A cold wallet, also called a hardware wallet, is a device used to store private keys in a safe way when you are not online. Since the private key is not shown to the internet, cold storage is thought to be the safest way to store cryptos.
The Ledger Nano S is a cold storage wallet that you can use to store Bitcoin, Ethereum and many other altcoins that it supports. The company that makes the hardware wallet, Ledger, says that it can’t be broken into.
Set up your Ledger Nano S cold storage device by following these steps:
First, Set it up as a new device:
Connect your Ledger Nano S by plugging the USB cable into your computer and the Nano S. In your Ledger Wallet, you will see a list of choices, choose the “Create new wallet option”.
Pick a PIN Code:
Check your PIN number, make sure you remember your PIN code because from now on you will need it every time you connect your Nano S.
Save a copy of your Recovery Phrase:
Now the Nano S will show your secret phrase which consists of 24 words. Copy the words exactly as they are written. You can use the “Recovery Sheet” that comes with the package.
Install Ledger Applications:
You can use your wallet if you put the Ledger Live app on your computer. The management page is under “Apps.”
