A crypto wallet allows you to interact with a cryptocurrency blockchain. It creates the public and private keys that allow crypto transactions to occur. They also provide security for your crypto funds’ private keys.
There are two types: cold wallets and hot wallets. Hot wallets keep your keys to crypto on an online platform (such as Coinbase) or app (such as Metamask). Cold wallets keep your keys offline and provide a security buffer.
One of the best ways to secure your private keys is with a cold wallet. It’s a good idea to spend some money on a hardware wallet, especially considering the rising popularity of cryptocurrencies like Bitcoin.
This guide will show you how to set up your Ledger cold wallet (cold wallet), to securely and efficiently buy, store and send crypto.
- Only purchase Ledger Wallet through the official Ledger website. It is best to avoid buying it on other e-commerce sites.
- Do not use a device that has a preset pin code or pre-supplied 24-word recovery phrases.
- Do not store your recovery phrase on any computer, smartphone, or other networked devices. Your recovery phase should be kept physically safe.
- Ledger doesn’t have a backup for your 24-word phrase. You can lose all your assets if you lose this.
Step 1: connect Ledger Nano S Plus to PC
You will need to connect your Ledger Nano S Plus to your computer’s USB port to set it up (this guide also applies to Ledger Nano S). The cable that came in the box, or any USB-to-micro USB adapter cable, can be used. It is always a good idea for security to use a universal-purpose cable you trust.
Step 2: Install Ledger APP
The next step is to go to https://www.ledger.com/ledger-live and download the software. Ledger Live is available for Windows, Mac, and Linux.
Install the Ledger Live desktop application after downloading it. Although it will be quick, the software won’t function unless your Ledger Nano S Plus is configured.
Step 3: Configure Your New Ledger Device
Pay attention to the screen of your hardware wallet. Once the device is plugged in, it will display “Welcome” along with “Press both buttons for beginning”. Continue and press the buttons.
After you have completed the instruction phase, you’ll see a new message appear on your screen. The message reads: “Configure as a new device?” To set it up the first time, press the right button. To access the “Restore Configuration” menu on your Ledger Nano S Plus press the left button.
This guide will show you how to configure it as a new device.
Step 4: Set Pin for Your Ledger Device
Turn on your device and navigate with the left and right buttons until you reach the “set up as new device” button. Press both simultaneously to select your pin.
The Ledger Nano S Plus has 8-digit PIN codes. You will need to enter 8 numbers between 0 and 9. You can use 01234567, for example. It is best to avoid codes that are easy to guess.
Step 5: Create Your 24-word Recovery Phrase (very important!)
Next, the device will create a 24-word recovery phrase for our new wallet. This is the most important part of your wallet. The recovery phrase is what unlocks your coins. You can write down your notes on all Ledger devices with the help of cards.
Anyone can find the words and back up your wallet from another device. These 24 words are essential to your financial security.
Step 6: Confirm Your 24-word Recovery Phrase
This section will ask you to confirm the order in which your 24 words are placed. Ledger Nano S Plus shuffles the order of your 24 words, so you will need to use the navigation keys.
To confirm the word you have found, click on both buttons simultaneously. This step is the most tedious, but it is also the most important. You will be able to find any errors you made in writing your recovery phrase.
If you make mistakes, you can always try again. If you are unable to figure it out, it is possible to go back to the previous menu. You can also unplug the Ledger Nano S Plus and reconnect it again. You will need to do a hard reset to restart the setup process. This may require you to pay more attention the second or third time. After confirmation, your Ledger Nano S Plus can be used.
This phrase can be used to retrieve your wallet from another device in case your device becomes unresponsive or you lose it.
Step 7: Use as An Initialized Device
Start the Ledger Live app, and you’ll see the initialization menu on your computer screen. You have the option to initialize as a brand new device, restore a recovery sentence, or use an existing initialized device. In this case, we have already initiated the Ledger wallet. Select Use an Initialized device.
Step 8: Run Ledger Live App
The Ledger Live interface will first ask you to choose your hardware wallet model. You should click on the Ledger S Nano Plus to proceed to the next menu.
Ledger Live checks your device’s firmware to ensure that it is genuine. This helps avoid supply chain attacks. You don’t need to do anything except allow the software to perform the verification. You must verify that your device is not compromised. You don’t need to worry if your hardware device was purchased from the Ledger official website.
Step 9: Install Cryptocurrency App
You can finally add cryptocurrency to your wallet by clicking the “Manager” menu located on the left-hand side of the window. The Ledger Nano S Plus is limited in storage, so it’s important to choose which coins you want. Click on the button next to the coin you wish to install. Let’s now install Bitcoin.
After it has been successfully installed, you will be able to see the Bitcoin app on Ledger Nano S Plus. To enter the app, you can use both buttons. You can now safely send and receive Bitcoins using your Ledger Nano S Plus.
Although the Ledger wallet can hold hundreds of coins, it can only store a few apps. It’s a smart idea to manage your storage space wisely and prioritize.
Step 10: Add Account in Ledger Live App
Next, go to “Accounts”, click on add account, and then verify your ledger device by adding Bitcoin. All your balances will be displayed in the “Accounts” menu.
You now know how to set up and configure your Ledger Nano S Plus.