How to Migrate Your Crypto to a Ledger Nano
| Key Takeaways |
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— Congratulations on making it to the end of your crypto crash course! You are now, nearly, a pro.
— No matter how you use Web3, the foundation of your security will always be your crypto wallet. — The way you transfer your assets to your hardware device will define how secure your crypto is. — If you’re using a soft wallet, recovering your existing private keys on a hardware wallet WILL NOT protect your assets. — Every asset you transfer needs a completely new address – with private keys that have never been online. Here, we walk you through why and how. |
You made it! You’ve reached the very end of your crypto crash course!
Since you began reading a short while ago, you’ve learned the basics of blockchain, crypto security, and Web3, and now you’re ready to start exploring the space – safely. There’s just one thing left to do.
The first step: secure your crypto
Whether it’s Bitcoin, Ether, NFTs, or a brand new token from a project you just started backing, all of your crypto assets have one thing in common – they ALL have a private key.
If you already own some crypto, and you’re looking to secure them on a Ledger Nano, you might think this simply means recovering your private keys on your device. But doing this would be a huge mistake.
In this article, we will explain how to properly move your crypto assets into a secure hardware wallet.
Hot wallets aren’t safe!: a recap
A hot wallet may well conceal your private keys physically, but existing online leaves a gap for sophisticated digital hackers to target your data.
Once online, always online
Once your keys or recovery phrase have been online, even for a second, they are no longer safe. Anyone might have accessed them remotely. There is simply no way of knowing.
From here, one thing should be clear: if your private key started its life online, simply moving it into a hardware wallet will not make it safe.
What you need is a new key that has never been on internet-connected devices.
How to transfer assets from your hot wallet to a Ledger?
The entire premise of a Ledger Nano is that it keeps your private keys completely offline. But, the device can’t protect keys that were already exposed.
Never use your seed phrase to recover a hot wallet on a hardware device. Doing this may well recover your existing blockchain assets, but it won’t secure them.
1) Create a new address for each asset
If you’re looking to move your assets from a hot wallet to a Ledger Nano, you should create a new address altogether. This should be the case for every one of your different crypto assets, and you can find out how to do it right here.
2) Verify and send each crypto asset to its new Ledger address
The next step is sending each one (that means some gas fees) from your existing wallet into its new account within your Ledger Nano. You’ll be able to see your public key (receiving address) by copying it from the Ledger Live App – you’ll need to verify on the Trusted Display of your Ledger Nano to be sure.
3) Enjoy completely secure private keys
With your new private keys generated within the device, and your assets sent to their new address, your crypto is now secured in a totally offline environment.
With this done, you can switch off and be absolutely certain that your assets are untouchable via a hack.
Can I still interact with dApps from my Ledger?
The answer is yes! Ledger’s ecosystem of integrations is constantly expanding. It enables you to interact with dApps safely from your hardware wallet.
Even if you’re interacting with a platform that’s not yet integrated into Ledger’s ecosystem, don’t worry -we still have you covered, because Ledger devices are fully compatible with key Web3 middleware. We’ll talk you through the process of connecting your Ledger to a Web3 browser extension right here .
You are now Web3-ready!
Congratulations! With your course completion, your blockchain knowledge up to the mark, and your private keys tucked away in a hardware wallet, you are now ready to safely explore Web3.
If you take just one thing from this course, it should be this: keeping your crypto safe is not only about protecting your private key and recovery phrase, but also understanding the space, in order to avoid the pitfalls.
Things move quickly in the Web3 space, which is exciting! But scams also evolve quickly. And the freedom of self-custody means that it’s completely your responsibility to protect your keys and funds.
That’s why Ledger’s mission is not just to provide the safest storage solution for your private key, but also the best ongoing educational resource where you can constantly stay up to date on the latest risks to your crypto.
In Web3, ‘you’ are in charge. So get secure, stay educated and enjoy the ride! We will be here to support you.
