Ledger Nano S Wallet Review / Demo | Bitcoin Lifestyles Club


In this Bitcoin Lifestyles training, I’m going
to show you how to get and use a Ledger Nano S hardware wallet. First, why don’t start out by explaining to
you why that you would want a hardware wallet. Well a hardware wallet is something that allows
you to be able to store your cryptocurrencies in a way that they can only be accessible
via an offline device. Meaning that you have to have a hardware wallet
handy in order to plug in and access your cryptocurrencies and there is no other way
that you can connect to your money other than if you have the wallet and whatever codes
are associated with that wallet so that you can get into your funds through the hardware
wallet. And so this is basically unhackable, because
it’s a device that’s basically constantly disconnected from the internet until you plug
it in, and the way that these hardware wallets, the way the really good ones are designed,
the way the one I’m going to show you today is designed, it actually has a little screen
on it so that when you do connect it to a computer that the hackers can’t even hack
into the device at that point because it requires you to press buttons on the device in order
to confirm commands and access. So today I’m going to show you about the Ledger
Nano S, because I researched the market for hardware wallets to figure out which one was
the best and I determined that the Ledger Nano S was the most robust and had the best
features as well as allowing us to be able to store multiple kinds of cryptocurrencies
and having the ability where they are expanding with more cryptocurrencies over time. Okay so right underneath the video find a
link in the video description that you can click to follow along with this video. And you can also give me credit if you choose
to buy! And I would thank you for that. Right to the Ledger website. To the Ledger Nano S page okay. It cost 58 euros and you can pay with bitcoin,
alright we’re just going to go through some of the features here. The Ledger Nano S is a bitcoin, ethereum and
altcoins hardware wallet based on robust safety features for storing cryptographic assets
and securing digital coins, it connects to any computer through the USB and secures and
embeds a secure LED display to double check and confirm each transaction with a single
tap on it’s side buttons. This is the latest generation of hardware. When you own cryptocurrencies you need to
protect you confidential data and access to your funds. With the Ledger Nano S, secrets like your
private keys are never exposed, sensitive operations are isolated inside your hardware
wallet with a state of the art secure element locked by a pin code. Transactions can’t get tampered with, they
are physically verified on an embedded screen with a simple press of a button. You can pay and authenticate the Ledger Nano
S includes functionality for bitcoin, litecoin, ethereum, ethereum classic and other cryptocurrencies
you can even enable 2 factor authentication through Fido Universal, which works through
your Gmail and some other services. When you pick up the Ledger Nano it’s very
simple device it just comes with a USB cable to plug it in. Instructions that takes you through a few
simple steps to get it up and running. It’s really easy to get it going and it comes
with a recovery sheet, which is basically the great thing about the hardware wallet,
let me explain this to you. Is that the coin doesn’t actually exist on
the device. It exists on the network that is accessible
by the device, so basically you have this recovery sheet and it is for 24 words. When you set up your Ledger Nano S for the
first time it’s going to give you a 24 word security phrase so if you ever lose the device
or if the device becomes destroyed or if it gets stolen all you have to do is get another
Ledger Nano S use your recovery sheet with the 24 words and you’re going to be able to
recover your cryptocurrency wallets that were stored on your previous ledger nano S. Or
stored via your previous Ledger Nano S. So that is the beautiful thing about the hardware
wallet, is that no matter what as long as you have your recovery phrase stored, even
if you lose it, it gets destroyed or it gets stolen, your money is going to be completely
safe. So you can actually bring this hardware wallet
with you anywhere you go with full confidence just make sure you have your recovery phrase
backed up in possibly multiple places, just so you are insured about that. Alright, so that’s the really awesome thing. Another thing is that every time you turn
your Ledger Nano S on you have to enter a pin code, and if you enter it wrong three
times in a row it has an awesome security feature that it will automatically wipe your
ledger, and it will require a security phrase if you want to recover access to your wallets
via the device. So basically those are the features of the
device and if you would like to purchase you can go ahead and scroll up here and click
add to cart. Then you can click, checkout. Then on this screen you can enter your postal
code in this little form here. And then scroll down and just enter in your
address information. Alright just fill out those fields and then
you’ll have to accept the terms check this important notice about the clearance fee for
customs, whether it applies to you or not. You don’t have to subscribe to their newsletter. Then you just select your shipping speed,
you can select group or UPS express which is a little bit faster. But it comes to you pretty quick with the
standard shipping speed. I had a good experience with that. Then you can pay by other credit card, paypal
or bitcoin which is obviously their preferred method of payment so, you select bitcoin and
I’ll show you in this example. Just click continue. Then you can click confirm and pay on this
screen here. And you are going to have to enter your contact
and refund email. Then click continue. And then right here you can simply take your
bitcoin wallet device that you would like to pay with and you can scan this QR code
and it will enter in the wallet address that is encoded to this QR code and the amount
of bitcoin that must be sent in. Which is this 0.064949 bitcoin. Worth $61.76 worth of euros. And it’s as simple as that or you can click
copy right here and you can simply copy the address from beginning to end, and then go
to your wallet online and paste it into the receiving field and send the required amount
of bitcoin, that’ s not here in. And as soon as it gets sent in then your order
will go into processing and they’ll ship it out to you as soon as possible. This is the box of the Ledger Nano S. It’s
pretty nice it’s packaged very much like an Apple product. Zoom up on it a little bit for you, see it
a little bit better. You can see it has this screen right there,
so it’s compatible with bitcoin, ethereum, 2 factor fido authentication. Very much like an Apple product, a really
high quality production here. And of course we have the actual Ledger itself
that has a very nice kind of chrome plated finish that you can just kind of slide it
out and there’s the device, very simple. you see it has just two buttons on the side
right here that are used to confirm transactions and go through the menus of the device when
that you are using it. But basically to start using it you have to
plug it in via the USB and so I already have this USB plugged to my computer here. And so I’ll just go ahead and plug it in,
as you can see the screen comes up and it asks for my PIN code. And you can just kind of see two buttons you
can use the buttons to make the numbers go up and down. I’m going to zoom in a little bit more right
here. See you can enter the number and then you
can press both buttons to accept that number and go on to the next number, and so on until
you fill out your PIN code. Now I just put some of the wrong numbers for
my PIN code basically, now if I fail this three times in a row it will wipe the device
and basically I won’t be able to access my cryptocurrency wallets through this device. But that is okay because I have the 24 word
security code that I can use to restore access to my wallets through this device. Whether they are, I lost it by not remembering
my PIN or losing my PIN, or if Iost the device or the device got stolen or if it got destroyed
or anything like that. Okay so I’m just going to feign like I finished
entering the code, its wrong, see it says invalid PIN code. So I’m just going to take a moment here and
off the screen just enter in my actual PIN code. Okay now I’m connected, now as you see I have
a settings menu, you can access the settings of the device. Then you have the bitcoin wallet, your DASH
wallet, Dogecoin, Ethereum, there is the Fido 2 Facto Authentication security settings.
and basically what you would do is have you computer here that is connected via USB and
you just go through the Chrome browser, there is a chrome extension that you would download
in order to access your wallets through the Chrome browser when that your device is plugged
in. So I’ll show you that real quick how you can
access your bitcoin wallet and of your other, you now I have some dogecoin on here as well
so I’ll show you how I access my bitcoin wallet and my dogecoin wallet right through the chrome
browser and manage those wallets, everything you’d want to do from sending to receiving
funds, requesting funds having a transaction history. Only accessible via this offline hardware
storage device here. The Ledger Nano S. When you first get your
Ledger Nano S, the simple instructions that come packed in the box are going to have you
download the Ledger Manager app from the Chrome web store, it’s a free app that just installs
right into the Chrome browser that allows you to manage the wallet apps on your device. You can also download the Ledger Bitcoin wallet
and the Ledger Ethereum wallet. Those links will be available, right through
the instructions that you receive with your Ledger Nano S in the box. So I already have it installed, so I’m just
going to go to my apps section of my Chrome web browser. And I’m going to click on my Ledger wallet
for bitcoin. That basically opens up this screen here this
is my ledger wallet application that opens up through Chrome and it asks me to connect
my Ledger wallet real quick and activate it. So I’m going to do that. I’m going to need to take a moment to enter
my PIN code. Then I need to select my bitcoin wallet on
the device and click the two buttons. And there it is, it’s opening the wallet. And you see real quick, we are now in the
Ledger bitcoin wallet, and you see up here it displays how much bitcoin I have in the
wallet, .275, I just popped some in here earlier today. See here is my transaction history, bitcoin
address that some bitcoin came from. You can actually have multiple accounts on
your Ledger, accessible through your Ledger. And so this is just the one account I have,
so you can click here, you can add accounts. If I click here it will just give me a bigger
view showing my bitcoin and the amount of dollar value. And from here you can actually send bitcoin
to other people, by clicking send. And you can just type in the amount of bitcoin. And paste in the address, or you can scan
in a QR code and you can send it. Or you can request to receive, if you click
receive you can get your QR code, this is what you can use to get some bitcoin from
somebody, or if you have some bitcoin in another wallet, like blockchain or coinbase and you
want to put it on your Ledger Nano S hardware wallet. Well all you have to do is open this right
up, like we just did. And then you can scan your QR code here or
you can copy your address and you can simply send some bitcoin into your wallet here. It’s as simple as that, it’s like really really
easy to use, you gotta love this wallet. So another thing I’m going to show you real
quick, is how to access some Dogecoins. My Dogecoin wallet, because I actually also
have a little bit of dogecoin on my Ledger Nano S that I put on here today as well, so
I’m just going to close out this bitcoin wallet, go back to my apps page. Then I’m going to on my Ledger Nano S I’m
going to quit out of the bitcoin wallet app. I’m going to move over to the Dogecoin app
and select it. Then I’m going to open the Ledger bitcoin
wallet icon here on the Chrome browser because you would actually use the same one to get
the dogecoin, the same icon anyway. But on the app, or on the device here, I selected
the Dogecoin. So on the device first I selected Dogecoin
and now I’m clicking at the bitcoin wallet icon. That will let me into my dogecoin wallet. And there it is! you see it, there is my Doge,
I have 55,000 doge I just uploaded into here. It works the same way as the bitcoin wallet. Of course as you saw, Ethereum has it’s own
icon out in the app section and I’m sure other cryptocurrencies will probably have their
own icons and some of them will work kind of the way dogecoin worked here. Ripple is supposed to be coming soon, I don’t
know whether that one will work similar to how this one worked or if it will have it’s
own, I think because it’s such a different currency it will probably have it’s own app,
because Dogecoin is actually kind of a similar technology to bitcoin so that is probably
why they are using the same application. Yeah so that is how you access your wallets
via the Chrome browser. I hope you found this video useful, and have
fun getting your Ledger Nano S and securing your cryptocurrencies away from the hackers
securely offline with this amazing device, definitely use the link underneath this video,
make sure you go through the process order it, buy it with bitcoin, it will get to you
within a week, it’s worth it! Alright, Caleb Wright here signing off, and
we’ll catch you on the next Bitcoin Lifestyles Club Training.

27 thoughts on “Ledger Nano S Wallet Review / Demo | Bitcoin Lifestyles Club”

  1. I am sorry I accidentally ordered before I came across your review. I would have ordered through your channel. Thanks for the info. Do you use the ledger Blue?

  2. When you buy a new wallet, how do you know if the 24-word seeds are not preset to some sequences (already known by someone at the factory or by some dealer)?

  3. i went to all your steps and when i was ready on the screen * Your divise is now ready  * i open Bitcoin press the two buttons and a ( SETTINGS ) screen shows up,  and won't let me access any coin nor the ledger manager.  In  chrome any ideas?

  4. Can you please show me how to import data from Bitcoin and Altcoin Wallet to cointcaking.com to tack my portfolio? I've got unlimited access to cointracking so I can do API transfer.Thanks very much.

  5. Are the 24 words already inside the ledger? I started entering my own words in and then realized it was giving me words already. How do I start over? Do I just do 3 wrong pins to wipe it? Are the words on the screen the ones I am suppose to use? Do I just copy the words on the screen instead of using my own words?

  6. I’m having a lot of trouble here… First of all, when I click on my ledger manager, or ledger wallet Bitcoin, the windows pop up, but nothing works…Can’t click on anything in the window…..Apparently it just doesn’t go!!! Is that because my laptop computer is running on my iPhone hotspot, doesn’t have enough connection? Additionally I have a Electrum wallet on my laptop. How do I get that BTC on my ledger nano S?!! I have a little bit of bitcoin in my Electrum wallet… can you please tell me how that works? Will my ledger Nano s work in conjunction with my Electrum wallet???? Thank you very much!!!

  7. I still don't understand how you can recover your crypto if you lose your Nano Ledger S. If I lose ad Ledger and then buy a new one, how does entering my 24 word recovery words get my crypto back? Makes it seem like the physical Ledger is good for nothing and serves no purpose. What am I missing? It's not like we store our crypto at the Nano Ledger company's site and then merely access it with our secret 24 words.

  8. Kind of a noob question, but are there any fee in sending money from 1 wallet to another? Also, why ledger wallet when there are numerous websites (online wallets) where they have an utmost respect for privacy and superior security?

  9. so say I have 1 bitcoin, I can transfer this onto the ledger nano S. As the price of bitcoin rises and falls will that reflect on the nano? I want to transfer my coins on it, however I want to be able to continue to make money and buy/sell. Can I do this with the nano or is this an item for once I sell the coins, I transfer it into the nano? Thanks

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