Sunday 31 January 2021

Ledger Nano S Review, Set-up and Price | Why I got a cold wallet for my crypto

In my previous video talking about cryptocurrency, I mentioned about hot and cold wallets, the differences between them. As I am planning to do some form of DCA into crypto though not monthly, where I will put in a small small proportion of my monthly salary into this fund. This will be definitely after accumulations throughout a few months. With that in mind, I have gotten a hardware wallet to store my crypto in. So I decided to get the Ledger Nano S and in today's article, I will be going through the process and review of using it.

So for hardware wallets, it is very very important to be buy it from the official store and not from any third party seller as your 24 word seed and pin-code will be keyed into the wallet for transfers of your crypto and buying from a third party could mean that the wallet could be compromised and not safe.

For me, I have seen ledger before and I actually checked the different kind of hardware wallet available and found TREZOR as well. But I chose to get a Ledger Nano S in the end. Delivery took about 2 weeks and I managed to get a 20% discount code on it. After getting the Nano S, it looks pretty slick and comes with a few accessories.


Setting up the hardware wallet

Pass code

After getting the Nano S, you will need to plug it into your computer as it does not have an external battery like the Nano X. After plugging it in, you can start setting up the device with first, a pass code.

This pass code serves as a first barrier of safety if you lose your physical hardware wallet, the pass code if input wrongly for 3 times will wipe of the details in the wallet. This then moves us onto the next important step.

24 word seed phrase (Major importance)

Before buying the hardware wallet, I was reading up on the safety and how exactly the device is able to be secure in storing the cryptos you have. One very very important thing highlighted in every thread is to not let anyone know of your 24 word seed phrase, this is so crucial that methods of storing it goes back to pen and paper. Because if you snap a photo of it in your phone, it is very much dangerous as people can hacked and access it.

For me, I know we are not talking about millions here but money is still money and losing even a dollar hurts haha so do remember to keep your 24 word seed phrase securely somewhere. So after keying in the pass code, the 24 word phrase will appear for you to write it somewhere. If your computer breaks down or hard drive becomes corrupted, you can still get another wallet, download the same wallet software and use the paper backup to get your cryptos back.


Getting/Transferring your cryptos from hot to cold wallet

So you have set up your devices and can now get ready to download ledger live to your computer and ledger apps into your Nano S. The set up is pretty simple and ledger does provide video tutorials that you can refer to. You will need to download individual apps for each crypto into the Nano S before you can transfer. For me, I only need to download the Bitcoin and Etherum app.

Do note that the Nano S has smaller storage hence if you do hold other altcoins, getting the Nano X could be a better idea as you will be able to download more apps. Hope this review has been interesting! And you can reach out to me for a 20% discount code if you need.

Elon Musk pushing Bitcoin

Bitcoin jumped as much as 14% on Friday to a two-week high after Elon Musk tagged the cryptocurrency in his Twitter biography, every word he says now makes a huge impact. Even on GameStop which surged 50% after Musk tweeted “Gamestonk!!”, along with a link to the Reddit Wallstreetbets stock trading discussion group. WSB supporters affectionately refer to him as “Papa Musk.” It crazy how the stock market reacts nowadays, it could be irrational or just something that we have never seen before. It is so exciting yet scary at the same time as you really don't know whether the stock you are holding would surge or drop based on anything that is said. Hope you guys enjoyed today's video, do share it if you have enjoyed, give a thumbs up for support and do hit the subscribe button for more content from me!

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