Do-It-Yourself Security Guide
We document a simple, do-it-yourself process to secure your bitcoin. The cost of setup is $170 in parts and 60 minutes of your time. We'll explain how to move your bitcoin from a third party exchange (Coinbase) to a hardware device (Ledger Nano S) that you own and manage.
This is how you become your own bank.
- Time: 60 minutes
- Materials: $170
- You own a little bitcoin💰
- You have a computer with internet 📡
Step 1: Buy 5 mins
Buy the (1) hardware device and (2) steel backup. Sometimes hardware device companies will sell these two products coupled together, but it's less expensive to buy them separately.
Tip: It may take 1-2 weeks to receive your parts. There's increasing demand for these types of security products.
Step 2: Download 10 mins
Go to your computer. Download and install Ledger Live. Ledger Live is an application (developed by the same company that makes the Ledger Nano S) that allows you to set up your hardware device and manage your crypto assets.
Tip: Beware of phishing attacks. Make sure you go to the correct web address and avoid fake domains. An example of a fake domain is legder.com. Notice the misspelling of the word "ledger."
Step 3: Unbox 15 mins
Open the hardware device packaging. Plug the Ledger Nano S into your computer. Watch this 5 minute video for step-by-step instruction on how to initialize your new device. Ledger will guide you through the setup.
Set up Your Hardware Device
- Select device - choose the "Ledger Nano S" (Ledger sells various models)
- Choose PIN - you will enter this PIN code each time you use the hardware device
- Save recovery phrase - these 24 words are your only means of "backup" so store them in a safe place
- Complete security checklist - ensures your device has not been tampered with before arriving to you
- Add password lock - this additional password is an extra layer of security
Tip: Do not use a device with an existing PIN code or recovery phrase. This means someone has tampered with the device. You will configure and save these codes during the initial setup.
Hardware device setup complete ✅
Step 4: Transfer 15 mins
It's time to transfer your crypto assets from Coinbase to your personal hardware wallet. The first part of the transfer process is completed with the Ledger Live app and your Ledger hardware device. The second part is executed on Coinbase. Here we go.
- Go to the Ledger Live app and click on the "Manager" tab. You should see the App Catalog. Install the Bitcoin (BTC) app.
- Navigate to the "Accounts" tab. Click "Add account" and choose Bitcoin (BTC).
- Select the Bitcoin account and click "Receive." Make sure the Bitcoin account is chosen and you will be prompted to connect to your hardware device.
- An address for Bitcoin will be displayed in the Ledger Live app. Verify the address on your hardware device. Copy this address. We will need it later.
- Log into your Coinbase account and go to your Bitcoin (BTC) wallet.
- Select the "Send" function and paste the Bitcoin address we generated in the "Ledger Steps" above into the address field.
- Enter the amount of bitcoin (BTC) you want to transfer and click "Continue." Review transaction details and click "Send now."
- Wait for confirmation. This process normally takes 10 minutes. Check the status of your transaction here.
Tip: Make sure the receiving address is input correctly. Check each character because if the address is entered incorrectly then you run the risk of sending your bitcoin to the wrong wallet.
Bitcoin transfer complete ✅
Step 5: Secure 15 mins
Open the steel backup packaging. Follow these steps to properly backup your recovery phrase.
Security configuration complete ✅
Submit any security questions or topics you'd like more detail on. We'll follow up with you directly.