I remember the first time I tried to understand the concept behind Bitcoin; the way to store them and to receive payment in a wallet. In the beginning, I felt completely lost with all the information a newbie needs to grasp. The first step I made was the creation of an account at Coinbase website. You must be aware that we call that a web wallet; basically you store the Bitcoin on the website and it's not the most secure way. This is the reason I haven't stay long with the website, at least I got the experience to receive payments from the faucet I was doing at that time.
The second wallet I did tried was the Mycelium apps on my smartphone. I transferred all my Bitcoin from Coinbase to my Mycelium wallet, I felt more secure this way because I had the control of the private key. So far I have accumulated over 0.15 BTC in my phone and I was searching another method to store them for the long term. The goal is to keep only the small change on my phone.
The purchase of the Ledger Nano S
After accumulated over 0.15BTC I decided it was time to invest into a more reliable wallet. This wallet is a cold wallet from a french company who build this robust Ledger Nano S. I know it is a big investment in the beginning, but you need to store your digital gold and take security seriously. The device cost me 58Euro plus shipping, the price was listed in Euro because the site is hosted in France.
Look at the picture, you can see the device is very small, well designed and very beautiful. I took the picture to show you what to expect when you are going to receive the product. I was surprised that I received the product in less than a week. The shipping is very fast for something that crossed the Atlantic from France to Canada.
This is the stuff that comes with the Ledger Nano S. You have the USB cable so you can connect the Ledger to your computer, 2 paper cards, and accessories. Furthermore, the most important equipment, the cold wallet device, without it the rest is not worth much. I got a problem with the box I received, the USB cable didn't fit on the device. I communicate with the technical support, and I should receive the new cable shortly, the support respond accordingly with tact and diplomacy. Furthermore, there is a little scratch on the device, the support told me it was made from the building process, and every device should have that mark. From my point of view, it is not a big deal, the most important the device should work and do what it what is supposed to do, store my precious digital gold.
The first step is to go to the website Start Ledgerwallet and select the device you have purchased. You need to prepare the device before sending your Bitcoin to it and choose your 4 digits pin number. Very important, if you forget your pin, after 3 attempts, the device will reset for a security standpoint. You need to configure the seed with 24 words, and put it in a safe place. Without doing so, you cannot start using it. You need to follow the instructions on the screen of the device, take your time to set it properly. This is important because it is the vault to store your precious digital gold safely.
The next step is to install the software on your the computer. The software is a Chrome browser extension, take around 4Mb of space, and take only a few minutes to install. As you can see on the picture, you can send and receive Bitcoin with the interface.
The transfer to the Ledger Nano S
During my first transfer, my heart rate was over higher than normal since I worked so hard to get my Bitcoin. I learned a lot during this process, I think the best way to get it is to get it directly on the Bitcoin ecosystem. I transferred the money through the Electrum wallet. I wanted to have control over the transaction fee that I wanted to pay for the miners to validate my transaction. Originally, I used the Mycelium wallet on my Smartphone, but this application doesn't give you the choice to set your transaction fee manually. Instead, the application calculates it base on the Bitcoin core and propose from low to high priority. What I did is to backup my seed and open it with the Electrum wallet, that gives me control over the transaction fee. The only problem is that it is going to take more time for the transaction to be validated on the blockchain. I transferred almost 0.15BTC for my first transfer into my Ledger Nano S, that was an amazing and stressful experience because you cannot do a chargeback with the Bitcoin network protocol.
I think that for anybody that is serious to have control over his fund, it is very important to buy a reliable device. The Ledger Nano S has a good reputation among the community for storing your valuable Bitcoin and Ethereum. Your long-term investment needs security and a safe place to be stored. When it involves money, you need to take good care and take security seriously, because the responsibility to secure your fund is on your shoulder.
The device is very easy to configure and easy to store somewhere in your home or your bank vault. I recommend myself this device for anyone that plan to store a huge amount of Bitcoin offline for the future. Encourage me and click on the link below or any ads that promote it on my blog.