Hardware wallets are great, they're my favorite way to store crypto because they match security with ease of use.
With a secure pin code and a physical device, this makes it all the more difficult for hackers to get a hold of your valuable investment.
There are a few different options these days for hardware wallets and they all do more or less the same thing, they give you the ability to move your cryptos onto a device that cannot itself access to the internet.
integrates the abilities of ShapeShift so that you can make trades right on your device so you don't have to move them onto an exchange.
offers a wide range of support for different cryptocurrencies that you can store on it. (Although you are limited to storing only 5 out of the total number of options on each Ledger Nano S, you can always store an unlimited number of each crypto on it.)
If you're considering purchasing a Ledger Nano S, Here is a Link so you can browse through their website and see all that they have to offer.
They make for a GREAT Christmas Gift for your crypto-loving loved ones ;)
If you have already purchased a Ledger Nano S, here are the steps to successfully configure it.
Best practices include:
- DO NOT purchase ANY hardware wallet from Amazon.com. You don't know who had it before you, or if it's been tampered with. It's always better to purchase directly from the official, reputable source.
- Choose an 8 digit pin code that you do not use for any other website or bank account.
- Write down your pass phrase, do NOT type it and save it on your computer or any device that has internet access.
- Write down your passphrase correctly and in the correct order, this is what will enable you to still gain access to your coins if your device ever gets lost or damaged.
- DON'T LOSE YOUR PASSPHRASE OR FORGET YOUR PIN CODE!
Check out this video for helpful tips on how you can take full advantage of this hardware wallet and all of the cryptos you can store on it.
You can also find me on:
Twitter: @blockchainchick
Instagram: @hheidiann
Thinking about purchasing a Ledger Nano Hardware Wallet? Browse their official website
Fantastic advice, Heidi. My wife and I have learned so much from your wallet reporting. What you are doing is saving so many people hundreds (if not more) hours in research time to point us in the right direction. Of course, we do have to uphold our due diligence, but your nod in the general direction of things has proven invaluable time and time again. Thank you!
I'm very happy to know that I'm helping you out. Due diligence is so good for not only making sure your sources measure up, but it's so good for deeper learning. You'll always find out other angles and perspectives too, great way to sharpen your mind. :)
@heiditravels you need to re-research the nano s ledger, you are providing incorrect information esp with respect to it's ability to only hold 5 cryptocurrencies, it is not quite right! you can store any number of their supported cryptocurrencies, using the ledger manager you can install or remove apps. if you remove an app and later re-install the app, if you had any transactions saved all of your transactions are viewable through the interface because they are "off-chain" references only.
it's just a matter of managing the interface "view" by installing or removing which 5 or 6 (depending on app size) apps you wish to view. So, you are not restricted to storing 5 cryptocurrencies, the restriction is that you must remove an app (which keeps all transactions on device) you then install, or perhaps configure would be a better choice of words, the desired views you wish to see.
Additionally, contrary to popular opinion, if you are buying an OEM Ledger Nano S second hand, provided you have the 24 unique word reset chart, you can easily reset and initialise the Ledger Nano S device and then secure it by your very own 8 digit numeric password.
It just means that if a person happens to locate your device and still has the 24 words recorded somewhere then they can reset your device. If you're purchasing off someone in another country the liklihood of this occurring is pretty slim if the device is permanently located in a "remote" location.
Alternatively if someone can crack your 8 digit password with the 10^8 potential combinations, combined with the restrictions of the clunky Nano S interface which slows down data entry, you may offspring would most likely be dead and buried by the time someone comes up with the correct password combination.
Additionally, the ability to "trade off your device" is not limited to KeepKey.
haha thats mad. so all coins are still on wallet and its just that i need to reinstall the app to view them?
Thanks! Im going to check it out. i got my nano s but yet had the chance to transfer from trezor
Please read and support for my top cryptocurrency picks for December:
https://steemit.com/bitcoin/@zen-analyst/cryptozen-s-top-picks-for-december
About an old online wallet that gives you daily BTC and 15 other cryptos:
https://steemit.com/free/@zen-analyst/qoinpro-free-bitcoin-up-to-16-different-free-cryptocurrencies
Happy investing
CryptoZen
Hi Heidi! I am @joechiappetta 's wife, and yes, we are so grateful for your concise and educational reporting. Thank you :)
You are definitely one of the best one here to guide everyone who is new to cryptocurrency. Be it investing in ICO's or Analyzing coins to invest in or how to use hardware wallets and keep your coins safe. Keep up the good work. What will your next video be about?
Newest post is about CIVIC :) Just went up.
nice arms muscle, please share your workout method ;)
I've been considering this for a while now... ;)
Agreed!
What arms?
Ok, I definitely have arms...
I thought those were strings hanging from your shirt....but they were your arms...
I was just joking from the previous comment and I will marry you if you are interested in coming to the mainland (probably not). I am good looking and in the military but you must produce a boy. Great video though. I own a Keepkey and I'll say it better start supporting ERC20 tokens or Im getting a Trezor. Other than that its pretty sick.
Very informative, I personally like the Ledger management of the cryptos especially because it supports one of my favorite, Vertcoin. 😁
Ledger Nano is awesome
How would you compare the Ledger Nano to Trezor? I’m torn between the two on what to get this holiday season. Thanks @heiditravels!
Ledger Nano S is the best!
which one give the most protections @heiditravels? keepkeys or ledger nano s?thx
I don't understand how can you keep yourself so informed always. I wish I had the same time/energy as you do! I also think that hardware backup of your keys is always mandatory, at least thatI know :))
Thank you @heiditravels for opening-up to reveal the dead truth about using Hardware Wallets to safeguard cryptocurrencies. This will help the newbies as well as a great measure towards hardware wallet awareness.
If you can, let's connect on Facebook !
Love all your videos. I had played with Bitcoin a ways back and recently got back into it when I wanted to create apps for Ethereums blockchain. I purchased the Ledger Nano because of your videos. Thank you forhaving such a fun and informative channel/blog. I always send friends to your video series first.
New here and this is the first post I read so I'm memorializing it...lol. I heard from another source as well to only buy the Ledger Nano from the original site so I did. Its on its way. Fairly new to all of this and educating myself like crazy. Thanks for your tips.
hackers won't be happy reading this (good on detail) :)
That was really a great thing to share.
Why don't we discuss the ways to mine these currencies here
https://steemit.com/cryptocurrency/@namanvashishth12/new-to-mining
Keep your hardware wallets in an EMP safe bag too!
While I agree that someone on Amazon could possibly have tampered with the Nano ledger, couldn't also someone working for the people who make the Nano Ledger have tampered with it? They most likely understands the device better than anyone else. Great article though!
Hope my butt isn't hanging out, but do you have to have the hard wallet plugged in when you do a transaction or just have the address? I appreciate your effort to teach. Thanks so much.
You can send crypto to the right address without the device plugged in, but if you want to send coins from the device you'll need to plug it in. No worries, I really enjoy helping :)
I prefer Trezor personally but I'm paranoid about writing my 24 word seed down in the correct order. I suggest memorizing it if you can because if authority finds it (and they will come for these in the future when their ponzi fiat scheme starts to collapse) then you'll be a target for badge wearing criminals due to civil asset forfeiture laws and they will be looking for your written down seed.
The odds of a brute force crack for a written down seed in incorrect order is 24^24 which is still an unfathomably large number. The key is to find a rule by which you understand the order but nobody else does. Then you can set up a dead mans switch on the blockchain with a smart contract for relatives if you pass away.
very insightful, thank you for this article!
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super useful information for people who are getting into this. be safe, be secure, follow this information people!
Thank you @teamhumble :)
great topic @heiditravels
I would like to ask you to make a post regarding "How to make money from Steemit(hints)". thanks
You have a couple of good points there.
thanx for such info...
thank you for your information, you have helped many readers
Very good friend
Thank you very much for this beautiful and wonderful information It's helpful for me @heiditravels
Great video as usual and very informative. Thank you for sharing :)
Thanks for sharing @heiditravels !!!
very informative Blog , thanks for sharing
Fantastic advice : thank you so much
Thanks for the tips. I do wonder why you don’t mention Trezor in your post...
I own both a Ledger Nano S and a Trezor, and personally I think the Trezor is much more user-friendly than the Ledger.
That put aside, I completely agree about the importance of hardware wallets for keeping your cryptos safe 😁
steemit.com
One thing I never understood about hardware wallets - isn't physical security an issue? Can't exactly back it up. Sure, if someone steals your Ledger they can't get any of your coins, but you lose them too. How many millions of BTC were lost on old hard drives?
Normally, you will be provided recover seed word (24 words). If you lose it, you should buy a new one and recover your wallet by provided recover seed words.
I think you can always use a seed to recover your keys.
Shooot, it's a lot. Maybe four million or more are out of circulation. I think of them as dead weight.
gold but old
Nicely Blog for Crypto
Well, i'm from Argentina and it's almost impossible up here to get a hardware wallet so i've learnt to survive using an air gapped pc and paper wallets.
Totally agreed. I do have the Ledger Nano S wallet and it works well.
Another viable option is to copy your wallet to an external hard drive and then delete it from you PC/laptop/smartphone.
This may not be quite as secure as the above items, but if you keep your external drive in a safe or a safe deposit box, it's virtually impenetrable. And you can make several copies of the wallet on different HD, in case you misplace or lose one.
I purchased the Ledger Nano S! I really like it so far! My only issue was that my chrome browser was not working so i did have to fix that before i could use the chrome extension that works with the Ledger nano s. I wrote about it a little bit here....https://steemit.com/bitcoin/@spacebird89/cryptocurrency-project-day-5-buying-in-problems-for-newbies.
Check the article out if you are new to cryptos. It will deff help!
I am still researching wallets. I am thinking about the ledger. I just wish i could hold lots of different coins on it. It just seems like there is no easy option yet to hold multiple altcoins and btc. Anywho, great tip to not purchase on Amazon. Steem on!!
Hey, thanks for the info. Any reason not to consider Trezor as well as Ledger?
Also FYI your twitter and inst links ...
The Ledger is Awesome with the GUI and everything else. But Trezor with the 25th passpharase for security is a game changer. I own both and encourage everyone who has what they consider significant enough funds to own both. The Ledger does have way more Cryptos supported. So if I had to buy one that would be it!!
Love seeing everyone's reviews on hardware wallets.. I'm new to the crypto world so I've been doing a lot of research. I am waiting for my ledger nano s right now and also was thinking about getting a keep key too. I never like to keep all my money in one spot so I will most likely get the both of them. Thanks for the review!
Solid plan.
Excellent information about hardware wallet.Thanks.
hi, Heidi the famous steemit person. I have no words to describe you. good luck.
Don't forget about the Trezor! http://trezor.io/
I just got my Ledger Nano S yesterday! Lets make some money!
Wonderfull article , we need more stuffs like this