Intro To Cold Storage
Cold storage devices are considered to be the most secure places to store your crypto for long term safe keeping. They are digital storage mechanisms which have both a public key and a private key. The private key (the one that can give others access to your crypto) lives on the device, and can never be shared over the internet. Hence, why these wallets are called “cold”, because they have no connection to the internet unless they are in the act of sending or receiving. Below is our guide of getting started with cold storage, and how to send from Bitbuy to your personal cold storage wallet.
Step 1: Our Recommended Cold Storage Device
For a cold storage wallet we recommend a Ledger Nano S. Ledger is a trusted name in the space, and produced the original hardware wallet. Ledger nano S is a beginner-friendly, entry level wallet used by businesses and individuals alike. To purchase a Ledger Nano S please follow this link here. It’s important to note that you will be using Ledger live, which is a separate software application from Bitbuy in order to store your crypto assets in cold storage.
Step 2: Setting up The Ledger Nano S
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Once you acquire the Ledger Nano S, be sure to follow the instructions to set it up properly. For more info on this process, See the guide on their site here to set up your device. Also be sure to keep your 24 keyword back-up safe. Do NOT share it with anybody!
Step 3: Preparing Your Ledger Nano S to Receive On Ledger Live
Once your Ledger device is set up, you will have access to Ledger Live, the software that pairs with your hardware wallet.
Click the Receive button on the left panel or at the top of an account page from within Ledger live.
Type or use the drop-down list to choose the account to receive crypto assets in and click on Continue.
Connect and unlock your Ledger Nano S, open the app as instructed and click on Continue.
Read the on-screen instructions and click on Continue to generate a receive address on your device.
Verify that the address shown on your screen is the same as the address shown in Ledger Live. Press the right button to verify the entire address. If the addresses are the same, press both buttons to Approve the address.
Click Copy in Ledger Live to copy the address so that it’s ready to be pasted into your Bitbuy account withdrawal. Carefully check that the address does not change after you copy and paste it and double check that the address is for the coin you desire (Bitcoin, Ethereum, Litecoin etc).
To see full instructions, see this article on Ledgers site.
Step 4: Withdrawing your cryptocurrency from Bitbuy and sending to your Ledger Nano S
Log in to Bitbuy, and go to the wallets section of your account.
From the wallets page, click “Withdraw” beside the coin are you looking to withdraw. Then enter the amount and the public wallet address given to you by your Ledger Nano S from step 3.
- Cryptocurrency withdrawals can be held for up to 3 business days for security purposes
- Copy and paste the wallet address if possible
- Always double check pasted wallet addresses to ensure that the intended wallet address was copied
- Make sure there are no additional characters or spaces included before or after the wallet address
- Only send digital currency to a like-kind wallet, ie. only send BTC to a BTC wallet, ETH to an ETH wallet
That’s it! After completing the steps above you will have safely put your Bitcoin or other cryptocurrency in cold storage. If you have any further questions on this process, please reach out to [email protected]