How to Send Bitcoin to a Ledger Nano S

How to Send Bitcoin to a Ledger Nano S

You might be familiar with the Ledger Nano S if you have been exploring Bitcoin for some time. It is simply one of the best hardware wallets out there where you can store your Bitcoin most securely. Given the solid properties of the device, it has been becoming increasingly popular among cryptocurrency users over time. 

Why Ledger Nano S?

If you have reached the point where you are wondering how to transfer your Bitcoin earnings to a Ledger Nano S, you probably do not require a reminder of the fine points of the hardware wallet. However, let us summarize anyway. 

You can put Bitcoins in your Ledger Nano S without any limitations. When it is time to update the wallet, you will not have to move the coin anywhere. As soon as you are done updating and restoring, the coins will automatically come back to the Ledger Nano S. And as icing on top of the cake, you can use Ledger Nano S with Windows, Linux, Mac as well as Android devices. 

How to Setup Ledger Nano S

Once you have made up your mind to purchase this amazing hardware wallet, you will encounter the challenge of setting it up in the right way. It can look confusing, to begin with, but we have got your back. 

Before you buy this hardware wallet for storing your cryptocurrency, you should ensure a few things-

To start with, you must only purchase the Ledger Nano S wallet from the official website of Ledger. This is mostly to ensure that you are not buying a wallet that has been tampered with in some way. 

Secondly, you also need to check the health of your computer. Sometimes, computers can have outdated antivirus or be unclean. You need to ensure everything is crystal clear inside and that your installed antivirus is at the top of its game before you even attempt to connect your Ledger to it.

Last, but not least, you need to be patient when going through the setup and starting to use the wallet. It can be tricky to start with, and you do not want to make even the smallest mistake which can risk you losing your funds. 

Let us walk you through the steps to follow for setting up the Ledger Nano S:

Step 1- You can open the box of the hardware and try to get yourself used to how it looks and what components it includes. You will find a Screen, where most of the action takes place- you can see all the addresses, menus, amounts as well as seeds displayed here.

There are also the left and the right buttons- using the left ones you can move through the menus vertically up or horizontally left. Using the right buttons, you can navigate through the menu horizontally right or vertically down. There will also be a shiny swivel cover for the hardware wallet. 

Step 2- You will need to update the firmware. This needs to be done not just when you are setting up the Ledger Nano S for the first time but also every time the Ledger released an update. It will ensure your device is free from bugs and includes all the security improvements. 

You have now reached the part where you are ready to configure this beast. Let us walk through the steps of configuration as well.

Step 1- You will have to connect the hardware wallet to your computer. There will be instructions displayed on the screen of the Ledger Nano S. You will usually have to choose the option of creating a new wallet.

Step 2: You can then set a pin code for the wallet. Please bear in mind that you will need to enter this pin code every time you attempt to unlock the wallet and use it. The code needs to be between 4 and 8 characters. Choose a code that is easy for you to remember but hard for the rest to guess. 

What happens if you forget your pin code? Well, there is a recovery method.

Step 3: You have to write a Recovery Phrase or a Recovery Seed (however you call it). If you lose the Ledger somehow or forget the pin code, you can recover it using this phrase. This phrase is displayed on the screen of the wallet (24 words in a given order). You have to write this in the Recovery Sheet that comes with the box of the Ledger, in the same order. 

Step 4: Continue to the next part where the Ledger will check the order of the phrase through a quiz. Once you confirm, you are ready to move on!

How to Send Bitcoin to a Ledger Nano S

photo by-Executium

How to Transfer the Bitcoins to the Hardware Wallet?

Now that you have been convinced (hopefully) to purchase this Ledger Nano S, you will need to configure it, get the Bitcoin wallet application up and running, and finally reach the point where you have to add the Bitcoins into the Ledger Nano S. 

How to do so? Well, there are some steps to follow. We have compiled this informative guide to walk you through it all. So, sit back and read through, slowly but carefully.

Step 1: To start with, you will have to connect the Ledger Nano S to your computer with a USB cable. At this point, you will also have to input the pin code to allow your pc to access the wallet. 

Step 2: You must have the Ledger Bitcoin Application installed in the device you are doing this with. Once installed, and after connecting your wallet to the computer, you have to open this app on the device. 

You will get a message to connect and unlock this Ledger Wallet when you open the app. Once again, this is where you need to use your pin code to unlock the hardware. 

Step 3: You will find the Bitcoin application at the top of the wallet. If you do not see it, you can download the app from the Ledger Manager. You can then open this application. 

Step 4: When you are opening this Bitcoin wallet for the first time, you will be asked ‘Which Bitcoin Chain do you want to use. Here, you are given the option to choose between Bitcoin and Bitcoin Cash. You can choose what you are going to receive. In our case, we choose Bitcoin as that is what we are dealing with. 

Step 5: You are then opted to choose the Address Type. This refers to creating a new format for the address. The different formats come with different options for the lower fees, faster signatures, and second-layer solutions availability. It is recommended that you change the receiving address to a new format and move all your legacy funds by creating a transaction to a SegWit address. You can also opt for the option of Legacy but SegWit will be a better pick in terms of transaction times and associated fees. 

Step 6: After you make it inside the wallet, you can start to see the balance on your account. Furthermore, you can also have an overview of all the recent transactions that have taken place through the wallet. There are some more options in the menu available on the top of the account. You can then click on the ‘Receive’ option at the top of the application. This will open a pop-up in front of you.

Step 7: When the pop-up appears, you can choose from where or which account you want to get all your Bitcoin transferred. You might also have only one option. Once you make the selection using the dropdown, you can go on to clicking ‘Display Address on Device’. This will reveal the address. 

Step 8: Moving on, you can see a QR code on the screen, as well as the address, revealed on this pop-up window. What you have to carefully check at this stage is that the address on this pop-up is the same as the address that your Ledger displays.

It might be the case that some hacker swipes your address or replaces it with their address instead. Hence, better to watch out! This is a security concern, and you have the chance to monitor this.

Step 9: Once you have ensured that both addresses match, you can safely transfer the funds. You can do this but inputting this address or by scanning the QR code in the correct location of the funding source that you are using. 

Step 10: You have finally reached the point where you can hit SEND for transferring your Bitcoin to the Ledger Nano S. 

Step 11: After sending your Bitcoin, you will receive a confirmation of this transaction. As soon as this is confirmed, you are going to see this in the transaction history of your wallet account. Your balance should also show an updated value. 

Conclusion

Congratulations! You have successfully sent Bitcoin to your Ledger Nano S if you have followed all the instructions depicted in this guide. It was not that hard, was it?

You can also read- How to Turn Bitcoin Into Cash

Written by adminbitkch

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