Securing your bitcoins : Nano ledger or Armory ?

[Tamis]

Hi guys,

I have both an offline eepc and the nano ledger.
I'm wondering if I should transfer all my btc to the nano ledger or not.
Armory is great but it needs to keep up with the blockchain on the online computer and i'm always afraid the offline, old eepc, will just not boot at one point.
I have printed the recovery paper wallet, but still armory in the end is just so much more complicated and time consuming than the nano ledger.

So right now, i'm wondering if I should just transfer all my btc to the nano ledger or not.

Any consensus regarding this ?

Take care !

Tamis

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[Lauda]

Any consensus regarding this ?

No.

Armory is great but it needs to keep up with the blockchain on the online computer and i'm always afraid the offline, old eepc, will just not boot at one point.
I have printed the recovery paper wallet, but still armory in the end is just so much more complicated and time consuming than the nano ledger.

So in addition to that recovery wallet, why not make a backup on 2 USBs and leave them in a sealed contained near your offline machine? The chances of everything failing at once is near impossible.

I'm wondering if I should transfer all my btc to the nano ledger or not.

This depends on the amount of coins that you are going to store. If we are talking about large amounts that I'd definitely not recommend it. I'm not familiar with Ledger Nano software (I have one, but have never used it). Is there an option to create a backup? What if the hardware itself fails? You have to consider these things.

[tobacco123]

Another choice you have is paper wallet.

Just like any other wallet, if you do it correctly, paper wallet is as secure as the bitcoin protocol!! Besides, it can be read by a human, not by a software or a computer. There is no OS issues.

[OROBTC]

Hi guys,

I have both an offline eepc and the nano ledger.
I'm wondering if I should transfer all my btc to the nano ledger or not.
Armory is great but it needs to keep up with the blockchain on the online computer and i'm always afraid the offline, old eepc, will just not boot at one point.
I have printed the recovery paper wallet, but still armory in the end is just so much more complicated and time consuming than the nano ledger.

So right now, i'm wondering if I should just transfer all my btc to the nano ledger or not.

Any consensus regarding this ?

Take care !

Tamis

I am a borderline paranoid guy when it comes to financial matters, including BTC.  Why not store some BTC in both?  I am familiar with Ledger Nano, and I like it (I also like the Trezor).  The Ledger Nano also has a way to recover your BTC if the unit gets lost.

I do not know Armory, so cannot comment on that.

In general, having your BTC is a couple of different places just seems wise.

[Tamis]

I'm wondering if I should transfer all my btc to the nano ledger or not.

This depends on the amount of coins that you are going to store. If we are talking about large amounts that I'd definitely not recommend it. I'm not familiar with Ledger Nano software (I have one, but have never used it). Is there an option to create a backup? What if the hardware itself fails? You have to consider these things.

Yes there are options to recover your wallets using the 24 words generated when initializing your wallet.
Seems pretty safe imo thus my question.

Thanks for taking the time to answer Lauda !

I am a borderline paranoid guy when it comes to financial matters, including BTC.  Why not store some BTC in both?  I am familiar with Ledger Nano, and I like it (I also like the Trezor).  The Ledger Nano also has a way to recover your BTC if the unit gets lost.

I do not know Armory, so cannot comment on that.

In general, having your BTC is a couple of different places just seems wise.

Yeah, my initial idea was to put 50% in each, but armory as great as it is needs more maintenance (blockchain sync, etc) than the ledger...
You are right though, never put all your eggs in the same basket !

Thanks for your input OROBTC !

[Lauda]

I am a borderline paranoid guy when it comes to financial matters, including BTC.  Why not store some BTC in both?  I am familiar with Ledger Nano, and I like it (I also like the Trezor).  The Ledger Nano also has a way to recover your BTC if the unit gets lost. In general, having your BTC is a couple of different places just seems wise.

Correct. However, doing so increases the inconvenience and the chance of losing a part of your coins (you have to take care of all devices/backups).

Yes there are options to recover your wallets using the 24 words generated when initializing your wallet.

Good to know. I would advise you to test it out once. IMHO, if we are dealing with a larger amount of money then dealing with the little inconvenience of backing up Armory and keeping it offline somewhere is worth it. If it is an average amount of money then I'd go with Ledger Nano and backups.

Thanks for taking the time to answer Lauda !

You're welcome.

[rienelber]

  The Ledger Nano also has a way to recover your BTC if the unit gets lost.

Just did this procedure last week and it worked perfectly. If you loose your Ledger hardware you might recover it, it's no issue.

[DOGE12321]

i would use a nano ledger as i believe that a manual way of handling you Bitcoins is much safer. It has less chance of being hacked, unless you have a virus on your computer. the Ledger's firewalls and security systems are good. You need multiple passwords to access your account. It is a great way of storing BTC on the go. However, i wouldn't suggest you to store large amounts of BTC in it as it is called nano for a reason. with the advantage of it being portable it can easily be lost. So there is my opinions.

[cle]

Just to give you a guys a heads up - I made a post recommending to stick to basic free wallets (Electrum) and that hardware wallets were not needed for most people.

That post was deleted by a mod.  Vested interests?

Pretty shady.

[maku]

Op. Your bitcoin stashing strategy depends on 2 things:
1. How bit is your bitcoin wallet.  If you are very rich then it is recommended that you invest in hardware wallet.
2. Or you can be paranoid about security of your coins.

In either of these cases you have backup of your wallet data. If you manage to create 2 wallet copies on offline data storage devices and your main wallet is protected with strong password;
then there is literally zero chances that something will go wrong. Bitcoin is not so easy to lost if you know what you are doing.