How to store bitcoin on the Ledger Nano S
(Update 2021)
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How to store bitcoin on the Ledger Nano S
(Last update: 03.05.2021)
Buy Bitcoin & Cryptocurrencies here >>After the purchase of bitcoins and other cryptocurrencies has been completed (here you can find out how to buy), these are stored on the online wallet of the provider.
However, using an online wallet involves a great risk - in case of closure of an exchange or hacking attacks all bitcoins and other cryptocurrencies can get lost permanently. In order to avoid this, you should secure your cryptocurrencies using offline hardware wallets (also called "cold wallets" or "cold storage"), as they are not exposed to external influences.
The safest way to secure cryptocurrencies is by using offline hardware wallets. The two best-selling hardware wallets are the Ledger Nano S and the Ledger Nano X Hardware Wallet.
Important note!
Important: Never buy a used wallet, because you have to assign a PIN and security words yourself.With a used wallet this is not possible - the previous owner would have access to your wallet.
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.
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NEW - THE LEDGER NANO X
Ledger has introduced the successor to the Ledger Nano S - the Ledger Nano X.
The Ledger Nano X offers better material quality, support for Bluetooth and can manage up to 100 cryptocurrencies at the same time due to more storage space.
You can buy it for 119 EUR (check current price here) directly and free of shipping costs from the manufacturer.
Buy Ledger Nano X from manufaturer >>If you need a cheap hardware wallet, you can still use the reliable alternative Ledger Nano S, which is now available from the manufacturer for a greatly reduced 59 EUR (check the current price here).
Download Ledger Live Software
To set up and manage the Ledger Nano S, you need to download the software LEDGER LIVE from the manufacturer‘s website.
LEDGER WALLET WEBSITE >>Click on APPS in the menu and download the current version of LEDGER LIVE for the desired platform (for Windows, Apple Mac OS or Linux).
When the download is complete, install the software by double-clicking.
After installation start the program LEDGER LIVE.
Setting up Ledger Nano S
After starting the program you can:
- Initialize a new Ledger Device
- Restore device from Recovery phrase
- Use a device that's already initialized
- Buy a device ("Don't have a Ledger device yet?")
If you have already set up your ledger, continue here - Using a LEDGER NANO S that‘s already initialized
How to initialise a LEDGER NANO S
Before you start
To operate the LEDGER NANO S you need a computer with Windows 7 or higher, macOS 10.0 or higher or Linux.
Your computer needs a USB port. If only a USB-C port is available, you will get a corresponding adapter cable here:
Furthermore, you need a stable internet connection.
InitialiZation
Connect the LEDGER to your computer via USB cable.
Follow the instructions on the display. To get ahead in the process, click both buttons at the same time.
Press the right button above the VALIDATION icon when CONFIGURE AS NEW DEVICE? is shown.
Choose PIN code
Press both buttons at the same time as soon as CHOOSE A PIN appears on the display.
Press the right or left button to select the first number of your PIN code.
If you want to confirm the selected number, press both buttons at the same time.
Repeat the process until the PIN code is complete.
Select the CHECK icon and press both buttons at the same time to confirm the PIN code.
Important NOTE
Choose your own PIN code. This PIN unlocks your device. Do not lose him.
An 8-digit PIN code provides the best protection for your device.
NEVER use a device that already comes with a PIN code and recovery passwords.
If in doubt, contact the manufacturer.
Definition of Restoration passwords
You will now see 24 passwords on the device's display for restoring your device.
Important NOTE
ATTENTION! These passwords are only displayed once!
Take the empty RECOVERY SHEET from the packaging.
Now write the first word that‘s displayed (Word # 1) on it. Make sure that you have written it correctly and on position 1.
Pressing the right button now displays the second word. Write it correctly and completely on position 2 of the RECOVERY SHEET.
Repeat the process with the following words until after the 24th word CONFIRM RECOVERY PHRASE is displayed.
Select the appropriate word by pressing the right or left button. Confirm the word by pressing both buttons. Repeat the process for all requested words.
After completing this step, YOUR DEVICE IS NOW READY will appear. This completes the setup successfully.
Important NOTE
Make sure that only you have the 24-word recovery set (RECOVERY PHRASE)
There is no BACKUP of these words except for your written records. DO NOT LOSE IT!
Using a LEDGER NANO S that‘s already initialized
If you have already set up your LEDGER NANO S, click USE A DEVICE THAT'S ALREADY INITIALIZED.
Select your device.
Click through the security checklist - answer the questions truthfully to avoid mistakes.
Perform the genuity check by connecting the device to your computer and unlocking it with a PIN. Then open the DASHBOARD and allow the performance of LEDGER MANAGER on your device by pressing the right button.
Upon completion of this process, the LEDGER WALLET is ready to be used.
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Installing Bitcoin Wallet
After configuring the initialised LEDGER NANO S, the management tool LEDGER LIVE opens. Now let's take a look at how to install a Bitcoin wallet that stores the information about your bitcoins in the blockchain.
First we configure the general settings of the LEDER LIVE software under SETTINGS. Here you can set up the desired currency, the system language of the software or change the password for LEDGER LIVE.
Now we click on MANAGER. The catalog of available wallets for the LEDGER NANO S is displayed.
Now we click INSTALL on the BITCOIN Wallet.
The wallet will then be installed on the device.
Note: The storage space on the LEDGER NANO S is limited. So only a limited number of wallets can be installed. If you want to install more wallets to manage other crypto currencies on the device, you can easily delete an installed wallet.
This is not a problem as there are NO Bitcoins and other crypto-currencies stored on the device - only the "value" in the blockchain indicating that you own this cryptocurrency is stored. So if you delete a wallet, only this info will be deleted, not your bitcoins themselves.
If you later reinstall the deleted wallet, the cryptocurrency information will reappear in the wallet and you will be able to manage your crypto currencies again. Deleting the wallet is not a problem.
Set up accounts
Now we set up an ACCOUNT for the Bitcoin Wallet. To do this, click on the "+" symbol next to ACCOUNTS at the bottom of the left sidebar.
In the following dialog, you choose in the first step for which account you would like to set up a crypto currency.
Now select BITCOIN and click on CONTINUE.
Now you have to connect your LEDGER NANO S to the computer (if that has not already been done). Open it with your PIN and use the side buttons to select the BITCOIN WALLET on the LEDGER NANO S. You do that by pressing the two side buttons on the device at the same time.
If the two steps are confirmed with blue check marks, click on CONTINUE.
You can now name the account (for example, "Peters Bitcoin Wallet"),
If you want, you can now create more accounts (for example, if you want to manage bitcoins or other cryptocurrencies for other people).
When that's done, click ADD ACCOUNT.
The creation of the account is confirmed. If you want to create more wallets for other cryptocurrencies, click ADD MORE. If not, click CLOSE.
You will now be shown your portfolio with an overview of the price developments of all your cryptocurrencies.
You are now ready to transfer your cryptocurrencies from the online wallet at BITPANDA to your LEDGER NANO S.
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Bitcoin transfer
In fact, this process does not transfer any bitcoins, but just the information about where your bitcoins are located on the blockchain. For reasons of simplicity, we still use the term TRANSFER.
Log into your Bitpanda account and click on the button SEND in the upper 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 prompted to enter a destination address (you'll get that from your LEDGER NANO S).
Caution - 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 address, open LEDGER LIVE and click on your BITCOIN WALLET. Click on the RECEIVE button in the top right corner.
Select the Bitcoin account you created earlier.
If not already done, connect your LEDGER NANO S to the computer and open your previously installed BITCOIN WALLET on the LEDGER NANO S by simultaneously clicking on the two buttons.
The Bitcoin receive address for your Ledger device will now be displayed (made unrecognizable here, so that you won't accidentially use the one displayed here).
Now click on Copy adress.
Back in BITPANDA, paste the previously copied address in the free field and click OK.
In the following step, you determine how many of the bitcoins stored on BITPANDA shall be transfered to the LEDGER NANO S.
ATTENTION - there will be a charge for each transfer, which will be deducted from your Bitcoin. This can be higher or lower depending on the system load.
When you have entered the amount, click on Go to summary.
In the next step you will see a warning. Read everything carefully and confirm with Continue.
The summary of your transaction will now be displayed. If everything is ok, click on SEND.
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 e-mail to your contact address.
If this e-mail has not arrived, just check your SPAM folder. Once you receive the e-mail, click Confirm transaction.
In Bitpanda you will see a message.
In your Bitpanda Bitcoin Wallet you can now see the history of the transaction (here, for example, Pending).
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.
For more information about your transaction, click on the top entry under Latest operations. There all details are displayed.
CONGRATULATIONS! You have now safely stored your Bitcoin information on your LEDGER NANO S!
