Cryptocurrencies are completely different from fiat currencies. In the fiat ecosystem and banking, you are the major entity. If you lost your credit or debit card, passbook or password to a bank account, you can still recover with assistance from your bank. When the documents are produced the bank will readily assist you with the process.
However, in the case of cryptocurrencies, the blockchain does not intend to learn about you. You are just a public address and your access to funds is ensured by the private key. A hacker can get access to both and steal your funds in a flash. To make matters worse, cryptocurrency transactions are irreversible. Hence, it brings the need to use hardware wallets, that will secure the private key in it. There is no way one can access your funds without getting that little piece of hardware. Even if your hardware is lost, a hacker cannot hack it without the backup phrase.
What comes in the package?
You are obviously getting the Nano Ledger hardware wallet delivered at your doorstep. It comes along with cables to connect with tabs and computers. Importantly, you get a recovery sheet, which is as good as a key to your locker. Nano Ledger hardware wallet is a smart device consisting of a welcome screen and input buttons. You can navigate through the options using just a couple of buttons. It helps select menus, enter numbers, and choose words and more. You can set the 20-word recovery phase during the initial installation itself. You need nothing other than the Nano Ledger wallet to do that.
Configuring the new device
Connect the hardware wallet with your computer using the cables. It prompts the welcome screen from which you can start navigating using the buttons on the top. You need to press both buttons at once to begin. You can choose to configure it as a new device or restore an existing device. It will ask you to choose a PIN, which will be used every time you log in from the device. Once you set the pin, be ready to write down the 20 word recovery phrase in the recovery sheet. The order of the words is of paramount importance. In case you lose the device, the recovery phrase is the only way to access your accounts. Never write the recovery phrase on the computer since it is as risky as having a hot wallet.
Operating from Wallet App
Visit the website, Ledger.com on your computer. Browse to apps and click on Ledger Wallet Bitcoin & Altcoins. Download the chrome extension to keep it neutral to both Windows and Mac. When connecting your hardware wallet to the app, you have to select which blockchain you want to use. Once you have selected your option, the app will connect to your wallet and synchronize your device. Now you can see how many bitcoins or other cryptocurrencies you have. You can send, receive or navigate to app settings. To ensure safety, you will be asked to verify every transaction from the device too.
