![]() Here, you can type in your Ledger wallet address.īe warned: Coinbase will charge you a network fee to send funds off Coinbase, and the fee varies based on activity on the bitcoin blockchain. Log in to your account at Coinbase and click on accounts, then click “send” on the wallet that houses the funds you want to send. This is where Coinbase (or whatever exchange you’ve used to buy coins) comes in. You can’t buy new bitcoins with your Ledger device.) (Note: hardware wallets are strictly for storing your coins they are not buying platforms. (It’s a good idea to write that down too, somewhere safe.) Now you can receive funds at that address. Once you’ve created a wallet, you have a wallet address that you can view. Other hardware wallets: KeepKey (L), Trezor. (KeepKey supports bitcoin, ether, litecoin, dogecoin, dash, and namecoin Trezor supports bitcoin, ether, litecoin, dash, and Zcash.) The Ledger web app screen won’t even display anything unless your Ledger device is plugged in and you’ve entered your passcode on the device. First you’ll download a free web extension (the other hardware wallets work the same way) and when you have the Ledger plugged in and open the web app, you can create a wallet file for either Bitcoin or Ethereum. Now you’re ready to set up your actual wallet file. After you confirm you’ve written down your recovery phrase, Ledger will then test you to make sure you have your phrase down, by asking you to select, for example, the ninth word from your recovery phrase. This is really important: if you ever lose the physical Ledger device, you can still access your coins if you have our 24-word recovery phrase. Ledger comes with a custom card for writing down your recovery phrase, but you don’t have to use that-wherever you write down the words, the key is not to lose it. Next, Ledger displays for you a 24-word recovery phrase and encourages you to write it down ( offline!) and store it somewhere safe. It’s simple, relatively quick, and requires no advanced technical understanding. So, how do these work? As a demo, we tried one out, the Ledger Nano S. (Ledger resembles an actual USB stick, though it doesn’t plug directly into your computer.) How do I send coins from Coinbase to a hardware wallet? Each device looks a little different, but they all connect to your computer via the USB port, using a cord. There are a number of hardware wallets on the market these days some of the best known are KeepKey ($130), Trezor ($106), and Ledger ($68). Your coins are far safer from theft if stored offline. ![]() One popular cold storage option is to move the coins onto a “hardware wallet.” These are physical devices that carry encryption and exist purely to store your wallet file. That practice is called “cold storage,” because you keep your access keys to your coins somewhere not accessible to an internet connection (i.e. The best practice for keeping your coins safe is to move them offline. ![]()
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