Dealing with cryptocurrencies is one of the biggest trends now. People love to trade these currencies and create a passive source of income for them. These digital markets also tend to cover the largest segment of the stock market.
So, even if you are a beginner in dealing with such digital assets, what is your first step, when you receive your first coin ever?
Well, for any beginner it would be to keep their cryptocurrency safe to protect them from any fraud attacks.
Therefore, in this post, we will guide you on the best way with which you can easily protect your digital assets. Also, this is considered to be the cheapest way to keep your cryptocurrencies secure.
Therefore, in this post, we are going to talk about the entire setup ledger nano s hardware wallet. With this, you can easily secure and protect all your cryptocurrencies.
So, let’s get started.
Make sure to stay till the end of this post to study the entire details and steps about how to set up a ledger nano wallet easily.
Page Contents
Setting up the ledger nano S: A complete guide to using the hardware wallet
In terms of traditional money, when you lose your bank locker passwords, you still have a chance to retrieve your money and belongings by contacting the bank people. But when it comes to dealing with cryptocurrencies, if you lose your private keys then it is most likely that you have lost your ownership as well. Hence, you do not want it to happen.
STEP1- Start by unboxing the ledger nano s
The very first step is to unbox your ledger nano right after you receive the package. The setup ledger nano wallet that you have ordered should be super authentic. And if it is, it will consist of the following components-
- A ledger nano S device
- A USB cable
- A lanyard
- A keychain
- 3 different paper cards. These paper cards will be of the following tags. First with a blank recovery sheet, second with an instruction sheet, and the third with a card.
STEP2- Controlling the Ledger Nano S
Once you have confirmed that you have got the genuine product, now is the time to understand how to navigate the hardware wallet. A ledger nano s wallet consists of a very small LCD screen along with two buttons.
With these two buttons, you can easily navigate menus, select from the various menu and submenu options along with the signs to confirm the transactions. Hold the device horizontally and it looks very similar to the thumb drive. Also, try to get used to it as this will help in protecting your crypto assets.
STEP3- Plug in nano ledger S
Now, is the time to plug in your hardware wallet and start securing your crypt assets efficiently. As the ledger nano, a wallet doesn’t come with any type of internal power source, you need to plug it into a USB port on your computer with the supplied USB cable. Once it gets connected you will see a welcome message on the display screen. On this screen you will be provided with a guide as well that will explain everything about how to use these buttons.
In brief, we can conclude the following summary for the two buttons:
- To start with navigating the menu items you can press left or else the right button
- To select a specific item on the menu you can press both the right and the left buttons at the same time.
- Next, then you press both the buttons, to begin with, the installation process.
STEP4- Install the ledger nano S on your PC or Laptop
This is a very important step. Therefore, make sure to understand this in detail. In this step, you need to download the ledger live application on your computer. The ledger live is a chrome extension.it is not a wallet, though it allows you to manage the bitcoins and altcoins as well as updating the software on the wallet.
You can use the ledger live to view, send and receive all your crypto assets. Hence, an excellent and all user friendly interface to manage your crypto wallet.
Now, you need to click on the blue get started button and begin the installation process. Select the initialize a new ledger device option to set up this new device on your computer.
STEP5- Configure your new device
As this guide is solely for beginners, here we will choose to configure it as a new device. Tap on the right button which will correspond to the checkmark. Though if you already have a ledger account then there is no such need for putting a checkmark.
STEP6- Create a strong Pincode
For better and high-security purposes, you need to choose a super-strong eight-digit pin to secure your hardware wallet. Every time the device is switched on you need to enter this pin. Make sure not to share this pin with anyone. To choose the new pin you can press the left and right buttons to scroll and then press both the buttons simultaneously to pick one. If you ever lost this pin you still have a chance to recover this with a 24-word recovery seed.
STEP7- Pen down your recovery phase
Now your ledger hardware wallet will show you a recovery phase. Here, you need to save the recovery phrase on the offline sheet. To keep your bitcoins and other cryptocurrency assets completely safe, keep this recovery seed away from everyone.
Therefore, these are the steps that you should follow to set up a ledger nano s hardware wallet. You need to be very careful about your recovery phrase seed and your hardware wallet too.
Hence, make sure that nobody reaches your confidential passwords. You can also go through the manual guide that you get along with this wallet setup.
You can read all the processes and get a piece of brief information about the setup ledger nano s hardware wallet.
