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How to use ledger Nano S for keeping BSV?

  • 27 March 2021
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Ledger Nano S is one of the best hardware wallets for keeping cryptocurrencies. On November 15, 2018, the Bitcoin Cash network had a hard fork event. It caused the creation of the Bitcoin SV (BSV). Bitcoin SV is a peer-to-peer electronic monetary system. According to its founders, it is the original version of Bitcoin. This cryptocurrency recovers the original Bitcoin protocol, keeps it stable, and helps scalability. Ledger Live didn’t support BSV locally. Users can administer their BSV by utilizing the Bitcoin Cash application on their Ledger Nano S hardware in joining with Electrum SV.

Bitcoin Satoshi Vision uses the SHA-256 algorithm. This algorithm is also used in the Bitcoin network. Mining devices like Bitmain antrack miner and Canaan avalonminer 1246, use the SHA-256 algorithm. It is used to mine Bitcoin SVs from integrated circuits with a special application called ASIC. ASIC miners are specialized machines designed to optimize the mining of cryptocurrencies.

For bitcoin mining, you can also subscribe to bitcoin mining pools. If you interest in bitcoin mining and making money through cryptocurrencies like Bitcoin SV, but do not have a place to store mining equipment, a cryptocurrency cloud mining service will be a good solution for you. In this way, you do not have to endure the problems of maintenance and repair of mining devices. Mining Pools help miners increase their chances of receiving block rewards because a pool uses the computing power of all the devices connected to it to generate cryptocurrencies.

Ledger Nano S

Ledger Nano S

What are the specifications of the Ledger Nano S wallet?

Ledger Nano S is a hardware wallet. This ledger can support many types of currencies including Bitcoin, Ethereum, Ripple, DogeCoin, LiteCoin, Bitcoin Cash and so far, more than 1.2 million copies of this wallet have been sold around the world. The sale of over 1 million wallets around the world is a sign of the high quality and efficiency of our wallets. The use of Ledger Nano S is one of the safest and best-selling hardware wallets in the world.

  • Simplicity, Ledger Nano S is controlled by only 2 buttons. All your actions are displayed on the screen. The app that is attached to Ledger Nano S also allows you to manage all your transactions.
  • Multi-currency capability, the Ledger Nano S hardware wallet is capable of supporting 25 cryptocurrencies, including Bitcoin, several Altcoins, Ripple and Ethereum. With this wallet, you can manage a variety of cryptocurrencies.
  • Easy to use, the Ledger Nano S hardware wallet has a display that allows you to view your transactions whenever you want after confirmation. Each operation on the Ledger Nano S is managed with just 2 buttons. Encrypted transactions are also highly secure and complex enough to make it impossible for others to access your information.

Ledger Nano S wallet

Ledger Nano S wallet

Which security features are used in Ledger wallet?

Different items and levels of security are used in Ledger Nano S wallet, which are:

  • Security, Private keys for accessing information, and writing passwords for others not displayed. The security chip of this wallet is the same chip that use for passports and credit cards.
  • Anti-theft, no additional action required to protect your information and assets. The wallet itself fully protected against data theft, and every time the device turn on, all information will re-check and any suspicious agents detect and block.
  • Protection against hackers, ledger Nano S hardware wallet managed with the unique and proprietary BOLOS operating system. This operating system is a personal shield to protect your assets against potential attackers.
  • The second anti-malware agent, Check and confirm your sales on the screen. Also, the confirmation of the transaction is done by using the physical buttons embedded on the device.

How to store Bitcoin SV?

The amount of Bitcoin SVs you earn through trading, bitcoin mining, or cryptocurrency cloud mining service should store in a safe place.

The producers of hardware and software wallets released many wallets for storing BSV coins. As the price of Bitcoin SV rises, investing in this currency will have a bright future.

The price of Bitcoin SV (BSV) on March 22, 2021, is equal to 203.32 dollars, which has decreased by about 2% in the last 24 hours. This currency ranked 29th in the currency ranking table. The cryptocurrency now has 18,684,008 million BSV coins in circulation. The maximum supply of Bitcoin SV is 21,000,000 such as Bitcoin and Bitcoin Cache Unit. The most active cryptocurrency exchange that trades Bitcoin SV is Bithumb.

Hardware wallets for storing digital assets have the highest level of security. Currently one of the most popular hardware wallets for storing bitcoins is the Ledger Nano S wallet. Bitcoin SV owners can manage and manage assets using the Bitcoin Cash app in Ledger Nano S Wallet with Electrum SV.

Features of Ledger Nano S Wallet include:
  • This wallet connected to the computer via USB cable.
  • Allows secure storage of private keys on the device.
  • Private keys stored inside this secure device, which is locked with a PIN code.
  • To increase security when sending and receiving money, the Ledger Nano S wallet also has two-factor authentication or 2FA.
  • One of the main features of the Ledger Nano S wallet is its OLED display, which allows you to quickly re-inspect all transactions.
  • Transactions confirmed by pressing the physical button embedded on the device.
  • The installation process of Ledger Nano S is very simple.
  • This hardware wallet allows users to store, send, and receive many cryptocurrencies including Bitcoin Cash (BCH), Bitcoin (BTC), and Ethereum (ETH).

Ledger Nano S

Bitcoin SV

What are the specifications of the Electrum SV wallet?

Electrum SV is a fork of the popular Bitcoin wallet called “Electrum”. Electrum SV is a lightweight software wallet officially developed and supported by Bitcoin SV. The positive points of this wallet are:

  • You will not need to load the entire Bitcoin SV blockchain in this wallet.
  • Also you can easily manage and store your BSV coins on Electrum.
  • And you can access all the features of the Bitcoin SV network.
  • Electrum SV is also compatible with Ledger Nano S hardware wallets.
  • Provides the best user interface to the bag owner.
  • Electrum SV is now available for Windows and Mac operating systems.

Users, who take a share of the farm’s overall profits from cryptocurrency cloud mining services, need to save their deposits in a safe wallet.

Electrum SV wallet

How is the support of Ledger Nano s of Bitcoin SV?

The Ledger development team on the Ledger website explains its position on direct fork support. The reasons why Ledger does not support BSV through a proprietary software program or the Ledger Live app listed below. For a fork to qualify for Ledger support, it must have the following four cases:

  • A fork must be technically capable of receiving sufficient extraction power.
  • The fork must have used a valid protector for replay. This explained.
  • A fork should have a strong proprietary community and a preserved source of code.
  • The encrypted asset that comes from the fork must have the support of reputable exchanges. Authentic exchange support provides this assurance to users in the following cases:
    • It has enough liquidity.
    • It has Pairs of trading currencies to exchange.

According to Ledger Company, the latter is the most important reason because it supports the user in preventing the loss of core and non-marketable assets by distributing transactions in the main chain.

Without this important protection, the ledger team will not support the currency generated by the fork.

Bitcoin SV developers have said they will not use re-protection. As a result, Ledger Company claims that we cannot support BSV in terms of security. The Ledger team has a solution for advanced traders by combining Bitcoin Cash and Electrum SV. Of course, Ledger Company does not support this option and advises traders to do so at their own risk.

As a safety technology supplier, The Ledger team makes its decisions to support or not fork based on technical analysis.

Ledger live

How to manage your BSV with Electrum SV?

After a hard fork on November 15, 2018, in the Bitcoin Cash network. Bitcoin Cash SV (BSV) cryptocurrency generated. Traders who previously held their Bitcoin Cash using a hardware Ledger Nano S wallet now have the same amount of BSV as BCH automatically.

As mentioned, Ledger Live does not support BSV. Instead, traders can monitor and control their BSV using the Bitcoin Cash app on their Ledger Nano S device in conjunction with Electrum SV. Be careful that the following method does not support re-protection. Because the BSV fork is unprotected, you may miss your BCH when using the Electrum SV without the first splitting. Before using the Electrum SV with the following commands, you must find a way to separate your BSV from the BCH.

  • A must before you start training is to install the latest version of the Bitcoin app on your device because Bitcoin Cash needs it.
  • Upload the latest Bitcoin Cash app to your device and then install it.

How to install Electrum SV?

Follow the following instructions:

  • Go to the website ElectrumSV.io.
  • Try to download the app of Electrum SV for your desired operating system.
  • Choose your right operating system.
  • On Windows OS: Put the downloaded .exe file to your applications folder.
  • On Mac OS: First, open the downloaded .dmg file then put it in your applications folder.

How do connect to the Ledger Nano S hardware device?

  • Connect to your Ledger Nano S device.
  • Open the lock of the Ledger Nano S hardware.
  • Open the Bitcoin Cash application.
  • Install Electrum SV from your applications folder.
  • Open the wizard application.
  • You can choose the default wallet name, then click “Next.”
  • Choose the Standard wallet, then click “Next.”
  • At the visual display page for “Keystore,” choose the phrase “Use a hardware device,” then click “Next.”
  • Choose your Ledger Nano S hardware device, then click “Next”.
  • You can select the derivation path as default, then click “Next”.
  • Now it produced your addresses.
  • You can see your deposit or account balances in the History tab.
  • At this time you can control and monitor your BSV from your Ledger hardware device using Electrum SV.
How do we Receive BSV?

It is always advisable to start transferring currency by sending a small amount of your deposit. If the test you traded was successful, then continue trading on a larger scale.

  • Follow the instructions below to send the asset
  • Open the Receipt tab.
  • Copy the recipient’s wallet address.
  • Share this address with the person or program that is going to transfer the money to your account.
  • Note that if copying and pasting the address, you should be sure to re-check the address for error.

Bitcoin SV chart

How do we send BSV?

It is better to keep in mind that you should start your transactions with small amounts. If your trading session was successful, then expand your trading and continue to do so. Follow the instructions below to transfer assets:

  • Open the Send tab.
  • Type or copy the recipient’s address in the Pay to the field.
  • Check and verify the correct address when copying and pasting.
  • Enter the number of assets to perform the transfer.
  • Select and enter the number of network costs.
  • Click the submit option.
  • Check that the amounts and costs are correct, then click “Yes” to confirm the sending amounts.
  • Confirm the amount, recipient address, and cost all displayed on your device.
  • Once you are sure that everything is correct, you should confirm and sign the transaction by pressing the right button.

Send Bitcoin SV

What are the cryptocurrencies that wallet Ledger Nano S supports?

The website of Ledger Nano S has claimed that the Ledger Nano S supports more than 1000 coins. Supported popular cryptocurrencies in the Ledger Nano S hardware wallet include:

Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), Ark (ARK), Bitcoin Cash (BCH), Bitcoin Gold (BTG), Expanse (EXP), Dash (DASH), Digibyte (DGB), Dogecoin (DOG), Komodo (KMD), Litecoin (LTC), NEO (NEO), Pivx (PIVX), Posw Coin (POSW), Qtum(QTUM),  Stealthcoin (XST), Stellar Lumens (XLM), Stratis (STRAT), Ubiq (UBQ), Vertcoin (VTC), Viacoin (VIA), Ripple (XRP), Zcash (ZEC).

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