How To Set Up Your Ledger

This video provides a step-by-step guide on setting up a Ledger Nano S+ hardware wallet to ensure personal custody of cryptocurrency. Mitchell emphasizes that keeping coins on an exchange involves significant risk, asserting that if you do not own your private keys, you do not own your crypto.

The setup process involves the following stages:

• Preparation: Ensure you have the Ledger Nano S+, its cable, a pen, and the provided recovery sheet.

  
  

• Software Initialization: Download and install the Ledger Live app on your computer, accept the terms, and select "set up a new Nano S+".

  
  

• Device Configuration: Plug the device into your computer and use the physical buttons to navigate and confirm selections. Select "setup new device" and create a secure, personal PIN code.

  
  

• Recovery Phrase (Crucial Step): The device will generate a recovery phrase, which acts as the master key to your crypto. The speaker stresses that this phrase must be kept completely offline; it should never be stored in a notes app, password manager, screenshot, or cloud service. Instead, it must be written physically on a piece of paper and stored in a secure location.

  
  

• Verification: The device will require you to confirm every word of your recovery phrase to ensure it was recorded correctly.

  
  

• Finalization: Complete the educational quiz within Ledger Live, which confirms your understanding of the recovery phrase’s importance, as no one can recover your assets if it is lost. Finally, perform the genuine device check to confirm the hardware is authentic.

  
  

Once these steps are complete, the device is ready for use.