After the purchase of Bitcoins and other cryptocurrencies from a broker or an exchange is completed, they are stored on the online wallet of this provider.
However, using an online wallet involves a great risk - in case of a platform closure or a hacker attack, all Bitcoins as well as other cryptocurrencies can be lost forever. For this reason, you should store your cryptocurrencies on offline hardware wallets (cold wallets), as they are not exposed to any external threat there.
The safest way to store cryptocurrencies is therefore in offline hardware wallets. The two best-selling hardware wallets are the Ledger Nano S Plus and the Ledger Nano X.
NOTE - Never buy a used wallet, as you will need to assign a PIN and security words yourself.
Used wallets are not safe!
This page is an information page. The author of these pages makes every effort to keep the documentation up to date. However, due to ongoing software updates from platform providers and device manufacturers, up-to-dateness cannot be guaranteed.
Therefore, no liability is assumed for errors or losses of any kind. The use of this information is at your own risk.
Buy wallet from manufacturer only
To ensure maximum security for your cryptoassets, you should only use completely unused wallets. For this reason, you should only buy wallets directly from the manufacturer, as this is the only way to ensure that no one else has used the wallet before you.
Download Ledger Live Software
To set up and manage the LEDGER NANO S Plus, you need the LEDGER LIVE software from the LEDGER WALLET manufacturer's website.
Download the latest version of LEDGER LIVE for the desired platform (for Windows, Apple Mac OS or Linux).
When the download is complete, double-click the software to install it on your computer.
After the installation start the program LEDGER LIVE.
Set up Ledger Nano S Plus
If you have already set up your ledger, go here - Using a set up LEDGER NANO S Plus.
Otherwise follow these instructions.
With Ledger Live you can:
- Set up the Ledger Nano S Plus
- Restore the LEDGER NANO S Plus
- Set up a device that has already been set up
Important - the instructions in Ledger Live really only serve as a guide - the ledger can be set up completely without Ledger Live directly on the device. So you need to continue clicking in Ledger Live every time you complete a setup step to keep all explanations in sync with your setup step.
Don't worry, it's easier than you think.
After you launch Ledger Live, the following screen will appear:
Now click on Get started. Then select the device you want to set up. Select the Ledger Nano S Plus.
Note: The process is the same for the Ledger Nano S (product discontinued), the Ledger Nano S Plus and the Ledger Nano X. So you can use these instructions for all three devices.
You will then be asked if you:
- Set up a new Nano S Plus
- Connect Your already set up Nano S Plus
- Restore your Recovery Phrase on a new device
Since we want to set up a new device, click Set up a new Ledger Nano S Plus
After that, 5 cards with basics about the ledger are displayed. Read through them and always click on continue.
Then follow the first steps of the setup. Click OK, I am ready.
This will now be displayed in Ledger Live. Connect your Ledger with the USB cable and turn it on. Click Next Step.
The message "Welcome to Ledger Nano S. Press right button to continue" will appear on your ledger.
Note: In this picture the start screen of the Ledger Nano X is shown. Except for the name, the setup of all Ledger hardware wallets is completely identical and can be used for all Ledger wallets.
Click with the right button and read all messages until you get to "Set up new device". Now click both buttons at the same time.
You will now be prompted to set a PIN code. This can contain 4 to 8 digits. Click both buttons.
Now click on Set up PIN code in Ledger Live.
Read everything and click Next Step.
Click Get started.
Now set the PIN code. Select the digits with the right and left keys, confirm a digit by clicking on both buttons.
Now set the PIN code. Select the digits with the right and left keys, confirm a digit by clicking on both keys.
In Ledger Live, click Recovery Phrase.
On the Ledger Nano S Plus, Write down your Recovery Phrase is displayed after the PIN code. Click with both buttons and follow the instructions on the device.
Now write all 24 words from the ledger on the recovery sheet. Now click Next Step in Ledger Live.
Click Next step.
Now confirm all 24 words of the recovery phrase on the ledger. Click both buttons for this.
Click both buttons.
Click the right button and check all the words.
Click the right button.
Your device is now ready!
Click Get Started in Ledger Live.
Click OK, I'm done!
Click Get Started.
Afterwards, you can optionally take a quiz, or click away with the X in the upper right corner.
After the quiz you will go to the authenticity check of your ledger. To do this, click Next Step.
Then the authenticity check of your ledger is made. For this, the ledger must be connected to the computer with the cable. Click on Check My Nano.
Connect and unlock your Ledger Nano S Plus. Then click Continue.
To start the check, allow on the ledger with a click on both buttons the Ledger Manager.
Your ledger will be checked. If everything fits, click Next.
Using a set up Ledger Nano S Plus
Once you have already set up your Ledger Nano S Plus (you can do this without Ledger Live software by following the instructions on the ledger after turning it on), click Connect your Nano S Plus.
The next step is to verify the authenticity of your ledger. After the verification is completed, you will be redirected to the Ledger Live dashboard.
After configuring the LEDGER NANO S Plus set up, the LEDGER LIVE dashboard will open. We will now look at the step how to install a Bitcoin wallet, where the information about your Bitcoins is stored in the blockchain.
First, we regulate the general settings of the LEDER LIVE software under Settings (the small gear in the upper right corner). Here we can set up the desired currency display, the system language of the software, the design (light or dark) or change the password for LEDGER LIVE.
Set your preferences according to your needs.
Now we click on My Ledger. Here the catalog of installable wallets for the LEDGER NANO S Plus is displayed.
Now we click Install on the Bitcoin Wallet.
The wallet is then installed on the device.
Note: The storage space on a hardware wallet is limited. Therefore, only a limited number of wallets can be installed (about 100 wallets for Ledger Nano S Plus). If you want to install more wallets to manage other cryptocurrencies on the device, you can easily delete an installed wallet.
This is not a problem because the device does NOT store bitcoins and other cryptocurrencies - the wallet only retrieves information from the blockchain indicating that you are the owner of that cryptocurrency. So if you delete a wallet, only that info is deleted, not your bitcoins themselves.
If you later reinstall the deleted wallet, the information will be displayed again in the wallet and you can manage your cryptocurrencies again. Deleting the wallet is therefore not a problem.
Now we will set up an ACCOUNT for the Bitcoin Wallet. In My Ledger, click Add Account on your installed Bitcoin wallet.
Now open the Bitcoin app on your ledger by clicking both buttons on your ledger at the same time.
Now you will see existing or new accounts on the blockchain. In this example, there is already an account with 0.16 Bitcoin. Furthermore, you can add a new account here. In the case of a new, empty account, only one account is displayed. You can also name the accounts.
Click Add accounts.
This completes the setup of your Bitcoin account on Ledger.
In the Portfolio menu item, your crypto portfolio is now displayed, which currently only consists of Bitcoin.
You are now ready to transfer your cryptocurrencies from the online wallet at Bitpanda to your Ledger Nano S Plus.
To be precise, this process does not transfer any Bitcoins, but only accesses the information where your Bitcoins are located on the blockchain. For the sake of simplicity, we will still use the term TRANSFER.
To transfer Bitcoins, you must first buy them Bitcoin.
We use the Bitpanda broker from Austria for this guide.
Log in to your Bitpanda account and click the Send button in the top menu bar.
The online wallets on which you have stored your cryptocurrencies at Bitpanda are now displayed. Select the Bitcoin (BTC) wallet.
In the next step, you will be asked to enter a destination address (namely that of your LEDGER NANO S Plus).
Attention - the email address or recipient listed here is only for sending assets to contacts you have created in Bitpanda. You can NOT send assets to your hardware wallet with this information!
To get this recipient address, open LEDGER LIVE and click Receive in the left menu.
Now select the Bitcoin account you want to send your Bitcoins to. Then click Continue.
The receiving address for Bitcoins for your LEDGER device is now displayed (made unrecognizable here so that no false addresses are taken over here). Copy this address (if you click on the symbol next to the address, the address will be copied).
If you haven't already, connect your LEDGER NANO S Plus to your computer and open your previously installed Bitcoin wallet on the ledger by clicking the two buttons simultaneously.
With confirmation on the ledger, the address is released for receiving bitcoin.
Back in Bitpanda, paste the address previously copied from Ledger Live in the empty field and click OK.
In the following step you define how many of the Bitcoins stored on Bitpanda you want to transfer to the LEDGER NANO S.
ATTENTION - a fee will be charged for each transfer, which will be deducted from your BITCOINs. This fee is displayed here and can be higher or lower depending on the load of the system.
When you have entered the amount, click Go to summary.
In the next step you will see a warning. Read everything carefully and confirm with Next.
The summary of your transaction will be displayed. If everything is ok, click on Confirm.
If set up, you will now need to enter your 2FA-code. Once the correct code is inserted, the transaction will continue automatically (there is no other button).
For confirmation you will receive an email to your contact address.
If this has not arrived, just check your SPAM folder.
Once you have received the e-mail, click on Confirm Transaction.
A new browser tab will open and a confirmation message will appear.
In your Bitpanda Bitcoin Wallet you can now see the history of the transaction (here e.g. in process).
Depending on the load of the network, it may now take some time until the transaction is completed (this may well take longer).
After the transaction is complete (you will see this in the history as well), go back to Ledger Live and click on Synchronized in the upper right corner. When the transaction is complete, you can see the received bitcoins in your Bitcoin Wallet or in Recent Actions.
To get more information about your transaction, click on the topmost entry under Recent Actions. There you will see all the details about it.
CONGRATULATIONS! You now have your Bitcoin information safely stored on your LEDGER NANO S Plus!
Date published: 15.01.2018
Publisher: Bitcoin Kaufen - Online