I use a
Ledger Nano S cold storage wallet.
I’m honestly not a very technical person. I’m the 64 yr old “Boomer” these younger kids like to make fun of when it comes to all the tech in the world today. But I read a lot and try to pay attention.
When I became interested in Bitcoin, I forced myself to learn the basics of how to move it around and most importantly, how to store it securely and responsibly myself. Don’t leave your BTC on exchanges. It took some time to become comfortable with it all.
The ledger Nano S has a 9 digit pin # that must be entered when it’s connected to the Ledger Live web site by USB on your computer that shows your BTC. That pin # must be entered before you can move your BTC, so keep that pin # private.
If somebody was to steal your ledger, they would have to have that pin # to use it. If somebody got your pin #, they’d have to have the physical ledger as well to move your BTC.
When you set up the ledger you generate a random 24 word seed phrase. This is to be kept in the most secure place you have. If you lose the ledger, or it gets destroyed or stolen, you must have the seed phrase to set up a new ledger. Your BTC will be lost forever if you lose that seed phrase and the ledger.
Also, you need to store clearly written instructions with your seed words for your family to understand what to do with your BTC, in case something happens to you.
Here’s how I entered the space, and I recommend anyone interested to follow these steps to get acclimated to the process. Again, it all takes time.
Step 1: Open a crypto only bank account and link it to the Gemini exchange.
Step 2: Buy a small amount of Bitcoin. Say $100 bucks.
Step 3: Buy a Ledger Nano S and set it up. Use only the official Ledger web site to purchase.
Step 4: Transfer $50 of BTC from Gemini to the ledger.
Step 5: Transfer $25 of BTC from the ledger back to Gemini.
Step 6: Sell $50 of BTC and transfer dollars back to the crypto bank account.
Step 7: Rinse and repeat until comfortable with the process.