Ledger Nano X

Ledger Nano X

Ledger Nano X Hardware Wallet

  • Crypto hardware wallet (aka ‘cold storage’)
  • Keep all of your crypto & NFTs secured in one place
  • The safest way to store crypto

Buy On Amazon: $149

Mike’s Notes:

  • I wrote this guide to document the steps required to set up and use the Ledger Nano X in hopes that it might help you if you are ‘on the fence’ or hesitant to purchase and set up a hardware wallet.
  • I am not a ‘crypto expert’ and was hesitant and fearful that I might screw it up and lose my crypto (what little is left). But, after the FTX mess and my basic understanding of why people use hardware wallets, I knew it was probably the smart thing to do.
  • I’m also a tech nerd and curious learner, so I wanted to see how the whole process worked since the crypto world still makes my head spin a little.

Bottom Line:
The Ledger setup process was easy and I feel a lot smarter and confident in my crypto management and security game. You can do it!

Why Use A Crypto Hardware Wallet?

A crypto hardware wallet like the Ledger Nano X stores your cryptocurrency private keys offline, providing an additional layer of security against hacking and theft. You can use the hardware wallet to manage and sign transactions on the blockchain.

There is a saying in the crypto-world: ‘Not Your Keys, Not Your Coins’.

When you use a hardware wallet, you manage your own Private Keys, so even if the exchange where you originally purchased your crypto (CoinBase, BiNance, FTX, etc) went bankrupt or were involved in fraud and you lost access to your online account or software wallet, you can still manage and access your crypto assets using your hardware wallet.

Some benefits to using a hardware wallet:

  1. Security: Because the private keys are stored offline, it is much harder for hackers to steal them.
  2. Convenience: Hardware wallets are portable and easy to use. You can make transactions from any device that has a compatible software.
  3. Support for multiple cryptocurrencies: Hardware wallets support multiple cryptocurrencies, so you can store and manage multiple assets in one place.
  4. Recovery: If you lose your hardware wallet or it is damaged, you can use a recovery phrase to restore your private keys and access your funds, simply by getting a new wallet.

What You Will Learn:

What is the purpose of this article?
This is a step-by-step instructional guide with annotated screenshots that will show you how to set up a Ledger Nano X (or similar model) and transfer the ownership of private keys required to manage crypto assets from an exchange or wallet such as CoinBase to the Ledger hardware wallet (aka cold storage).

The goal of the step-by-step guide:
To give you a sneak peak of the Ledger Nano setup and what to expect when it is time for you to set up your own hardware wallet so you feel more confident and have a better understanding of the process.

Here is an overview of the steps involved in setting up your hardware wallet:

  1. Set up your Ledger Nano X: Open box and remove protective covering.  Set up 4-8 digit PIN code. Create a 24-word recovery phrase. Write down recovery phrase and place it in safe place as it will be needed to recover crypto if device is ever lost or damaged.
  2. Install the Ledger Live app: Install the Ledger Live app on your computer or mobile device. Ledger Live is a software application that allows you to manage your cryptocurrency assets and make transactions using your Ledger Nano X.
  3. Connect Device: Connect Ledger Nano X to computer using USB-A to USB-C cable. You will need to enter PIN code to unlock.
  4. Install Crypto Apps: Select cryptocurrency and install apps that you want o mange using Ledger Live app.
  5. Receive Crypto Assets: To receive payments using Ledger,  you will go to the wallet or exchange that stores your crypto and enter a public key that identifies your wallet.
  6. Manage Portfolio: The Ledger Live app allows you to view your transaction history and see a record of all the payments you’ve made or received. You can also see your current balance and check the status of pending transactions.

 

FAQs:

  1. What is the Ledger Nano X?
    The Ledger Nano X is a cryptocurrency hardware wallet that plugs into your computer via USB cable and it stores your Private Keys which unlock access (‘sign-in’) to the blockchain so you can manage cryptocurrencies, NFTs and blockchain transactions.
  2. Is there any risk of buying Ledger on Amazon or 3rd party site?
    The Ledger Live app performs a ‘Genuine Check’ on your device when setting it up, so if your Ledger Nano device has been hacked or is a fake knockoff, then it will be detected and will not work.
  3. Does the Ledger Nano X store crypto?
    The Ledger Nano X does not store cryptocurrencies on the device. Crypto assets are stored on the blockchain.
  4. What does ‘cold storage’ mean?
    Hardware wallets are considered ‘cold storage’ as the Private Keys are never exposed online so they cannot be hacked or stolen unlike ‘hot wallets’ that are managed online. Private Keys are protected by a PIN Code required to unlock the Ledger Nano X and the Private Keys can be recovered or restored using a secret 24-word Recovery Phrase if the Ledger Nano X is either lost or damaged.
  5. What is Ledger Live?
    Ledger Live (Mac/Windows, iOS, Android) is the companion software and mobile app that lets you securely manage your crypto assets and blockchain transactions.
  6. Why did I purchase the Ledger Nano X?
    I watched some tutorials on YouTube on ‘hardware or cold storage wallets’ and I immediately liked Ledger’s website + vibe. The Ledger tutorials and documentation were great, so I ordered the Ledger Nano X from Amazon for $149 to move my private keys used to manage my crypto assets from CoinBase Pro (which I really like) to the Ledger Nano X and Ledger Live app.
  7. Did I run into any issues with the Ledger Nano X?
    The only ‘snag’ was that I was unable to move ETH2 (Ethereum) that it is currently being staked on CoinBase (which I barely understand what that means). CoinBase does offer a workaround solution (cbETH) to move ETH2, but I am not in a hurry to move it. The alternative is to wait a few months until the Ethereum update is complete and then un-stake ETH2 and move it off CoinBase. No big deal.
  8. What are Private Keys?
    The Ledger Nano X creates and stores the private keys required to manage crypto on the blockchain. When a transaction is made on the blockchain, your Private Key acts as a digital signature that only belongs to you.
  9. What is a PIN Code?
    You must create a 4–8 digit PIN code to unlock the Ledger Nano X (3 wrong attempts resets the Ledger Nano)
  10. What is the Recovery Phrase?
    This is a 24-word secret list of words in a particular order that backs up your private keys. You must write down the Recovery Phrase in order and store it away as you will need it if you ever lose your device.
  11. What is I lose my Ledger Nano?
    If your Ledger Nano is lost, stolen or damaged, your crypto is safe as long as you have the 24-word recovery phrase. You can get another hardware wallet and restore using your recovery phrase.
  12. Can I Reset PIN Code?
    Yes. If your PIN code is ever compromised, you can reset it.
  13. Are there fees Send & Receive?
    The blockchain-related fees to send & receive crypto to Ledger Nano was very low. (The fee to send DogeCoin was $.07 USD). All in all, I think I spent approximately $2.00 USD to send multiple cryptocurrencies including Bitcoin. Ethereum does require gas fees so I expect that to be a little more when I send ETH2 in the future.
  14. Do I ever share my PIN Code or Recovery Phrase?
    Never! If you are asked for either, then it is likely a scam.

Step-By Step Instructions

Part 1: Set Up Ledger Nano X

Open Box. Download & Install Ledger Live. Connect device. Set up PIN Code. Confirm 24-word Recovery Phrase.

THE STEPS:

  1. Open Box
  2. Remove plastic protection on device
  3. Plug the USB-C side of the cable into the Ledger Nano X
  4. Go to https://www.ledger.com/start to get started
  5. Click the ‘Download’ button to install Ledger Live Software
  6. Select computer OS (Windows, Mac, Linux)
  7. Mac Users: Double-click the .dmg file to install
  8. Open Ledger Live App
  9. Click ‘Open’ on security pop-up to confirm you want to open.
  10. Select ‘Language’
  11. Click ‘Get Started’ button
  12. Select Device
  13. Hover cursor over Ledger Nano X and click ‘Select’
  14. Locate ‘First Time Using Your Nano X’ section
  15. Click on the arrow in the box ‘Set Up A New Nano X’
  16. Read the Basics (5 Steps)…Click ‘Continue’ for next
  17. Click ‘Let’s Do This’ on Basics 5/5
  18. ‘The Best Way to Get You Started’ (Part 1)
  19. The Best Way to Get You Started’ (Part 2)
  20. Click ‘Next Step’
  21. PIN code
  22. Toggle On button
  23. Click on ‘Set up PIN code’
  24. Choose PIN code on Ledger Nano X
  25. Confirm PIN code
  26. Click ‘Next Step’
  27. Read ’Secure Your Pin’ best practices
  28. Click ‘Get Started’
  29. Recovery Phase
  30. Click ‘Next Step’
  31. Confirm Recovery Phrase
  32. Click ‘Next Step’
  33. Click ‘Get Started’
  34. Hide Your Recovery Phrase
  35. Click ‘Ok, I’m done!’
  36. Click ‘Get Started’ (Quiz)
  37. Click ‘Finish Quiz’
  38. ‘Already A Pro’ click ‘Next step’
  39. Genuine Check
  40. Verify whether your Nano is genuine.
  41. Confirm Nano is connected to computer
  42. Click ‘Check my Nano’
  43. Unlock Nano by entering PIN code
  44. Click both buttons to ‘Allow Ledger to Manage Device’
  45. Look for ‘All good!’
  46. Your Ledger Nano X is genuine and ready to use with Ledger Live
  47. Click ‘Continue’
  48. Read Terms of Use
  49. Click ‘Continue’ to Ledger Live app

Part 2: How To Add Accounts

  • You must install an account on your Ledger Nano X for every cryptocurrency asset you want to manage.
  • The Ledger Nano X must be connected and unlocked using your 4-8 digit PIN Code (three wrong attempts resets the device)
  • You will use the Ledger Live App to ‘Add Accounts’ and then follow the prompts and confirm on the Ledger Nano X device.
  • Use the left and right buttons to scroll back and forth. Press both buttons to make a selection or confirm an action such as ‘Approve’
  • For example, you will install the ‘Bitcoin’ app that will generate a public key so you can send payments from CoinBase (or any wallet) to Ledger.
  • Multiple cryptocurrencies are supported, so you just need to search and select for each crypto asset and install the account.
  • There is an ‘Accounts’ icon in the sidebar of Ledger Live that you will use to add additional accounts after you set an account up for the first time.
THE STEPS:

  1. Connect Ledger Nano to computer
  2. Open Ledger Live App
  3. For the 1st time adding accounts, click on ‘Portfolio’ in the left sidebar
  4. Click ‘Add Account’
  5. Type or click the drop-down list to choose the crypto asset of the account to add
  6. Unlock Ledger Nano using PIN code
  7. Click Continue
  8. Press both buttons on Ledger to ‘Allow Ledger to Manage Device’
  9. Press both buttons to ‘Quit’ setup of adding account to Ledger
  10. Rename Account if desired or leave asks
  11. Click ‘Add Account’
  12. Click ‘Done’ or ‘Add More’ to add additional accounts

Part 3: How To Receive Crypto Assets

  • This is the ‘scary’ part, but it’s easy.  Take your time, go slow and focus.
  • Open Ledger Live and select the cryptocurrency app you want to Receive.
  • Click ‘Receive’ to generate a public key and click the icon to ‘Copy to Clipboard’
  • If you forget to copy the key before moving on to the next step, just click ‘Re-Verity’ and start over.
  • Sign in to CoinBase or another exchange/wallet and locate the corresponding crypto asset.
  • Select ‘Send’ and enter your public address key in the ‘Send To’ field.
  • It may take several hours for the transaction to be confirmed on the blockchain, but you can confirm in Ledger Live almost immediately (and then relax!

 

THE STEPS:

  1. Click on ‘Accounts’ in the left sidebar of Ledger Live app
  2. Click on crypto asset account
  3. Click on ‘Receive’
  4. Select crypto asset from the list if multiple accounts have been added
  5. Click ‘Continue’
  6. Copy ‘Receive Address’ to clipboard (Click icon or press Cmd/Ctrl + C)
  7. Open App on Ledger Nano device
  8. Enter Pin
  9. Verify ‘Receive’ Address matches the numbers on Ledger Live on Ledger device
  10. Press right arrow
  11. Press both buttons to ‘Approve’
  12. Press right arrow and then both buttons to ‘Reject’ if numbers do not match
  13. ‘Address Shared Securely’ should appear on Ledger Live app after Approve
  14. Reverify: If you did not copy the address key before Approving, click ‘Re-verify’
  15. Visit Coinbase.com (or the exchange where you have crypto assets)
  16. Sign In
  17. Click on ‘My Assets’
  18. Click on crypto asset to send to Ledger
  19. Click on ‘Wallet’ or ‘Send & Receive’ at the top of CoinBase
  20. Confirm ‘Send’ is selected
  21. Confirm crypto asset is listed in ‘Pay With’
  22. Paste Address Key in the ‘To’ field (Mobile, email, or address
  23. Click ‘Continue’
  24. Confirm details
  25. Click ‘Send Now’
  26. Confirm send using 2FA 6-digit code
  27. Review Confirmation
  28. Click ‘View Transaction’
  29. If you forgot to click ‘View Transaction’, check email for confirmation from CoinBase or exchange
  30. Go to Ledger Live app on computer
  31. Click on ‘Accounts’
  32. Confirm the crypto asset was received from CoinBase (or exchange) to Ledger
  33. Repeat for each crypto asset

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