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How To Set Up Ledger Nano X

Ledger Nano X is the newest wallet released by Ledger. The device has military-grade protection which stops hackers from digital theft of cryptocurrencies.

Ledger Nano X is one of the newest hardware wallets from Ledger, and it was introduced in 2019 as an update to Ledger Nano S.

The device's basic premise is that it's the simplest method to keep your Bitcoin and cryptocurrency safe offline. In the case of Ledger, the devices utilize a feature known as a secure element.' This makes them more resistant to crypto hacking and theft, and thus, allows you to store your money in a secure cold offline storage environment. This also protects the private keys from viruses, giving it an edge over competing software wallets in terms of security.

The screen of the Ledger Nano X is significantly larger than that of Ledger's previous hardware wallet, the Ledger Nano S. 

Connecting Your Ledger Nano X Wallet To ZenLedger 

To import your Ledger Nano X wallet transactions via CSV:

  • Login to the ZenLedger app. 
  • Go to the Imports tab. 
  • Select Exchanges, and choose Ledger Nano.
  • Follow instructions in ZenLedger. 

Connecting Your Ledger Nano X Wallet To ZenLedger For Your Crypto Tax Forms

  • To import your Ledger Nano X transactions into ZenLedger for your crypto tax forms, all we need is your public wallet address.
  • Paste your wallet address into the Ledger Nano X wallet address field in ZenLedger.
  • Select the proper coin from the dropdown list.
  • Select if the wallet is based in the USA or not.
  • Then hit add a coin.

Ledger's Background - A Bitcoin Protection Firm

Since 2014, Ledger has been developing hardware for Bitcoin security.

Since then, it has raised over $85 million from some of the world's most prestigious investors. Its most recent funding round occurred in January 2018, when it raised $75 million. In June of 2021, they raised another $380 million.

The firm is currently valued at about $1.5 billion.

Ledger Nano X

Rather than relying on a crypto exchange or a fiat bank, it offers you more control over your money. Of course, banks and exchanges have their own advantages, but your money is still in their hands. Perhaps the exchange, like Mt. Gox, will be hacked, or perhaps your money in the bank could be stolen, which is not the case with Ledger Nano X, it offers you a sense of security.

The Ledger hardware wallet is a great place to store your private keys since it appears to be one of the most popular and well-known. A Nano X and a Nano S are available from the business. The Ledger Nano X differs from the Nano S in that it includes Bluetooth and can connect to a mobile app, whereas the Nano S can only connect to a computer (you can also still connect the Nano X USB-type C port to a computer). The Nano X is more secure and has additional app storage.

Purchasing A Wallet

First and foremost, where can you get a hardware wallet? Purchasing one straight from the seller is the best option.

  • Go to Ledger.com or Trezor.io (another popular wallet), or your preferred wallet. Do not purchase it from a third-party vendor such as Amazon or eBay. This is due to the fact that a private key is used to access your wallet.
  • This key is a set of 24 words with Ledger. Consider it a lengthy passcode. These 24 words are the key to gaining access to your blockchain-based cryptocurrency.

Even if you misplace the Ledger wallet, as long as you have those 24 words, you can simply open a new wallet, type in those words, and you’re back in business.

Setting Up Ledger Wallet

Let's take a look at how to set up Ledger Nano X.

  • You'll be prompted to download the Ledger Live app after you create a genuine Ledger wallet, which you can do at Ledger.com/start. This is available on both a mobile device and a desktop.
  • On the screen, there are directions to assist you. To begin, turn on the device and set up an 8-digit PIN.
  • The Ledger's screen will then display 24 words, one at a time, numbered, that you must write down on each of the three "recovery phrase" cards included in your box. Double-check that each word corresponds to the proper number. For example, 1 denotes a cat, 2 denotes a doctor, 3 denotes an extra space, and so on.
  • Keep each of these cards in its own, safe place. Perhaps in a home safe deposit box, a bank safe deposit box, and with a trusted family member or acquaintance. These words are the only thing standing between you and your crypto. 

Putting Your Wallet To Work

You will be able to access the wallet's dashboard after creating your PIN and writing down your private key. Within the Ledger Live app, you may install a variety of crypto applications, including one for each coin. Install the Bitcoin app if you wish to store Bitcoin. Install that program if you wish to store Ethereum, and so on.

The gadget has two buttons that you may utilize to conduct crypto activities. To confirm a choice, press two buttons simultaneously, long-press both to bring up the dashboard, and so on.

Conclusion

You can purchase, trade, and swap coins using the Ledger wallet. Cardano, Polkadot, Algorand, and other currencies can be staked as well. For staking, you may need to connect to a specific software wallet. Wyre and Coinify are the two suppliers from whom you may purchase coins. You may, however, purchase your coins through an exchange such as Coinbase or Kraken and send them to your wallet.

That's all there is to it. 

ZenLedger makes it easy to automate your Crypto Taxes by connecting to exchanges, aggregating transactions, and auto-filling common IRS forms. Unlike many competitors, we also provide complete transparency in how the cost basis and other factors are calculated, which provides tremendous support in the event of an IRS audit or any other issues.

Ledger Nano X FAQs

1. Is Ledger Nano X easy to use?

Ledger Nano X is the latest hardware wallet from Ledger, and it was introduced in 2019 as an update to the Ledger Nano S. There is no doubt that this cryptocurrency hardware wallet has a simple user interface. In fact, it's the simplest and most seamless setup of all the hardware wallets.

2. How does the ledger Nano's work?

Because Ledger Nano S is a hardware wallet, it functions similarly to other comparable devices. You may connect it to your computer and set a PIN, as well as obtain a 24-word seed phrase that will help to secure your wallet.

3. Is the Ledger Nano S worth it?

At just $59, the Ledger Nano S is the most inexpensive hardware wallet. Despite being the cheapest device, it offers the best security, with a CC EAL5+ secure element (military grade security). This gadget is ideal for bitcoin holders who do not keep a wide variety of assets.

4. How many coins can you hold on Ledger Nano S?

On the Ledger Nano S, investors may store over 1,100 coins and tokens, with 23 cryptocurrencies supported directly by Ledger and the remainder supported by third-party applications.

5. Can Ledger be hacked?

Scammers appear to be targeting victims for theft of user data stored by bitcoin hardware wallet company Ledger that occurred over a year ago. The attack revealed the personal information of over 1 million people, including their names, phone numbers, and email addresses.


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