- Ledger Nano S Review: Things To Know Before Ordering The Ledger Wallet
- Why Should You Order 2 Or More Hardware Wallets At The Same Time?
- 20+ currencies supported by Ledger Nano S
The first thing you use your Ledger Nano for should be for storing bitcoins. And if you don’t know how to do that, we have got you covered here because in this guide we are going to discuss the same in a step-by-step manner.
Note: This guide works for both version of Ledger Nano (S & X)
Transferring Bitcoins To A Ledger Nano
To do this, you need to download Ledger Live app. If you don’t have it, download it from here.
Step 1: Launch the Ledger live app, connect your Ledger wallet to your computer and open Bitcoin app on it. If you have never done this before, watch this video to understand.
Step #2. Plugin your Ledger Nano to your device (PC/mobile) and unlock it using your PIN code. Remember: Don’t share this PIN with anyone because using this PIN, anyone can get into your Ledger Nano if they have access to the device.
Step #3. Once your Ledger device is connected, open Ledger live, click on Accounts, Click on Add Account and select Bitcoin from Crypto assets.
Step #4. After you have selected ‘Bitcoin’, click on Continue. On the next screen, the Ledger live app will check if your device is connected or not. You will see a screen like this:
Step 5: Click on continue and within seconds it will sync your wallet with Blockchain. It will check if you have previously created any account or not. Just so you know, you can have multiple Bitcoin accounts using one Ledger device. Under “Add new accounts” . You can also rename the account to give it a meaningful name.
Ex: Office salary, Income from freelancing and so on.
Make sure to tick the check box and click on add account.
Step 6: The above step will add a Bitcoin account to your Ledger live app. Now, click on accounts, and select the account that you just created.
Step 7: Click on receive and this will show you your Bitcoin receiving address. Now, this is the address on which you need to transfer the Bitcoin from anywhere else to your Ledger Bitcoin wallet.
Step #8. Click ‘Receive’ as shown in the image below to see this screen where a pop-up will prompt you to select your ‘Account To Credit’. Now click on ‘Display Address On Device’ option as shown above. If you look closely, there is a note that says: only receive funds on this address if it matches the one displayed on your device.
For this, please verify if the address is shown in your Ledger app and the address shown on your actual hardware device is the same. Once both are verified and matched you are good to go ahead.
Step #9. Once addresses are matched it means the address shown is safe to receive BTC.
Step #10. Now you can scan the QR code in step #8. from your mobile wallet or copy-paste the address shown in the ledger app where you want to receive your bitcoins. Generally, people withdraw BTC from exchanges to store it on Ledger Nano S. And this has to be done very carefully as you can’t afford to put a wrong address during BTC withdrawal from exchanges.
Step # 11. Now once you have scanned the QR code or put the copied address and just hit send from your wallet. And now wait for the transaction to reflect on Blockchain explorer.
Sending BTC From A Ledger Nano S
Step #1. Launch the Ledger Wallet Bitcoin application on your desktop.
Step #2. Plug in your Ledger Nano S to your device (PC/mobile) and unlock it using your PIN code. Remember: Don’t share this PIN with anyone because using this PIN, anyone can get into your Ledger Nano S if they have access to the device.
Step #3. Once your Ledger device is connected, open your Bitcoin application on the device. You will be prompted to select Bitcoin or Bitcoin cash. Select ‘Bitcoin’.
Step #4. After you have selected ‘Bitcoin’, the app will prompt you to select ‘Legacy’ or ‘Segwit’ types of addresses. In this case, you need to select ‘Legacy’ if your bitcoins are on ‘Legacy’ addresses that start with digit ‘1’ or ‘Segwit’ if your bitcoins are on ‘Segwit’ addresses that start with ‘3’.
In this case, I am selecting segwit because I have my coins on segwit as using segwit has many benefits that you can read here. Also, to avail these benefits you should migrate to segwit with help of this step by step guide.
Step #5. You will be taken to your segwit Ledger Nano S Bitcoin wallet after a few seconds of synchronization.
Step#6. After the sync, you will be able to see this screen of your wallet. Here you will see your accounts, balances, send, receive and settings options.
Step #7. Here in the image above, select the ‘Send’ option in the wallet app interface to move to the next interface as shown below.
Step #8. Enter the amount of BTC you want to transfer, add recipient Bitcoin address, and click send.
Step #9. It is advised to scan the receipt address if you have the address QR code to avoid manual errors. You can use the option shown in the below image to scan the QR code.
Step #10. Also in step #8, you can vary your transaction fees and select the optimum kind of fees that you want to use for that particular transaction. The time the transaction takes to complete will be dependent on the fee type selection.
Step #11. Another easy way to save on transaction fees is to choose ‘Custom Fees’ as shown in the image below. I understand that this ‘Custom Fees’ part can be tricky for many of you that’s why I have created a dedicated guide on How Much Bitcoin Transaction Fees Should You Pay For Confirmed Transaction.
Step #12. Now that you have filled all the fields appropriately, you are good to hit ‘send’ and your transaction will be broadcasted to the Bitcoin mempool to be mined.
Some More Important Points…
Now that your transaction is broadcasted, you should check it out at Bitcoin explorer and wait for 6 confirmations to get the transaction successful.
Also, I recommend you use segwit address enabled wallets such as Ledger Nano S. You can read about some more segwit wallets here: Best Segwit Enabled Wallets For Bitcoin.
Lastly, I would recommend anyone in the crypto space to own at least one Ledger Nano S because there is so much more you can do with this single hardware wallet including storing more than 22 cryptocurrencies all at one place.
Also, do watch our exclusive video series tutorials on Ledger Nano S.
Further Things To Remember
Remember while receiving BTC from anyone it is a good practice to wait for at least 6 confirmations before considering the transaction successful.
Also, when buying Ledger Nano S, never trust unofficial resources and never use a Ledger Nano S that comes with a filled seed words sheet because there are high chances that it is a plan to scam you.
Always buy Ledger Nano S from the official website and thoroughly learn how to setup and use Ledger Nano S through our exclusive video tutorial series on the same.
If you liked the post, please share it with your friends & family!
Here are a few more hand-picked articles you should read next: