Newbie Ledger Wallet Questions

[Rambler76]

Hi I'm relatively new to btc and I have some questions relating to moving my btc's from an online wallet to cold storage.

The majority of my btc's are stored in an online blockchain wallet however I had a few with mt gox and everyone knows how that went.

Although the blockchain online wallet is very secure and I have two factor authentication set, I'm still a little uneasy with having my bitcoins stored with someone else, and that's why I'm looking at cold storage with the Ledger Wallet.

I guess the issue I have is that although the btc's are stored on the HW.1 device itself, transactions are still reliant on the google chrome app and transactions are still run through their API server.

My question is that say Ledger Wallet ceases to exist, their chrome app is pulled and their server is shutdown where would that leave you with the btc's stored on the device?

Thanks

[achow101]

My question is that say Ledger Wallet ceases to exist, their chrome app is pulled and their server is shutdown where would that leave you with the btc's stored on the device?

Thanks

IIRC Ledger is a BIP39 compatible wallet, so the recovery words that you write down will be able to be imported into any BIP39 compatible wallet. Then you can spend the Bitcoin from that imported wallet.

[unholycactus]

The Ledger Wallet Chrome application (available also on Chromium) provides an easy onboarding as well as a seamless user experience, and the Nano is compatible with numerous third party software: Electrum, Mycelium, GreenAddress, Greenbits, Coinkite and Copay.

You can always use the platforms listed above to transfer your coins.
Don't you think you should use a wallet like Electrum instead of lending your coins to blockchain or buying expensive hardware?
Up to you.

[Rambler76]

My question is that say Ledger Wallet ceases to exist, their chrome app is pulled and their server is shutdown where would that leave you with the btc's stored on the device?

Thanks

IIRC Ledger is a BIP39 compatible wallet, so the recovery words that you write down will be able to be imported into any BIP39 compatible wallet. Then you can spend the Bitcoin from that imported wallet.

If the device is lost or locked after three invalid pin attempts it wipes its contents and requires recovery.

However the recovery or import into another wallet is still be reliant upon the chrome app.

Is this correct?

[notlist3d]

My question is that say Ledger Wallet ceases to exist, their chrome app is pulled and their server is shutdown where would that leave you with the btc's stored on the device?

Thanks

IIRC Ledger is a BIP39 compatible wallet, so the recovery words that you write down will be able to be imported into any BIP39 compatible wallet. Then you can spend the Bitcoin from that imported wallet.

If the device is lost or locked after three invalid pin attempts it wipes its contents and requires recovery.

However the recovery or import into another wallet is still be reliant upon the chrome app.

Is this correct?

Three attempts and it is gone and will appear like a new Ledger.   You can recovery it from seed words if you do it on accident.  I HIGHLY recommend getting ledger starter if you get one, it's a 100 percent offline OS to make it secure on seed words.

Here is a hands on I did with one: https://bitcointalk.org/index.php?topic=1305888.0

[Rambler76]

The Ledger Wallet Chrome application (available also on Chromium) provides an easy onboarding as well as a seamless user experience, and the Nano is compatible with numerous third party software: Electrum, Mycelium, GreenAddress, Greenbits, Coinkite and Copay.

You can always use the platforms listed above to transfer your coins.
Don't you think you should use a wallet like Electrum instead of lending your coins to blockchain or buying expensive hardware?
Up to you.

I have been thinking about that but was initially looking at bitcoin core and was turned off by the massive amounts of data needed to download the entire blockchain. Its not too big of an issue as I have a relatively fast connection, but Im unsure if I can move the files to a HDD or whether it needs to install to a main drive which is a SSD for me. The issue is that it also acts as a node and may cause issues with my capped upload speeds.

The Ledger Wallet HW.1 is only €15 plus about €5 delivery so its not too much of spend.

I have looked at electrum but their centralised servers are a downside.

Would you recommend going with bitcoin core?

Im just trying to find the best balanced btc wallet.

Thanks again

[unholycactus]

The Ledger Wallet Chrome application (available also on Chromium) provides an easy onboarding as well as a seamless user experience, and the Nano is compatible with numerous third party software: Electrum, Mycelium, GreenAddress, Greenbits, Coinkite and Copay.

You can always use the platforms listed above to transfer your coins.
Don't you think you should use a wallet like Electrum instead of lending your coins to blockchain or buying expensive hardware?
Up to you.

I have been thinking about that but was initially looking at bitcoin core and was turned off by the massive amounts of data needed to download the entire blockchain. Its not too big of an issue as I have a relatively fast connection, but Im unsure if I can move the files to a HDD or whether it needs to install to a main drive which is a SSD for me. The issue is that it also acts as a node and may cause issues with my capped upload speeds.

The Ledger Wallet HW.1 is only €15 plus about €5 delivery so its not too much of spend.

I have looked at electrum but their centralised servers are a downside.

Would you recommend going with bitcoin core?

Im just trying to find the best balanced btc wallet.

Thanks again

A lot of people avoid Bitcoin Core because it needs 50GB (and growing) storage space to run.
It's the only downside compared to other wallets, make sure to encrypt your wallet and to run it on a clean computer.

Block data can be stored on your HDD, you just need to configure the wallet correctly (preferably before it downloads to avoid complications).

It shouldn't run as a complete node unless you manually open a port.

[TunerDude007]

I know this is an old thread, but let's say I store 5btc on a ledger Nano and put the Nano away for 10yrs. After 10yrs I come back and ledger company has disappeared, I will still be able to recover my 5btc yes? And I would do this by using my recovery seed with a bip compatible wallet yes?
Thank you in advance for your help everyone, I just want to make sure I understand all this.

[BitcoinNewsMagazine]

My question is that say Ledger Wallet ceases to exist, their chrome app is pulled and their server is shutdown where would that leave you with the btc's stored on the device?

Thanks

IIRC Ledger is a BIP39 compatible wallet, so the recovery words that you write down will be able to be imported into any BIP39 compatible wallet. Then you can spend the Bitcoin from that imported wallet.

If the device is lost or locked after three invalid pin attempts it wipes its contents and requires recovery.

However the recovery or import into another wallet is still be reliant upon the chrome app.

Is this correct?

Three attempts and it is gone and will appear like a new Ledger.   You can recovery it from seed words if you do it on accident.  I HIGHLY recommend getting ledger starter if you get one, it's a 100 percent offline OS to make it secure on seed words.

Here is a hands on I did with one: https://bitcointalk.org/index.php?topic=1305888.0

Ledger Nano S is so much better in all respects that I am surprised the Nano still sells. No need for the Starter and recovery is 100% secure.

[Cereberus]

I know this is an old thread, but let's say I store 5btc on a ledger Nano and put the Nano away for 10yrs. After 10yrs I come back and ledger company has disappeared, I will still be able to recover my 5btc yes? And I would do this by using my recovery seed with a bip compatible wallet yes?
Thank you in advance for your help everyone, I just want to make sure I understand all this.

I have a Ledger wallet HW.1 the cheapest and less feature of all of the Ledger hardware wallets. I think it's very much worth to spend about 20 Euro(0.025 btc) to keep your coins safe.

YES. You can import your 5 btc after 10 years if Ledger has disappeared to any BIP39 compatible wallet, one of such being Mycellium as far as I know.

[TunerDude007]

My question is that say Ledger Wallet ceases to exist, their chrome app is pulled and their server is shutdown where would that leave you with the btc's stored on the device?

Thanks

IIRC Ledger is a BIP39 compatible wallet, so the recovery words that you write down will be able to be imported into any BIP39 compatible wallet. Then you can spend the Bitcoin from that imported wallet.

If the device is lost or locked after three invalid pin attempts it wipes its contents and requires recovery.

However the recovery or import into another wallet is still be reliant upon the chrome app.

Is this correct?

Three attempts and it is gone and will appear like a new Ledger.   You can recovery it from seed words if you do it on accident.  I HIGHLY recommend getting ledger starter if you get one, it's a 100 percent offline OS to make it secure on seed words.

Here is a hands on I did with one: https://bitcointalk.org/index.php?topic=1305888.0

Ledger Nano S is so much better in all respects that I am surprised the Nano still sells. No need for the Starter and recovery is 100% secure.

But I want to use it for long term storage, 10yrs plus. Doesn't this device contain a battery? I doubt the battery will be any good after 10yrs.

[hilariousandco]

Ledger Nano S is so much better in all respects that I am surprised the Nano still sells. No need for the Starter and recovery is 100% secure.

It's much more expensive though so a Nano is a cheaper option for people on a budget.

Ledger Nano S is so much better in all respects that I am surprised the Nano still sells. No need for the Starter and recovery is 100% secure.

But I want to use it for long term storage, 10yrs plus. Doesn't this device contain a battery? I doubt the battery will be any good after 10yrs.

No, it's USB powered. You can still recover the bitcoins from seed even if your wallet was destroyed anyway

[LEILO]

I lost my seed, I do have my PIN number but the firmware is outdated. It's showing transaction failed every time I try to send or withdraw btc or eth. I can easily pull my bitcoin and put it on the blockchain and transfer the keys. My problem is what can I do with ETH. Any help would appreciated.

[BivxiuDavi]

Looking for Ledger. It's the best way to safe bitcoin in cold wallet

[platom]

Ledger Nano S is so much better in all respects that I am surprised the Nano still sells. No need for the Starter and recovery is 100% secure.

Do not throw away your hw.1, you can use hw.1 as spare hardware in case if your nano s is broken/lost.

[LEILO]

How can I transfer money out to reset the firmware..I am getting transaction failed message. I have my pin but don't have the seed.

[platom]

How can I transfer money out to reset the firmware..I am getting transaction failed message. I have my pin but don't have the seed.

Seed was given to you when first time to create a wallet. Need to find it. Do not reset firmware if you don't have your word seeds.

Btw, if you are using ledger HW.1 or ledger nano, if you are losing security card, you still can get new security card from ledger.

[thedazzler18]

What will happen with your old Ledger Nano S wallet if you lose it and you back it up using your 24-words to a new Ledger Nano S wallet?

I mean, will people still be able to manage my funds if they got the pin or is it wiped clean? Cause if not wiped clean, this does not give me a secure feeling while the older wallet is still out there with a possibility that someone guesses the pincode.

And if the old Nano S is not wiped, what would be the most secure way to set up a new wallet adress? (Maybe setting up a new web wallet, sending it there, resetting the Ledger Nano S, then use it as a new device, and finally sending the coins to the new adress?

[NABiT]

What will happen with your old Ledger Nano S wallet if you lose it and you back it up using your 24-words to a new Ledger Nano S wallet?

Nothing will change on your old Nano S

I mean, will people still be able to manage my funds if they got the pin or is it wiped clean? Cause if not wiped clean, this does not give me a secure feeling while the older wallet is still out there with a possibility that someone guesses the pincode.

If someone has your old Nano S and the pin code they have access to your funds but 3 wrong successive PIN code attempts would reset your old Nano S, then they would need your 24 word seed.

And if the old Nano S is not wiped, what would be the most secure way to set up a new wallet adress? (Maybe setting up a new web wallet, sending it there, resetting the Ledger Nano S, then use it as a new device, and finally sending the coins to the new address?

What if I lose my Ledger Wallet?

If you have any doubt about compromise of your PIN code and/or second factor card, you should immediately transfer your balance to another wallet.

https://ledger.zendesk.com/hc/en-us/articles/115005161445-What-if-I-lose-my-Ledger-Wallet-