Bitcoin Forum

Hey guys, i'm thinking of purchasing a Ledger Nano. Has anyone had any previous experiences with it? It seems like a good investment.

PS. To set up my wallet, should I pay an extra 5 pounds just for a virtual machine?

EDIT - you have to pay an extra 5 pounds for shipping, and a kind gentleman has pointed out I can simply download their ISO file and stick it into a disk or something.

I've been using the Ledger HW1 for some time now and I love it! The reviews have been positive and I think it's a great investment. I've tried it with the default wallet, Copay, and Electrum and it works well. I have even used it with the Electrum-LTC (Litecoin wallet) and it works.

You can download the Ledger starter ISO for free
http://support.ledgerwallet.com/knowledge_base/topics/how-to-initialize-my-ledger-wallet-on-an-air-gap

Yay! I've purchased their limited edition electrum HW.1, which looks quite nice. I'm a cheapskate though, I have to wait 14-40 days for the free shipping.

And if anyone was interested, I got it from hardwarewallet.com (http://hardwarewallet.com). There's one limited edition electrum one left!

Awesome! Welcome to the "Ledger Club"!

Im also thinking of purchasing a Ledger wallet. May i ask,
Where did you get that sig and what does it mean by "second factor"? By this do you mean to access the wallet I need the pin and the ledger/recovery seed?

Is it possible to enable email or Google authenticator confirmation, or will I have to use green address or electrum to do integrate with this extra factor?

When you use a Ledger device first you plug it into a USB port on your computer. The wallet you are using (Ledger Wallet, Electrum, Copay, GreenAddress) prompts you for a 4-digit code that you created when you initialized the Ledger device. When you are ready to spend funds, you must supply a response to a hashed 4-character query using the supplied security card that is unique to each and every Ledger device.

So you use 1 code to start the Ledger and then another code to spend funds.

Also instead of using the security card you can use your Android or iOS device to allow or deny spend transactions.

Does that help?

To answer the second part, Google Authenticator does not come into play with the Ledger device.

How would Straux communicate with the Ledger with his phone, if the ledger is practically a USB?

If his phone is OTG capable he could use Greenbits (The mobile version of GreenAddress). That's the only one I've tried. I think Mycelium will do it too but I haven't tried it.

Thanks for the tip, BIP39 Word list contains 2048 words, what are the chances to bruteforce the 24word seeds of the Ledger wallet?

2048^24 as for each word it randomly choses one from the list, which would be 2.9642775e+79.

This number is astronimically high. It is basically creating a 24 character password, but instead of only keyboard input, you now have 2048 inputs to choose from.

I know the number is really high(2.96e+79) but for bruteforcers how long can it take, because it is random they can probably be lucky and find within a month maybe!! I'm just curious.

BTW I just tried Mycelium and it also works with the Ledger.

I just bought one of the GreenAddressIHW.1s. To be honest, I think it looks better than the electrum one.

What happens if you break or lose your Ledger? Do you have to buy another one, or is there a sort of warranty?  :)

Ledger disadvantages: must be initialized using a secure computer or the Starter. If using with a wallet on your phone you must use the security card to verify transactions. Cannot passphrase protect accounts as with a Trezor.

Advantages: low cost. If you use with your laptop you can pair with the Ledger App on your Android phone to authorize transactions avoiding use of the security card.

Ledger is a good way to get started with bitcoin hardware wallets at lowest cost.

You can simply download their speciallized OS ISO file, and apply it to a disk. You can start up your wallet from there safely.

Congratulations on your purchase! But I personally think the Electrum is better, I'm an electrum fanboy.

If you lose or break your Ledger, from what I understand, you can open the chrome wallet/your chosen Ledger wallet and restore your wallet using the 24-word recovery seed. You then withdraw the coins to an online wallet or something.

No, Ledger will not restore your wallet AFAIK. You will have to buy another wallet, or use an online wallet, as I have said above.

Only heared good feedback about ledger nano and HW.1.
From Friends and from online reputations.

Ledger HW.1 is a good way to get a low cost introduction to bitcoin hardware wallets. Once you find you like the security consider moving up to a Trezor. The advanced features will make you wonder why you did not buy one in the first place.

I am thinking of buying a hardware wallet too and Ledger wallet seems to be the cheapest ones around, btw what's the difference between the different ledger wallets?


Trezor is good but way too costly but I guess if you have tonnes of bitcoin it makes sense investing in it.

Well that is the point. Folks with more than a couple of bitcoin to protect tend to either use Armory for cold storage using two separate computers or Trezor. Both have been around for a few years and are well proven. Trezor is made by the same team who created the first bitcoin mining pool.

I love my Ledger nano.  I can't believe it took me so long to buy one.  It works great, my bitcoin are safe, and it was super cheap!  I bought the OTG cable that they sell too, and I use it with Mycelium for Android.  It works great with Mycelium, and Ledger is even creating their own Android wallet app to use with it. (I'm using the alpha version right now.)

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Wait... does this basically allow you to make a Ledger USB wallet?

No, the Starter is used to provide a secure environment in which to initialize your Ledger so your seed can not be stolen by a keylogger. Read the Ledger site for details.

not yet, is it good?  :)