The Safest Way To Store Bitcoin (Step By Step)
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- čas přidán 16. 02. 2021
- Best way to keep your Bitcoin and cryptocurrency safe
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I was not sponsored or paid to make this video. Someone sent me the Ledger Nano X device. It happens to be one of the best and safest places to store your cryptocurrency. Today I want to show you the private key process, something I've never seen anyone do before - step by step.
One of my favorite things about the Ledger device is that it doesn’t actually store our crypto on the device itself. Instead, it speaks to the blockchains of all the different cryptocurrencies. If you ever wanted to receive Bitcoin, send it across the world, or if you want to send your crypto to an exchange like Coinbase or Gemini safely - you need something like this as well. Even if you were to lose the device, or if someone stole it, or even if someone were to destroy it - you could still recover your crypto as long as you have your private key which is what I want to show you.
STEP 1 (The Setup)
Download the Ledger Live app from the play store or Apple iOS store, the set up is the same. Once you opened your Ledger, it's pretty intuitive with how it works: it has two circular buttons. Pressing one on either side will navigate the menu left or right. By pressing both, you will confirm your selection. First you have to set up an 8 digit pin, whenever the Ledger goes idle, it will ask you to re-enter the pin so make sure you don't forget what your pin code is. It will then ask you to re confirm it.
STEP 2 (The Secret Key)
The next step to keeping your crypto safe is to write down your secret key phrases. There will be 24 words that are shown on the screen of the device. You have to write each of them down on the provided piece of paper in the order you see them. Make sure you do NOT take a picture of them on your phone, and do NOT upload them online. These phrases must be kept secret and offline - otherwise your device is 100% compromised. After you've written them down, it will then ask to confirm the words for each slot.
STEP 3 (Pair The Device)
The next step is to pair your Ledger Nano X device with your smartphone. It will automatically guide you through the simple process, make sure bluetooth and Wi-Fi are enabled. This will take a few seconds. Once the device is paired to your phone, time for the next step.
STEP 4 (Download Crypto Apps)
Once the two are paired, you have to download the apps of the cryptocurrencies you want to use. There are many to choose from but the setup process is the same for all of them. I personally stick to Bitcoin and Ethereum at this point in time. If you go to your Ledger Live app on your phone, under the "Accounts" tab, you'll see a plus icon, click on that and you'll see the list of all the crypto coin apps you can download. Once you download the app, you need to synchronize the accounts. For Bitcoin, you may see multiple accounts. I personally stick with "Native Segwit" because it's the slightly cheaper network of the two. There's also just "Segwit". They both work equally well, but the native option is cheaper.
STEP 5 (Transfer Your Bitcoin)
Now it's time to finally transfer your Bitcoin, Ethereum, Dogecoin, Cardano, Polkadot (you name it) from your online wallets/brokerages like Gemini or Coinbase, and into the hardware wallet. If you click the Transfer Tab, Receive, Bitcoin Native Segwit - it will show you a wallet address you can copy. Make sure you click "copy address" and you don't manually put the information yourself otherwise you risk making an error. This address will then be used to withdraw your cryptocurrencies from your online wallets. The process is exactly the same but reversed if you want to send your cryptocurrency from your Ledger Nano X back to the brokerages (if you ever wanted to sell your crypto).
If you want to check the status of your transaction, you can go to blockchain.com/explorer and copy/paste your hash address to see the status of your transaction. Stay safe!
*None of this is meant to be construed as investment advice, it's for entertainment purposes only. Links above include affiliate commission or referrals. I'm part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.
Wait so I shouldn’t just keep all $10 million BTC on Robinhood?
🤣
Instructions unclear... smashed the like button instead
Don’t @ me, Robinhood 😤
Lol, no Robinhood is only where you should keep $50 million or more.
Thanks for this video. This is very valuable
He really just transferrd a whole bitcoin over like it's nothing.
Fake news
Didn't you know this is a reupload from 2011?
He didn't, He would need to do some KYC that Blockfi is requiring, my guess is that he would not do it and the withdraw will automatically get canceled.
Cost $130 transfer fee one way as well. ::puke::
I want a bank to confirm it for u buddy?
This was actually a super helpful video, I remember getting a ledger right after watching this!
Block Fi didn’t aged well
His unboxing scene was way cooler than most of the unboxing tech channels I watch
haha thanks Luke
Because he is a technician
Mans got style
For trading in BTC
+1 8_0_4-4_7_6-2_9_3_2
Trying to explain Bitcoin feels like that scene in Its Always Sunny in Philadelphia where Charlie goes off about Pepe Silvia
I know right
*I DON'T KNOW WHO NEEDS TO THIS, YOU'VE GOT TO STOP SAVING MONEY TO BUY LUXURIOUS AND EXOTIC CARS, INVEST YOUR MONEY WISELY TO GET RICHER, BUY CRYPTOCURRENCIES, STOCKS AND SO MANY OTHERS IF YOU REALLY WANT FINANCIAL SUCCESS.*
You're right ma,
that's why I have to start forex trading 2months ago, now am making constant profit from it .
Natural, there’s a lot of math involved in forex trading,
but this is often presented in forms of daunting technical charts, indicators, patterns.
Trading systems allow you to limit the factor of emotional influence on decision-making,
Best walk through of the Ledger that I've seen yet (many thanks), but Andrei you don't mention anything about Ledger's track record with data storage. 14th of July 2020? Solid hardware, but the past does raise questions about the companies approach to managing your personal data.
First secure the bag and then secure your bitcoin😤
How I do that?
That unboxing edit is so satisfying!
Yah i think he should start and unboxing channel
BlockFi... That aged like fine milk
I guess he cant delete the video because of the money he received from nano ledger.
@@danielbenz2077 is block fi not safe?
@@Birdesiste :D
Ledger… That aged like fine milk
Super handy info! Thanks for breaking it down step-by-step, definitely makes it less scary!
Why aren’t you on my show yet?
BitBoy what’s up !
Was asking myself the same
GET THIS MAN ON THE SHOW!
ik he gon cover nfts
You gotta put him on your show
I pray whoever is reading this makes CRAZY crypto gains throughout 2021! 🔥
Likewise!
AWOMAN!
I just got into bitcoin last week. Hope it's not too late for me.
Ayyy brother!! 🔥🔥
Amen!!
You da man!
Okay that’s the smoothies unboxing I’ve seen!
That cinematic unboxing makes that USB look like it costs more than what I make 😂
Thanks for commenting, I will refer you to my trade analyst and accountant to make good income, go more on my digital assets
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That was solid! Thanks for creating and sharing this video and showing everyone just how easy it is to store your crypto in the safest possible way.
PS: Don't worry, that pimple did not distract from anything at all. That was literally one of the most beautiful unboxings we've ever seen.
So you weren't the gifters of Andrei's ledger? 🧐 Scammers already found his mailbox.
I think we all need more unboxing videos from you.
Thanks for commenting Text me what'sapp let's go on a trading session together and make huge profits
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Hi Andrei, found your channel and absolutely love the simple way you explain things
This video comes from the heart. Not many will go into depth like this for such simple explanations.
boy you need to research this yourself or from legit folks
How much did you lose?
Many may not appreciate it but Andrei has the best cinematography transitions out of all the finance CZcamsrs
Thanks for commenting Text me on what'sapp let's go on a trading session together and make huge profits
+ 1 ( 6 0 2 ) 5 2 9 - 1 1 9 3
Maybe so but the message conveyed in this video is highly incomplete. I could care less about the editing.
He needs to do another recent video on how to store Bitcoin off of exchanges
you probably want to scrub out that blockfi segment with youtube editor
Damn, now that's how you do an unboxing!
Thanks for commenting. you can send a message to my administrator Adams on watsap to earn in crypto,stocks and ETFs.
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He’s excellent at what he does, tell him I referred you to him. His passionate strategies are top notch.
🇱🇷🇱🇷🇱🇷💎💎💎
I love that I was literally searching about this topic as I get notified about this video
Damn
DUDE, read your mind haha, I'm right outside your window...
Literally same, I think it's because of Kevin's video. Maybe y'all should try promoting each other's videos to see if it's a net benefit?
lol the bots here too
Hahaha dude same
block fi reference is funny now
The quality of your videos are so good. Extremely easy to follow and edited to perfection.
Shout out to other left handed people, like our man Andrei. I know that shouldn't make me this happy, but it does
Another lefty here :)
Lefty pride
Ladies and gentlemen we got a WEDNESDAY video 😤🔥
YESSS, I had to...too many scams out there
bro your unboxing is unreal
B..T..C a.n.d c.r.y.p.t.o c.u.r.r.e.n.c.y I.n.v.e.s.t.m.e.n.t✅
That AF is on point
Forget finance, you need to start a separate youtube channel just for unboxing! That was too smooth and satisfying!!
haha thanks Chad!
And took a while 😁
I was mesmerized by the grace and dexterity of that unboxing.
Andrei could you do a deeper dive of the risks of blockfi?
Appreciate your review... Bitcoin trading is the order of the day, you can make millions of dollars through bitcoin trading with a good broker/trader
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thats a bot btw
Thanks for the information, Investing in dodge and cryptocurrency is the best form of investment anyone could carry out now. Sometimes few month I reluctantly investing in dodge as directing by my broker and now I have made so much profit just from today market boast
I think now its the perfect time to take advantage of this crypto unlike Bitcoin, I really did learn my lesson from not investing on time .. how reliable is ur investment adviser ?
musk predicted and it went crazy wow
hilarious how profits were made world wild in few days
great idea thanks
Thanks for all the advice Andrei! Just recently got into the crypto game and your videos are super helpful.
I was waiting for the magic. "You see this, this is all your money...... And its gone."
Thanks for commenting. you can send a message to my administrator Adams on watsap to earn in crypto,stocks and ETFs.
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He’s excellent at what he does, tell him I referred you to him. His passionate strategies are top notch.
🇱🇷🇱🇷🇱🇷💎💎💎
Gonna need space lasers for when its on the moon.
ELON!! where ya at??
Ha! The scammers even posted directly underneath your comment. Bots bots bots
The blockfi thing didn’t really pan out
Great info, although it makes me realize the main problem with widespread adoption, it's too difficult for non-tech people.
👆ʜᴇʏ ᴍᴀᴛᴇ
Tʜᴀɴᴋꜱ Fᴏʀ Wᴀᴛᴄʜɪɴɢ Mꜱɢ ᴍᴇ Dᴇᴄɪᴅᴇ ʜᴀᴠᴇ Sᴏᴍᴇᴛʜɪɴɢ Tᴏ Sʜᴀʀᴇ Wɪᴛʜ Yᴏᴜ 👆👆✍️.
We should study bitcoin instead of what we learn in college
You should do both. Becoming a good trader is also about understanding life in general. The best traders are deep into everything from philosophy to finance.
MIT has a course on blockchain
It's one of the elusive Wednesday videos!
😂😂😂
When would you recommend to use a wallet? Online or off? I’m a bit nervous to transfer all my crypto from the apps to my trust wallet. I also have a couple others but there’s no crypto on them.
Its not useless bro, you can reformat them so then it spits out brand new private keys. For example: You could even buy used ones from people and restore them to use them without worrying about them taking your funds later.
You can safely use that ledger even if the senders goal was to trick you to use it without knowing you can reset it and that they might have the private keys already.
AKA How to protect my half bitcoin hahahha
😅
half is better than none :)
THIS is what I needed. Thank you Andrei!
*The wisest thing that should be on every wise individual's list is to invest in different stream of income and don't depend on the government to bring in money especially now the pandemic is hitting the economy*
You're absolutely right about that 👍
Investments are the stepping Stones to success especially if you been guided by a professional
Investment is good but investing in the right thing is the actual key to success
There are so many investment out there but if profits must be considered then not all investments are good to go into.
That's correct the right choice of investment has always been a big problem for me because picking up the wrong investment will leave a big scar in the future.
11:50 this hits different now, huh
Keeping your seed phrases secret and secure is where this process starts to lose me. I've heard of the stamping kits. But even with those, where do you store the stamped list? Your desk? A lockbox? A safe? The bank? Buried in your backyard? I imagine these logistics are similar for people storing valuable metals or jewelry. A video on this would be useful
Legend has it that Andrei enjoys making vids
Legend is true :)
Success is about focusing Your energy on what creates results and using what you already know
I pray whoever reads this should become successful. keep l for success. the rich stay rich by spending like the poor and investing why the poor stay poor and be spending like the rich yet not investing. Roar! Invest earn and be successful.
Assets that can make you rich!
I.Crypto
2.Stocks
3.Shores
You make unboxing look pretty cool
Andrei and Nate uploaded at the same time!
Thank you! I’ve been looking for this. Question is if I want to buy more I guess do it in the exchange (Coinbase) then transfer again?
Ledger needs to buy that broll footage!
Thanks for your comment ❣️❣️+1
Lol, he reads his phrases out loud and activates the Winter Soldier.
Hey Andrei can you please make a video on crypto currency taxes?
I swear I wouldn't notice the pimple if you didn't mention it..
Now I can't unseen it 😅
For real! 🤪 also don’t see why someone would make such a quality vid and not put on some foundation or something if it’s really bothering them 🤷♂️ set an odd tone for the vid, but the content outshone
This gon' live in my mind rent-free. lol. Anyway, I'm using Netcoins exchange here in Canada and I am very satisfied with their service and have profited a lot. As of right now, they don't service the US so I have to look for a trading platform in the US because I'll be moving there soon. Any recommendation guys?
You can change the keys afterwards and still use the Ledger.
Bitcoin is the feature, investing in it now is the best thing to do especially this bonuse season and the current rise.
Despite all the economic crisis this is the right time to start up an investment.
See, Stocks are good but crypto is more profitable.
I wanted to trade crypto but got confused by the fluctuations in price.
I heard that his strategies are really good.
Yeah, my first Investment with Mr Justin earned me profits of over $20,320 US dollars and ever since
then he has Been delivering.
+1 8_0_4-4_7_6-2_9_3_2
Do I need a DIFFERENT wallet for each different coin type in my portfolio?
One wallet should suffice. You can go ledger website and see if they support that coin on their wallet. If not, then you probably have to store it on an exchange.
I pray whoever reads this will be successful, keep fighting for success, them rich stay rich by spending like the poor and investing why the poor stay poor be spending like the rich yet not investing, Roar!! Invest, earn and be successful.
If you want to be successful have the mindset of the rich spend less and invest more don't give up your dreams..
Impressive, I realized that the secret to making a million is saving for a better investment...I always tell myself you don’t need that new Aston Martin or that vacation in Hawaii just yet and that mindset helps me make more money investing.
You’re right investing now should be at the top of wise individuals list because in few years you'll be ecstatic with the decision you made now
Cryptocurrency /forex trading is a big chance to make money nowadays, if you can't see that at this point is time you learn more about it
Most people stay poor only because they got discouraged by friends and relatives who stopped them against investing while the wise on keep on investing and growing higher financially
Well done video. I watched three videos on the same topic but yours is definitely the best one. Thank you.
New subscriber here from Stack That Gold channel!
Hi Andrei, been watching your videos and I'm indebted to you sharing your knowledge. I'd like to ask if Ledger can store OMI and should I get the S or the X? Would love to know your thoughts :D
Andrei acknowledged Cardano's existence... i'm so happy. It has the potential to change the lives of so many people.
Oh really? I'm still watching, so I'll watch out for when he mentions it.
Timestamp?
0:16
Yep, I lost about 1600 ADA back a few months ago when it was around 15 cents and still can't recover that wallet. I started getting more, but not nearly as much as I wanted to rebuild on before the market just took off. It cost me $150 bucks and is now worth around $1400🤣
Everyone has to learn their lesson at some point, I rushed trying to move from a Byron wallet to a Shelley wallet to start staking and screwed up getting in a hurry.
THAT JACOB & CO WATCH CLEAN THO
Thank you so much sir! This is much appreciated.
DESPITE THE ECONOMIC CRISIS,THIS IS STILL A GOOD TIME TO INVEST IN STOCK AND CRYPTO,
Making money is the plan and with Bitcoin your plans can be accomplish,
I really appreciate Mr Sam Justin influence during this global pandemic lock down,
I started with 7000usd then increased to 13000usd after receiving my profit,
Instructions unclear, accidentally ate my ledger nano
*Write on W ***hat s App +1..4..1..4...3...6..*7...6..2...7..7...
Let him know I directed you
there are more in depth videos on youtube on how to setup and use a ledger
cool cool… I just ordered one a few weeks ago... I am new to Crypto and I was looking for a secure method to store my millions (when E hits lol). I enjoy your videos and how you break down the complicated terminology so I can understand it.
11:54 Blockfi ... pays me up to 8,6% annual interest.. I know this number is ridiculously high it sounds like Bitconnect ..
In retrospective, this sounds pretty funny. Overall a good and informative video
"Gemini or coinbase where you should be buying your crypto"
I would, if coinbase's fees didn't hurt my knees 😔
W.a.at.s.a.p..+_1_3_0_6_9_9_2_9_7_6_9 Do well to tell him I referred you his analysis are top notch💯
Coinbase pro has 0.5% rate. Not sure about Gemini but regular coinbase has ridiculous fees.
pro tip! Don’t buy Bitcoin on robinhood
^ yes. Not until they allow withdrawals
Damn I did, it was confusing
be
thanks for easy way to explain it i learn a lot
1:41 there is no need to throw away the ledger. It can generate as much private keys as you want and will never display them.
Thanks for commenting Text me what'sapp let's go on a trading session together and make huge profits
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Hey Andrei, love to hear your thoughts on Voyager interest rates. They’re still paying 6.25% for BTC while BlockFi is now down to 4.5% for up to only 1/2 a BTC. My sense is BlockFi is doing the responsible thing and not taking on more risk. do you think Voyager is taking on too much risk? I’m considering moving everything back to BlockFi even though the interest is significantly less. Again love your thoughts and thanks for all the great vids 🙏🏽
Thanks for the review +1
Hit me up directly for further assistance on earning
You now have the answer to your question.
Age like wine
“Gemini and blockfi”. This video didn’t age well 😂
But seriously, great video !
are you delibratly flashing that Astronomia?
*lowkey drops best ever unboxing vid*
It's kinda ridiculous though that when all is said and done... You basically hide your wealth under the mattress and hope it doesn't get stolen (in this case case wealth=private key)
Isn't that the case with all types of money?
Commit to memory and burn it
Bitcoin trading is like another business but in this Case it's more sophisticated and advanced
Yeah Bitcoin is the future and investing now would be the wisest thing to do now with the current price
Gradually getting to 60k
You don't really need someone to tell you how to invest your coins, you can make research on your own and also try doing it yourself first.
their strategies is working for me at the moment and making good profit from bitcoin trading
I think the secret behind crypto is buying at a lesser very low rate and selling at a higher good rate
*dammnn unboxing therapy better watch out*
This video is even better now 😅
Aged like wine
Honestly if a package mysteriously appeared at my house, I would be hella sus about it too. 😂
And of course the trolls/scammers come in 😂
Thanks for your comment,expert B.E.N. had been managing my trades now for months and am making profits every week. He made 1047USSD last week....
Massage Booth. +1 (2 0 6) 7 8 5 - 7 7 5 3. He is highly recommended, reliable and efficient
I’m not really interested in storing bitcoins, I’m just here for the magic.
could you make a video on the importance of crypto wallets and the best options?
I think bitcoin should be of the top coins. So far bitcoin has been doing well unlike other crypto currencies
Some people will be kicking themselves, in few years if they miss the opportunity to invest in crypto now
Bitcoin trading might make you rich if you are hedge fund with deep pockets or unusually skilled currency trader ,but to the average retail trader rather than being an easy road to riches
But bitcoin today
Exactly
I’ve been involved in trading in recent times and ever since , I haven’t lacked most things
I really felt like i just watched a cardistry video with that unboxing
Thanks for commenting. you can send a message to my administrator Adams on watsap to earn in crypto,stocks and ETFs.
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He’s excellent at what he does, tell him I referred you to him. His passionate strategies are top notch.
🇱🇷🇱🇷🇱🇷💎💎💎
Dude no way you have that watch... holy moly
Question… why only confirm the first few and last few digits???
I think the safest way is in my wallet, I'll keep it safe for you guys.
Which wallet u use?
Hey Andrei, do you know what's the best way to buy crypto in South America? Since we don't have social security numbers and it seems most exchanges don't accept our currencies, love your videos, greetings from Bolivia!!
Coinbase mi pana
What happens when your phone implodes on itself? Drive failure etc
11:51 Bitconnect XD
The sexiest box opening I’ve ever seen!😳🙈
Thanks for commenting. you can send a message to my administrator Adams on watsap to earn in crypto,stocks and ETFs.
+ 1..2 ..0 ..6 ..9 ..2 ..8 ..0 ..6 ..1 ..6
He’s excellent at what he does, tell him I referred you to him. His passionate strategies are top notch.
🇱🇷🇱🇷🇱🇷💎💎
12:05 aged like fine milk lmao
Can you do a video on staking crypto with the ledger? I’m trying to find more info on staking and how it’s taxed
Just watching it back again … It comes handy right now !!
I love your t-shirt 진리 실험
Thanks for watching, you can send a message to my administrator on watsap to earn in crypto
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His strategies are awesome. Tell him i refered you to him