After seeing this great post by @crypt0 on How To Access The Bitcoin Cash (BCH / BCC) On Your Ledger Nano S, I figured it was time to modernize and buy a hardware wallet.
Since 2013, I've been a big fan of paper wallets. If created correctly via sites like bitaddress.org, they can be completely secure and fully disconnected from the Internet.
To learn how to create your own paper wallets and send to them from an exchange like Coinbase, see Understanding Blockchain Freedom episode 004.
Paper wallets can also be a pain in the butt if you're trying to move things around quickly and your usual tools for importing them like blockchain.info aren't available to you because your phone died, and it takes weeks to disable 2FA there.
So I spent the ~$200 on Amazon with same day delivery and got a Ledger Nano S. I was disappointed to realize I couldn't import private keys to it directly, but I was able to get Electrum working and imported my paper wallet keys that way. Note: if you import keys instead of sweep them, be sure to send the entire amount to avoid issues with change addresses or future confusion concerning that address.
So here's what it looked like unboxing my very first hardware wallet for cryptocurrencies.
They made a point to not have a security seal on the box, which I thought was interesting. Not sure how I feel about that, but I like the idea behind the built-in security on the chip itself which ensures it hasn't been tampered with. I'm not an ASIC designer, so I don't know anything about all that, but what I've read online seems to say it's pretty nifty.
Once I got it configured, and I secured my recovery phrase as described in Episode 003: Safety and Security, I was able to play around a bit more.
I installed the Ledger Manager and upgraded the firmware first thing.
When it comes to embedded devices, it's really important to keep the firmware up-to-date. Security concerns are usually the worst here because they don't get as much attention as far as frequency of security updates.
After that, I installed both the Bitcoin and Ethereum Chrome apps. I was a bit confused to realize I had to also install the individual apps on the device itself for each coin I wanted to support using Ledger Manager. With that done, I was able to send my BTC and my Stratis to my new Nano!
With the recent Bitcoin price spike, I was also able to send money out from my Ledger to an exchange to play the market a bit. All-time-highs are often good times to sell a bit if you can be patient to buy back in later at a lower price (this isn't a trading advice blog, though, so don't hold me to that).
I love the security of this device in that all cryptographic signings happen on the device itself. It gives you a visual display to confirm the address and amount you're sending, before it signs and sends the transaction. I also like how quickly I can get access to my funds and how, if needed, I could easily wipe it by just putting in the wrong pass code three times in row (obviously, securing your backup phrase is critically important).
I have some more posts coming including how I got my Bitcoin Cash from my paper wallets without putting my bitcoin at risk as well as progress on running EOS in its current form.
Thanks for following this blog and voting for my witness. You are greatly appreciated!
Oh, I also wanted to mention, even though my witness has dropped a couple spots, we've increased quite a bit in terms of VESTed Shares voting for us! That means we're moving in the right direction, and more people are voting for witnesses. Thank you!
It's funny you posted this today b/c I spent the morning researching hardware wallets and was looking at this one on Amazon. I believe it's time to invest in a hardware wallet exactly for the reasons you mentioned. Appreciate the review. Have a good weekend brother!
Excellent! Nice timing indeed.
Congrats! Normal people get excited about their new shiny iPhones, but crypto holders have hardware wallets!
I'm certainly excited about a little stick which can hold so much value. :)
You comparing apples and oranges mate :D
Hey thanks for showing this to us as most of us either have gone this route or, like me, are going to. I've seen an heard of this one with good reviews but am leaning towards the Trezor? Any thoughts or comparable knowledge on your part between the two? Any thoughts from anyone are appreciated. Thanks again Luke and as always much appreciated.
You now, I didn't do a whole bunch of comparisons. I know a lot of people like the Trezor as well. What I did find as I searched around was how the built-in security on the chip itself along with the digital display really make a difference. It also has no battery, so it's only powered on when it's plugged in, which I like.
Interesting and points to consider. I'm gonna have to do a bit more research I think before making a purchase.
I can't wait until my Nano Blue arrives. We ordered it almost two months ago.
Wow, two months? That's a long time to wait. I'm quite happy with free same-day Amazon Prime shipping. :)
Hardware wallets are the way.
Was it as much of a pain in the butt trying to figure out how to use the apps as it was for me? lol I still prefer my keepkey over Trazor and Ledger Nano S but the Ledger blue looks pretty awesome!
What did you find confusing? At first I was a little confused mostly because I just wasn't familiar with things. Sometimes I'd have to un plug it and plug it back in again before the app would recognize it, but mostly it's been smooth.
Great post, would want to get something similar hardware wallet in the future.
Congratulations with your new Ledger Nano S.
May I ask why you choose the Ledger and not the Trezor ?
Best regards,
I answered that (kind of) in some other comments. It was mainly the one I saw mentioned which supported BCH, so I looked into it, liked it, and went with it.
Thanks :)
Aha GooD Work broo 👍👍
The box looks like iPhone, even the font is probably the same ...
Yeah, it has some nice style to it. They went with what's been proven to work, I think. :)
While I do not have many tokens, I keep them on stock exchanges. Although I know that it's dangerous - but there's a lot of trouble with wallets ...
It depends on your risk tolerance level. If you don't have many coins to lose, then you're probably fine on an exchange, as long as it's a good one.
Yes, I change my coins back and forth, then in bitcoins, then in altcoyins. I can and lose them, as on the BTС-е, but it's still better than messing with wallets :)
Nice little thing. Thank you for sharing. I need one too as soon as my stock is rising. :-)
wow..
How long did it take you to get one? My brother has been waiting over a month to get his shipped!
Same day delivery on Amazon. Got it right away.
Good
my wallet is on the way i will wait and congratulations for receiving it
I thought you were unboxing an old Apple ipod nano... lol
can you put different types of cryptocurrency in the same hard wallet?
Surprisingly, yes. Quite a few different currencies are supported by the Ledger Nano via apps you install on it. Check their site for more info.
One of the safest way to store Bitcoins. Thanks for your review @lukestokes :)
Nice man! Thanks for the great article. Quality information highly informative. I don't say that about any post.
Thank you! I try to put out stuff worth reading.
Upvoted. I'll be resteeming this now :]
Nice post..... But your profile picture is better than this post... i like your style
:-)
Old post, but mine died today. Super frustrating... Had it since april. Was worried about the flimsy appearance of the device, but love how easy it is to use, and the large coin support. But then it just died... :(
Customer support can take everything from hours to weeks, and weeks in the crypto world is a very, very long time...
Oh man, that sucks. Does it just not power on at all? I've heard of people owning two and having a backup for that very reason. Maybe I'll pick up another one one of these days.
Yeah, no power at all. Used it the night before, then the morgning after it was dead... I ordered a new one which is arriving today, so now I just hope that I haven't somehow managed to fuck up the seed. I'm on the verge of having a nervous breakdown, for probably no reason at all XD
Customer service was quick to answer though, and I'm getting a new one after I have returned the defect one, and they're also paying for the return costs. So then I'll be having that one as backup, in case it happens again.
Hi brother,
Can you help me with this post ?, I am trying to revisit the forgotten history of Aceh.
https://steemit.com/history/@munzil/tjoet-nyak-the-queen-of-aceh-battle-201784t202047608z
I just flagged it for plagiarism. Please, don't do that.
https://steemit.com/crypto-news/@inversor/2r7y6j-coinbase-will-support-bitcoin-cash-starting-in-2018
Look at this post and thanks for the information😉👌
Stop spamming people.
Hi brother,
I already know my mistake, and I will not repeat it again, can my brother support me back,
Thank you brother.
@munzil
https://steemit.com/history/@munzil/tjoet-nyak-the-queen-of-aceh-battle-201784t202047608z
Edit this comment to remove the link to your plagiarized post, then go edit your post to an apology and a link to the source you stole from.