Welcome to the second part of the cold storage lesson you now know how to generate and store private Keys offline for maximum security which is a crucial skill to knowe many put their full trust into exchanges believing that is all that is needed to stay safe so you’ve Already put yourself in a secure position by understanding this now this lesson is to Enlighten you on a slightly costlier but much more efficient method of storing your cryptos reducing all risk and fear of jeopardizing your crypto Holdings to practically zero especially for long-term investing this method is with a device called The Ledger Nano s a little electronic USB device which works as a portable private key and can also authorize and sign transactions all through the digital interface now this device has exploded in popularity this year after ethereum Bitcoin started setting record highs meaning investors suddenly had a lot more money held Unsecured than they originally expected this device also comes with a price tag of € 69.6 as it is braced in France which works out to approximately £62 82 the increasing popularity also means a waiting time of around 1 month so it’s better to order sooner rather than later May seem fairly high price for a USB device but when you consider the fa of your Investments potentially flying into five six or even seven figures you will feel much safer knowing it’s secured by the Nano than by an unregulated exchange with no insurance policies however this May not necessarily be needed if your Holdings are under £1,000 dollars or Euros so let’s jump straight into getting this set up and having you ready for safely securing your coins firstly you will need the Google Chrome browser as The Ledger currently only supports this this allows you to Download all of the wallet apps straight to your computer desktop along with the Ledger manager app to manage all of the apps in one single place we can see this by going to the Chrome web store and entering the apps we will need I already have these installed so I won’t bother downloading Again once downloaded drag all of the icons to your desktop this allows you to easily access your wallets at any time and even add them to the dock for ease of use now it’s time to set up your device as mine is set up I cannot show You the first steps however the device guides you step by step upon activation to do so simply plug the device in via the USB cable provided just like the paper wallet on Mew Ledger provides you a backup seed key during installation should you ever have an issue with your Dev device this comes in the form of 24 randomly generated words you will also be asked to set a numerical pin code for every time you turn on the device a sheet is provided for you to write all of these down in the correct order and I repeat the correct order is essential Just like Mew don’t be afraid to back this up in other places also this means should the device ever fail you can buy a new one and reactivate it with your 24w backup the device does this by randomly asking you what number is relevant to the specific word you Wrote that’s all it takes to set up so once we’ve completed that we can use the Ledger manager app we downloaded previously to download the apps we need onto The Ledger device as you can see here I have Bitcoin ethereum Litecoin and ripple already set up but I will Show you how simple it is to log into your wallet app and also download another app onto the device should you need to so first of all we start off by plugging the device in we will then be presented with the option of entering the password that we generated in the Beginning mine is a simple 4digit password so I’ll press accept from here I’ll launch The Ledger manager app either from Google Chrome or from the taskbar in my doc once open it will automatically detect The Ledger is connected and immediately open up every single app app you can download to your device it Currently shows the version updates and the firmwares and all the applications available I’ll be showing you in the next lesson how to actually update the firmware on this device for this example we’re going to download Arc so I’ll simply select Arc and the download button here it then appears on The Ledger as allow Ledger manager simply press yes this will then begin the download process and within seconds AR is now available on The Ledger from here I can close the app and access this through the store however because I have not downloaded The Arc app yet I will Use one I already have so for this example I will open up Ripple once The Ledger wallet Ripple opens you have to go to Ripple on The Ledger once you’ve highlighted Ripple and you’ve downloaded it to The Ledger simply press both the buttons on Top This Will activate The Ledger private Key once you’ve selected to the Ripple on The Ledger it will then access your wallet for you from here you can browse the wallet view your balance and see everything you need to do you can send transactions and also receive transactions from this wallet however we will be covering this in future lessons So for now guys I will see you in the next lesson where I’ll show you how to update this device securely and prevent yourself from losing any of your cryptos see you in the next lesson Video Information
This video, titled ‘Part 48 – Hardware Wallets’, was uploaded by Cryptonary Course on 2023-11-25 12:44:02. It has garnered 1 views and 1 likes. The duration of the video is 00:05:58 or 358 seconds.
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