🔐 Ledger Nano S Plus: Unboxing And Easiest Set Up Guide
Description
In this video, we will take you through how to set up the Ledger Nano S Plus and Ledger Live app step by step, the precautions you must take, how to receive money on your Ledger as well as what your o...
AI Analysis
If you're looking to secure your cryptocurrencies from hackers, the Ledger Nano S Plus is a solid hardware wallet choice, even if it looks like a relic from the 90s! This video walks you through the entire setup process, emphasizing crucial security practices to ensure your digital assets are safe and sound offline. It covers everything from unboxing and initial device setup to receiving funds and understanding the recent controversy surrounding Ledger's new recovery service.
Here's a breakdown of how to get your Ledger Nano S Plus up and running and what you need to know:
* Why a Hardware Wallet is Essential: Despite looking like a "stupid USB from the 90s," a hardware wallet like the Ledger Nano S Plus is vital because it keeps your cryptocurrency private keys offline, making you immune to online hackers. This simple device has saved the presenter multiple times by securely storing crypto.
Buying Your Ledger Safely: Always, always* get your Ledger directly from the official Ledger website. Buying from a random third-party site is a huge risk because you might receive a compromised or pre-set-up device, potentially exposing your funds to theft.
What's in the Box & Red Flags: When you unbox your Ledger Nano S Plus, you should find three key things: the USB-C cable (to connect to your computer), the secret recovery sheet (in an orange envelope), and the Ledger device itself. A major red flag would be if the recovery sheet already has writing on it or if the device appears to have been previously set up. If you see this, do not* use the Ledger; it's likely been tampered with.
* Getting Started with Ledger Live: Before you do anything else, download and install the Ledger Live app. This is the companion software you'll use to set up and manage your Ledger. The Ledger device itself doesn't have a battery; it only turns on when plugged into a computer.
* Setting Up Your PIN Code: Once connected, you'll set up a 4 to 8-digit PIN code on the Ledger device. You navigate using the two buttons on the device and press both buttons to confirm choices. This PIN is what unlocks your device for daily use.
The Crucial Secret Recovery Phrase: This is the most critical step! Your Ledger will display 24 words, one by one. You must* write these words down accurately on the provided recovery sheet. Go through each word carefully, confirming them on the device.
* Absolute Must-Do: Store this physical recovery sheet in an extremely secure, private location.
Absolute Never-Do: Do not* take screenshots of these words, save them in a digital notepad on your phone, or store them online. Doing so completely defeats the purpose of a hardware wallet, as it exposes your private keys to online risks. The whole point is to keep your keys offline.
* Verifying Your Device is Genuine: After setting up your recovery phrase and completing a quick quiz, Ledger Live will perform a check to ensure your Nano S Plus is genuine and not a counterfeit.
* Receiving Cryptocurrency: Once your device is set up and verified, you can start transferring crypto to it.
* Install Apps: In Ledger Live, go to "My Ledger" and install the specific cryptocurrency apps for the coins you want to store (e.g., Bitcoin, Ethereum). The Nano S Plus has ample storage for many different blockchain apps.
* Add Accounts: After installing the apps, add accounts for each coin. Some coins allow multiple accounts, giving you different wallet addresses.
* Receive Funds: Go to the "Receive" section in Ledger Live, select the coin, approve the address on your Ledger device, and then copy that address. You can then paste this address into an exchange or another wallet (like MetaMask) to send your funds to your Ledger. Always double-check that the address displayed on your computer screen matches the one on your Ledger device before confirming the transaction.
Ledger Portfolio Feature: Ledger Live includes a portfolio feature that gives you a nice overview of all the assets stored on your Ledger device and your transaction history. However, there's a limitation: it only shows assets on* your Ledger. If you're using DeFi protocols and have assets locked up in lending or staking, those won't show up in your Ledger portfolio, which can be frustrating if you want to see your total crypto balance in one place.
* The Ledger Recovery Service Controversy: This is a big topic. Ledger recently announced a new, optional subscription service called "Ledger Recovery." The concern is that if you opt into this service, you'd be giving your seed phrase to Ledger to back up, potentially granting them access to your funds. This directly contradicts Ledger's long-standing promise that private keys "never leave this device."
Important Clarification: This service is only available for the Ledger Nano X and has not yet been rolled out. The Ledger Nano S Plus (the focus of this video) is not* affected by this service and remains safe in this regard.
* Options for Nano X Users: If you're a Ledger Nano X user and are worried about this new service, you could consider moving your funds to a Ledger Nano S Plus (which isn't part of the recovery service) or to another hardware wallet like a Trezor, especially for Bitcoin and Ethereum.
* Ledger vs. Trezor Comparison: Despite the recent controversy, Ledger still holds a significant advantage over other hardware wallets, particularly Trezor, in terms of coin support. Ledger supports over 5,000 different cryptocurrencies, while Trezor supports around 1,400. So, if you have a large portfolio of altcoins and want to store them in cold storage, Ledger might still be your most convenient option. The presenter personally plans to switch to the Nano S Plus for this reason.
Setting up your Ledger Nano S Plus is straightforward, and following these steps ensures your cryptocurrencies are as secure as possible, protecting them from online threats.
Transcript
Alright, this is the Ledger Nano S Plus and this video is a complete guide on how to set it up so you'll be safe and you can sleep knowing that all your cryptocurrencies are safe on the blockchain and you'll be like immune to hackers. And okay, I get what sometimes people say because like these devices look really stupid, right? They look like a USB from the 90s. And honestly, sometimes when you use it, it feels like that too. But why we make these videos and why we talk about this overall is t...