How to Send Bitcoin to a Ledger Nano S in 3 Minutes
So far, 2021 has been a magnificent year for Bitcoin (BTC) enthusiasts. Several major companies offer Bitcoin as a payment option, including Tesla, Microsoft, AT&T, Rakuten and Twitch. At the time of writing, Beatport, a digital music retailer, is the latest company to offer Bitcoin as a payment option. Beatport will accept BTC as payment from June 2021.
- Step 1 - Plug in your Ledger Nano S
- Step 2 - Open the Ledger Wallet Bitcoin application on your computer
- Step 3 - Open the Ledger Wallet Bitcoin App on your device
- Step 4 - Choose your wallet address type
- Step 5 - Click on the RECEIVE option
- Step 6 - Choose your account
- Step 7 - Copy the Wallet address/scan the QR code
- Step 8 - All done!
- Are there any fees when transferring BTC to Ledger Nano S
- Check Out Our Ledger S/X Comparison and Trezor Comparison
At the time of writing, Beatport, a digital music retailer, is the latest company to offer Bitcoin as a payment option. Beatport will accept BTC as payment from June 2021.
Once you purchase Bitcoin at a crypto exchange, Bitcoin ATM or peer-to-peer trading (P2P) platform, you should transfer your purchased crypto tokens to a trusted cryptocurrency wallet.
As is of common knowledge, hardware wallets are the safest wallet type to store cryptocurrencies.
In this guide, we will explain how you can transfer Bitcoin to a Ledger Nano S wallet in a matter of minutes.
If you don’t want to mess around with software wallets, you should check out the Ledger Nano S. This affordable hardware wallet is a great way to keep your coins safe and secure. With support for nearly every coin on the market, it’s tough to go wrong with the Nano S.
To get your hands on this high-quality, affordable hardware wallet, visit the Ledger websiteVisit Ledger Nano S
Step 1 - Plug in your Ledger Nano S
To start things off, you should launch the Ledger Live app and connect your Ledger Nano S to the computer with the USB cable.
Once you have plugged in the device, enter your PIN code. Do not share this code with anyone. If a miscreant gains access to your PIN code and device, he can wreak havoc, so keep the code to yourself at all times.
Step 2 - Open the Ledger Wallet Bitcoin application on your computer
Launch the Ledger Wallet Bitcoin application on your computer and enter the password.
Step 3 - Open the Ledger Wallet Bitcoin App on your device
Open the Ledger Wallet Bitcoin app on your device using the buttons (right button) at the top of the wallet.
Ensure that the browser support is set on NO. A pop-up message will appear on your computer screen at this stage.
Since the Ledger Wallet Bitcoin app is the same interface to manage both Bitcoin and Bitcoin Cash (BCH), you should click on the BITCOIN option, as you want to transfer Bitcoin to the Ledger Nano S wallet.
Similarly, you should click on the BITCOIN CASH option if you want to transfer BCH.
Step 4 - Choose your wallet address type
A pop-up message will appear on your screen and you will be asked to choose between Legacy and SegWit address types.
We recommend you choose the SEGWIT option, as it has lower fees and faster transaction periods.
The Ledger Nano S wallet will open as soon as you click on this option.
Step 5 - Click on the RECEIVE option
You will see several options at the top of your computer screen, including ACCOUNTS, SEND and RECEIVE. Click on the RECEIVE option to continue.
You should keep in mind that the process of sending Bitcoin from Ledger Nano S to another wallet address is the same till this stage (you have to click on the SEND option instead of the RECEIVE option to continue).
Step 6 - Choose your account
At this stage, a pop-up message will appear on your screen. You have to choose the account you want to receive the Bitcoin on. If you have only one account, click on the DISPLAY ADDRESS ON DEVICE option to proceed.
Step 7 - Copy the Wallet address/scan the QR code
You will see a pop-up message on your screen where your Bitcoin wallet address and QR code will be displayed.
Make sure that your wallet address and QR code match. If both addresses match, you can go on to receive Bitcoins via your wallet address or QR code.
If both addresses do not match, log out and relaunch the application.
Here Is How You Can Send BTC Via A Cryptocurrency Exchange:
Let’s take Binance for example. Log in to your Binance account and click on the Wallets tab at the bottom right-hand corner of your screen.
You will see an option to Withdraw at the center of your screen. Click on the option.
A series of crypto assets will appear on your screen (the crypto tokens you have invested in, like Ethereum (ETH, Litecoin (LTC), Dash (DASH), Ripple (XRP), Dogecoin (DOGE), etc.).
Click on the cryptocurrency you want to withdraw, which is Bitcoin in this case.
Paste the Ledger wallet receiving address or scan the Ledger Nano S QR code to proceed.
Enter the amount of Bitcoin you want to withdraw and take note of the ensuing transaction fee. Once you have entered these details, click on the Withdrawal option. You should receive Bitcoin on your Ledger Nano S wallet almost instantly.
Here Is How You Can Send BTC Via A Bitcoin ATM:
Visit an ATM near you and choose the option to buy the cryptocurrency. You should keep in mind that not all ATMs offer the option to both buy and sell Bitcoin. Visit an ATM that offers an option to buy the cryptocurrency.
Scan the QR code of your Ledger wallet recipient address using the ATM’s scanner or manually enter your Bitcoin address. Enter the amount of the cryptocurrency you want to buy, insert the cash and allow the machine a few minutes to process the transaction.
Check your Ledger Nano S device balance to confirm the transaction details.
Step 8 - All done!
As soon as the transaction is confirmed, it will appear on your transaction history. Your account balance will be updated as well. Be rest assured that your funds are safe in the wallet. The process of sending other cryptocurrencies to your Ledger Nano S wallet is the same. All you have to do is launch the respective crypto app and proceed accordingly.
You need an Ethereum account to access ERC-20 tokens. The whole process of transferring cryptocurrencies to your Ledger Nano S hardware wallet should not take more than 5 minutes.
Are there any fees when transferring BTC to Ledger Nano S
No, there are no fees when transferring Bitcoin to a Ledger Nano S wallet.
While Ledger Nano S does not charge any fees to receive the cryptocurrency or any crypto token for that matter, a cryptocurrency exchange will charge a blockchain withdrawal fee for the same.
The transaction fee charged by a crypto exchange varies from exchange to exchange.
Similarly, if you purchase Bitcoin at an ATM, the ATM will charge a relatively high fee (when compared to an exchange) when you purchase the crypto token.
If you want to send a cryptocurrency from your Ledger Nano S wallet to another wallet, you will be charged a transaction fee.
This fee depends on the urgency of your transaction.
Of the four mentioned crypto wallets, Ledger Nano S is the best option in terms of security and value for money.
The Ledger Nano S wallet enables secure private key management.
Transfer your funds from a crypto exchange at the earliest and practice a safe brand of crypto trading at all times.