strong>[img]\n <\/li>\n
          \"quiz\"<\/figure>\n
        5. When you are done, click \u201cFinish quiz<\/strong>\u201c.<\/li>\n
          \"finish<\/figure>\n
        6. Now, click \u201cNext step<\/strong>\u201d and then \u201cCheck my Nano<\/strong>\u201d so the app can check if your Nano S is genuine and then it will follow up by finishing the set up process of the device.<\/li>\n
          \"genuine<\/figure>\n
        7. And if everything goes well, which it most likely should, this is the screen you will end up seeing.<\/li>\n
          \"all<\/figure>\n<\/ol>\n

          5. Update Ledger Nano S Firmware<\/h2>\n

          It is essential that your Nano S is running on the latest firmware. This should be the first thing you do before you install any apps on it.<\/p>\n

          To find out if your Nano S requires a firmware update, click the Manager tab<\/strong> on the left sidebar. If you see the following message that says \u201cUpdate firmware to X.X.X is available<\/strong>\u201c, that\u2019s a sign that your device is outdated, and a firmware update is required.<\/p>\n

          To update Nano S firmware, this is what you need to do:<\/p>\n

            \n
          1. Click the \u201cUpdate firmware<\/strong>\u201d link.<\/li>\n
            \"update<\/figure>\n
          2. At the Firmware Update page, check \u201cI have my recovery phrase<\/strong>\u201d and then click Continue<\/strong>. At this step you should have your 24 recovery phases ready.<\/li>\n
            \"continue<\/figure>\n
          3. The firmware update will start to download. This takes approximately 3-10 minutes, depending on your connection.<\/li>\n
            \"firmware<\/figure>\n
          4. When the download is complete, you will be presented with a screen like this, where you will need to verify the identifier. Cross-check the codes<\/strong> on your device, make sure they are the same, then click the right button<\/strong> on your device.<\/li>\n
            \"verify<\/figure>\n
          5. Next, unlock your device with your PIN<\/strong>, and the firmware update will commence.<\/li>\n
            \"update<\/figure>\n
          6. And when you see this screen, that means your firmware has been successfully updated.<\/li>\n
            \"update<\/figure>\n<\/ol>\n

            6. Adding Crypto Accounts in Nano S<\/h2>\n

            Now, before you can start sending cryptos to your Nano S hardware wallet, you will first need to create an account for each of the respective coint<\/strong>.<\/p>\n

            In this example, I\u2019m going to show you how to create an Ethereum account<\/strong> in the hardware wallet.<\/p>\n

              \n
            1. Click Portfolio<\/strong> on the left sidebar, then click on the \"Add account<\/strong>\" button.<\/li>\n
              \"add<\/figure>\n
            2. Search for the required cryptocurrency, in our case, we will go ahead with creating an Ethereum account.<\/li>\n
              \"type<\/figure>\n
            3. Once done, click Continue<\/strong>.<\/li>\n
              \"continue<\/figure>\n
            4. Now, go to your Nano S device. If it isn\u2019t connected, you need to connect it and enter your PIN<\/strong>. If it\u2019s connected then click both buttons simultaneously<\/strong> to open the Ethereum app.<\/li>\n
              \"device<\/figure>\n
            5. The synchronizing process will then start and would take around 5-10 seconds.<\/li>\n
              \"sync\"<\/figure>\n
            6. Give your new Ethereum account a name, click on the \"Add account<\/strong>\" button and then click Done<\/strong> on the next page.<\/li>\n
              \"add<\/figure>\n
            7. That\u2019s it. You should now see your crypto (in my case, the Ethereum) account being listed in the Accounts page.<\/li>\n
              \"account<\/figure>\n<\/ol>\n

              Note:<\/strong> Again, you will need a different account for each cryptocurrency you intend to store in your hardware wallet. I.e., To store Bitcoin, Ethereum, and Dogecoin in your Nano S hardware wallet, you will need to repeat these steps to create each a different account.<\/p>\n

              7. Sending crypto to Nano S hardware wallet<\/h2>\n

              Now, assuming that we\u2019ve got few different cryto accounts created, let\u2019s proceed to transfering some coins into it.<\/p>\n

              Here, I\u2019m going to show you how I send Dogecoin from my Coinbase software wallet<\/em> to this Nano S hardware wallet<\/em>.<\/p>\n

              On the Desktop app\u2026<\/h3>\n

              First, we will need the Dogecoin\u2019s wallet address. To retrieve it:<\/p>\n

                \n
              1. Go to Accounts<\/strong> on the left sidebar, then click Dogecoin<\/strong>.<\/li>\n
                \"select<\/figure>\n
              2. Click Receive<\/strong> and then click Continue<\/strong>.<\/li>\n
                \"continue\"<\/figure>\n
              3. The Dogecoin address will then be displayed to you.<\/li>\n
                \"doge<\/figure>\n
              4. Click \"Show QR Code<\/strong>\" to bring up the Dogecoin address in QR code. <\/li>\n
                \"doge<\/figure>\n<\/ol>\n

                Note:<\/strong> Any Dogecoin successfully sent to this address will be stored in the Ledger Nano S hardware wallet.<\/p>\n

                On the mobile phone\u2026<\/h3>\n

                Now, on the mobile phone, I\u2019m going to launch the Coinbase Software Wallet app so I can then transfer some Dogecoin in it over to the Nano S device.<\/p>\n

                  \n
                1. In the Coinbase wallet, enter the number of DOGE to send, then tap Next<\/strong>.<\/li>\n
                  \"doge<\/figure>\n
                2. On the next screen, tap on the small QR code icon<\/strong> to activate the phone\u2019s camera.<\/li>\n
                  \"tap<\/figure>\n
                3. Now point the camera to the QR code<\/strong> on the Desktop app to retrieve the Dogecoin address.<\/li>\n
                  \"point<\/figure>\n
                4. Confirm the amount and the address<\/strong>, and then tap Send<\/strong>.<\/li>\n
                  \"send<\/figure>\n
                5. It might take a while for the transaction to be completed. And once it\u2019s done, you will see the amount of Dogecoin being reflected in your Desktop app.<\/li>\n
                  \"dogecoin<\/figure>\n<\/ol>\n

                  When you see this, that means your Dogecoins has been successfully transferred from the Coinbase software wallet to Ledger Nano S hardware wallet.<\/p>\n

                  And that concludes our whole walkthrough. I hope you found this useful.<\/p>","protected":false},"excerpt":{"rendered":"

                  So you are a crypto trader, but for some reason, you want to hold your cryptocurrency for a longer period of time and don\u2019t plan to trade it any time soon? The best and safest would be to store them in a hardware wallet. But setting up a hardware wallet can be pretty complicated. I\u2019ve…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3398],"tags":[3825],"topic":[],"class_list":["entry-content","is-maxi"],"acf":[],"yoast_head":"\nHow to Store Crypto in Hardware Wallet (For First-timers) - Hongkiat<\/title>\n<meta name=\"description\" content=\"So you are a crypto trader, but for some reason, you want to hold your cryptocurrency for a longer period of time and don't plan to trade it any time\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.hongkiat.com\/blog\/buy-store-crypto-hardware-wallet\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Store Crypto in Hardware Wallet (For First-timers)\" \/>\n<meta property=\"og:description\" content=\"So you are a crypto trader, but for some reason, you want to hold your cryptocurrency for a longer period of time and don't plan to trade it any time\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.hongkiat.com\/blog\/buy-store-crypto-hardware-wallet\/\" \/>\n<meta property=\"og:site_name\" content=\"Hongkiat\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/hongkiatcom\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-24T13:01:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-12T11:06:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/assets.hongkiat.com\/uploads\/buy-store-crypto-hardware-wallet\/00-unbox.jpg\" \/>\n<meta name=\"author\" content=\"Hongkiat Lim\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@hongkiat\" \/>\n<meta name=\"twitter:site\" content=\"@hongkiat\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Hongkiat Lim\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/buy-store-crypto-hardware-wallet\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/buy-store-crypto-hardware-wallet\\\/\"},\"author\":{\"name\":\"Hongkiat Lim\",\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/#\\\/schema\\\/person\\\/e3613a3bf757e4f67770f0b7a339edd0\"},\"headline\":\"How to Store Crypto in Hardware Wallet (For First-timers)\",\"datePublished\":\"2022-01-24T13:01:23+00:00\",\"dateModified\":\"2022-04-12T11:06:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/buy-store-crypto-hardware-wallet\\\/\"},\"wordCount\":1659,\"publisher\":{\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/buy-store-crypto-hardware-wallet\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/assets.hongkiat.com\\\/uploads\\\/buy-store-crypto-hardware-wallet\\\/00-unbox.jpg\",\"keywords\":[\"Cryptocurrency\"],\"articleSection\":[\"Internet\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/buy-store-crypto-hardware-wallet\\\/\",\"url\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/buy-store-crypto-hardware-wallet\\\/\",\"name\":\"How to Store Crypto in Hardware Wallet (For First-timers) - 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