How to Buy Bitcoin on Coinbase and Safely Store it in Your Ledger Nano S

hey guys crypto dad thanks for joining me today I'm going to show you how to move your Bitcoin from your coin base account into the ledger nan OS so let's get going so a lot of people are interested in Bitcoin lately a lot of people have opened up coinbase accounts and bought themselves some Bitcoin but they may not totally understand how to use their Bitcoin on a day to day basis okay and or there would like to move their Bitcoin into something a little more secure so the ledger nan-oh really fits the bill so let me show you the ledger nan-oh is a small little device where you can store your cryptocurrency offline and keep it totally safe so coin base is a great place to buy and sell cryptocurrency but it's not really designed to be a place for long-term storage of large amounts of cryptocurrency and and for that matter it's not really designed to be a place for your day-to-day use of cryptocurrency buying and selling sending and receiving they they give you merchant fees whenever you conduct transactions and that can get expensive in the long run so coin base is a great website it's a great service I totally recommend it but you need to learn what it's good for and what it's not good for so today I'm going to show you how to move your Bitcoin from your coin base account into your ledger account your ledger nan-oh s to be specific alright so what I think I'll do is maybe talk a little bit about what Nano is so here it is it's a little USB device it comes with a cable and we'll connect this cable one end to the ledger and the other end to the computer so one side cable is a USB okay so I'm gonna use my Jedi mind-trick to bring me back into focus all righty so here's our ledger nano I'm going to connect the cable to the nano and once you do that it'll power up right and it wants the pin code so you'll set up your own pin code when you get the Nano and I'm gonna go ahead and enter my pin code okay and then when the nano unlocks that you can see it has different apps here this is one for Bitcoin their settings there's a Bitcoin cache and I believe that's aetherium Ripple so you can install different types of cryptocurrency apps directly onto the ledger and once you've got those on there I'll show you how that you go about doing that so you can get all of these interface apps on the leisure website as you can see here I've got the a couple of leisure apps in my Chrome browser and the way that you get ahold of these is you go over to the Leger website this is their home page here I believe they're having a Black Friday special on the ledger nan-oh I highly recommend to get one it's a safe place to store your cryptocurrency this is the ledger nan-oh page and then up here at the top they have apps and this is where you can download the apps that you'll need to interface with your ledger nan-oh so once it's connected to the computer and you've unlocked it you'll have access to these apps that you can use to manage your different crypto currencies and manage your wallets okay so let's open up a Bitcoin wallet here all right I am going to show you real quick here in this case what I want to do is Bitcoin so I go over here till I get to the Bitcoin and then I'm going to press with both fingers all right and then you notice here that it automatically opens up the ledger of Bitcoin wallet okay and ledger Bitcoin wallet will can deal with Bitcoin cash and it can deal with Bitcoin you can choose between legacy addresses or segwayed addresses the segment address is the newer protocol I'm gonna choose that one you can store your cryptocurrency in either type of account and so now you can see there's a list of transactions here where money has been moved in and out and this is a good place for long term storage so what I'm gonna do is show you how to move money from the coin base account into the ledger nan-oh so now that I've got the nano connected and I've got the app open I have access to the wallet I can send and receive cryptocurrency all right so let's go over here to the coin base app okay so I'm gonna buy a little bit of Bitcoin and just put like 50 in here and hit by instantly so we tap that actually I'm gonna just take it down a little bit we're just gonna do 25 this is just for demonstration purposes so but I would recommend maybe buying if you can afford it by a little more because you know you're I'm kind of wasting two bucks to buy this 25 so you might want to make it count you know if you're going to get one charge you might as well you know buy it in one chunk as as opposed to piecemeal but for the purposes of this video we're just by two dollars then I'm going to confirm the transaction and the purchase was successful okay and if I go over here to accounts it shows that I've just bought some Bitcoin now what I want to do is I want to send that Bitcoin and so I'll click send now it wants Bitcoin address so we'll go back over here to the ledger nano and I want to receive Bitcoin so I'm just gonna click over here where it says receive and then I get this QR code now if I were buying it from my coin base phone account I would scan this QR code and we can do that but in this case we're using their website so I'm going to just copy okay so I'm gonna copy alright and I'm gonna leave this open here so I can confirm I'm gonna go back over here to the website and paste in this address and I'm gonna open up the ledger one more time and just sort of eyeball it to make sure that the address the beginning of the dress and the ending of the dress match we want to make sure that we get the proper address in here so that we're sending it to the right place okay so there we go it wants to know how much I'm gonna send I would like to do the max there we go just tap send max that'll send out all the Bitcoin that's in my wallet okay and as you see here this is the Bitcoin network fee but I also got a little bit of a merchant charge when I bought the Bitcoin on coinbase too so once we get it out of coin base we won't be getting nickeled and dimed with all these charges we're still will still pay the Bitcoin network fee but we won't have to deal with the merchants charges so I'm gonna click continue here okay and then I'm going to confirm now I have set up 2-step verification on my coin base account and 2-step verification is done with the Google Authenticator I'm just going to show you my phone here real quick okay so we look at the phone over here Google Authenticator is an app that you can download for free onto your smartphone and when we open Google Authenticator we can see that I have several accounts that have been set up with Google Authenticator I've got a great video on how you do that and once you have the accounts in there by adding the Plus here you can use it for authentication when you want to send and receive Bitcoin so I need to look over down here for my coin base account and there it is you'll notice it's turning red now these codes change periodically so here we go that's it the four oh seven nine eight zero and once I do that I confirmed that just proves to them that I am the owner of that phone this phone so no one can send Bitcoin out of my account unless they have my phone it's a enhanced security for your bitcoins so let's go back over here to the net Oh we'll close this and let's see did we get anything yet let's just check here I don't think it's actually gone out yet because it still shows that okay there my balance is now zero let's look at the dashboard here okay so you'll see it says pending okay sometimes when you send out Bitcoin it happens right away from coinbase sometimes it takes a few minutes for it to confirm just depending on I don't know if it's how busy the network is or you know what the factors are that affect this this pending but looks like I've got two things that are pending over here okay so you might have to wait a little while for the transaction to actually go out and then when you do you're gonna get an alert from your email account that's connected to your coinbase account to let you know that you actually sent it okay so it looks like the alert finally came in they're a little busy today okay so this is the coinbase alert that my Bitcoin got sent so let's take a look at our ledger wallet and see if we got it so it took so long that I need to enter my pin code again no problem I can do that okay so when I re-enter the code the wallet comes back up we want to in this case we're choosing Bitcoin Segway okay and there you can see that the Bitcoin came in as the latest transaction 9:47 I don't know exactly when the original transaction started but it was a good 20 to 30 minutes but sometimes it takes a little longer than others but this is I'm moving this Bitcoin from my coin base account to my nano ledger for long-term storage so I'm not in any big hurry I don't mind that it it could take a day really for all I care and also you can see here that it's still unconfirmed it has to be confirmed on the Bitcoin network for the transaction to be added to the Bitcoin ledger and become permanent okay that's a little bit about the guts of the Bitcoin network and how it works that feature basically prevents double spins so in other words they don't want someone to be able to send Bitcoin transaction and then quickly turn around and try to send the exact same bitcoins to someone else that would be a double spend and that was one of the problems that was originally the sort of the hardest thing to overcome for digital currencies there were a lot of digital currencies out there not a lot but there were some before Bitcoin but they suffered from that issue of double spend and so they had to have a centralized Clearinghouse or authority that would be able to verify transactions so that that double spin couldn't have so Bitcoin solves this issue and it makes it a distributed network there is no centralized clearing house no one controls Bitcoin but it's built in that this double spend problem has been overcome by this confirmation issue or this confirmation process so to speak so unless you were curious so anyway that's how we get from coinbase to ledger so basically I just wanted to show you guys how you move bitcoins from a coin base account to your ledger nan-oh s the coin base is great for buying Bitcoin aetherium or light coin but it's not really designed to be a long-term storage solution and so I wanted to show you how you go about moving your bitcoins to someplace more secure more suited for long-term storage and that is of course the ledger nano s there are other ways to do this but ledger nano s is a great solution for a long term cold storage of your bitcoins your ether tokens for AM etherium litecoin it can store all kinds of different crypto currencies so that was really what I wanted to get across in this video each method of Bitcoin storage and transactions are have they're different and best platform coinbase for buying and maybe selling and the ledger nano s for long-term storage and day-to-day transactions so with that said I'm going to end the video thanks for joining me I hope you enjoyed it if you like my videos give me a thumbs up and if you would like to subscribe I'd really appreciate it I love subscribers and you can also activate your alerts so that you'll be alerted whenever I post videos so once again thanks for joining me

37 thoughts on “How to Buy Bitcoin on Coinbase and Safely Store it in Your Ledger Nano S”

  1. Well you have to connect to the Internet to access the Blockchain. So you are going to need some kind of interface. Unless you are planning to connect to the Blockchain with your mind.
    The beauty of the Ledger Nano S it that it is impossible to send bitcoins out unless you confirm the transaction by pushing the button on the Ledger Nano S. I don't see how you think that hackers are going to be able to press the button on your Ledger Nano S. Now Coinbase is another story; it is vulnerable to hackers. That is why I am recommending moving your bitcoin on the the Ledger Nano S. Stay safe everyone!

  2. Great video 👍 keep it up
    just two questions- so when i want to sell them i have to send them back to coinbase? and can we do the same from binance? Thanks 😊

  3. Man, the transaction costs are high though. I transferred about $8000 worth of bitcoin after watching this video and my jaw dropped when I only received a little over 7000. They took almost 10% off the top. Does that mean when I switch it back to Coinbade Pro to take profits are gonna take another 10% off? One has to weigh these high transaction costs with the benefits of private storage versus risk on exchanges. Any thoughts on how to mitigate transaction cost for cold storage? Is it Coinbase Pro that so high? Or is the ledger nano S that actually take some of the transaction cost as well? Is there a way to do this cheaply?

  4. Hey Rex,
    You should make some videos on how to get ready for the @bitcoinhex launch (approx 6-8 weeks) for those of us who are new Ledger Nano S users. Making videos about downloading Metamask and how to sign a ERC20 contract safely, could make you a great opportunity once you've got your own referral hex address. Your videos have been shared often in Hex's News channel. Feel free to reach out. I've got some marketing ideas for you. Cheers!

  5. The best thing is to skip coinbase, you want have such problems. don't need to transfer your funds anywhere ti make it work on coinbase

  6. hiya okay I have a few questions. I've bought some cryptos on Coinbase and transferred a portion of the currencies to my trezor. However here is my question ..if I completely transfer ALL the money over to my trezor, when the prices of crypto goes up, how will I gain a profit from Coinbase when there is nothing in my account…? When the price skyrockets and all my money is on the Trezor, will it increase on it?

    my whole plan is for the long haul and I want my money to grow and work for me. So I need a little help🤓

  7. wow, your information was great but the background moving is distracting. Next time you make a video, please do not put a moving background behind you. I feel like I'm going to have a seizure trying to watch you. Hope this suggestion doesn't offend anyone.

  8. Thank you for the great video! Just set up my new Nano S and will be storing all my Crypto safe offline, thanks again!

  9. What happens when you had BTC, LTC and ETH in your Ledger nano s and reset it?…now I have nothing!
    All transactions are still on coinbase history, but I show nothing, ledger has been to say the least not that helpful.

  10. Dear Sir

    I have been contact with company Ledger weeks with a question and that will be I have Nano S ledger but didn't work with me in Android tablet so I guess don't work with it So I wanna buy a new laptop or notebook here in European that I don't know which one the best and cheapest I am saving money for long time so I need buy cheapest laptop or notebook but I hear some people said didn't work with they laptop so I am so afraid a bout that can you tell which mark is good price and cheapest working with ledger + details information that laptop your recommend me Please please please I wanna buy it before Christmas I need fast answer thank you very

  11. hello sir
    i send btc on coinbase wallet 620 euro but today i receive only 62 euro amount BTC where Is my other BTC what i do kind tell me

  12. I use a segwit address for my btc. My balance appears on my ledger, but it doesn’t appear on any bitcoin block explorer I use. I’m confused. Any advice here?

  13. Good tutorial. Wondering about using GDAX with this process…As I know GDAX is part of Coinbase and is for traders (which I am not) and therefore, little or no fees. I also know that Coinbase is now Coinbase Pro and GDAX is being morphed into Coinbase Pro. I do not know if GDAX exists now. Comments? Thanks.

  14. I put ripple and bitcoin on my ledger device but I can't for the life of me download the app for these to my computer because I can't find the page you refer to for downloading apps. Where can I get them? Send me the link please.

  15. Don’t trust it from the get go because it froze on me. Thank God I had nothing in it yet!
    I’ll stick with the paper wallets.

  16. Hi, what is better a trezor or ledger device to store bitcoin? Also i just want to buy a small amount of bitcoin to keep has an investment to see how it goes in the future. Thank you. 🙂

  17. I have just started to use ledger nano s. I want to transfer my BCH from an exchange to ledger nano. Here I am confused. Should I use main or split to transfer BCH? Any help would be appreciated.

  18. Thank you. Received my Ledger and you explained this very simply so beginners like myself understand. I managed to do this thanx. The problem I’m having now with my Ledger is trying to get other currencies other than Bitcoin on there. I have downloaded the wallet on chrome but it only seems to be bitcoin it will work with although I have them come up on my Ledger. Any ideas?

  19. Can you use ledger offline to see how much you have? When you plug your phone in can your crypto be stolen and also if you are waiting for a transaction must you keep the phone in the entire time until it’s moved? Am just waiting for my first Ledger to arrive and finding everything a bit confusing and overwhelming. Thank you for the video!

  20. Hey I can send BCH from Coinbase to Ledger Nano, but cannot send BCH from Nano to Coinbase, when i click send nothing happen, no confirmation or error message. What did I do wrong?

  21. I just received my ledger nano s FROM AMAZON, which does not have the nano symbol anywhere on the brochure.
    Is it BY PURPOSE? WHY?
    Does anyone have a legit info on this matter?
    Can I check the legitimacy of my ledger nano s?
    Is it a counterfeit item?

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