How To Use A Bitcoin Hardware Wallet - Ledger Nano S
Ledger Nano S Review | Bitcoin Hardware Wallet
The Ledger Nano S is one of the first Bitcoin hardware wallets. How to use the CoPay wallet.
Bitcoin Hardware Wallet
First, a bitcoin hareware wallet is very important for security.
TRANSCRIPT
.Hello, everyone. I am Ben with the BTC Sessions. I am here in Kensington, Calgary, Alberta, Canada. And today I'm going to be checking out something I've been wanting to try for some time now. I'm going to be trying out the Ledger Nano S. This is a Bitcoin hardware wallet that allows you to secure your Bitcoins and it's an upgrade from the Ledger Nano which I covered in a previous video. Let's take a look at what it is and how it works.
All right. So here I am with my Ledger Nano S and the big improvement here is that it has a screen on the front. It comes with a USB cable. It closes when I'm not using it. And there are two buttons. You're going to use those to scroll through by hitting the right and left, or select with both buttons at the same time. So let's get started. We're going to hit both buttons once and twice. Here, there's a couple of intro screens and then it asks if you'd like to configure this as a new device. I do. So I'm going to hit the right button, the checkmark. And first up, we're going to pick a PIN code. So let's hit two buttons and you can scroll up and down with the right and left buttons. I'm going to pick a super easy one for this video. I'm going to go 5-5-5-5. It asks me to confirm the PIN codes. I'm going to do it again, 5-5-5-5.
And now we're done with that we're going to pick a recovery phrase or rather be given one. So you can scroll through the words and you're just going to write them all down in order. Okay. Once I have done that I pick up my device. I'm finished with that. It's going to ask me to confirm a couple of those words. So when I hit both buttons here it asks me okay, what is word number five in your recovery phrase. And you're going to scroll through until you see the correct word. Then you're just simply going to select it with both buttons. And again, it's going to ask me now okay, what is word number 17. So I'm going to scroll through until I see the correct word and once again I'm going to select with both buttons. It does a quick configuration and now my device is ready to use.
All right. Now that I've got everything set up I can see that I have a Bitcoin wallet, an Ethereum wallet, a two-factor authentication device and a settings wheel here. So I'm going to go to the Bitcoin wallet. I'm going to hit both buttons to select it. And the rest of this is on my computer. So on my Chrome browser I've downloaded a Bitcoin wallet and an Ethereum wallet from Ledger. I'm going to click on the Bitcoin wallet and once it opens up, what you see is what you get. It is a basic Bitcoin wallet. I have my main account there and it has all the basic functionality that you would expect to find. There are settings that you can make changes to. There's not a lot that I want to change right now. What I'm looking for is I'd like to change my local currency to Canadian Dollars. That is right here. I'm going to scroll up and click Canadian Dollars. That's all I'm going to change for right now.
And let's start going through the basic functions. So I'm going to click and receive some Bitcoin. When I click on the receive button it brings up my QR code and my address down below. I could copy and paste that. But I'm actually going to pull up my phone and I'm going to scan this QR code to send myself some funds. The wallet I'm using on my phone is called Copay. If you're unfamiliar with Copay or if you're unfamiliar with Bitcoin wallets as a whole, I highly recommend you check out my other video on this topic. I've done a tutorial for Copay that I will link to here. Off-screen here I am just sending myself about $5. Once that confirms on my phone, I can just back out of this screen on my computer and I should see my transaction pop-up. There it is. It pops up pretty quickly. And I can see that I've just received around 5 Canadian Dollars.
Now I'm going to skip ahead here. I'm going to hit send. I've already copied an address from elsewhere. I'm just going to paste it in here where it says recipient address. I'm going to click and paste it. Then I am going to send out the maximum amount back to myself, but you can send out anything you like. And when I hit send, instead of anything else on the screen here I'm actually going to need to pick up the device that is plugged into my computer. And when I do, it's asking me if I do indeed want to send this amount of money. So to confirm that I'm just going to hit both buttons at the same time to select that I agree. And once I do that on the screen here it says I have a successfully sent transaction. That is all you need to do to send money.
Now, I'm just going to quickly click on the Ethereum wallet here. It is basically the same with one little difference. You're going to choose whether you want Ethereum classic or the main Ethereum chain. I won't delve further into that but anyways once you pick one, you open it up. In it, it has all the same functionality as a Bitcoin wallet that you were just looking at. You have your send and receive functions and your main account. That's pretty much all you need to know for that. It is all the same.
Also, we are on the Ledger website and I highly recommend that you check that out. Because they have a ton of information for all of their products, including the one that we just looked at. They have all of the configuration instructions that we just ran through. It is in depth. They have videos on a lot of their products as well. So definitely, go over, check out their website.
I would also like to show you how to clear off your device. It is really simple. All you need to do is incorrectly enter your PIN three times in a row. So I'm going to enter 5-5-6-5 so that I get a notification that I've done it wrong. I'm going to do that twice more so, 5-5-6-5 and one more time that was number two, 5-5-6-5. And it's going to tell me that my device has been wiped. And it's going to give me information as far as contacting the company for assistance, if I needed. But once I scroll through this I'm going to end up back at the welcome screen. So my device is cleared and I'm starting from scratch.
Now, if I would like to recover my accounts what I'm going to do is I'm going to start it up and I'm going to hit that no, I would not like to start a new device and that I would like to enter my recovery phrase. First thing, I'm going to pick a PIN number just like before. Once I confirm my decision for a PIN, I'm going to start entering in my recovery phrase. When I go through these steps, it's going to ask me how many words do I have my recovery phrase. So there were 24 in the one that we wrote down. And all we're going to do is the first word of your recovery phrase you're going to scroll through and you're going to pick the first letter. And from that letter it's going to start predicting what your next letter might be and that expedites the process quite a bit. Even though it may seem a little daunting at first, it's not so bad. And that is it. That is pretty much all you need to know for the Legend Nano S. That should get you started.
Thank you guys so much for watching. I had a blast trying out the Nano S. And I'm sure I'm going to be using it a bunch now. Don't forget to hit Like and Subscribe. Drop a tip if you're able to and share this video. I will see you guys next time on the BTC Sessions.