There are so many things that you can do with cryptocurrency. If you’re interested in purchasing an item, paying bills, making deals, this is one of your best options. With this, you can easily see a glimpse of its potential in the future. If you’re new to this and confused with how to use hardware wallets, this article is for you! After reading this, you’ll learn how to transfer cryptocurrency to hardware wallet. So if you want to start making transactions, better read this until the end.
What You Should Know About Cryptocurrency
Did you know that there are over 4,000 cryptocurrencies circulating in many countries? So before we teach you how to transfer cryptocurrency to hardware wallet, allow us to share the facts that will help you understand cryptocurrency.
- There may be thousands of cryptocurrencies around the world, but there are only a few that are popular and valuable – Litecoin, Ethereum, Tether, Libra, Ripple, Bitcoin, EOS, Bitcoin Cash, Stellar, and Cardano.
- You need a wallet to store your assets. These come in two types – the hot and the cold ones. Sometimes they call it hardware wallet or soft wallet. But they share a common function, which is to store your assets safely.
- In order for you to access your crypto wallet, you must have a key. If you accidentally lost it, you will be in trouble because you won’t be able to access it.
- Every cryptocurrency is uniquely coded. So they are not that easy to acquire illegally unless you are a skilled hacker.
- There is this so-called cryptojacking, where a scammer puts a weird code on your device to access your crypto wallet and cryptocurrencies. Your determiner in this condition is when your battery quickly discharges or your device is working slower than usual. So be careful when mining and don’t let anyone access your device.
- The value of the cryptocurrency is never stable. Just like the physical money that we use in exchange, it changes from time to time.
- You can use cryptocurrency in trading, buying, selling, or doing other transactions, like money transfer.
- Cryptocurrency isn’t legal and is banned in a few countries, like Bolivia, Nepal, Cambodia, Bangladesh, and other third-world countries.
- You can earn free coins if you do micro tasks or jobs. You can also lend or keep your crypto for the next exchange.
- You can make your own cryptocurrency, but you should devote your time and effort because it is not that easy.
- The best time to trade cryptocurrency is between 9 AM and 4 PM. But this can change depending on the mood of the traders, of course.
Transferring Cryptocurrency to Hardware Wallet
Buy a Hardware Wallet and Activate It
Your first step to accomplish before knowing how to transfer cryptocurrency to hardware wallet, is to have a hardware wallet. These aren’t free but safer to use in securing your assets. Using a hardware wallet will help you keep your assets safe offline. Meaning hackers will have a hard time accessing it. And here’s how you can start activating your wallet:
- Buy a hardware wallet. You have many options for this but you can try Trezor, Ledger Nano S, and Ledger Nano X.
- Next, run the software on your device. Follow the instructions that you will see on the screen and never leave out any. This process might take a while, so be patient.
- As part of the installation process, it will require you to set a PIN code. Just make sure that you can remember it. You can at least write it on a notebook or type it on your phone.
- Next, you need to get a good ledger app that will help you access your wallet and read the history of your transactions. You can choose Ledger Nano X, Ledger Nano S, or Ledger live.
- Finally, try if it is working by sending to or receiving crypto from someone you know. If your request is granted, it is ready to use.
The Transfer Process
So how to transfer cryptocurrency to hardware wallet? Now that your hardware wallet is ready to use, it would be easier for you to transfer cryptocurrencies. Take note, this is a challenging part when it’s your first time. But don’t worry, as long as you will follow the instructions below, you will never go wrong.
- In the installation process, we mentioned that you need a ledger app and that’s because it plays a big role in crypto transactions. In order for you to transfer cryptocurrency, you must connect your ledger to your device.
- Next, after connecting your hardware wallet to your computer, it will ask you to type your PIN code. If you don’t remember it, you can take a look at your notes.
- On your computer, find your Chrome app and install the Bitcoin application.
- Once it is done, open the application.
- Then a find the word “receive” in the menu.
- Next, the window that will pop up will display a Bitcoin address. You must copy this address so you can proceed to the next step.
- Now, for the final touch, paste the Bitcoin address to your ledger wallet.
- Once it is successfully transferred, you can unplug your hardware wallet and store it safely.
There are so many things to consider and learn before you master the use of cryptocurrency – from knowing all the different cryptocurrencies to the valuable cryptos, the flow of trade, how to earn, and of course, the wallets where you save your assets. Now that we have shared with you how to transfer cryptocurrency to hardware wallet, it would be easier for you to do it next time. But remember, your hardware wallet can be the next target of thieves or hackers. So place it somewhere safe so it won’t fall in the hands of the wrong person. Find out more about cryptocurrency here!