From Coinbase to Ledger Nano S — my experience – Dillon Vincent – Medium
I’m currently testing out my new Ledger Nano S, great product so far. Only small hiccups with having my mac recognize the device, I followed the directions here on their support site and everything went as expected.
I want to focus on the experience I’ve had so far sending coins from my Coinbase exchange wallets on their desktop site to my Ledger Nano S using Ledger Live (ledger software) on my Mac. The first thing I needed to do was install these ‘apps’ on the ledger to be able to generate wallet addresses for the coins I want to receive. After installing Ethereum, Bitcoin, Litecoin the device seemed to be full or out of memory, odd, after some googling it looks like the Ledger Nano S doesn’t have very much memory, okay that’s fine, the apps don’t need to be install all the time just when you want to send coins. Not having an app installed does not delete your keys, so don’t freak out. Anyway, I have the three apps for the coins I wanted to receive from my Coinbase account installed on the ledger, Bitcoin, Ethereum, Litecoin.
First Litecoin (LTC)
It was a little confusing on how to receive coins at first using Ledger Live, I quickly realized you need to create accounts in Ledger Live for each coin before trying to send/receive. No big deal, created the account for Litecoin, the Receive button the left hand side of the Ledger Live became active. I could select my Litecoin account. It then prompts you to verify the address on the device matches the one on the screen by clicking the right button on the device. Oh yah you need to have the Ledger Nano S plugged into your computer the whole time during this process. I checked and double checked the address everything checked out. I copied my LTC address from Ledger Live, opened up the Coinbase desktop site, went to my accounts tab, and clicked on send below LTC Wallet. I pasted my Ledger address, entered a test amount and sent it. This is the process in crypto that gets a bad rep, the waiting and uncertainty if the transaction was sent successfully. Coinbase’s UI needs refreshed a couple times before the LTC transaction showed up. Once it appeared you can click on it to open a details view, this gives you transaction details. I click on the address to which I sent the LTC to, and that opens a litecoin block explorer, what I found is that even though my transaction was pending with Coinbase it was not yet pending on the network, this is where some people may panic and where coinbase can do a better job at explaining that they batch customer outgoing transactions and there is some lag between Coinbase’s network and the actual public blockchain. So there was nothing in the block explore under that address, you would usually see a pending transaction, so I head back to Ledger Live to see if it had picked up the transaction yet. After a minute or two the transaction appeared in Ledger Live as pending, I head back over to Coinbase and I find the same result. This is good, my transaction has been put into a block by a miner and it’s waiting to be confirmed from the rest of the network. After a couple more minutes the network confirmed the transaction and finally my transfer of LTC to my Ledger Nano S was complete and at rest. I repeated the same steps again to empty my Coinbase wallet into my Ledger.
Once I was finished with Litecoin it was time for Bitcoin, I already had the bitcoin app on my ledger so all good there. I once again created an account for my bitcoin app in Ledger Live, this enabled me to send and receive now. I follow the same steps as above, and verify the receiving address for BTC, copy it and head back to Coinbase desktop site. I have little bitcoin in that account so I just yolo it and send it all. I soon started to feel like I made a mistake, it took Coinbase and Ledger Live around 10 minutes to even pick up the transaction, and another 10 to get a single confirmation from the network. If i were sending a large amount this would make me very anxious. In the end the Coinbase the transaction is still waiting confirmations, so who knows how long that will take.
Lastly Ethereum (ETH)
That being said I am much more confident when working with Ethereum than the other coins. I follow the same steps as I did with the first two coins LTC and BTC. I created my Ethereum account on the ledger, I had the Ethereum app installed, I generated a new address and verified it on the Ledger, and I copy the address. I head over to Coinbase once again, and do a test transaction. I force refresh and my transaction shows up, I open the details and there is already a transaction, I click on that and I see it’s pending, Ledger Live picked up the transaction automatically as well, within a minute it everything was successful. The ETH processes was the fastest, and the block explorer etherscan.io is the most helpful.
In the end it was all a relatively painless processes. Ethereum provides the most clarity when sending and receiving coins. Coinbase needs to work out the UI issues with providing the correct status on transactions without refreshing the page. I recommend the Ledger Nano S for anyone who wants to take advantage of maintaining their own keys.
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