The Safest Way To Store Bitcoin (Step By Step)

yeah this pimple is gonna be distracting the entire video i'm sorry sorry about that but in today's video we're gonna talk about how to keep your cryptocurrencies and store them in the safest possible way because one of the biggest mysteries to cryptocurrencies whether that's bitcoin ethereum cardano dogecoin polkadot whatever it is is the blockchain itself and by now i'm sure everybody has heard of that word the blockchain the decentralized peer-to-peer technology like what does that actually mean and how do you actually use it so that's what this video is about because legit i get emails every single day of people asking if this is actually me in the comment section but no i will never reach out to you and ask you to contact me directly i will never give you my phone number i'm never going to ask you to get in touch with my broker or my analyst because i don't have one i don't even know what that is and i will never give you a telegram link or a whatsapp invite you get the idea every single day there's people that are losing money to all these scams from people pretending to be somebody else under the guise of helping you get through this complicated process because it is a process so i think now more than ever is the perfect time to make this video and that's the first reason why i decided to make this video the second reason i wanted to make this video is because of this so this arrives at my doorstep two weeks ago and i have no idea who sent me this i don't know if it's the company that makes this device or somebody totally at random who figured out where i live sent me this so that i could put my bitcoin onto there so that they could steal it either way i'm terrified and i apologize if ledger if you guys sent me this i must have missed that email so at the end of this video i'm gonna be throwing this device away i can't give it to you because what i'm about to reveal in this video is the secret private key process that i've never seen revealed before on video and once that is revealed this device is essentially useless so hopefully it's gonna be really cool but this is the ledger nano x and to this day this is one of if not the most safest place that you can keep and store your cryptocurrencies so one thing i'll say though is that i was not sponsored or paid to make this video this is just legitimately one of my favorite products in the entire crypto space and one of my favorite things about it is that it doesn't actually contain our cryptos inside of there instead it creates a very easy to use interface that interacts with the blockchains of all these different coins otherwise we'd literally have to be a software engineer to be able to do that so this just makes it easy so if you ever wanted to be paid in crypto or bitcoin or send it across the world or if you ever wanted to take your coins off in exchange like gemini or coin base which is where you should be buying your crypto anyway links down below then this is the best and safest way to do that and even if you lose this thing or it gets destroyed submerged in water lit on fire somebody eats it it doesn't matter as long as you follow the steps inside this video all of your kryptos will be safe so if that sounds good smash the like button and share this video with your friends if you find this video useful because i'm just tired of seeing people get taken advantage of so i hope this helps so anyway let's open this thing up [Music] hi my name is andre jake hope you're doing well come for the finance and stay for the cinematic unboxing because i'm coming after unbox therapy anyway let me just show you how to set up this device there's one important thing you have to understand about all of these cryptos regardless of which hardware wallet you use whether it's the ledger nano like i'm about to show you or your phone doesn't matter that is that there is one set of keys meaning that there is a public key and a private key now the public key is something that is a string of letters and numbers they look super random and it attaches an identity to your wallet so that you can be paid you show this to people whenever you want to receive money hence it's the public key then there's another key that is the private key the private key is not something you ever want to show anybody under any circumstances ever in the case of the ledger nano the private key is a couple dozen secret key phrases and you can assume that if you ever show those phrases to anybody that that wallet is as good as gone because anyone from anywhere in the world regardless if they have physical access or not can use those key phrases to sweep all the money out from under your wallet for the purpose of this video because remember i have no idea who sent me that little ledger i'm going to show you the private key now because i want you to learn everything so here we go the first thing to do is to go to the app store and download the ledger live app this works the exact same if you're an ios user or you're an android user now once you've done that go ahead and open it and then hit let's get started so at this point you can just scroll right through and then accept their terms of service it's pretty standard stuff and then you can go to a new device so i'm going to set that up in this case yes i have the nano x and yes this is my first use so let's click set up new nano all right nice much safe very validate super secure and let's do this all right so once you've launched the ledger live app on your phone it's time to get started with the setup so the way the device works is really really simple so it has two circles on the side if you click the right one you're going to navigate to the right and by clicking the left one you're going to navigate to the left by hitting both you're going to confirm that action so once you do that it's going to ask you to set it up as a new device which you want to click both those circles and choose a pin code i'm gonna keep it simple for this video and just create one two three four five six seven eight and then i'm going to re-enter it and confirm the exact same thing and this is the most important part once you get to the section after the pin comes the most important part which is where your private key is shown you have to write down these secret key phrases in the exact same order that you see them appear so i'll just quote gandalf and say keep it secret keep it safe whatever you do after you finish please for the love of the holy algorithm please do not take a picture of it on your phone thinking that you can just reference it later in case you lose that piece of paper do not upload it to the cloud do not upload it to dropbox i cannot stress how important it is that it stays offline and in a secret location so inside the box you'll see that it comes with instructions it comes with a charging cable and it comes with several blank pieces of paper that you'll use to write down your secret key phrases so it doesn't matter which one you pick and you'll need a pen for this so yeah i'm just gonna magically produce one if you're a muggle don't worry about it and it's gonna show you a word like the first one i know is analysts so i'm going to write it down in the exact same order i know oak is number two pitch is number three and so on and so forth just click the right circle to go and cycle through the next word and you're going to repeat this 24 times once you finish it's going to ask you to confirm your recovery phrases which means you literally have to go through each one of these words and i remember the first one was analyst i remember the second was oak i remember the third was pitch and so on and so forth i'm going to repeat this exact same process and it's going to take a while so i'm just going to skip forward you're going to do that 24 times it's going to take a few seconds to process and once it's done it says that your device is now ready now once you've finished with all of this the next thing it's going to ask you on your phone is to take a short quiz so spoiler alert i'm just going to show you all the answers but as a ledger user my crypto is stored on the blockchain if my recovery phrase is no longer secret and safe my crypto is compromised that's number one and the next one is when i connect my nano to the ledger app my private key is still offline so that's it and now you're a pro so the next thing we're gonna do is we're gonna pair the device so just turn on your bluetooth make sure that's enabled and it's going to show you this device the nano x once you click on that it's just going to show you a number on your phone and simultaneously on the device itself and you want to make sure those two numbers are the same ones so once you confirm that's the case you want to click on pair and now it's going to take a little bit just to pair the two devices together and now it's going to ask you to allow the ledger manager to pair so click both the two circles and you should be good to go hit continue and you're done your device is now ready to finally install the apps okay so now that we've finished the pairing process between the ledger and our phones the two can now speak to each other let me share with you the best and simplest analogy of how this all comes together and how it actually works because the ledger is sort of like a swiss bank vault in that it houses different currencies but we have to first create the bank accounts within the vault which is why we have to download all these separate apps from the ledger live app because if you think about it you can't just have one wallet that houses both bitcoin and ethereum and dogecoin you have to compartmentalize each one separately so that's why we have to download the separate apps but don't worry about the apps themselves they're all the same they're already there there's a zero learning curve and i'll show you exactly how to do that by creating a bitcoin wallet first so i'll show you that but the process is exactly the same no matter which coin you want to use whether it's dogecoin or ethereum or bitcoin or andre jitcoin all right so now let's install some apps so go ahead and open the ledger live app and click install apps so obviously i only have that one device so i'm just going to click on that one and it's going to take just a little bit of time and it's going to show you this giant list of all these cryptocurrencies and it's going to be very tempting for you to start pursuing these and it's going to feel like penny stocks but the one that i really like the most and the one that i'm gonna stick to is just bitcoin and it's gonna start installing the app now i'm just gonna skip forward because it does take a little bit and once it's installed you'll see it both on the ledger and of course on your phone and then it's gonna ask you to create an account so what you're going to do is you're going to create a bitcoin account so once you click on that it's going to ask you to confirm on your ledger device so you're going to go to the app to the bitcoin app on your device itself you're gonna press the two circles and it's gonna say the application is ready so at this point in time it's just gonna take maybe a minute to start synchronizing all of your accounts at which point you'll see something like bitcoin native segwit sometimes you'll see another account called just segwit the one that i would stick to is the native segwit one because it is the cheaper of the two networks but once you're happy and you've added all of your accounts go ahead click continue and now you're done okay so we've set up the app we've created the account let me just go to the ledger live app and show you the in the bottom left-hand corner the portfolio tab that shows you all of your transactions across all of your accounts and all of your wallets it'll show you exactly how much money you have invested across everything denominated in probably dollars the next tab is accounts where it's going to show you each account for each crypto that you have and you can create multiple ones for bitcoin but so far i only have one and i don't think most people will need more than one account per coin the next tab is transfer which i'll show you in just a minute the next tab is manager where you can create these different bank accounts or download all these different apps for all the different cryptos and the last tab is settings where you can change all the different settings and the different denominations but that's the tab you'll probably use the least now let's test sending some bitcoin from an online wallet to the device itself so this is where i'll be getting my money from which is block fi if you're not familiar with block fights one of my favorite places to keep my crypto online because they pay me up to 8.6 annual interest compounded monthly which is crazy and i know that number is ridiculously high it sounds like sounds like bit connect or like a pyramid scheme but i promise it's not it's a very legit company with very legit investors i've made videos about them before and also if you haven't already get up to 250 worth of free bitcoin using this code right here but anyway after i take my bitcoin from here and put it to the ledger i'm going to lose the benefits of attaching it to the company and now it's going to get sent to the blockchain the trade-off is that now even though i lose the benefits i still get the most secure place possible to store my crypto and that's the trade-off so now let's actually send a bitcoin one bitcoin from here to the device itself so at this point in time we're gonna go to hit bitcoin okay now it's ready i'm gonna open up ledger live we're gonna go to accounts now in accounts we're gonna go to bitcoin native segwit okay that's where we're going to receive money because we're gonna put it in there now we're going to hit the device right here that's this device so it's going to wait a little bit and then we can hit continue to verify it so now we can make sure that both of these addresses match up exactly as they should which it looks like they do so we want to now copy the address and now we want to send it on over to block file we're actually from blockfy so now plus we hit there and we hit withdraw now at this point in time i want to withdraw my bitcoin how many do i want to withdraw i want to withdraw just one hit done and hit next the wallet address is going to be copied from the previous one so the new wallet address is going to be this one which is the one that we copied and we can make sure and confirm that the first and the last digits are the same so it looks like that's right so that's what we're going to go do hit done and hit next now it's going to say confirm withdrawal and now once you hit confirm it's going to confirm so go ahead confirm paste code actually we see it right there three three four two four two three three four two four two boom there now we have expected arrival date all right so this this is literally going to be the most stressful moment of our lives using crypto because this is where we wait these transactions are almost never instant but it really depends on which blockchain are you using so which coin is it how quick is it how congested is the network how much of a transaction fee did you attach was it low medium or high so it depends on a lot of things which is why it's so stressful because you won't know until you know so you can also reverse this entire process by repeating and following the steps but in reverse just make sure not to manually be typing up on your phone the public address always make sure to copy and paste so that you don't make an error and make sure to cross-reference across all the devices from the ledger to the phone to all the brokerages that you're using that the first few and the last few digits match up that way you know you're sending it to the right address so those are very important and before i let you go i have four super important and very useful pro tips number one people like to send small amounts first just to test that it arrives to their destination and then once it does then they send the rest of the money over it's a really good habit to get into i don't do this because yolo is the only way to live life i'm just kidding i just got comfortable using it a second pro tip is that if you're waiting for the transaction to confirm and you're like i just want to know the status of like what's going on you can actually copy and paste the hashtag address into blockchain.com forward slash explorer and it'll show you if your transaction has been confirmed or not if it has then you know you've probably received the money but if it has and you don't see the money then it means you probably sent it to the wrong address a third pro tip is that your public address remember that public key that will change from time to time so don't worry and don't freak out if you see it change that's just the natural way of the public key sometimes it can look a little bit different the private key on the other hand always stays the same once you've written it down it's never going to change and the last pro tip and this is really going out of my way here but for the sake of completion some people after they've written down those key phrases they're not satisfied because what happens if your house gets burnt down imagine losing potentially millions of dollars of crypto because that little piece of paper got burnt down so companies from all over the world have made solutions for this which is one of them this is called crypto steel capsule so it's like a steel plate with all these little tiny letters that you can basically hammer into the steel plate so even if your house burns down you still have access to this stuff so it's definitely an extra precaution and if you have some substantial amount of money in crypto definitely something that's worth considering doing i know this stuff seems super complicated but i promise if you follow the steps inside this video it's super straightforward and very very simple and if you're still on the fence and you don't want to do this with your own money then don't forget to grab up to 250 worth of free bitcoin with this code right here while they're still doing it and the same goes for investing if you'd like to get two free stocks both of which can be valued up to 1 850 you can do that with weeble using my link down below please make sure to deposit 100 and you'll get both of those stocks and if you'd like to track those stonks you can find my spreadsheet on my patreon love you thank you so much for watching this video i really do hope it was useful if it was please share it with your friends and keep everybody safe i'll see you soon monday and friday sometimes a wednesday bye

Channel: Andrei Jikh

Views: 515,551

Rating: 4.9453692 out of 5

Keywords: bitcoin, ethereum, dogecoin, cardano, how to buy bitcoin, to how to store bitcoin, how to protect bitcoin, cold storage wallet, ledger nano x, ledger nano tutorial, blockchain tutorial, cryptocurrency, crypto, robinhood, stock market, robinhood app, best trading app, stock market crash, stocks, passive income, dividends, dividend stocks, investing, investing for beginners, how to invest in real estate, stock options, credit score, credit score explained, andrei jikh, crypto investing

Id: peSLM6ncHMw

Length: 17min 51sec (1071 seconds)

Published: Wed Feb 17 2021