NFTexplained.info is a team of long term crypto investors who are well versed in the blockchain space; in this article we will explain how to transfer your digital assets (eg. Ethereum or an NFT) from Coinbase to your Ledger device.
Once Ledger Live is set up and connected, click on Accounts (located on the left side of the screen), add your desidered cryptocurrency, go to receive and copy the address for your desired cryptocurrency. Open Coinbase, hit send, and paste that address – which should match the address on your Ledger – in the ‘to’ section of Coinbase.
Our team should note that Ledger Live is the hardware wallet interface app that is accessible with all Ledger products.
After you have sent the cryptocurrency to the new Ledger wallet address, you can open Etherscan on a separate tab to ensure that the transaction has gone through. This transfer to a new wallet will incur a gas fee as does any transaction on Ethereum.
You will now be able to store your cryptocurrency in cold storage, or offline. The common phrase is “not your key, not your coins” and for a good reason.
In a recent statement by Coinbase, they highlighted that if that marketplace were to go bankrupt, they have the right to use their customer’s crypto reserves to pay off their debt. Their crypto reserves and holdings are what you, the consumer, buys. While every business has a legal obligation to pay off their debt holders prior to their shareholders, there is an obvious conflict of interest here. A coin is not a business, and there are steps one can take to protect against this doomsday scenario.
By keeping your coins on Coinbase’s centralized exchange, you are potentially at risk of your coins being sold off in case of bankruptcy or a security breach on their servers. While either event is unlikely, both serve as great illustrative examples of the importance of security. You can take this into your own hands with an offline wallet.
In the past, exchanges have been hacked and the users have lost all their savings on the exchange. However, if they’ve had their coin(s) and NFT(s) kept offline in cold storage, they would still have their coins in their possession.
With hacks and scams running rampant in the cryptocurrency space, having a cold storage wallet is important. Security is always essential, but it’s even more important in a decentralized space where hacks have become prevalent; especially, as you are the only one in control of your money.
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