Sirwin
Sirwin
My first crypto transfer to cold storage

My First Successful Crypto Transfer to My Ledger Nano X Cold Storage Wallet


After having fun with CryptoTab's browser where you can earn free Bitcoin Satoshis, I was able to 'amass' 1,100 Satoshis. Peanuts to start with, I know but nevertheless, I earned some fractional Bitcoin at no cost to me. I did it in pretty good time too, less than a month. I have the CryptoTab browser installed on an old home computer and on my cell phone to speed things up.

Then, the FTX scandal broke out two weeks ago and the cryptoverse has taken a tumble. With other other exchanges filing for bankruptcy, the word is out to get your crypto assets out of exchanges into cold storage, in your private wallet with your own set of keys. With some 1 million customers out of luck at FTX alone, how many more are going to be out of luck as the dominoes continue to fall but what are our cold storage options?

In this case, I purchased a Ledger Nano X hardware wallet which is capable of storing hundreds of cryptos and NFTs.

Yesterday, I got my hands dirty and got to work setting up my Ledger Nano X by downloading the app to my home computer. It can also be downloaded to your cell phone. After starting the software and plugging the Ledger Nano to my computer, the two synchronized and following the easy instructions, got my 24 word phrase and pin numbers. Your 24 word phrase are your keys and must be entered in the correct order. Write it down and keep it in a safe place. If you lose your phrase, you'll never be able to get to your coins again so it's critical to keep this info in a safe place.

Since there is more than one blockchain, you must set up an account for each to acquire an address. The app helps you to easily set this up, as I found out myself. Following the simple steps, I set up a Bitcoin wallet address on my Ledger Nano X. It will ask you to compare the 40 letter/number address on the app with your Nano X. Once I was sure the numbers and letters matched, I confirmed by pressing both buttons on My Nano X.

Finally, I was able to send / receive Bitcoin. Even then, I wasn't sure if I did things correctly. So, the next step was to log into my CryptoTab and enter my new Bitcoin address so I could 'cash out' my Satoshis. Keep in mind that you need to withdraw a minimum 1,000 Satoshis at a time. I had acquired 1,100 so I had enough to conduct a transaction.

Once I clicked the button to withdraw, I was then informed it could take up to 24 hours for the transaction to complete. Fortunately, about an hour later, I received an email from CryptoTab informing me the transaction was completed. I then brought up the app on my computer and there were my 1,100 Satoshis, safe and sound in my private wallet.

I felt excited that I'd completed my first successful crypto transaction, like it was a milestone. It is now in my own personal possession and no one can get their hands on my crypto assets but me.

I also set up an Etherium account so I can move the little bit of Etherium I'm earning on PublishOx, thanks to your tips. The minimum is $5 so I still have about a dollar to go before I can make my first Etherium transfer. As for AMPL, I know it's on the Etherium blockchain but my Ledger Nano X gave a warning that only Etherium should be transferred to the blockchain. I will try and dig up more information on how to transfer AMPL to my private wallet but for now, I'm satisfied with how far I've progressed using my Ledger Nano X.

Help me make my first Etherium transfer by sending a tip so I can finally reach the $5 mark. I'm begging, I know but I'm really excited and looking forward to making my first Etherium transfer and with your help, I hope to reach that goal very soon. Once I do, I'll be sure to write about it and share the experience with you.

 

I earn free Bitcoin Satoshis using CryptoTab Browser.

Purchase any precious metal at OwnX.

Secure your crypto in a private wallet - Ledger Nano X

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SweptOverNiagara
SweptOverNiagara

Name's Joe and I live in Ontario, Canada. I like writing on a wide variety of topics. I enjoy keeping track of markets, investing and commodities and the crypto sector. Also do some coding for web browsers.


The Brave New World
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