In this post I will write how to use a hardware wallet for cryptocurrencies such as BitCoin, Ethereum, Bitcoin Cash and other most popular. Hardware wallet is the most secure way to store your cryptocurrencies without fear that will be stolen. But of course you need to be very careful how to use it. I will describe all important tips that you need to know from my own experience because I have bought recently hardware wallet Ledger Nano S. If you are beginner about BitCoin and cryptocurrencies in general then I suggest to read my post How to get started with a BitCoin.
Where to buy a hardware wallet?
This is very important. My advice is to escape web shops such as Amazon, Ebay and similar because you can not be sure how trusted are sellers there and will you receive original hardware wallet. I suggest to buy at the original Ledger store. (web shop) The original store is in France and I received package via free express shipping 3 days after my order was placed.
How to buy a hardware wallet?
You can click on the link above to be sure that you will buy an original hardware wallet. On the “products” section you can find products and choose which one is the best solution for you. Payments methods for buying hardware wallet are: VISA, PayPal or with cryptocurrencies.
After your order has been confirmed you can expect package with hardware wallet for about 2-4 days.
Package is very nice:
How to set up a hardware wallet?
First you need to download Ledger live application. After you have downloaded application, you need to run app, connect your hardware wallet and then to do first step: choose to use as new device.
Next step is to choose your device: in my case that was Ledger Nano S.
Now very important step: choose your PIN.
Now the most important step: save your recovery phase.
You need to write down and keep safe your recovery phase. If you ever lost your hardware wallet you will have access to your crypto assets. (private keys)
Be sure when you write down recovery phase that you are on safe place, nobody is looking you and stay away from any potential camera including that one in laptops. My advice is to make a few copies.
Notice: If you are not on step described on screenshots then you probably need to press both buttons at the same time on Ledger Nano S. Usually this action is required to confirm something or to go on next step if is not mentioned otherwise. For example you need to press both buttons at the same time when you need to confirm every digit to enter PIN, to confirm every word from recovery phrase etc.
Now you need to confirm that you set up PIN and write down your recovery phase. Ledger live will now check your device status is it genuine.
You need to connect your device, unlock and allow device manager access to your device.
Next step is optional to set up your password in ledger live application.
The last step is to choose some options at bug and analytics section.
Now you are ready to work with your hardware wallet.
Important: steps described needs to be confirmed on hardware wallet too. It is very easy to do that: on display you will have options to confirm or not, and if is not mentioned otherwise next step (or confirmation) is always to press both buttons at the same time. Here are some images:
Now if you want to add some coins into your wallet you need to install apps on your hardware wallet and to add accounts in ledger live application.
First you need to install app on hardware wallet and then add account in ledger live application.
For example: if you want to set up BitCoin wallet you need to add BitCoin app on your hardware wallet via manager and then add a account in ledger live application and choose BitCoin. Important: when you will work with BitCoin wallet you will always need to navigate into Bitcoin app on your hardware wallet to confirm required action.
Now you are ready to deposit some coins.
First you need to choose which account you will use, for example BitCoin.
After that is required to unlock hardware wallet and navigate to BitCoin app.
Then you need to verify address on hardware wallet to make sure that is the same.
To open BitCoin app on hardware wallet you need to navigate to bitcoin icon and then press both buttons at the same time. After that you need to verify bitcoin address by pressing right button. To return back to dashboard on hardware wallet you need to navigate and choose “quit app” option – press both buttons at the same time.
And you are done, now you can copy address or scan via mobile phone if you are sending from mobile wallet.
IF you want to send it is very similar process, you just need to choose “send” option instead “receive” option. You will also need to confirm action via hardware wallet and that is reason why hardware wallet is the most secure way to store crypto assets.
When you want just to check your crypto balances you can do it without needs to connect a hardware wallet. But when you want to send or generate a new address for receive crypto then you need to connect hardware wallet. How is looking Ledger live interface you can see on next screenshot.
I hope that this tutorial will help you to understand how to use a hardware wallet.
Have you decided to buy a hardware wallet and secure your crypto assets?
You can do it here. (official Ledger webshop)
For any doubts, questions or suggestions feel free to place a comment.