I will be going over for those of you who are new to hardware wallis, everything that you should be aware of. Paranoid of best tips and practices using hardware wallets also because this ledger nano X is Bluetooth, enabled and it works with mobile wallets. I will be giving you my thoughts and what you should be aware of with that type of stuff, and also for those of you who are pretty familiar with Hardware wallets, particularly with ledger wallets. I want you guys to stick around until the end of this video, because I will be going over some interesting ways that you can bolster your security practices using ledger, wallets, not to use an extra passphrase and create secret accounts on your ledger wallets. So if you guys are interested in that definitely stick around for the end of the video. In the meantime, there will be timestamps down below in the video description, so you guys can find the content that you are looking for, but in the meantime, let's get into it. Music, okay, so wouldn't be a proper set up guide without an unboxing event. Now this is not my first time using a ledger wallet. This isn't my first time making a video as a set up guide for a ledger wallet. This is the ledger nano X, my previous videos, where the ledger nano s I'm, pretty sure that this setup will be very similar to that other video, but regardless it's a new year that one is a couple of years old, so let's go ahead and check this Out so taking it out of the box there, you go I'm sure you really care about this.
Okay, there it is so there you go quite a bit bigger than the ledger: Nano that's, not quite a bit but bigger so there's. Some differences here between the ladder, nano s and the X. This is the ledger. Nano X, the buttons here are on the left and right. This is a button and this is a button compared to the Nano s where the buttons are placed on the top. So this comes with the ledger: nano X, Hardware, wallet and also the box comes with a nice greeting and a nice USB cable to connect to your computer and if you guys are really curious, you go towards the very back of the box and you have a Handy dandy, little keychain, so as we pull these papers out of this little box, we have the recovery sheets, three of them. So for those of you who would like to store your recovery phrases in different locations, you know in case you lose one. You know where the other ones will be or if it's damaged or whatever you can do that also there's other ways you can store your recovery phrases. Things like crypto steal are really cool. If you don't, quite trust, ink on paper to be totally permanent, I check out crypto steal, not an affiliate or anything like that, it's, just a cool tool that I that I found recently, we will be getting into the importance of these recovery phrases or mnemonic phrases.
As it's all also mentioned in the crypto world, but so we're just unboxing here, so we have three of these and USB the keychain, the USB cord okay. So we have our devices. We have our recovery sheets ready. We have our USB device. So let me go ahead and get this sucker plugged in for you, so in addition to having this device plugged into your computer eventually, when you want to actually this USB cord is shorter, I think then, the other one anyway for those of you who want to. Oh and it's also USB Secord, so a Thunderbolt, cable, that's, interesting okay, so let's go ahead and get this device plugged into our computer. You will eventually need to download the ledger live app in order to interact with this wallet to add applications to view your wallets and your accounts see what's happening there, but for now for the installation process, all you need is to plug in the USB device into Your computer and then plug it into the ledger, so it says: welcome to ledger nano Xpress right button to continue. So it is a little bit different than the Nano S again with the buttons so I'm going to go ahead and hit this button and it says download ledger, live at Leger live.com, slash start, then press write, I have already downloaded it press left or right button To browse through menus and lists press both buttons to validate a selection, so it's pretty much giving you instructions on pretty much how to navigate through this device using the two buttons what they do.
Felly, just like the ledger. Nano asked for those of you who use that you validate or confirm a transaction by pushing both buttons, so the same will be for here hold both buttons any time to access control center to power off and more again, because this does use bluetooth. It can therefore be used cordless Li, and so it has a battery life and if yeah, so you can figure out how, if you can power it off or let it go to sleep whichever one works for you start led your live to get assistance during setup. So if you are initializing this device for the first time – or this is your first time initializing or setting up any kind of ledger Hardware wallet if this video isn't doing it for you, you can, in addition, have the ledger, live app right there with you going Step by step, they have some suggestions. Again, I will be repeating the things that they're talking about, but definitely in a much more in depth way. But so if you, if you feel like, you really need to make sure you're doing it right, go ahead and launch the love, ledger live app as you are going through this initialization. So now, as you scroll through those little intros pushing the right button, it gets to this screen that says, set up as a new device restore from recovery phrase and that those are pretty much your two options. So this is either being set up as a new device, as in it will be assigned a new mnemonic phrase, a new recovery phrase or let's say you have a ledger: nano Hardware, wallet and it's been damaged, lost or whatever, and you want to import your account Onto this new device, using your recovery phrase, you have that option.
hefyd, I will be linking to a video up here in the end, the corners for my video talking about what happens if you have a lost, stolen or damaged ledger or any really hardware wallet. So because this is a new device and I will select set up as a new device by pushing both buttons, it says: choose a pin code of four to eight digits now, as with any kind of a password that you could ever create the longer the password Is the more secure it is so in this case I'm going to recommend that you come up with an 8 digit PIN code and a pin code that you do not use like for let's, say your ATM cards or something like this. Try to keep this as unique as possible, so okay hit both buttons. Now I will be entering my pin code it's so funny I'm, so used to the two little buttons on the top of the ledger: nan OS that these two side buttons are kind of throwing me off anyway. So I will go ahead and set my pin and, as you are setting your pin, you use the right and left buttons to scroll either ascending or descending numbers. And if you want to go more than four digits in your PIN, you will see if you're scrolling, through the numbers, you're gon na, see a check mark just keep pushing either the left or right button to get past.
The check part check mark and then put additional numbers for your PIN. So now I will confirm the pin code now it says, write down your recovery phrase. Okay, now it says to write down your recovery phrase. Please take note it does not say to take a photo of your recovery phrase. It does not say to write your recovery phrase on your notepad app on your phone or on your computer. It does not say to email yourself the recovery phrase. It does not say to make a digital copy of the recovery phrase. They give you these sheets of paper intended to be written on with ink manually, not digitally. For a reason. This ensures that hackers do not have access to this. If you are super paranoid, you can also make sure that you have your camera covered up on your laptop. If you're filling this out in front of your laptop, you think people could be peeking in that often happens with laptops anyway, keep your keep your camera covered. I be paranoid pretty much, and so this is one old school way to back up your mnemonic phrase, your recovery phrase. This essentially represents your private keys. That is the main thing a lot of people are concerned about in this cryptocurrency space, and that is the fact of if people have control over their private keys. This is your control over your private keys. Private keys are what enable anyone to control those coins that are stored on the wallet represented with those private keys so very important.
It represents your ownership over those coins. So write down your recovery phrase. I will I'm gon na go ahead and go through this to confirm that I'm ready to write down my recovery phrase. I will push both buttons. Okay, it says warning these 24 words. Are your only backup, secure them carefully, which is again probably why they give you 3 sheets? If you write your recovery phrase on all three of these sheets, don't store these sheets all in the same spot, pretty much is very redundant and instead it should be stored. In different places to make sure that they're all secure and anyway do centralize your passphrase as if you can ok confirm these 24 words, are your only backup pushing the right button getting into the words let's? Do it also? Please note that they are saying right. Word number 1 right, word number 2 and you have. They are numbered on the sheet of paper. For a reason, you need to number 1 write the words in order in the correct order that they're giving you them, and you also need to make sure you are spelling them correctly. Any kind of misspelled or out of order word could spell trouble for you. If you ever lose, this device that have ever gets damaged, if you ever, for whatever reason need to import this pneumonic phrase in order to recover your ability to access these crypto currencies you're going to wish or want to know for sure that you did this correctly And then you can have some less stress and that event.
Felly, as I'm writing these down, you can actually navigate back and forth. If you think you might have missed one, I hopefully you don't, but you can. You can navigate to the left and right to see the words, the different words and their numbers. Okay, now that you have these words, all written down do not show these words anywhere. That has to do with a camera or with people. Keep this very safe, secure and secret also keep it away from water, keep it away from Sun or wind or anything that could damage this piece of paper and ink again. It is not exactly deterioration proof, so if you are really looking for something super secure, look for things like seed storage solutions, but I don't know if anyone actually does is, but just in case, if any, if you come across any of these seed storage solutions that Require you to give them your mnemonic phrase or recovery phrase or private keys don't, because that is absolutely a scam. You should be able to input this. Your private keys, your backup phrases, your a mnemonic phrase. I should be able to input that into the device. Fodd bynnag, it works yourself so that you are not compromising that information in any way. Okay, so I've gone through the words it says: press left to verify your 24 words press to make sure that you have them all written down in the correct order, and you know the correct, spelling and it's the correct word make sure you have it all down It is locked tight.
This is your only chance to be able to reference that you have it written down right and still be able to fix it pretty much so once you're ready, you can go ahead and push both buttons to continue confirm your recovery phrase. Okay, push both buttons again confirm number one and pretty much. What you're gon na do here is scroll, either left or right until you find the right word that matches the word that you wrote in that number, corresponding order. Once you find the word, you will push both buttons and then it will move on to asking you the next word, and you know what number the word should correspond with so you're gon na be going through all of the words this might take a little bit Of time not too long, I mean really, if you're doing this by yourself, and you are somewhat familiar with hardware devices and you've done this before it shouldn't. Take you longer than 10 minutes for this entire process. For those of you who are brand new to this, I encourage you to take your time and go through this video as you're setting it up and also, if you really need to have the Leger, live app open as you're doing this, especially if it is your First device, it will again have a guideline for you on your computer, once you've gone through the whole 24 recovery phrase confirming again finding every word that you've written down and confirming it on the device.
It says your device is ready with a little checkmark. So you can access your dashboard from here and that's about it. So access dashboard I'm going to push both buttons see what happens. It says: install app control center, install app. So at this point this is when you will need to have your ledger: live application downloaded. So you can kind of scroll through initially it just says on your dashboard, you have the option to install app when you push both buttons. For this. It says: use manager on ledger, live to install apps and more, and you can go to control center by pushing both buttons on at the same time, you'll get your battery life readout. The percentage of battery that is left. You will be able to lock your device again. If you are on that option, you can push both buttons to select that option and also you have the Bluetooth and if you push both buttons here, you can either enable or disable it so it's, not a right off the bat I'm just giving you my live Feedback um it's, not the most intuitive when it comes to navigating through the device, but you do have a lot more options on this one compared to the LED Leger nano ass again, because this one, I think you know it stores it – has a lot more storage Capacity, so you also have more functionality with that. So under the settings you can you, you have general settings which includes the name of your device battery saver mode.
You can check the firmware version to make sure that you are up to date most of the time if something is not really working right on your device, for whatever reason, most likely you're going to need to update the firmware. hefyd, a little clue here is the USB cord that they give you to set up within the box is really really useful, because sometimes I've tried to use again with the ledger Nano as I try to use other cords micro USB cords that also work with it And it doesn't really read it, and that has been an issue is using the legitimate ledger. Cord is definitely a good idea to kind of prevent any hiccups in your use, so try to take good care of the cord as well. Also under the settings you can go to your security settings and here is where you, if, for some reason you think your pin number might have been compromised, you can change your PIN, which, when you do this, you will still need to remember your old pin to Verify that it's, really you changing it. You can also let's, see there's a passphrase option. It says, ah, this is when, for those of you who are quite familiar with ledger wallets – and you really want to up the security of your ledger Hardware wallet device. This is how you add a twenty fifth passphrase word, pretty much 25th recovery phrase, something that comes from your brain that has not been generated by ledger and something that has never been displayed on a screen that has never come from anything technological.
So in that way it is much more hacker proof, especially if you come up with a passphrase that isn't necessarily a very common word that you say, or you know, it's, not like your catchphrase or your nickname or something that's super identifiable. So again, I will be going over that again for you guys later on in this video towards the end, but for those of you interested that is how you access that you go to the settings menu. I believe, let's see. How did I get in here? Your control center, you hold both buttons, some when you're on your home screen and then you scroll to the settings and you scroll to security, and that is where you find the passphrase. You can also auto lock your device. You can choose to auto, lock it after 1, minute 2 minutes. 5 minutes 10 minutes. So if it's just laying around somewhere, he don't want it to be open. You can have it auto lock. I would not suggest dealing with this hardware wallet, and any kind of you know lacks a day is a colle way. Definitely take it seriously, because it is your own bank. It is your vault of crypto currencies, especially if you're, storing anything that you value on this device, respect that device. Ok, so from here once you have this device plugged in you are logged in your pin, is in and you are open, go ahead and open up. Your ledger live application input, your password for the ledger, live app and navigate to the manager, tab of the ledger, life application and from there you will see a whole long list of coins of applications that correspond to the coins that you can store on the hardware Wallet device so for all of the coins that you want to be storing on here, find them on that list.
If you can't find the wallet for a coin that you would like to store on a ledger, nanodevice on a ledger live app. It doesn't necessarily mean that that coin is incompatible with let, with this ledger device, go ahead and search on other wallet providers for that coin and see if they are integrated with ledger Hardware wallets, and that way you can still interact with the coin. If you are curious of how to do this, if you guys want a video for something like that, please leave a comment down below and I will be happy to make a quick tutorial, video on how to store coins on a ledger. Hardware wallet that aren't available on the ledger live app. If you are interested in that go ahead and leave a like on this video and leave a comment saying so down below. So I know how you guys are feeling so let's say you want to add a Bitcoin app. You want to add an aetherium app and you want to add a Bitcoin cash app. You can do all of that. You can store up to 100. I believe different applications on this ledger nano X, something that makes it entirely different from the ledge ledger nano s, and that is the fact that you don't have to add and remove applications all the time risking you forgetting which coins you have stored and have access To with your ledger, Hardware wallets so with this one, you can just stack them all up on there and it's it's, a lot user friendly, a lot more user friendly in that regard.
But so let's say you add the Bitcoin application. You will see the little Bitcoin icon on here. You can navigate to the Bitcoin icon, using the left or right arrow on your home screen and then to select it. As always, you push both buttons at the same time and then once the Bitcoin application is open. On your device – and you can go to your accounts on ledger, live and see the send and receive button on the upper right hand corner of your account, and that is where you will find your addresses. So if you would like to receive Bitcoin send Bitcoin onto your ledger wallet device, you will need to be in let's, say: Bitcoin again, you will be in the Bitcoin application on your device. You will be on the Bitcoin account that you have created on your ledger. Live application on your computer and you will hit the receive button and there you will see a an address where you can send your Bitcoin to and so here's a little hit for those of you who are nervous for sending any kind of cryptocurrency anywhere. I think it is definitely worth it to be very much aware of what you're doing by that. I mean to double triple check that the address being displayed on your computer on that receive tab, matches the address being displayed on your hardware wallet. So that concept is important: if you are sending coins to this wallet, making sure that you are actually sending it to your Hardware wallet.
It is also very important if you are sending coins out of this wallet into somewhere else, because this device is what you use to sign your transactions. This device is storing your private keys. That gives you access to your crypto currencies and by pushing when you're, creating transactions to send it out, just like on the ledger: live application, how it says how we got to the receive in order to get the address that you would like to send Bitcoin to. In order to store it on this device, when you hit send, that is when you are withdrawing the coins off of this device somewhere else, what you are doing when you are confirming that transaction, when it asks you to confirm the transaction you be pushing both of These buttons, at the same time, that is you using your access to this device, also known as your private keys, to sign the transactions. So you want to make sure that you're sending it all in the same place. If you are also super paranoid, definitely encourage you to send a small amount first, whether it's your first time saying it sending it to that wallet or, if you're sending, if you need to send, maybe a large amount of coins for whatever reason, send a small amount. First, and once it has been confirmed to be received on the correct wallet, go ahead and continue with the rest of the transaction it's. Those two tips are an excellent way to prevent any kind of a loss due to human error, which can happen a lot but making sure that the address is rock solid.
Definitely the one that you actually want to send it to and that it actually gets received before you move on with the larger amount if it is a large transaction. Those are, I think, some really good tips for if you are having an issue with your hardware, wallet check out the FAQ. Now, unfortunately, for those who are new to this crypto space, you will be having the wake up, call that there is no necessarily known no helpdesk. It is just you and it should be an empowering thing, but for people who are on not used to that, it might be a little bit scary. Felly, unfortunately, for a lot of people who do have bad experiences with the ledger wallets, they generally revolve around the fact that they don't get much help when they reach out to the help desk or help center of ledger. Most often they are, you know, pointed to articles, and things like this or just to you know, update their firmware or something like this. So anyway, if you are just now initializing your device, I think it's worth it to become familiar with some problems. That do often happen so that, if you are ever encountering that problem, you can be somewhat familiar with it and kind of know right off the bat. What to do, and you know the first steps that you can take to try and remedy that situation. So I got a link for the FAQ for those of you who are wondering what kind of tokens you can expect to be storing on this device.
There is a link for that as well down below in the video description. That was where you can find. All of this information, so in addition to those tips here's one for those of you who are skeptical about hardware wallets here – think about this. Never ever ever buy a Hardware wallet from another kind of third party provider, for example amazon.com or eBay, or I any kind of like a secondhand hard wallet. Never do that because there are people who are skeptical of these Hardware. Wallet companies like ledger, for example, or treasure. It is a little bit counterintuitive a lot counterintuitive in this cryptocurrency space to be reliant on like something like someone else, creating a wallet for you to use regarding that coin, but at least ledger comm is a business specifically for this hardware. Wallet it's been around since, like 2014 or 2016, I believe 2014. They have a reputation to uphold and that reputation includes providing safe wallets because that ensures their continued successful business model. But if you are buying these wallets on things like Amazon or Ebay, it is a heck of a lot easier for that scammer to get away with with you know, selling compromised Hardware wallets, never use a well if you are initializing this device – and it already has A passphrase on it or a pin code just throw it away. You don't, want it. You don't don't, touch it with a 10 foot Pole just move on and order a the hardware wallet from the legitimate source that is ledger comm.
So I will be providing my affiliate link for these ledger wallets down in the video description for those of you who would like to help support this channel. You can do that I'm going to follow this up with my concerns for Bluetooth and mobile wallets some things that this ledger nano acts is enabled, and also again following up with that, I will be going over some really great tips, things that you can better utilize. These ledger wallets in ways that you might not know about so for those of you who are ready to step up your game even more than just using a hardware while it stick around till the end again check out those timestamps down below in the video description. Ok, so you can use this ledger nano X, Bluetooth to pair it with your mobile device, or you can use it your Bluetooth with your computer. I personally will never use those options. It'S also, probably why I haven't used a set up guide yet just because I am very wary of any kind of a Bluetooth enabled Hardware wallet, it definitely can open you up to hackers within a proximity of you who can pick up the signals of the transactions Being signed, ledger has addressed this concern regarding a Bluetooth connectivity with a hardware wallet and sending crypto currencies. They said that they have designed it in a way that they have already assumed that their Bluetooth, connectivity or Bluetooth signal has been compromised in a way that the thing that is being transferred from the hardware device to your mobile wallet or to your computer is the Already signed transaction, your private keys will never be transmitted via bluetooth, it is locked into the device, but that being said, there has been a vulnerability disclosed.
I believe I will have links to this down below in the video description. If you want to read about it, but I believe that this particular vulnerability regarding the Bluetooth connectivity of the ledger, nano X or any ledger wallet said, allow Bluetooth. It has been disclosed. I think it's concerning the the mobile wallet side or the smartphone side, not anything that has been vulnerability directly with a ledger, so they just say to make sure that you have updated your phone to the correct software update and your computer update and things like that. Because most providers have, you know, enabled a patch to that vulnerability, but definitely still something to pay attention to, and definitely a reminder for myself and hopefully for you why I don't trust mobile wallets on my phone. I will never store a large amount or any kind of a super valuable amount of cryptocurrencies on my phone just because they are very insecure when it comes to things like that. They'Re definitely easy to hack. But for those of you who are like me that you were not interested, you can go ahead and just disable the Bluetooth ability on your Ledger, nano X device – and so you don't even have to worry about it and you will you'll be connected by the cord And then that's the old school way to do it. You know it is kind of interesting thinking about using this Hardware wallet device. Let'S say like in a real world use case.
You want to spend some cryptocurrencies using your Hardware wallet and your phone let's say you are out out out in a shopping mall and they accept cryptocurrencies as a form of payment awesome. What you have to do is you still have to have your device nearby. You can't just just because you have the ledger: live app on your phone doesn't mean you can spend coins from your wallet from your actual device. You will have your phone to have the QR code to scan, but you will still need to sign the transaction physically. Using the device, so it always will come back to that so having a mobile wallet is okay, I guess maybe more so just I mean the app just so you can like monitor your cryptocurrency funds, but when it comes to actually spending or receiving coins using your Mobile wallet you will still maybe not receiving, but for spending. Definitely you will need to have access to your actual physical device. That means you would have to take your actual physical device with you. Wherever you go, definitely not something I would recommend it opens the doors for this device getting lost or dropped or made public that you have one. So all things I think you should definitely be aware of and be wary of so it's interesting they're, trying to break into the mobile wallet. You know area but not sure that they're quite yet now we are getting into the interesting things that you can do with the ledger.
Nano acts, something that you might not know for those of you who want to learn more just want to soak up all the information that you can do with ledger and stuff. I have a lot of links post it down below in the video description. These are the links that will be going over now. Briefly, just I think for those of you who are on this level, you can take this information and really run with it definitely go into the rabbit hole again for those of you who think that your pin might have been compromised or for whatever reason, you'd like To change it, I went over that a little bit during the tutorial here today, but there's also a link to that showing how to do this as well. hefyd, if you want to have a backup device, what you can do is have two devices I'm sure you can use the same with the Leger nano s ledger nano X. You can use both of them as either one as a backup device for the other, because what you will be doing is mning your recovery phrase onto both devices. Now this does not mean that you will automatically be doubling your holdings of crypto, but what it does mean is, if anything were to happen to one device, you would have the other one already ready to go, and as long as your recovery phrase has not been Compromised or lost then that's that's, a really easy kind of stress, free way to go about it in case you have lost your device or it's been damaged or whatever reason again.
As long as you are quite 100 sure that your recovery phrase has not been come. Mice, you can go ahead and and pretty quickly have a device, a backup device ready to go again. I have linked a video up. If you see a little eye icon in the corner of this video, you can do a link for a recent video that I made on how what you can do. If your hardware wallet is lost, stolen or damaged pretty much how to restore the device, it will be very similar experience to how you first initialize the device that we did today. You will be importing your recovery phrase as long as you have that you can bet you can pretty much import your accounts right on to another device. Regarding that past video, I spoke about the difference between the actual hardware wallet, the recovery phrase and the pin code number that you have so let's say that you have your device and you have your pin code like you can log into it. But you have no idea where your recovery phrase is and you are freaking out like you have no idea, it is gone. You think it might have been stolen. What you should do is check the balance of this out of this hardware wallet device or the device that you lost the recovery phrase for and send the coins out. Because all you need to do again as long as you have access to the pin and you have the actual hardware wallet device.
This is in the case again, if you don't have your recovery phrase, you can send all of your coins out on to third party. Wallets, hopefully, you don't choose and exchange a lot of people get these Hardware wallets because they want to take their coins off of exchanges and unfortunately, that might be your first initial option to do is because they're already ready to go pretty easy, so I'm, not going To recommend that, but most likely PUE that's, probably what people are going to do. But what you should do right away is take your coins off of the device. All of your coins make sure that they are all off, and then you can log out of your. Like plug and unplug your vice, and then you can put in an incorrect pin three times and that will wipe your device that will wipe away your recovery phrase. It will initially it will essentially be a brand new device after that. So what you will do, then, is initialize the device as a new device which will generate a new recovery phrase for you, another twenty four words for you to write down and keep, and that will be the new recovery phrase for that device. It'Ll be all set up, and then you can go ahead and send your coins back onto the device. So then, you will once again have your recovery phrase. Your PIN and your coins all in your device again for those of you who would like to add secret accounts onto your device.
You can do that by adding an additional twenty fifth word to your passphrase. You can do this using your device. I will have a link to this down below. This is for anyone who is very paranoid about the security of their recovery phrase. They can it's pretty much like what's called a brain key because it's a word that you will hopefully be remembering I mean you can write it it's your choice if you'd like to write it down in addition to your twenty fourth recovery phrase, but the security here Comes from the fact again that it was not generated by anything that has to do with ledger, it has not ever been displayed on your device, it has been generated by you. So in that way it is a lot more secure. hefyd, you can check out the quality of randomness, which is pretty much the ledger security protocol. What makes their ledger wallets secure and for those of you who are looking for adapters for connecting your ledger device, whether it's, the ledger, nano s, ledger nano X or anything to something like your smartphone or your tablet. They provide links to adapters in their website. Also so links to all of this information is found down below in the video description again, if you guys would like, if you're interested in checking this out getting one for yourself, there are some pros and cons, but that's. That is what it is: it's your decision to make.
Of course, if you'd like to check it out – and you would like to also help support this channel, I will provide my referral affiliate link thing down below in the video description, and I appreciate it if you use that. Never stop educating yourself and definitely be as familiar with this kind of thing, as you can before you start making moves that way. You can be sure of what you're doing be more comfortable and be a lot less likely to make a mistake.