Just ordered my ledger nano s wallet, excited!

#3
Would like to know more abut it too.. please post once you get it, also how complicated or easy it is to transfer crypto to it and manage all your crypto.

I would like to compare to Exodus which I'm using now and which I'm very happy with.
 
#7
Thanks Educate .....
Even though I haven't received the physical product yet - I thoroughly researched it and viewed countless YouTube vids. Seems all very straight-forward.
But in the 'real-world' things don't always work out perfectly.
Since you have used several of these and have mentioned a negative here, would you please share a few pointers on how things could go 'terribly wrong' even under the best of conditions and intentions?!
 
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#8
Sure, here are things that go wrong:

1) You forget the 20 word private seed or write it down incorrectly.
2) Someone else comes across your 24 word seed (if you saved it online or on computer) or just steals it from you and your funds are lost.
3) Someone kidnaps you and puts a gun to your head forcing you to give up your PIN for device or 20 word seed.
4) You send crypto incorrectly. For example, you send Bitcoin Cash to Bitcoin address and thus lose it. It is easy to mix them up.
5) The paper where you stored this seed is lost (house burns down), I suggest storing it on a metal plate somewhere (read on cryptosteel), but have the words shortened so only you and nobody alone can understand them.
6) You die and your funds die with you if you haven't told your family how to recover them.

Why I like Trezor even better than Ledger:
- Trezor offers an additional safety measure - a password. So each password opens a different set of addresses. Let us say someone kidnaps you and demands your bitcoins. Tell them to open Trezor and enter no password or enter "abc" (example) password. They do this and see your funds, but there is NO WAY for them knowing that under password "bcda" you have stored your millions. So it is sort of like a plausible deniability. For Ledger, as long as they have the pin or 24 word mnemonic seed, they will get your funds. Here is another risk though - you forget your passphrase yourself.

Hope it helps.

Oh and one more thing. If you manage to lose your Bitcoin by sending to wrong address or locking yourself out of device forever, please write on public forums or reddit like /r/bitcoin how much you locked yourself out of and how much is lost. This way people can keep track of coins lost and assume theirs are worth more now due to scarcity.
 
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#9
Once again thanks Educate .....

A very unexpected but comprehensive list of "I hate when that happens"!

I'm grateful for your time and effort in putting this together. I will make note of all - and hope it helps others as well.
 
#10
Got my ledger nano s device this week, everything is fine. Biggest problem, the device does not support IOS i.e. iPhone, iPad etc only Android Also I find it strange that you have to download 3 applications to handle all your assets i.e. bitcoins Etherium, Ripple and so forth it sucks big times.

The security is high and that's why I will be using it for long time storing of assets but for day to day management of cryptocurrency it's useless!
 
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#11

I'm also on iOS. You may have already tried these, but the mobile walltes I'm using are Breadwallet (to store Bitcoin) and the official Bitcoin.com wallet (for Bitcoin cash). No problems with either so far, and they both allow the generation of a recovery phrase.

I'll need to find something for Ethereum soon, as I've had some sitting on the exchange for probably too long...
 
#12
OKAy I got it all Work.

I must say! It is very complicated to manage all your coins on a daily basis with this thing! Actually I realize it is secure to store your coins for long term there but for daily trading it sucks crock balls, also to have an overview of all your coins it SUCKS big times, really big times!

Next thing, I tried to connect the ledger nanon S to my Andriod phone a huawei p9 lite and it is dead like a rock I bought their connector kit for an additional €15 which is totally useless!

It seems to me that this is only a device if you are looking for storing your coins and don't have multiple coins to store.. it makes the entire think total useless for my purpose!

Is there any device similar but which have some well developped software and still is secure AND can be used for a Mobile phone?
 
#13
Perhaps use iOS mobile app wallet(s) which store the private keys, and backup your recovery phrases on paper? It seems a good balance involving convenience and a physical backup (iOS is also "relatively secure").
 
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#14
If you're fairly security-conscious and have a spare mobile handset, perhaps turn that into a dedicated crypto device. I.e...

- Factory reset, fresh OS install of latest version
- Install just a select few trusted crypto wallet apps for your currencies
- Keep it permanently offline, only ever enable connectivity (wifi or mobile net) briefly for the duration of a crypto transaction
- Don't use it for anything else... No internet browsing, no other software/app installs etc.

Food for thought.
 
Reactions: diablo
#15

Wow same mind.
Indeed I did the same.
I was going to order a Nano S too before Xmas.
Then I tried to recover a AMAZON FIRE TABLET 7" which was laying there useless.
I restored to default factory config.
Installed latest update
Installed Google Play
Only secured WIFI
Installed NORootFIREWALL.
Keep tablet in AIRPLANE mode (no wifi) and switch ON only for transaction I need.
Installed the Wallet I need and few app to monitor Crypto Portfolio.
Add a small 4GB MicroSD, encrypted and transfered all the important app in the SDcard (just in case somebody steal it)
Device has lock screen password and most applications have also lock password too.
It's bigger (7") light, encrypted, and also OTG (on the go) which I connect as USB storage
And it's damn cheap.....
 
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