How to Setup Ledger Nano Wallet | The Easiest, Ultimate Guide to Securing Your Cryptocurrency (2022)

all right so you've probably already taken your first steps buying bitcoin or ethereum or any number of cryptocurrencies but if you don't have a hardware wallet chances are that you're likely storing those cryptocurrencies on an exchange or a device connected to the internet now those can usually work in the interim but if you really plan on holding those cryptocurrencies for long periods of time and you want true peace of mind it's super important to become familiar with offline or hardware wallets especially if you begin to allocate a significant amount of personal capital or net worth towards it see owning bitcoin isn't like owning a stock in a company it's a lot closer to owning real estate in the sense that it's your property but even better than real estate your property rights with bitcoin aren't just connected to where you live or what country you were born in they're specifically tied to your ownership of public and private keys which we'll get to in a second what all that essentially means however is while you might just be into bitcoin because you want to see the dollar value of it go up you can do a whole lot more with it than just buy it and sell it you can use it as collateral to get a loan you can lend it out for interest to get passive income or you can store it for generations without ever having to touch a financial institution offline wallets let you utilize the killer feature of bitcoin which is to give you full 24 7 access to your money at all times to send it and receive it wherever whenever they are the most secure way of storing your cryptocurrency for multiple months or years at a time and my advice for anyone storing more than just a few hundred bucks of cryptocurrency long term would be to get one of these puppies as soon as humanly possible now before we get into it it's really important to understand a few key concepts with a traditional bank account if you forget your password or you lose your id your funds aren't just lost forever because you're not really in possession of your own funds the bank is they just need to prove that you're still alive or someone god forbid is executing your will to gain access back to your money with bitcoin when you create a wallet you're assigned a public key and a private key and you can think of these sort of like your email address and password but the bitcoin software generates these on your behalf and you can never change them or click a forgot password button if you lose them now that might seem like a little bit of an inconvenience but it's intentional by design it essentially means that all the responsibility and trust of security rests solely on you the creator of the wallet without needing the involvement of anyone else's trust cryptocurrency exchanges albeit safer than the earlier days are still prone to hacking and identity theft foundational ownership of bitcoin can start and end solely in your memory and for anything past that you have the freedom and autonomy to decide exactly how secure you want it to be and while not everyone is going to have a photographic memory or some complex method of storing bitcoin without leaving a trace just the ability to have full autonomy over your own money is something that we've never had as foundational technology in human existence that is pretty cool but for all those who don't have a photographic memory a hardware wallet is the next best thing sending a cryptocurrency transaction requires you to sign that transaction with your private key much like signing a document with the authenticity of your signature or with a fingerprint a hardware wallet simply stores your private key under a virtually unbreakable layer of encryption when you want to sign a transaction with your hardware wallet you have to physically press a button on that hardware wallet to confirm it thus erasing the potential of anyone stealing your bitcoin password through the internet with a hardware wallet nobody gets exposed to your private key not you and not a potential thief so let's take a look at how to set one up this is a hardware wallet it's a physically encrypted usb device that protects your private key from access to hackers or theft and it never connects to the internet so as long as you keep this device secure nobody will ever be able to access your cryptocurrency aside from you and even in the event that you lose this device or it breaks there are backup methods to restore access to your funds that you create when you set up this device now this specific hardware wall is called a nano ledger and there's a few different models available the one that i'm setting up today is called the ledger nano s and it's the cheapest one available but it's more than what you're going to need in order to start setting up your own bitcoin wallet and if you want you can use the link down in my bio to purchase one of these for yourself and check out some of the features between the different models so in order to set up your new nano ledger you're going to need a few things you're going to need a laptop with windows or macintosh installed or a phone with android or ios however for the purposes of this video we're going to do all of the installation on a computer you're going to need a usb mini to usb cord or a usb mini to usb c cord you're going to need an internet connection to download the ledger live software you're going to need a little bit of cryptocurrency to put onto your new wallet maybe uh you know 10 or 20 dollars just to try it out and you're going to want to have a pen as well okay so first i'm going to go to the ledger.com website and i am going to go to apps and services and then go to ledger live so you're going to click download the app and that's going to take you to the versions of your choice and again we're going to start with desktop they also have three different warnings here one is that make sure that when you have your nanoledger s you had it with a shrink wrap on i've already taken it off and then a couple other warnings which we'll get to in a little bit just to make sure that you're getting a legitimate version of this hardware wallet again cryptocurrencies are very lucrative people are incentivized to sometimes make fake things so uh yeah just make sure that you're very careful about your security with these so we're gonna download the desktop ledger live app and we're gonna download the windows version and we'll just give that a second here once that's downloaded you are gonna boot that up and you're going to install this like you normally install computer programs cool and now once that is done you can launch it okay so while your app is downloading and you're installing it you can begin to open the nanoledger s that you have here again make sure that when you have it brand new it still has the shrink wrap on it that means that the one that you're getting is authentic and has not been tampered with and yeah we'll do a little unboxing here to show you what is inside the kit here so um you want to just kind of carefully open this maybe wiggle it a little bit i'm not the best person at opening things um and you'll see inside what you have here is the nano ledger in foam okay so we'll take that out and basically um there's two little buttons on the top here and it kind of flips and folds out to reveal the screen which you can see here and again because there is no battery in this device you're not going to see it turn on or do anything until you plug it into your computer via usb so when you get the ledger it will come with its own usb cable inside so you don't have to worry about necessarily having one but if you want to connect to a mobile phone if you have a usbc android you're going to need a usb mini to usbc cable and that's one of the reasons i also picked up this ledger otg kit which you can use later and we'll show you how to use when you want to set up and use your ledger on your mobile phone as well so you'll find a usb cable that lets you connect to your computer you'll find a little a little key ring and a lanyard in case for some reason you want to wear it around your neck i don't know why you want to do that just tells people that you have cryptocurrency on you physically and most importantly and we'll get to this in a second you'll have the welcome kit and this has some very very important stuff inside of it so do not throw this out or lose it so if you open up your kit you'll find a couple of different little sheets in here and then there is a getting started a little pamphlet here that will just tell you to start and kind of do what we're doing and then you have these recovery sheets which we will get to in a little bit these recovery sheets are basically little things that will help you write down a few words that will help you recover your cryptocurrency in case you lose the nano ledger for any reason so we got our recovery phrase kit here we have our getting started guide we got a little pen to fill that out in a bit and we have our usb cable so what we'll do is we'll unbundle this so you'll find the little usb in here like this and we can plug this in so once you have your nano ledger plugged in you can carry on with the nanoledger app on your computer make sure you review the terms of service and the privacy policy which we know you always do and you never skim over them and choose your device so again this is the nano ledger s so we're going to start with the nano s and again this is the first time using it so we're going to set up one brand new so this gives you a bit of an overview on how cryptocurrencies work your crypto assets are stored on the blockchain you need a private key to access and manage them own your private key your private key is stored within your nano you must be the only one to own it to be in control of your money stay offline your nano works as a cold storage wallet this means that it never exposes your private key online even when you use the app now the ledger live allows you to buy sell manage exchange and earn crypto while remaining protected you will validate every crypto transaction with your nano now let's set it up so plan for 30 minutes um we'll skim through some of it in this video we're not gonna i'm not gonna show you every little detail as some of it is pretty intuitive but the first thing we're gonna do is make sure we have our pen here and we are in a safe quiet environment don't go into a cafe and try and set up a nano ledger not a good place to do that do that in the privacy of your own home number one turn on your nano connect it to your computer and browse learn how to interact with your device by reading the on-screen instructions so on your nano ledger again you will have two buttons and these buttons will help you navigate the very simple menus that the nanoledger has to operate so once you have it all plugged in you should see the screen here and so what you're going to do is just follow the instructions on the device so press left and right buttons to navigate press both buttons to validate so that's like pressing the ok button and get started at ledger.com start which we've already done and now that we're into the gist of it we can set up a new device restore from recovery phrase or a reminder to press both to validate anything we have going on here so what we're going to do is we're going to go back here and we're going to set it up as a new device press both buttons to enter that and you're going to want to choose a pin code so the way this works is essentially you can have an eight figure pin code anywhere between four to eight characters i recommend using the full eight characters however if someone does try and break into your nano ledger if they get it wrong three times it will reset the device and you will have to have your recovery phrase to uh bring back access to your ledger and you'll have to kind of start it from fresh again this does not mean that you will lose access to your cryptocurrencies but you need to have this recovery phrase which we will get to in a second so choose your pin code i'm going to make it really simple for you guys to hack into my ledger today so we're going to just pick something really stupid we're gonna pick one two three four so what i'll do is i will make my pin code one two three four simply by toggling this number down the first number will be one the second number up will be two and then down down down down down third number three and fourth number four and then i'll have a little check mark here just to confirm that i am happy with my choices and my terribly easy to remember password as well so then it will ask you to confirm it just double check that you got it all right and you remember it click both buttons to enter again and you will enter your pin code and you're happy continue now we're going to get to the more complex part okay so now we're going to talk about the recovery phrase this is super important so please pay close attention the recovery phrase is a set of 24 random words in a select order and it is the only way to recover your password in case you lose or break your ledger device because it is just a few words you can write on a piece of paper consider making an extra copy or two and storing it somewhere super super safe so a few ideas on where to store this a safety deposit box at a bank in a guarded safe attached to a will and kept with a notary or a time capsule dug 20 feet underground protected by guard dogs with ak-47s on their head you get the point you should keep your ledger equally safe as well but in the end these 24 words will always work to recover your lost funds so please keep them as private and secure as humanly possible so going back to your nano ledger we're going to go over writing these down and making sure that they are 100 accurate so now that you are on this write down your recovery phrase screen you're going to push to the right and you're gonna start getting some of your words so the first word that we have here i'm not sure if everyone can see this is obvious so on our piece of paper we're gonna write it down as word number one now this might feel like it takes forever but trust me you need to do this to even continue setting up your ledger and it'll be all worth it because in the case of you losing your ledger this will be the only way for you to recover your funds so we got the word obvious and the next word here is almost and so once you've done that the device is just going to ask you to confirm your recovery phrase by kind of choosing and entering all these words again into their correct orders so on your device it's going to look like this you're going to press both buttons to confirm your recovery phrase and you're just going to scroll and find the words so we know the first word was obvious you'll scroll through till you find it and then click both buttons to kind of choose it and select it and then the second word was almost and so on you're going to do this for a bunch of words once you're done it will tell you very clearly that these 24 words are your only backup keep them in a secure place never share them with anyone and once you share that press both buttons to continue so it's just going to set up for a few seconds here and it'll say your device is now ready to go and once you do that your computer should make a little chime and let you know that the device is setting up now we will finally continue on the ledger app on the computer so if you're on windows it'll do a little thing and say it's all set up click next step your pin code is your first layer security understand that set up pin code now this is going to walk you through everything again but we will have already done that on the device itself and it's the same thing with the recovery phrase again we can do all of this straight from the device as it walks us through it and just give you some tips on things to do with your recovery sheet all right now game on now it's cool the software will actually ask you three questions just to make sure that you know exactly what you're doing here and we'll take this little quiz so as a ledger user my crypto is stored on the blockchain your crypto is always stored on the blockchain your hardware wallet only holds your private key which gives you access to your crypto if my recovery phrase is no longer secure or private my crypto is no longer safe and i need to transfer them to a secure place when i connect my nano to the ledger app my private key is briefly connected to the internet still offline it will always be offline as it's only stored on your device so that just confirms that you've been paying attention this whole time which is great now you are already ready to safely manage your crypto only one quick step left we're going to verify whether your nano is genuine so again like i said some people are in the business of faking these things because again cryptocurrency very lucrative business so again make sure that you're getting a genuine ledger either you're buying it off of amazon or you're buying it directly from ledger.com don't be buying these things off ebay it's just not worth whatever discount you might get so with your ledger connected it's just going to ask you to allow the ledger manager on your device so you're going to see this little screen here and you're just going to click both buttons in to click allow and the ledger software is just going to verify that it is an authentic genuine ledger which it is fantastic all right so now we're going to go over adding different apps to your ledger so essentially a ledger has a very limited amount of storage as it's a very simple device but it does mean that you can store up to about 20 different cryptocurrency addresses on it so you could have four or five bitcoin addresses four or five ethereum addresses litecoin xrp dogecoin shibuyunu whatever you can think of it can usually store up to about 20 different addresses which should be more than enough and if you do want to store more the ledger nano x which is the one that has bluetooth can store up to about 100 different addresses on it but for the simplicity and for the purpose of this video we're just going to start with bitcoin which is likely going to be the most important asset that you keep on this device so what you're going to want to do once everything is set up and you click finish and you're ready to go it's going to take you to the screen here to add an account to get started and so we are going to add an account here and we're going to choose the crypto asset that we want and that'll be bitcoin today click continue so once you've added it it's just going to say open the bitcoin app on your device and we'll take a look over here and we'll see basically open app bitcoin press both buttons again to uh to get going it'll disconnect briefly but it'll say application is ready and now it'll be just synchronizing all right and you're going to want to add a new account and it's just going to take a moment here for all that to set up just give it a second so add account uh native segwit that's perfect and so once that's all good you'll see that your account has been added successfully and you are ready to start putting bitcoin onto your hardware wallet or at least have your hardware wallet sign to get access to your bitcoin wallet as we know no bitcoin is physically stored on this device if you lose it that does not mean your bitcoin is lost forever it is stored on the blockchain this again is just a key to access it and now what we're going to do is we're going to send some bitcoin onto our nano ledger s here and so of course most cryptocurrency exchanges will let you withdraw from them but if you own something like a bitcoin etf or maybe you have your funds on robinhood or wealthsimple those applications do not support withdrawing bitcoin and again i would highly recommend not using them because of that because again as we discussed bitcoin is like having property rights and if you don't really have property rights then what do you really have my favorite app because i'm in canada for buying and sending bitcoin is shake pay and that's specifically because they actually cover the transaction fees to send bitcoin or ethereum over to your wallet which can sometimes be very very expensive depending on what the network's doing at any particular day so i'm going to show you if you watched my last video on how to buy bitcoin how i then go from buying bitcoin on shake bay to using it and sending it to my nano ledger so we're going to load up shake pay unlock here i use my fingerprint id and first of all i have no bitcoin in my wallet so maybe i will buy some first i got 289 bucks so i will buy 100 bucks a bitcoin today that's 100 canadian dollars and now i can send it over to my phone so what we're going to do is we're going to go back to your computer here and we're going to see uh the little bitcoin wallet that we have here and we're going to click it and we're going to click receive funds so we're just going to run through a couple steps for you to receive some funds on your ledger it's gonna just double check and make sure that's specifically the account that you want to receive funds on click continue and then your device is going to get prompted just to verify what your address is so on your computer i'll tell you your address is bc one q n goes on forever and so what you're going to want to do is you want to make sure that the address on your nano ledger live app is the same as the address on your actual nano ledger screen and because it's so long it'll kind of prompt you to scroll through it here but one of the easy ways that i used to just make sure it's the same just because of probabilities is i'll basically look at the first six characters of the address and the last six characters and if those are the same then i don't need to look at both you know character by character and make sure it's legitimate if you want to be extra careful you can do that but generally if the first six and the last six are the same the odds that you're going to find any other address with those exact characters is slim to none so if everything looks good you're going to go into your nano ledger and you're going to click approve and that is just you verifying that the address is correct and now you are ready to go so now you have verified the address on your nano ledger you can click done and you can click receive so once your address is verified you can either type it into your shake pay app or if you're using your phone you can just bring up the qr code and that will basically let you just scan it with your phone's camera so what i will do on my phone since i'm on shake pay is i will go send and then i will click that little button in the top right corner that essentially is the qr code scanner and i will scan what it looks like on my computer right here and so it i'll also give me the exact same address up here now that's for sure and i'll click max amount i'll send all the bitcoin on there it's point zero zero one one nine zero six nine i will click continue and it just asks you to double check it cryptocurrency is very thorough they don't want you sending any crypto to the wrong address or scammers you click confirm and i have now sent my point zero zero one one nine zero six nine btc to my nano ledger and now in a couple minutes it will officially be on there and it will not be in contact with the internet or on somebody else's wallet it'll be exclusively in the palm of my hand it's pretty cool now your transaction will arrive generally within 10 to 30 minutes after your exchange has sent it out sometimes exchanges hold them for a couple hours or days depending on how busy they are but once it's actually submitted to the blockchain it will take about 10 to 30 minutes to arrive onto your nanoledger now once you've already received some bitcoin or cryptocurrency onto your nano ledger you can send cryptocurrency to the same address again so if you're in the habit of let's just say buying 100 or 200 of bitcoin every week or so you can use the same address that you've used in the past and it will continually go into your ledger live and you won't actually have to have it plugged in every time to do that so that's a pretty good way if you're storing some of it long term and you don't want to have to pull out this device and enter all the codes every single time you can just use the same address that you used now on your first kind of initialization with it all right so the transaction took around five or ten minutes to get here and now you can see on your ledger interface on your portfolio your account is now funded it's going to tell you the value of your portfolio in canadian dollars or however you wanted to nominate it but to simply see to make sure that the exact one of bitcoin you sent arrived just check your latest operations and you'll see that that number .0011906 btc has arrived at this address so you're good and that is how you send money to your cold wallet voila all right so let's just say that now that you have your cryptocurrency in your nanoledger s you want to move it or you want to take it or you want to spend it maybe you want to sell it for dollars or something really really stupid like that um i'm going to show you how to do it anyways because it's important to know that you have full property rights to your bitcoin and you can use this device to withdraw it and move it to any other address you choose all right so to send bitcoin from your nano ledger you're going to go into the ledger live app you're going to go into accounts here you're going to click the account that has your bitcoin and you're going to go manage and then send and so what you will need is you will need a valid bitcoin address so just double check to make sure it's 100 legit but let's just say you want to send it to shake pay where we put the money on maybe you want to take it off you want to send it back to shake pay in order to sell it or something like that shake pay is going to have their own address and i'll type it in here as i see it on my screen and once you have your bitcoin address typed in you're gonna click continue you're gonna choose the amount that you're going to send now you can either choose the dollar value or you can choose the bitcoin amount um i'm gonna just send all of it off of it for now and you can pick the fee so when you send transactions on the bitcoin network natively when you're not using an exchange you're just using the bitcoin network there is a transaction fee involved and this can range uh generally bitcoin has some of the cheapest fees out there even though the network is not the fastest cryptocurrency network uh right now you can see that it's only gonna cost me about a dollar to send about 100 and so this amount doesn't really change based on how much bitcoin you're sending i've actually seen people send over a billion dollars of bitcoin and it only cost them a dollar so and it also depends you know where the network's at at any specific moment but generally uh i find sending fees in the bitcoin network costs around a dollar to five dollars today we're kind of on the low end which is great and you can choose your transaction speed so the transaction speed basically just dictates how fast it could potentially get there if you have a faster transaction speed it'll be processed in the next block that is formed on the blockchain every 10 minutes if you have a slower one it might wait a couple blocks before it enters the blockchain and gets to the address that you're sending it to generally the cost difference between these is not that much uh the fast one is 150 the medium is a dollar twelve so we're just going to pick the fast one for the purposes of this video and what the ledger live app will do is it will take it out of the total amount of bitcoin that you have so what i'll do here is i'll click continue and so it's just confirming that i'm gonna be sending one one seven two seven seven uh btc and the transaction fee will be about a dollar fifty worth of bitcoin and i'm gonna click continue and then it's gonna prompt my little device here and so what i will do is it'll say open the bitcoin app on your device you'll go into your bitcoin app here and you will enter that really stupidly easy to guess pin that we set just for the sake of this video you're going to enter that pin so you're going to go into the bitcoin app on your device here once you've entered your pin and it's going to ask you to review the output so that'll just be your ledger's way of verifying that you've entered the correct address and everything so you can see the bitcoin amount as we talked about 117277 and the address here is the same one that you are for sure sending it to uh once you're good to go you can just click both buttons and accept and confirm the transaction uh it's just gonna review the fees for you and you're gonna click accept and send and now on your ledger live app it's going to say that you are broadcasting a transaction and the transaction is now sent your account balance will be updated when the blockchain confirms the transaction so again it'll probably take around 10 5 10 15 20 minutes um we we set a fast fee here but we'll check back in on our shake pay app in a few minutes just to make sure that everything has arrived safe and sound all right so now we have sent our bitcoin here from our ledger we can see it on the computer here that we have successfully sent it and we have successfully received it here on shakepay 0.00117277 btc so it's the same amount as we sent over to the ledger minus a dollar fifty transaction fee and there you go now you know how to send and you know how to receive bitcoin onto your nanoledger s now the principles of setting and receiving bitcoin are very much the same across all the other cryptocurrencies as well whether it be ethereum whether it be litecoin whether it be ripple or uh solana the only difference is that some of these uh cryptocurrencies have different transaction processing speeds some of them are nearly instantaneous i think xrp is one of the ones that might be a little bit faster and some of them have extraordinarily high fees ethereum being one of them i believe at this moment if you wanted to send any amount of ethereum it would cost a minimum of forty dollars so some cryptocurrencies are better suited to be kept onto exchanges that subsidize the cost of sending them around but of course if you are keeping any of these things for the long term it is good to keep them all on a cold offline wallet already so the last thing that we're going to do here is we're going to show you how to get ledger live on your phone because once you have it on your computer you've set up and you've initialized your ledger the firmware is fully updated you can use all the functions of the ledger live computer app on a mobile device which might be a little bit easier if you're traveling or you just don't have a computer with you at the moment and you still want to be able to send or receive cryptocurrencies on your ledger so the first thing that we're going to do is we're going to show you how to download the app now it's a little bit different if you're on ios because we're on android but essentially you're going to go into your respective app store and you're going to look up ledger live now you're going to want to make sure that it's the legitimate one i think some people post fake ones but i know that google and apple have been a little bit better at cracking down on them but generally the legit one is going to be certified in some way or another this one has 500 000 plus downloads 3.4 star reviews people aren't too happy but it is certified by play protect so you're going to click install and you're going to download the app onto your phone all right so we have the appropriate cable here and we're just going to connect everything together here so we'll unplug the nano ledger from computer it'll shut off because it doesn't have a battery we're going to plug it in and so as you'll see everything kind of powers on the same so we'll open the ledger live app and it's going to kind of prompt us here to get started we'll click get started we'll accept the terms of service and privacy policy which we definitely read very thoroughly and then we'll select our device nano s and we will connect your nano because it has already been set up and you connect it to the app so this is the first time that you're setting up your nano with this phone let's quickly connect your device connect the nano and just enter your usb code here so again one two three four enter and if you're on android you'll get a little prompt like this open ledger to handle nano s always open ledger live when the nano s is connected just for the future and we'll enter the nano ledger s and now we're just going to verify and allow the ledger manager on this device so click both buttons in and you should be good to go and now you can use ledger live on your mobile device similarly to how you have it on your main device so you're going to want to add a few accounts you're going to have to reinstall all the accounts that you had on your pc but it'll find all the data as it is on the ledger so i will go ad account and i'll add a bitcoin account to my nano ledger s i'll open it so it's already found this existing account which is great um however because we have withdrawn all the bitcoin off of it you're not going to see any at the moment and uh yeah we're good to go we don't need to have any more scanning we'll continue add the existing accounts and just to show you proof that it is the same one that we just used we'll go into the bitcoin menu and we can see the transactions that we had before on here so we had the .0011906 come in the .0011906 go out it's denominated in us dollars this time but essentially you now have ledger live on your phone so if you're traveling and you still like to have a cold wallet on you you're not too big on trusting centralized parties or maybe you can't log into coinbase on a certain place and you want to spend your bitcoin you can do it easily with your nano ledger just have the cable the physical ledger with you and have your phone and of course protect these things at all costs this is your bank account and this is why sometimes i advise people to have multiple ledgers you might want to have one that you use as your big savings account one that you might put you know three four five figures on and then you might want to have one that you keep just you know 50 to 100 bucks on because maybe you just want to take it somewhere and use it to spend it on things all right lastly some q a for those with some questions now first off if i don't answer your question here at all you're welcome to drop a comment in the comment section of this video and i will try and respond to it as soon as possible or you can join our discord group in the link down below and get in touch with me directly i also will be giving away a nano ledger s or x every once in a while for those of you who tune into my live show so if you don't have one or you'd like an extra one tune into that every friday around 4 p.m eastern 1 p.m pacific for a chance to win one now let's dive into it what happens if you lose your nano ledger x if you lose your device you can still recover access to your cryptocurrency with your recovery phrase it's that little sheet of paper with all your special words on it but you're also going to need to order a new nano ledger to receive access to the fonts and it's the same if the device is stolen or broken as long as you have the recovery word you can reinstall everything on a brand new ledger and if that happens as well i would suggest transferring all the funds from that ledger and just sending them to new addresses back to the exchanges and resetting your ledger and starting fresh is there a difference between nano ledger s and x yes the x is a more premium model but they are both equally as secure at storing cryptocurrencies the x also has its own battery so you don't need to necessarily connect it and it has bluetooth so it can be used without a cable that doesn't mean it's any less secure it just means that it has a little extra capability to use if you're on the go is there a limit to how many cryptocurrencies i can store on these devices yes the nanoledger s does have a bit of a limit but it depends on the type of cryptocurrency and the limit is not based on the amount of money or the value of the cryptocurrency with the number of individual accounts similar to how a bank only lets you have a few accounts under a particular name now the reason that it has apps is because basically each cryptocurrency blockchain has a certain level of complexity involved in the creation and storage of public and private keys but just personally i have around five different bitcoin addresses on my personal nano ledger s and around three ethereum ones as well and i believe it still has much more room so unless you're storing like 30 different cryptocurrencies you should be fine with either the s or the x where should i not put the nano ledger s good question booming voice uh this one goes out to all my canadian friends do not store your nano ledger in temperatures under negative 10 degrees celsius you might want to bury it underground but that permafrost could destroy the device altogether alternatively do not store in temperatures above 40 degrees either that goes out to all my friends living in death valley and the middle east can you manage multiple nanoledgers from the same device yes and i highly recommend this if you are planning on storing a lot of long-term capital as well it's good to have one where maybe you store the amount that you want to store for you know maybe dozens of years and then you have one that maybe you make frequent or a little bit more frequent transactions from as well you can also separate them based on what type of cryptocurrency you're storing as well there's a whole multitude of things just look at these things little bank accounts that you can pick up and own physically for 89 and use for perpetuity all right thank you so much for watching again if any of this didn't make sense you missed a step or you just have a question feel free to leave a comment in the comment section down below and i'll get back to you as soon as possible or you can reach out to us on our discord community group which is also down below as well you can dm me directly and i'll try and help you with any of your hard wallet setup concerns or questions that you might have of course if you like this video you've got value out of it please give the video a thumbs up down below as it really helps reach more people who are looking for this sort of information as well and feel free to subscribe to the kinetic finance channel as well because we make videos like this every single week thanks so much for watching take care and i'll see you in the next one [Music]

Channel: Kinetic Finance

Views: 6,983

Keywords: hardware wallet, cryptocurrency, ledger, ledger nano s, ledger discount, ledger guide, ledger tutorial, how to setup ledger, setup, how to set up nano ledger, ledger nano x, ledger nano x tutorial, bitcoin wallet, ledger nano x beginners guide, ledger nano tutorial 2022, 2022

Id: sDxyzghh-7g

Length: 39min 9sec (2349 seconds)

Published: Mon Dec 13 2021