Crypto 101: Using the Ledger Nano S & MyEtherWallet + Adding Custom Tokens

by birtanpublished on September 10, 2020

hey guys welcome back to my channel today I'm gonna do a crypto 101 video on how to use your ledger in an OS with the my aetherium wallet website and also how to add custom tokens I'd gotten a lot of comments in my videos asking me to cover

Something like this because there's a lot of newcomers to the space or maybe a little bit worried about sending ERC 20 tokens to an aetherium address not having them show up and then kind of freaking out to be honest it was

Definitely something that scared me in the beginning so I wanted to do a video just to clear up some concerns Pleasant reminder please hit that like button and that subscribe button leave your comments below I appreciate all the

Support I get from you guys and you're the reason that I continue to make videos every week if you're interested in chatting with me you can pop it in my Dischord i'll leave the link down below also if you like podcasts and you like

Cryptocurrency information you guys should take a listen to the crypto basic podcast three friends that i've met recently and not so recently now I guess that I love their content I've been listening to them for quite a while they

Make really awesome non biased information that's very informative it's very similar to the content I make but in podcast form so you should go check them out final point to mention is my normal disclaimer which is that I am NOT

A financial adviser all investments have inherent risk please always do your own research and my videos are for entertainment purposes only alright so let's get started the first thing you want to do obviously is make

Sure that your ledger is on the newest firmware you can do that by downloading ledger live ledger live is currently their newest replacement for their Google Chrome plug-in if you have a ledger and you are using it in the past

You remember using the Google Chrome plugins as the way to access everything they now came up with this application which is a desktop application that helps you manage all of your cryptocurrencies add accounts add and

Delete apps from the ledger itself when you open this application it's going to prompt you to update the ledger or update the application itself if either are out of date those are the best ways to tell if the ledger is out

Of date and just get that over with first to make sure that if you're having any other issues that it's not just because you're on the wrong firmware I haven't used this application very much but I do like the idea that I know that

There's eventually gonna be a mobile app that syncs with this and it's pretty much the same thing but on a phone so that's very important because honestly one of the bigger complaints about Ledger is that the fact that you need a

Third party plugin to access it and it was very hard to access your cryptocurrency once it was on the ledger because there was really no other applications or other sources that you could use to get

Into the ledger step 2 is head over to my etherium wallet because obviously that would be where we have to go to use it right so up here it says don't get fished please and thank you bookmark my ether wallet

Or install meta mask and so on there was a kind of like a hack issue a while back that people had changed the URL of my ethier or had a URL that was very close to my a theorem wat but wasn't the same and they

Were able to get people to pretty much send their private keys to them and they were stealing stuff so the first step is I would suggest that you bookmark this page or do something so that you make sure that you're always going to the

Authentic real my etherium wallet calm so that you prevent any issues going forward any fear concern of security breaches so the first thing I'm going to do is show you how to operate the actual site with your ledger in the past you

Needed to go into the ledger and turn on browser support and contract data on the app so that the website would recognize it but now because they've done the most recent update the only thing you need to do is turn on contract data browser

Support is just built into it so let's login we're gonna go to let's say send ether and tokens right so how do you want to access your wallet we're gonna hit ledger connect to ledger it would be

Helpful if I had entered my pin so I got to do that quickly you want to make sure that your ledger pin is entered because then the ledger is active otherwise it's locked so once you've entered the pin you're

Going to want to open the etherium app obviously because the website is trying to access that app so open aetherium okay connect to ledger wallet cool so now what you're seeing here is a whole bunch of different addresses that are

Kind of intimidating but really the only thing that you matters for you is this one because it says ledger e so it's just accessing the ledger from this website there is a ton of different addresses that are going to be

Associated with your ledger you can even hit more addresses and see you can keep everything in one address you can separate it for me I have a way I organized it and I keep things separately so we are gonna go to the

Address that I keep my tokens on unlock your wallet and we're here so now what people will say is okay well I click down eath and I only see a few options I don't see all the options what will happen is if you participate in an

IC o—- or you buy a coin that's maybe the lesser known it's going to give you a contract address and the contract address is basically the Genesis account or the account that's created the tokens to begin with so in order for your

Ledger or for my aetherium wallet to pick up on the fact that you have those tokens you need to go to add custom token my contract address the token contract address is where you'd enter what they have offered to give you or

Whatever they they're listing as our contract address that allows my e theorum wallet to recognize that address and then recognize what tokens you're trying to add because it's already on their site the token symbol would be you

Know for etherium its 'if you want to make sure that you know what that is so that your you put the right one in there and then decimals as far as I know is always 18 so you'd add that you'd press save right so obviously it's gonna say

Error right now for me but as you can see I have an ethos balance and a seal balance and basically what I had to do for both of those was manually enter the contract address the token symbol and the decimals and then it will populate

Here at the bottom you can also go to show all tokens it will give you a huge list if any of these are ones that you've added to your wallet you can click to load and it will show you that you have them on the address otherwise

It doesn't really know I mean there's so many of these it can't constantly be loading those addresses or it would take forever so and then the next thing is well people will say well I go to send a ERC 20 token my if here and want but I

Don't see it listed as a drop-down and is an item in the drop-down menu so once you add something in custom token I don't know if you need to refresh the page or if it just automatically does it but when you go to the drop-down menu

The option will be there now the other thing is the gas price here is something that's important because the gas price is basically the speed at which the transaction is going to be confirmed now I suggest going to eath gas station dot

Info which is a great website that will show you based on the congestion of the network it'll estimate what gas you should be sending a transaction with now something

That I don't have a ton of experience with is the gas limit I've noticed that for certain coins when you enter them this number will change if I'm being Frank I can't tell you why it changes I just know that it does so if you're

Trying to figure out what the transaction cost should be or what your gas should be you want to take that number if it changes and you want to enter it in here and then it'll auto populate how much you should be using

For transaction fee so right now the gas price is 2.7 which is very low I've had experiences where the gas price has been in the 60s for me to send something in a reasonable amount of time it's nice to check this ahead of time because you may

End up sending a transaction and wasting eath for gas if you don't check it because you may add more it may be more expensive than you you know anticipated or less expensive than you anticipated and in which case

You'd be wasting if the other thing that I want to mention that it took me a little while to understand is if you're sending tokens not aetherium say i want to send my Ethos tokens to somebody if you're sending Ethos to somebody else

You need to have some amount of aetherium on this wallet so for me I keep my eath and my tokens on separate wallets I don't know why I've just always done it that way so I have to have a small amount of eath on the token

Wallet address so that I can send tokens to somebody else because it uses gas and gas isie theorem so if there's no eath on the wallet you will not be able to send the tokens the the transaction will fail that's something to be aware of the

Other thing is if you send a transaction and it gives you the confirmation at the bottom of the page and it shows you the transaction number but maybe you close out that alert or maybe you didn't realize what it wasn't you're nervous

And you want to check the status of the transaction you can always go to the eath here ether scan that will show you where your transaction is as far as getting confirmed and then tokens right here will show you the token balance for

This wallet so let's say you know worst case scenario you try to add something and you can't see it and you're freaking out you can go to eath ploor and you can see your token balances they'll all load there

So let's say you're trying to add kin right and kins not showing up in the wallet if you right-click the the name of the token on eath poor it'll bring up the original you know the original information all the information about

Ken and right here where it says contract this would be the number that you want to add into my aetherium wallet so you take this you'd add it into the contract address Ken would be the name and then see where it says decimals here

This would be the 18 that I was talking about so if you can't find the contract address for a token that you bought and you're trying to add it to MU and it's not working you can always go to youth poor click on the name of the token and

Then get all the information about the token directly from the youth poor website which is also very useful that took me a little bit of time to figure out as well but now that I know that it's very helpful I know that sometimes

Sending transactions dealing with these tokens can be a little intimidating but always remember that it is a public ledger it's on the blockchain and if the transaction was confirmed and went through you have those tokens they

Belong to you you just have to figure out how to access them I know sometimes it can be very scary you think something disappear doors missing forever but take a deep breath and just try to think logically about how to access things

Because a lot of times I'll see posts on reddit people freaking out not being able to find stuff and it's simply just learning the lay of the land and getting used to using these applications alright guys so that about wraps it up for me

Today and my walkthrough PS if you hear any weird noise in background I have a bird and he's in a very peculiar mood and he's going all over the place making noises and being annoying so heads up about that if you have any more

Questions about this you can again join my discord you can leave comments down below if you liked this walkthrough and you would like other walkthroughs for me for me to do other walkthroughs leave a suggestion I always read the comments I

Reply to most of them and your inputs really appreciate it cuz sometimes I get burned out on what kinds of ideas to do especially because after a while I feel like everybody has made these walkthrough videos or it's not as

Important anymore because you know people have better experience in the space but I you know there's always new people and there's always new ideas and concepts that people want me to cover so if you make a suggestion I

Certainly do my best to cover it and as usual I want to thank you guys for watching and I will see you all soon

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