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Well said everyone! And for this i can attest myself (as a complete n00b), i have asked almost one million questions(!!!) and everyone are really quick to respond and with complete responses and sites for me to cross-reference!
Keep up the good work!
Warmest regards.
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Oh!!!! This means that i can use as many software wallets i want and somehow connect them to my Ledger device!!! This is clearing up many many of my questions! I thought that after you install a software wallet and link it to the hardware device...that's it...these two stay linked forever! The software wallets are simply an interface to use the private keys which are stored on the Ledger device to sign transactions. You can use as many different pieces of software to interact with the hardware wallet as you like. You can use Ledger Live, Electrum, MyEtherWallet, Monero GUI wallet, etc., all with the same Ledger device. Now i understand as to the "why" the Ledger Nano X has 1TB of internal memory! It doesn't. Its internal memory is only 2 MB. It does not need to store large software packages like Electrum or Ledger Live - it only needs to store your private keys and the means to use them. Oh!!!! So this means that after i buy my coin from any exchange i need to give to them my public key in order to transfer the coins to my wallet, right? Or they provide a wallet for themselves and then you need to transfer from their wallet over to your own? One more question that i am wondering about, is if i want to buy a coin that is not supported by the device (eg. EOS) what is the 'proper' way of doing it? I mean is there any way of using the hardware wallet again in these cases or just wait for an upgrade from the manufacturer? Best regards. |
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If you have any good wallet suggestions please do tell me. It depends on what coins you are going to be holding with your Ledger Nano. If you are planning on using a lot of different altcoins, then Ledger Live is going to be your best bet. I think it's not the best piece of software, especially when it comes to bitcoin, but it supports hundreds of alts all in the same place without having to download individual wallets for each one, so there is no denying that it is good from that point of view. Regardless of if you use other software too, you'll still need to use Ledger Live to update the firmware on your hardware wallet. For interacting solely with bitcoin, I would recommend Electrum. It pairs easily with Ledger hardware wallets, gives a very nice interface, and gives you some functionality that Ledger Live does not have, such as being able to view all your addresses and manage individual coins and outputs. It is possible to use both - for example use Electrum when you want to spend bitcoin, but use Ledger Live when you want to spend alts. Oh!!!! This means that i can use as many software wallets i want and somehow connect them to my Ledger device!!! This is clearing up many many of my questions! I thought that after you install a software wallet and link it to the hardware device...that's it...these two stay linked forever! Now i understand as to the "why" the Ledger Nano X has 1TB of internal memory! Best regards. |
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i am thinking of installing the one called "Exodus" but i don't see on their site any compatibility with the Ledger. In these cases what can somebody do? I mean...is there any way of using it and still use Ledger?
No, Exodus supports only Trezor devices at the moment. You could recreate the same wallet using your recovery phrase, but that would defy the point of having a hardware wallet. Why do you want to use Exodus in particular? Hi @Rath_, i just saw Exodus wallet and it looked really nice as a user interface, that's all. Honestly speaking i am starting out now so treat my experience as a complete n00b! If you have any good wallet suggestions please do tell me. Best regards. |
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Since you have already helped me so much, if you don't mind of helping me a bit more. I wanted to ask one more question regarding software wallets (since i am going to be needing one!), i am thinking of installing the one called "Exodus" but i don't see on their site any compatibility with the Ledger. In these cases what can somebody do? I mean...is there any way of using it and still use Ledger?
Best regards.
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But isn't Ledger French? I would swear that they sent them from France, at least a few years ago, but I suppose that you have done your job researching so it may have changed. Just double check just in case.
About Amazon, I would try to avoid it, but if you don't have a viable alternative, then you may want to reset as @ranochigo suggests, just in case. Better safe than sorry.
Hi @Porfirii, you are correct! I saw their price on US Dollars and i automatically thought that the company was from the USA. Thanks for pointing out to me! |
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Wow!!! Thank you all so much for your quick responses and nice meeting you all!
About the supplier from which i am going to be purchasing my hardware wallet...i wish i can buy it directly from USA but i am living in Greece and the import tax is pretty steep! I will be buying it from amazon.co.uk because as a European e-shop i will not be having any import duty. Don't you believe that it's a wise choice to do so? I am it's Amazon...what can go wrong! Right?
Best regards!
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My question is, do i still need a software wallet or this one is sufficient? I am seeing at their site that they are providing integration with various software wallets. I am still failing to understand why if i have a hardware wallet i would need a software one too!
The hardware wallet merely helps you to generate addresses and sign the transactions. You will still have to connect it to a computer and for the computer to script a transaction for your hardware wallet to sign. Without the use of any software, you can't possibly be able to craft a transaction and send it to your Ledger to sign. The integration is beneficial as most user wants some form of control over what they can do with their transactions instead of just being limited to a single wallet. Hi @ranochigo and thank you so much for your quick response! Oh! I see! That's why Ledger have a software of their own which is called Ledger Live! So, this device is not an actual wallet! Meaning that any coins i am going to be buying are not going to "stored" somehow into it! I still need to have a software wallet installed at my computer. But if i don't connect the device to my computer then i can't do any transaction? |
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Hello everyone and nice meeting you all!
I want to start investing in crypto. I have read that in order to be 100% safe someone needs to buy one hardware wallet. I have done some searching and i have chosen to buy the Ledger Nano X. My question is, do i still need a software wallet or this one is sufficient? I am seeing at their site that they are providing integration with various software wallets. I am still failing to understand why if i have a hardware wallet i would need a software one too!
Best regards and thank you in advance!
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