Hi there okay when you say bitcoin qt, i definitely heard of that. Thats why im confused when you say bitcoin core.
Bitcoin-QT is just one component (The GUI client) of Bitcoin Core... it also has a background service called "bitcoind" (aka "Bitcoin Daemon") and a command line client called "bitcoin-cli"... Collectively, they form the "application" known as "Bitcoin Core".
So if your transfer your btc to your nano ledger s... even if you don't use electrum and use that ledger chrome... your btc is still on the blockchain?
That is the whole point of blockchains. It is the immutable record of all bitcoin transactions. Whatever your actually wallet software says is irrelevant. The blockchain is the absolute authority on which address controls what bitcoin.
So your ledger nano s contains a seed, just like how electrum does right?
Yes... but unlike Electrum, you can't get access to it after it is initially displayed during the initialisation/setup process.
So when you create electrum to your ledger, that means what shows currently in your electrum wallet is exactly what it would show when you use the nano ledger s with it. But on your actual electrum program, you basically only have one address right? Thus the old one from which you transferred the btc from? Thus there is no 2nd wallet with its own seed?
When you create a wallet using a "hardware device" in Electrum... it will read the "xpub" from the ledger. This "xpub" is a Master Public Key. Electrum will then use this to generate identical bitcoin addresses to the ones generated by the Ledger. So, it knows which addresses to monitor the blockchain for. When it sees transactions relating to these addresses it adds the information to the local copy of the wallet.
So, your Electrum "ledger" wallet will contain the xpub from the Ledger and a bunch of bitcoin addresses generated from that xpub... but no private key information. All it can do is "look" at your addresses/coins. Hence the term, "watching only" wallet.
You can continue to have normal Electrum wallets as well if you want... Electrum lets you have and use multiple wallets.
Can you explain how would you send btc then when this process goes? Would you be copying and pasting a btc address to the electrum wallet like you normally do? Then you click okay send? But once you do that, that will show up on the ledger s nano with the address and btc and then you look and confirm if its right... then you press okay?
Yes
But before this, don't you have to type or copy/paste the password that you put in electrum right before you send? And if you do, is this a new password you create since its obviously not the old password from the old electrum wallet? Its the password you create for ledger nano s right?
No. It doesn't use passwords for Ledger wallets. It relies on the Ledger being connected and "unlocked" with the PIN. There is currently work in progress to allow Electrum to password protect "watching only" wallets.
What do you mean exactly if someone steals your electrum ledger wallet? Do you mean the computer or that file? But if someone gets your ledger nano s, or both it and your computer, i believe they still need both your password to send the btc from nano ledger s and also a pin number right?
The file. If your computer is hacked and the hacker has your electrum wallet file, they can't do anything because they need the ledger device to get the private keys. If they have your device as well, then they need your PIN (3 guesses and it gets wiped).
Also wanted to ask.. what other coins do you keep in your nano ledger s? Also you are using the trezor as well?
Yes... I strongly believe in redundancy and backups.
If so, do you download wallet for each coin or do you keep it on the exchange?
I don't keep anything on an exchange any longer than it takes to buy/sell. "If you don't control the keys, you don't control the coins"
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