Best way to keep your Bitcoin and cryptocurrency safe
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I was not sponsored or paid to make this video. Someone sent me the Ledger Nano X device. It happens to be one of the best and safest places to store your cryptocurrency. Today I want to show you the private key process, something I’ve never seen anyone do before – step by step.
One of my favorite things about the Ledger device is that it doesn’t actually store our crypto on the device itself. Instead, it speaks to the blockchains of all the different cryptocurrencies. If you ever wanted to receive Bitcoin, send it across the world, or if you want to send your crypto to an exchange like Coinbase or Gemini safely – you need something like this as well. Even if you were to lose the device, or if someone stole it, or even if someone were to destroy it – you could still recover your crypto as long as you have your private key which is what I want to show you.
STEP 1 (The Setup)
Download the Ledger Live app from the play store or Apple iOS store, the set up is the same. Once you opened your Ledger, it’s pretty intuitive with how it works: it has two circular buttons. Pressing one on either side will navigate the menu left or right. By pressing both, you will confirm your selection. First you have to set up an 8 digit pin, whenever the Ledger goes idle, it will ask you to re-enter the pin so make sure you don’t forget what your pin code is. It will then ask you to re confirm it.
STEP 2 (The Secret Key)
The next step to keeping your crypto safe is to write down your secret key phrases. There will be 24 words that are shown on the screen of the device. You have to write each of them down on the provided piece of paper in the order you see them. Make sure you do NOT take a picture of them on your phone, and do NOT upload them online. These phrases must be kept secret and offline – otherwise your device is 100% compromised. After you’ve written them down, it will then ask to confirm the words for each slot.
STEP 3 (Pair The Device)
The next step is to pair your Ledger Nano X device with your smartphone. It will automatically guide you through the simple process, make sure bluetooth and Wi-Fi are enabled. This will take a few seconds. Once the device is paired to your phone, time for the next step.
STEP 4 (Download Crypto Apps)
Once the two are paired, you have to download the apps of the cryptocurrencies you want to use. There are many to choose from but the setup process is the same for all of them. I personally stick to Bitcoin and Ethereum at this point in time. If you go to your Ledger Live app on your phone, under the “Accounts” tab, you’ll see a plus icon, click on that and you’ll see the list of all the crypto coin apps you can download. Once you download the app, you need to synchronize the accounts. For Bitcoin, you may see multiple accounts. I personally stick with “Native Segwit” because it’s the slightly cheaper network of the two. There’s also just “Segwit”. They both work equally well, but the native option is cheaper.
STEP 5 (Transfer Your Bitcoin)
Now it’s time to finally transfer your Bitcoin, Ethereum, Dogecoin, Cardano, Polkadot (you name it) from your online wallets/brokerages like Gemini or Coinbase, and into the hardware wallet. If you click the Transfer Tab, Receive, Bitcoin Native Segwit – it will show you a wallet address you can copy. Make sure you click “copy address” and you don’t manually put the information yourself otherwise you risk making an error. This address will then be used to withdraw your cryptocurrencies from your online wallets. The process is exactly the same but reversed if you want to send your cryptocurrency from your Ledger Nano X back to the brokerages (if you ever wanted to sell your crypto).
If you want to check the status of your transaction, you can go to blockchain.com/explorer and copy/paste your hash address to see the status of your transaction. Stay safe!
*None of this is meant to be construed as investment advice, it’s for entertainment purposes only. Links above include affiliate commission or referrals. I’m part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.
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Wait so I shouldn’t just keep all $10 million BTC on Robinhood?
I didn't get my Bitcoin when I signed up with blok.
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I watched him unbox that API key 10 times that was amazing
Sorry, I have a stupid question…
@13:37 If I don't have a full coin, then I would use the decimal point?
What if I only have $500 and only want to withdraw $100.
Please advise.
Thank you.
Why is it not safe to store Bitcoin in an online wallet like on blockfi or coinbase?
Finally! Practical instructions. Thank you!
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Mr. Jikh, you may not see this message due to the date released, but you should really look into all the negative reviews about Gemini. Maybe you and many others have had no problem; but more and more people are leaving reviews on various sites and stores about the issues. The main seems to be new accounts being unable to be verified months later and many being unable to withdraw their funds. I’ve used several different apps and sites with almost no problem. Gemini- nothing but. Thankful I test each site with a small amount first. Doesn’t hurt to at least look, otherwise it’s hard to take any further reviews, or suggestions without extreme skepticism.
When we enroll in BlockFi, how long does it take to get the $250 for using your invitation? I enrolled with $200, but don't see the $250.
Dude, this is the best video on how to do these transfers. I am seriously considering blockfi as well, thanks for sharing this info, super helpful.
What about Trezor Model T wallet? Also is using Bluetooth secure?
Oh no, we saw your pass phrases. Now we got all your bikcoins!
Sorry! (^_-)
I hope I did it correctly 😖transferring from Gemini , playing the waiting game now, thanks Andre ! Much appreciated brotha
Robinhood? But I live in Canada. I'm with coinbase myself.
That was a $150 fee…. is that what we should expect?
That won't bother you if you trade with a professional like Mr James Matheson. His strategies are really good
My first Investment with Mr James Matheson me profits of over $24,320 US dollars and ever since then he has Been delivering
Investing in crypto is one of the best way of making money💵💵💵
The rich get rich by the poor and investing without stopping,the poor stay poor by spending like the rich yet not investing like the rich.
Ledger needs to buy that broll footage!
The best video on the ledger wallet.
I can cure those pimples, trust me. And it comes in a tube.
Lol so he actually sent one Bitcoin to a wallet address using a ledger he knew he couldn’t trust? Am I wrong in thinking that’s nuts?
nice video.
Super handy info! Thanks for breaking it down step-by-step, definitely makes it less scary!
Still so lost 🥺. Looks like I would have to hope the Ledger Nano people wouldn’t hack my account since they won’t let me change from default recovery words. I’m a noob so just trying to learn.
I live in Korea and I love your hoodie
Is there a place to set up an account for people with flip phones (driver's license pic)?
Bitcoin and forex are more profitable with the favorable market rise
I have a stupid question. What is the difference between Coinbase and Blockfi? You said to buy Bitcoin on Coinbase but store it on Blockfi??? Then store it on a Ledger device??? I think I need to go back to Bitcoin kindergarten…..
lol you about lost it when it balked at the transfer you realized at that moment you didnt know who gave you the device lots of respect for your bravery great video .
Do you work for the government United States Government.
Fantastic guide, very helpful. Thank you!
This is a great video. I always wanted to know how those ledgers work. I don't have enough money on crypto to worry about an hardware wallet, but someday when it is the case, I now know a good way to store it XD
Big shame you recommended ledger over trezor, ledger has had countless database leaks since the start. trezor stands at 0.
While it appears so much easier, PayPal also has a bad track record of restricting people's accounts and stealing their money. I am interested in buying the ledger nano s as it is only $59, and attempting to learn how to set up an account with an actual exchange to buy and transfer to cold storage. I'm hesitant to do that as well because I'm not smart enough for all this technical stuff and I'm afraid I'll lose my coins when I inevitably screw up. However, I am willing to try, BUT, I don't fully understand the transaction fees and if I have to pay to transfer it to the Ledger, I'm not sure it is worth it. I can't afford to buy several hundreds or thousands of dollars worth at a time, I can manage $50-$100 worth at a time. Is it even worth trying with my limited funds? If there is a transfer fee, how much of my $100 worth of coin would I lose? I have tried to find this answer online but maybe I'm just not wording my searches the right way.