How to store bitcoin on the Ledger Nano S

How to store bitcoin on the Ledger Nano S

(Last update: 10.02.2021)

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.

Content

1. Download LEDGER LIVE Software
2. Set up LEDGER NANO S
3. First usage of the LEDGER NANO S
4. Using your LEDGER NANO S
5. Install BITCOIN WALLET
6. Set up accounts
7. Store BITCOINS from BITPANDA on the LEDGER NANO S

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.

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 a Ledger device
• Use a device that's already initialized
• Buy a device ("Do not have a Ledger device yet?")

If you have already set up your ledger, continue here - Using a LEDGER NANO S that‘s already initialized

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.

Optionally, you can set a password for the LEDGER LIVE software - for security reasons, it is recommended - but you must not forget this password!

In the next step you can agree to the use of analysis data and error reports - or not.

Upon completion of this process, the LEDGER WALLET is ready to be used.

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.

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).

To get this address, open LEDGER LIVE and click on your BITCOIN WALLET. Click on the RECEIVE button in the top right corner.

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.

Your recipient address will now be displayed on the computer as well as on the LEDGER NANO S. If they match, click VERIFY.

The BITCOINS 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 ADDRESS.

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 BITCOINs. This can be higher or lower depending on the system load.

When you have entered the amount, click on the SUMMARY.

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. Then click SEND NOW.

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 receive a message.

In your BITPANDA BITCOIN WALLET you can now see the history of the transaction (here, for example, BTC PAYMENT IN MACHINING).

It may take some time for the transaction to complete.

After the transaction is completed, switch back to LEDGER LIVE and click SYNCHRONIZED in the top 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 LAST OPERATIONS. There all details are displayed.

CONGRATULATIONS! You have now safely stored your Bitcoin information on your LEDGER NANO S!