Ledger Live is the exciting new way to manage all of your secure crypto-assets in one simple-to-use application.
We have worked hard to create the best possible user experience while adding some truly powerful tools.
This is the second of two blogs taking an in-depth look at Ledger Live’s features. If you missed the first blog on ‘Real time balance and multicurrencies’ it is available here.
Ledger wallets offer state-of-the-art secure storage for your private keys.
Among the many safeguards that help protect your assets are:
- Up to 8 digit PIN – used to unlock the device
- 24 word recovery phrase – should you need to recover your assets from a lost or damaged device
- Device authentication – ensuring that a Ledger wallet has not been tampered with or compromised by a third party
If you are a new Ledger user, you will need to set-up each of these features before using your device for the first time.
When you first run Ledger Life, you will be given three options:
- Initialize your new Ledger device
- Restore a Ledger Device
- I have already initialized my device
New users should select ‘Initialize your new Ledger device’
You will be asked to select the device type – either a Ledger Nano S, or Ledger Blue.
Start initialization and choose your PIN
You now need to connect your Ledger device to your computer using a USB cable.
Follow the instructions on the Ledger device’s screen to set up and confirm your PIN. This can be between 4 and 8 digits in length.
You will be asked to enter your PIN whenever you plug in your device in future, so ensure it is a number that is easy for you to remember, but difficult for anyone else to guess.
Ledger Live will provide you with notification whenever you are about to perform a sensitive operation, with details on what to be especially mindful of.
Save your recovery phrase
All Ledger devices must have a 24 word recovery phrase. This is a crucial safeguard that ensures you can recover your secure keys if anything happens to the device, such as it getting lost or stolen, or if you forget your PIN.
During onboarding, your Ledger wallet will generate a random sequence of 24 words, displaying one at a time on the device’s screen.
Write down each word, in turn, on the 24 word recovery sheet supplied with each Ledger device.
Once you have noted down every word, you will be asked to confirm you recovery phrase. This is done by scrolling through a selection of words on the Ledger device’s screen and selecting the appropriate option.
After onboarding is complete, you must keep your recovery sheet in a safe place, separate from your Ledger wallet.
If you lose both your Ledger device and your 24 word phrase then there is no way to recover your assets.
Device genuine check
Finally, you will be asked to confirm that you have set up a PIN and written down your 24 word recovery phrase.
Ledger will then perform a check on your device to confirm that is genuine and has not been tampered with. Once this check is complete, you are ready to use your new Ledger wallet.
In Ledger Live, we have completely re-engineered the transaction system to create a step-by-step way to send and receive crypto assets.
Ledger Live also offers a number of options for advanced users who want more granular control over their transactions.
To send a cryptocurrency or other Ledger-supported asset, click ‘send’ from Ledger Live’s main menu, on the left-hand-side.
In the send window, select an account to debit from any of your current Ledger Live accounts. The current balance is displayed alongside each account.
Recipient addresses can be entered directly, copied into Ledger Live from correspondence such as an email, or can be taken from a QR code, using your computer’s built-in camera.
Make sure that you always double check the address as displayed on your computer’s screen to ensure that it matches the recipient’s details.
Once you have entered the amount to send, Ledger Live will display the total converted to your chosen fiat currency.
Users have the option to specify the fee level that they are willing to pay to have their transaction processed, with a choice of High, Medium, Low or Custom.
In general, the higher the fee, the faster each transaction will be processed.
If you wish to specify a custom fee level (based on proof of work), this can be entered directly. Often fees are denoted in smaller denominations, e.g. Satoshi for Bitcoin, or Gwei, Mwei, Kwei and wei for Ethereum.
In some cases, Ledger Live offers advanced options for specific assets, such as the ability to set a Gas limit for Ethereum.
Once all details have been added, the total amount to be debited – including transaction fees – is shown at the bottom of the send window.
Ledger Live will then verify the private key with your Ledger device. To do so, you will be asked to unlock your device using its PIN and open the relevant app, e.g. bitcoin.
The amount to be sent, fees and the recipient’s public key is displayed on your Ledger device.
Users are asked to confirm the transaction details on their device. Once they have done so, a confirmation is shown in Ledger Live. A summary of the operation details is also available for review.
When you wish to receive a blockchain asset, Ledger Manager can generate a public key for you, based on your securely saved private key.
To receive a cryptocurrency or other Ledger-supported asset, click ‘receive’ from the main menu, on the left-hand-side.
Users can select the Ledger account they wish to receive a transfer into, with existing accounts appearing in a drop-down menu.
At this point, you will be asked to unlock your Ledger device using its PIN.
Following device verification, you will be shown a receive address and QR code in Live. An address is also shown on the screen of your Ledger device.
If your device is not available, a useable receive address can still be generated – however this does not have the added security protection of an address verified using your Ledger device.
You can download Ledger Live here.