What's up, everyone?
My name is Ajwritescrypto.
And welcome to BitLab Academy!
In this lesson, we're going to teach you how to keep your crypto as safe as possible
and do a step-by-step tutorial on how to put your crypto onto a brand new Ledger.
Why is this so important?
2022 has been a year of volatility.
There's a lot of uncertainty.
And people aren't sure what to do with their crypto.
If anything, this year has been a lesson on why self-custody is so important.
A lot of people have come up to me on Twitter or on the streets and asked me,
like, "What should I do?"
Like, "Should I take my stuff off Coinbase?"
"Is it still okay to use KuCoin?"
Like, "What do I do?"
This is what I want you to do.
I want you to ask yourself.
How safe is your crypto?
LUNA, Celsius, FTX and inflation have all caused a lot of fear.
We've seen what fear can do to the markets.
We've also seen what can happen to the price of crypto
when companies, especially big ones, start to go insolvent.
It's more important than ever that you don't leave your crypto on exchanges,
especially if you plan on holding for a number of years.
You might not know this,
but I've read the Terms and Conditions on every single crypto exchange.
And in there, in every one, there's a clause called a force majeure.
On the screen right now, you could pause to read it if you'd like to,
is section 9.6 from the Coinbase user agreement.
If you want to pause and take a second to read this, do so.
But basically, what it says is that if anything out of their control happens
that prevents them from providing their services,
they are not responsible, and you can't do anything about it.
Not to mention, they can freeze your account without telling you why.
They also have to comply with the police
if they want to stop you from getting to your assets.
And all of this can be avoided with self-custody.
You have to understand, when you sign up for an exchange,
you're signing a contract.
And in those contracts,
there's a ton of stuff on what happens if we breach the terms of agreements,
but there's nothing in there on if they breach those terms.
There's nothing in there at all about what to do
if they overleveraged a customer's funds and go insolvent.
It's a one-way road.
This year alone, between Celsius, BlockFi, FTX and many others,
all those people who left their bags on those exchanges were left high and dry.
And if you want to play on their field, you've got to play by their rules.
Or you can avoid all this and take control of your own assets.
I've said it once and I'll say it again.
Not your keys, not your crypto.
Self-custody is more important now than ever.
Having complete ownership is essential to protecting yourself
and your hard-earned crypto.
A cold storage wallet, like this Ledger right here,
is not connected to any servers.
And unless you put in your keys,
the door to your crypto cannot be opened by anyone.
And it's your responsibility to protect those keys.
When you write down your seed phrase,
don't write it in a phone or a computer because those are connected to servers.
And that completely defeats the point.
So once you've physically write down your seed phrase,
make sure you keep that somewhere very safe,
preferably somewhere fireproof.
Alright. So now we're going to do a step-by-step walkthrough
on how to get crypto onto this Ledger.
So here we are on the Ledger Live app.
You're going to follow along with my screen.
And we'll do this together.
We're going to click Get started.
For this, we have a Ledger Nano X.
This is the first time using the Nano X,
so we're going to click that.
Access your crypto.
Your crypto assets are stored on the blockchain.
You need a private key to access and manage them.
Continue.
Own your private key.
Your private key is stored within your Nano.
You must be the only one to own it to be in control of your money.
Stay offline.
Your Nano works as a cold storage wallet.
This means it never exposes your private key online,
even when using the app.
Validate transactions.
Ledger Live allows you to buy, sell, manage, exchange and earn crypto
while remaining protected.
You will validate every crypto transaction with your Nano.
Let's set up your Nano.
We'll start by setting up your Nano security.
Let's do this!
The best way to get started is to just clear your schedule for 30 minutes,
grab a pen and something to write down with.
Okay, I'm ready!
So you're going to want to turn on your Nano.
Connect your device to your computer with the USB cable.
Bang!
Plugged in.
Welcome to Ledger Nano X!
Please press the right button to continue.
Bang!
Download Ledger Live and then press right,
which we already downloaded Ledger Live,
so now we're going to press right.
Use buttons to navigate menus and list.
And then you press both buttons at the same time to press Select.
So right here we're going to go set up to new device,
set up to new device, and press both buttons to get started.
The next step is to choose a PIN number which is 4-8 digits of your own choosing,
which you want to keep written down.
Once you put your PIN number in,
you will put the same number in again to confirm your PIN.
The next step after creating your PIN number is to write down your recovery phrase,
also known as the seed phrase.
Your seed phrase is 24 random words that are generated by your Ledger device.
You can write them down in the sheet they give you or on your own notebook
as long as you keep it in a safe place, preferably fireproof.
Also, keep in mind,
your seed phrase is the only backup you have to get into your Ledger.
So it's very important you keep this safe.
Make sure you write the numbers down in order on your recovery sheet.
And if you aren't using a recovery sheet, make sure you number the words.
Also, when you're writing down your seed phrase,
take your time and make sure you spell every word correctly.
I have heard nightmare stories about people that can't get into their crypto
because they misspelled one little word.
So once you've finished writing down all 24 words,
and checking again to make sure that they're all spelled correctly
and in the correct order,
you're going to press both buttons at the same time
to continue to the next step.
Once you do this, it will once again confirm your recovery phrase.
Once you have your recovery phrase set,
you will go back through on the Ledger
and confirm that each word is in fact that word in order for all 24.
To do this,
say, word No. 1 is family.
It'll say word No. 1, shove?
And then you're going to scroll through until you find family
and then press both buttons at the same time
to confirm that word No. 1 is family,
and then you go on to word No. 2, and repeat the process.
So here we are. Your recovery phrase is set.
Please keep in a secure place.
It says, "If lost, stolen or forgotten, all your assets will be irredeemably lost."
Never share it with anyone. Ledger will never ask you for it.
Press both buttons to continue.
Now, it says your device is ready for use.
Once you click Next Step on Ledger Live,
it will want you to enter your PIN code onto the app.
I understand that I chose my PIN code myself
and I keep it private.
Set up PIN code.
Once we have all that set up,
you're going to plug your device into your computer.
You're already going to have the PIN, recovery phrase and everything done.
And then it's going to make sure that your device is legit,
or genuine is the word they use.
Then you allow the Ledger manager by pressing both buttons at the same time.
And on my computer, it says,
"All good! Your Ledger Nano X is genuine and ready to use with Ledger Live."
And then we read the Terms of Use Update.
Pause on the screen if you'd like to do that.
And then click Continue.
So now that we have the Ledger set up,
we're going to want to put our crypto onto the Ledger.
So you're going to use the Ledger Live app and go down to My Ledger.
Then if you want to put Bitcoin onto your Ledger,
you go here and you click Install.
By installing this, you'll be able to put Bitcoin onto your Ledger.
And if you hold a bunch of altcoins or whatever,
you're just going to have to search or find that altcoin,
click Install,
and then you'll be able to put that altcoin onto your Ledger.
This also works for NFTs.
To put Bitcoin on the device,
you're going to click to Portfolio,
and on the screen,
it will make you go to the Bitcoin on the Ledger.
And you'll press both buttons when it says Bitcoin is ready.
And after that, it'll ask you to add a new account.
And then it takes a moment to synchronize.
Once that synchronizes, click Add account.
Account added successfully.
Once you have your Bitcoin account set up on the Ledger app,
you can either buy Bitcoin itself from the Ledger app,
or you can send it from another exchange.
For the sake of demonstration,
I'm going to show you how to send Bitcoin from Coinbase to Ledger.
On the Ledger Live app, you're going to go down and click Receive.
And then it will say Bitcoin.
Click Continue.
And then you will have to have your device plugged in, obviously,
so it loads this next part.
And then it'll give you your Bitcoin address.
And we'll use that from Coinbase.
So what you do,
you copy this.
Address copied.
So then we're going to leave Ledger Live.
We're going to bring up Coinbase.
We're going to go to Assets.
We're going to click on Bitcoin.
We're going to click Send & Receive.
You're going to pay with Bitcoin to,
and right here where it says To,
you're going to paste that address that we just copied from Ledger.
And what I like to do in this situation here,
I like to look at the first three letters and the last three letters to make sure it's legit.
It starts with bc1 and ends with djg.
So we go back to Coinbase.
And we'll see bc1, djg.
That's how I know that I didn't accidentally press the wrong button,
and that is the correct Bitcoin address.
Because you want to make sure that
that address is exactly what you copied from Ledger.
I'm going to send $100 for the sake of demonstration.
I'm going to click Continue.
Send now.
And then Coinbase will want you to enter a code.
If you have two-factor authentication set up,
it'll send you a code to your cellphone.
You put that code in really fast.
Boom!
And just like that, we send Bitcoin to our Ledger.
And once you get the address,
it'll have a green checkmark and say "Address shared securely."
The Bitcoin will take a minute to go from my Coinbase to the Ledger
because Bitcoin's time of finality is 25, 30 minutes to about an hour.
That means if you send me Bitcoin, or I send you Bitcoin,
it takes that long for the transaction to go through.
So since that takes a little while,
for the sake of demonstration,
I'm also going to show you how to send Algorand from Coinbase to the Ledger.
So this is super easy to do.
On the My Ledger app,
you go down to My Ledger.
You unlock your device.
Come down here on the My Ledger.
And you'll see Algorand.
And you'll install the Algorand driver,
just like we installed the Bitcoin one before.
And this works for basically every altcoin there is.
Most altcoins all work on Ledger.
If I want to send myself some NEAR, I'll install this.
If I want to send myself some Stellar, I'll install this driver.
And then that tells your Ledger that it can receive that altcoin.
It's very simple.
So now the driver for Algorand has loaded onto my Ledger.
So next, I'm going to go to the My Ledger app and click Receive.
And then you're going to click on Account to credit.
We're going to click on Algorand.
Click Continue.
Now, you can see on my screen that we have the address for Algorand
that we're going to copy and paste into Coinbase to send those assets to the Ledger.
Address copied.
We go back to Coinbase.
Click Assets.
Click Algorand.
Send & Receive.
Send.
Pay with Algorand.
Paste in the address.
Click $100.
Click Continue.
Send now.
And then once again, just like before,
Coinbase will send you a 7-digit code that they text to your cellphone number.
And then you put that code in.
Also, when you're receiving coins to the Ledger,
it will pop up at the bottom to verify that the address that is on your computer screen
is the exact address on your Ledger.
And you just kind of go through that.
Look at the first couple letters.
f37
Look at the last couple.
umb
And just like that, that's how you know that it's legit.
And then it says "Approve address."
And we press both buttons to select.
And then on the computer screen, it says "Address shared securely."
So there you go.
Just like that, we sent our crypto from Coinbase to our new Ledger Nano X.
I highly recommend that you take the time to go through the Ledger app
and learn everything that is there.
In crypto, you need to spend the extra time to familiarize yourself with these things
so you get super comfortable using it, it'll be like second nature.
So just check it out. Like, go through the--
on my computer screen here, you can see the Ledger market,
with Bitcoin and Ethereum, just what prices are at,
the market caps,
change in price direction.
You can buy coins.
You can swap coins.
You can sell coins.
In the discovery section of the app,
you can see a bunch of different-- like Web3 apps, DeFi.
If you look here on the Ledger,
take the time to look into it and learn about it.
Crypto at its core is an educational experience.
And the more you put in, the more you get out.
And that's why we're here at BitLab Academy step by step breaking this stuff down
so you guys learn how to get this stuff done.
Be sure to like and subscribe below.
My name is Ajwritescrypto.
And I look forward to seeing you in the next one.