I recently decided to move my crypto from Coinbase to a Ledger Nano X, and let me tell you, it was an experience. I’m sharing this not just for the sake of documentation but also because I think it might help some of you out there. So here’s the lowdown.
Why Move to a Hardware Wallet?
First off, if you're still keeping your crypto on exchanges like Coinbase, it's time to rethink your strategy. The recent FTX collapse should be ringing alarm bells for everyone. While I have no doubt about the integrity of Coinbase, having full control over my assets is a must. That's where hardware wallets come in.
Coinbase offers a wallet service, but it's essentially just another form of hot wallet—one that I don't trust as much as my Ledger. A hardware wallet stores your private keys offline, making it significantly harder for hackers to access them.
The Process: Step by Step
1. Set Up Your Ledger Nano X
Before doing anything else, make sure your Ledger is up-to-date and that you've installed the necessary apps via Ledger Live. You can't transfer Bitcoin without the Bitcoin app installed on your device.
2. Access Your Coinbase Account
Log into Coinbase (make sure you’re using the official site) and head over to the “Send/Receive” section.
3. Know Your Fees
One thing that surprised me was the amount Coinbase charges for transfers—it's not negligible! But I'd rather pay those fees than risk losing my assets.
4. Get Your Receiving Address
Now comes the crucial part: getting your receiving address from Ledger Live. - Open Ledger Live. - Navigate to "Accounts" and select "Receive." - Follow the prompts until you see an address.
IMPORTANT: Verify this address on your actual Ledger device!
5. Enter Details in Coinbase
Back in Coinbase: - Select Bitcoin as the currency (that's what I'm transferring). - Paste the receiving address you just copied.
Again, verify this address!
6. Double Check Everything
Fees? Correct. Recipient Address? Correct (and verified on my Ledger)? Yes. Amount? Yes.
Once you're sure everything is correct, proceed with sending.
Final Thoughts: Was It Worth It?
The transfer went smoothly after following these steps carefully. My only regret is not having done this sooner.
So yeah, moving crypto from exchanges like Coinbase to a secure external wallet is definitely worth it if you're serious about safeguarding your assets. Just be prepared for some fees along the way!
