In this video, I’ll give you a step by step guide on how to setup your Ledger Nano to store your Bitcoin. I’ll also show you how to transfer your Bitcoins over and a few things to take note.
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0:00 – Intro
0:55 – How To Buy Ledger
You can click on this link to buy:
The Ledger Nano S costs $99, Ledger Nano X costs $189. It’s more expensive but it supports wireless, have bigger storage and bigger display. If you have friends or family who’s interested to buy together, you can just order the Family Pack to get about 20% discount per device.
1:41 – Unboxing
2:10 – How To Set Up Your Ledger
Plug your Ledger Nano S to the computer, then download Ledger program on the computer.
It will guide you step by step on how to setup the device. When setting up the Ledger Nano, you will have to write down your 24 word recovery phrase. Make sure that you keep it safe because it’s the only way to restore your cryptos. Don’t share the words with anyone as anyone who has it will have access to all your cryptos.
5:15 – How To Transfer Your Bitcoins
To transfer, just copy the public address of your ledger, then head over to your online exchange and paste it in. The transfer will take anywhere between 30 minutes to few hours, depending on how congested the network is. You can copy paste the transaction id, then go to blockchain.com to check the transfer status.
6:49 – Few Things To Take Note
If your Bitcoin is very little, it’s actually not worth to get the Ledger Nano, because there’s nothing much to lose. Right now I’m still keeping it in BlockFI to earn some interest.
Your Bitcoin isn’t actually stored in the Ledger, it’s stored in a public database known as the blockchain. The Ledger contains your private key, which is needed to access your Bitcoin. The 24 word phrase is the only way to retrieve your private key if you ever lose your device, so keep it safe.