Blockchain is one of the most trusted and well-known online cryptocurrency wallets available. With Blockchain.com you have access to your private keys meaning you have control over your assets and funds meaning your crypto is secure.
Whilst Blockchain.com is secure, software wallets are not as secure as a hardware wallet. This is why Blockchain.com have released their own crypto hardware wallet that works seamlessly (along with a Ledger Nano S with your Blockchain online wallet.
What is a Hardware Wallet?
Hardware wallets are physical devices and are one of the safest ways to store your cryptocurrency by storing your private keys offline and away from any potential hackers.
What is Lockbox?
Blockchain has released its own hardware wallet called Lockbox. Lockbox has been designed specifically by Ledger (creators of the Ledger Nano S). By storing your private key in a hardware wallet, you are securing your crypto offline, keeping it another step away from hackers. Therefore by using their Lockbox in conjunction with the online wallet, you get the best of both worlds. The easiest, most widely used web wallet and the most secure offline storage solution creating a seamless experience to trade, transact, and protect your crypto.
Ledger Nano S and Blockchain
The good news is that if you already have an existing Ledger Nano S hardware wallet you can also use this in conjunction with your Blockchain online wallet without the need to purchase a new Blockchain Lockbox device.
What Cryptocurrencies Are Supported?
You can store, receive, send and exchange any cryptocurrencies supported by your Blockchain.com wallet.
Connecting an Existing Ledger Nano S
The steps that I will take you through will be if you have an existing Lockbox or Ledger Nano S
Log into your Blockchain.com account and select Hardware from the left-hand pane.
Click onto “Get Started”
It will then ask you to ‘Select Your Device’.
For existing devices, select Sign In with PIN
Connect your Ledger Nano S to your computer with the supplied USB cable.
Enter your pin for your device.
Ensure the device dashboard is open and you are not in an application.
Once connected, you will see a blue button prompt, stating that the connection was successful.
‘Click to Continue’
Open the Bitcoin App on your Ledger Nano S.
This will pair your device with your Blockchain wallet so that you can always view the balance of your Lockbox.
Tip: You will need to have the Bitcoin app loaded onto your device in order to pair your hardware wallet with your Blockchain web wallet. If you do not have the app installed, you can install it from the “Pair Device” screen during your sign in process.
If your version of the BTC app requires you to export your public keys, you will be prompted on your device to export your keys 6 times. Accept all 6 by clicking onto the tick on your device.
You can then start a tour of your hardware wallet or you can choose to skip the tour.
Managing Apps in Blockchain.com
To add, update or remove applications, clicking onto the Manage Apps button to open the app manager which allows you to change and update the apps on your device.
Sending From Lockbox Hardware Wallets
To send your crypto, you will need to connect your hardware wallet to Blockchain.
Sending from your Ledger Nano S (or Lockbox) device uses the same process as sending from your Blockchain.com online Wallet.
Select Send from the Dashboard or your chosen wallet
Select Lockbox and your device from the “From” dropdown list
You can then send your cryptocurrency in the usual way.
Requesting Funds Into Your Hardware Wallet
You do not need your hardware wallet connected to receive or request funds.
Requesting/Receiving cryptocurrency uses the same process as receiving funds into your Blockchain.com online Wallet.
Select Send from the Dashboard or your chosen wallet
Select your hardware device from the ‘Receive To’ dropdown
You can then request your cryptocurrency in the usual way.
The Ledger Nano S is the ultimate device for investors serious about cryptocurrency. It’s widely recommended storing your digital assets in a hardware wallet where your digital assets are stored offline. The most common and trusted hardware wallets are the Ledger Nano S, Trezor and KeyKeep.
Unfortunately, these devices don’t come free, like the Exodus software wallet or the Jaxx wallet. However, spending around $100 for a hardware wallet could be one of your best investments, so you can safely secure your crypto. Don’t be fooled, hardware wallets will never be 100% secure and it’s down to the individual to protect their information. So just be careful with the information you share online and store your recovery seed safely, offline.
Ledger Nano S hardware wallet tutorial and unboxing. In this video tutorial, I explain the process of setting up your Ledger Nano S device. I show the Bitcoin wallet, send and receive options and how to add and remove wallets from the hardware device using the Ledger Manager tool.
I have created this tutorial for your benefit and show you my passcode and recovery seed. However, when setting up your device, Do Not share your information online and store your recovery seed safely, offline. Exposing your information to others may cause you to lose your crypto assets and these may not be able to be recovered.
What is a Hardware Wallet?
A Hardware wallet is a small physical device much like a USB drive, that can store your cryptocurrency assets offline. It’s a type of cold storage, meaning your crypto is stored offline, similar to a paper wallet. Unlike a paper wallet, your private key is stored safely on the device and you don’t have to enter a long-phrase of characters to send your crypto.
Of course, hardware wallets can be lost, stolen or damaged, but with your passcode and private keys, your crypto assets will be completely safe.
What’s in the Box
Very similar to what you would expect from an Apple product, the Ledger Hardware wallet comes neatly packaged and includes;
Ledger Nano S Hardware Wallet
x3 Recovery sheets
Get Started Card
Anti Tampering Card
Keyring & Chain
Ledger Nano S Supported Tokens
The Ledger Nano S hardware wallet supports the largest number of cryptocurrencies compared to its main competitors; Trezor and KeepKey. Within the list are the likes of Bitcoin, Ethereum, Litecoin, and the only hardware wallet to support Ripple XRP. One of its biggest benefits is its connectivity with MyEtherWallet. By connecting your Nano S to MyEtherWallet you can store your ERC20 tokens. For more information, check out MyEtherWallet tutorial.
Ledger vs Trezor
The Ledger and Trezor are both great hardware wallet devices, however, the main difference is the design of these. The Ledger Nano S uses secure elements/chips, whereas the Trezor is like a mini-computer.
You’ll also see a difference in the price of the 2 devices. With the Trezor costing you around $99, and the Ledger S costing around $59. The Trezor does have an advanced recovery feature too that the Nano S doesn’t. With this recovery feature, your Trezor recovery phrase won’t be exposed to the computer when recovered.
Ledger Nano X
Ledger Live Manager
Ledger Live is an all in one application that lets you set up and manage your Ledger device. It supports the Ledger Nano X, Ledger Nano S and Ledger Blue via USB. Available for desktop on Linux, Windows and Mac they also have a mobile app available from the AppStore or GooglePlay.
Where to Buy A Ledger Nano S?
If you’re looking to purchase a Ledger product or any other hardware wallet, I’d highly recommend buying through a recommended retailer.
I purchased my first Ledger product via the LedgerWallet.com website and have since purchased a Nano S via Amazon.
Please Note: Do Not buy a hardware wallet from websites like eBay, as you run the risk of losing your crypto
How to Connect a Ledger Nano S to MyEtherWallet (MEW)
In this video tutorial, I show how to connect MyEtherWallet (MEW) with your Ledger Nano S device for a secure way of sending Ethereum and ERC20 tokens. This process is one of the safest ways to send these types of transactions, as the private keys are stored in your Ledger device and not exposed to online.