Hardware Wallets are considered to be the most secure among
Hardware Wallets are considered to be the most secure among the available option, and Ledger Nano S is one such Hardware wallet which has established itself as one of the better available pieces of tech for storing your crypto riches.
Cryptocurrencies are a decentralized financial system based on Blockchain technology. In order to hold your crypto tokens, you would need a specialized wallet like the Ledger Nano. You can store any crypto of your choice, be it Bitcoin or any other altcoin
So, you have decided to dive into the crypto game, well the first thing you would need is a wallet, and what better than the best of the lot, Ledger Nano S. This article would serve as your guide on How to use Ledger Nano S Hardware Wallet.
Make sure you buy the Ledger Nano S from the official website to avoid any kind of scam or fake product.
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Setting Up the Ledger Nano S
The Ledger Nano S looks exactly like a flash drive, so make sure you do not keep it among other USB Flash drives and confuse one for the other
Once you have received the Ledger Nano S package from your vendor, the first thing is unboxing. You would find the following items in the box,
- Ledger Nano S
- USB Cable
- Instruction pamphlet
- Recovery Manual
- Other Accessories
Once the unboxing is complete and you have made sure you got all the accessories in the box, you need to configure the hardware wallet before you can use it.
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Configuring the Ledger Nano S
Configuring your Ledger Nano hardware wallet is as simple as installing a new ISO file or a computer program. Let us look at the process in a stepwise manner,
- Connect your Ledger Nano to your computer using the USB cable which you got in the package box.
- Now as soon as your computer detects the wallet, it would display a set of instructions, which you need to follow with the help of the instruction manual in the package box.
- The initiation process is done with a seed (a set of codes, which can be used to recover your wallet, in case you forget your key), and make sure you keep this seed safe, as it holds the key to your wallet and eventually the crypto asset that you hold in your wallet.
- Make sure you save the seed in an offline sheet or write it down in one your personal diaries, just make sure, no one has any access to it apart from you.
- Seed is generally 24-word key also known as Recovery Phrase, which you would need to recover your wallet if you forget your private key, or any other emergency comes up.
You have done the hard part of configuring your account, but you still need to complete a few more processes before you can start using the Ledger Nano S.
The next step is to install an application for convenience, let us see what all are required to install an application.
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Installing an Application on Your Hardware Wallet
After the configuration, you need to install an application to manage different digital currencies on your Ledger Nano s. Let us see what all are required,
- Download the Ledger manager app for your chrome browser, you can find multiple of those online, make sure the one you download is from a genuine source and does not contain any bugs.
- Install the manager, and configure it as per your need.
- Once you have downloaded the manager, you need to decide which digital asset you want to store, is it Bitcoin, Ethereum or any other Altcoins.
- There are separate applications for different currencies, and you can download whatever crypto you want to store in the hardware wallet as per your choice.
- Install the respective application for the cryptocurrency, add your currency address into the wallet, and now you can start using your Ledger nano S.for holding various cryptocurrencies.
Note: You cannot use your Ledger manager and crypto wallet apps simultaneously, so make sure to close either of them, when making use of your Ledger Nano S.
You can also hold any number of cryptocurrency wallets on the same Ledger, but not simultaneously. You need to reset your Ledger device and then install the new wallet.
Conclusion
If you are into the crypto game, you must own a hardware wallet, to begin with, as these wallets are considered to be the safest, and Ledger Nano S is one of the more popular hardware wallet devices. You can store any of the crypto riches, whether you have earned it through cryptocurrency mining, or directly bought on an exchange.
Cryptocurrencies related hacks have become pretty common these days where people who trusted the Exchange with their crypto assets lost everything. So make sure to have an all-round knowledge before making any investments.
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