A hardware wallet is a physical device that stores your private keys and allows you to sign transactions. In this guide, we will show you how to transfer crypto to a Ledger Nano S.
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Choose your hardware wallet
Now that you know what to look for in a hardware wallet, it’s time to choose the right one for you. Consider your needs and compare the features of each wallet to find the best fit.
Once you’ve selected a wallet, follow the instructions on the manufacturer’s website to set it up. Be sure to write down your seed phrase and store it in a safe place—if you lose it, you’ll lose access to your funds.
Set up your hardware wallet
This guide will show you how to set up your Ledger Nano S. If you have a different hardware wallet, the process may be slightly different but the basic steps will be the same.
Before you begin, make sure you have the following:
-Your Ledger Nano S
-A USB cable
-The included recovery sheet (this is important!)
-A computer with a good internet connection
-The latest version of the Ledger Live software installed on your computer
1. Connect your Ledger Nano S to your computer using the USB cable.
2. Enter your PIN code to unlock the device. If this is your first time using the device, you will be prompted to set a PIN code. Choose a PIN code that you will remember but do not write it down! If you forget your PIN code, there is no way to recover it and you will lose access to your funds.
3. Open the Ledger Live software on your computer and enter your 24-word recovery phrase into the field provided. This is why it’s important to keep your recovery phrase safe – without it, you will not be able to access your funds if something happens to your hardware wallet!
4. Once you’ve entered your recovery phrase, click “Initialize Device” and follow the instructions on screen. Once initialization is complete, you can start using your hardware wallet!
Generate a receiving address on your hardware wallet
Before you can transfer crypto to your hardware wallet, you’ll need to generate a receiving address. To do this, simply connect your wallet to your computer and follow the instructions provided by the manufacturer. Once you have generated a receiving address, you’ll be able to provide it to the person or platform sending you crypto.
Send crypto to your hardware wallet’s receiving address
On your hardware wallet, navigate to the receiving address for the cryptocurrency you want to send. For example, on a Ledger Nano S, go to the receive page for Bitcoin. You will be given a long list of receiving addresses.
The receiving address is a string of letters and numbers. It will look something like this: 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa.
To find your hardware wallet’s receiving address, consult your wallet’s documentation.
Copy the receiving address to your clipboard and return to your software wallet.
In your software wallet, select the option to send currency. You will be asked to paste in your hardware wallet’s receiving address and enter the amount of currency you want to send.
Double check that you’ve entered the correct information, then confirm the transaction.
Your software wallet will generate a transaction and broadcast it to the network. The transaction will remain in your software wallet until it is confirmed by the network. Once it is confirmed, the funds will be available in your hardware wallet
Verify the transaction on your hardware wallet
Be sure to check that the entire amount you are expecting to receive is in your wallet before continuing. If the amounts do not match, do not hit confirm and instead start the process over. If the amounts match, hit confirm on your hardware wallet to broadcast the transaction to the blockchain.