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Offline Wallets for Cryptocurrencies - Ledger Nano S Tutorial

Updated: Mar 10, 2021

Summary: There are 3 steps:

  • Create

  • Backup

  • Restore

Do all 3. Don't lose your bitcoin because of a typo.

Let's see how Ledger Nano S works.

So we open it and we plug it into a USB port, and then we see here. Welcome. Press both buttons to begin. And you can see already here that it asks us if we want to configure new device or restore from backup. So what I do now is I go new device, Choose PIN. It asked me to confirm.

And now it's an important part. It tells me to write down my recovery phrase. So world number ones sketch, we're number two, bread firm and knocked. And 24 words later, this is done.

And now it wants me to confirm that I have written it down by actually selecting those. So the first one was sketch. Bread firm. Okay, this is done.

So now we need to use the laptop. So now you can see that asked me to connect and unlock the device. I can do that by clicking both bottoms. Okay. And now it starts working and integrating with this letter and how it asked me to allow ledger manager and of course I would say Yes, that's it.

Now the applications connected and I want to install a Bitcoin wallet. So now it says Bitcoin was successfully installed, which is a little bit funny. Isn't expressing out Bitcoin account. And now it tells me to open the Bitcoin up on my letter. Use the wallet of your accounts. I agree by pressing the right click and we see the continued by button activated are the count and that was it. I can now click on that, And now I have my address and now I click. Continue. So now I have to verify that this address I see here is the same as I see on the screen. Okay, so this is it. It's correct. Then I copy the address somewhere safe.

And this means that I have an address now that I can transfer Bitcoins to. The keys that control this address are in this device. The same keys are represented by those words. The point is that this might be lost or might be burnt or whatever.

And this is where the steel wall that comes into play. So what I do is that I have here letters that are made out of steel. And then my words air here on the wall it is here. I can unlock the wallet like that and you can see here numbers 1234 12 And up to 24. And those correspond to those words.

So I look the safety and I opened this part. Okay, so now I have two insert over here. The first four letters from its world scale means that I will put s k e t. Okay, don. And then it's brighter. Okay, then it's firm. I'm finally it is and knocked. Okay, they weren't perfectly aligned, so it took them out, and I just put them back in one by one. Okay, so I have put here the last one, and you can see scat bread for enact. So as soon as I close, it is very difficult to destroy this with fire or because of humidity. And so I continue to do that with the rest of the words. Okay, guys. So I finish this and you can see here and here we have 24 words.

So sketch is bread firm, globe net, and you can see here on net because that has just three letters I had to put a space and you confined space here on the central box brain sat taste with, um wisdom. So you can see that now I have all those words. Story here. Okay.

And probably should put this on a safe. Either are somewhere in my place or in the bank. Probably. It's a good idea toe have the safe because you might be afraid that people might still your Bitcoins. But it's quite common to lose the Bitcoins not so much getting stolen, especially in terms of hardware wallets.

And now what I will do next is something counterintuitive. So I'm going to show you how easy it is to lose your Bitcoins on the letter. I'm going to do that by putting invalid pain. So I put Invalid PIN once... two remaining attempts. Okay, second attempt. And then here we are through the attempt and now this froze. Let's unplug it and wonder if we re plug it. Welcome, press. Both buttons begins. So this has been now reset. Now it's empty. If you didn't have those recovery wars somewhere, then you would essentially have lost all your Bitcoin right on.

Because the place we trust the most is this one. What I'm going to do now is I'm going to restore this wallet from this still wallet, okay? And this is important to do. I I know that most people will not do it. And it's not clever because you want to know for sure that this one can recreate your ledger. Right? So you if you have a mistake, you want to know it now, before you start transferring any Bitcoin to that address.

Configuration, you device. So here this time we answer no restore configuration. Yes, to the pin code. Know that. Of course I'm not going to transfer any money, right? So you will never find money in this address. This is just the demonstration. Okay?

Anti rigo recovery phrase. So now we start restoring from here. Select the number of wars to restore 24 under the first letter off word one. And this is skates. So s Key s k E t. Okay, done.

So this took about 10 minutes, but it's important to do it because you need to trust this process. And this is the process that actually makes you certain that whatever you have here can restore your ledger. Right? So better to do it on. You know, make sure you trust this process. This is what makes this hardware wallet equivalent to this one. Putting these words in here took me about 20 minutes. So where all this is a half on our process and yeah, it's quite tedious. Quite boring. And this is what it takes to have the hardware, wallet and some level of security.

So after we do this, we want to confirm that this one is doing what we expected doing. So we would expect when we call negative to the computer to give us exactly the same pit coin addresses before to do that, we go again on open, among other quick click here. Then we click. Allow ledger monitor. Now we install the Bitcoin application and we do. At the Bitcoin account, we opened a bit going up and we do other account. Then we close. So now if we opened this Bitcoin account and click on the receive Now, we should see one address here, which is B C one in this case, let's copy that. And if we go back, we can confirm that it's exactly the same as the original one.

So the original Bitcoin wallet has now been restored. Excellent. So now we can start receiving funds, and we know that those words here those words in the steel wallet and our ledger are actually the same wallet, since they represent exactly the same account. This means that if somebody steals that or it breaks or for any reason is destroyed, it doesn't matter at all. Even if I have lost my paper words on. I had them somewhere and let's say, from humidity or a fire that got destroyed, I would have a wallet like this. And then I could restore my keys and move my Bitcoins.

So I hope you find this useful

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