Bitcoin Forum
January 19, 2019, 01:31:44 PM *
News: Latest Bitcoin Core release: 0.17.1 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: Questions Regarding Hardware Wallets (Please Help)  (Read 399 times)
Postlegend
Member
**
Offline Offline

Activity: 98
Merit: 10


View Profile
August 20, 2017, 03:20:26 AM
Last edit: August 20, 2017, 03:52:24 AM by Postlegend
 #1

Hey guys, I have some questions regarding hardware wallets. Sorry I'm a newbie.

1) I've recently found interest in getting a Ledger Nano S or Ledger Blue. I am currently using a Trezor Wallet, is it possible for me to "restore" my account (from Trezor) to my Ledger Wallet? In other words, is the Ledger Wallet compatible with the Trezor Wallet?

2) Let's say I received 1000 payments of 0.001BTC in my hardware wallet. If I want to send 1BTC, the chip will have to sign 1000 times. If I want to send 0.5BTC, the chip will have to sign 500 times. Now, if I withdraw 1BTC from my hardware wallet and deposit another 2BTC, how many times will the chip have to sign for my 2BTC withdrawal? Will it be 1 time or 1001 times?

3) Let's say I received 1 payment of 2BTC in my hardware wallet. If I want to send 1.75BTC to someone, the chip will need to sign once, right? If I send the remaining 0.25BTC to another person, the chip will have to sign once again, is that accurate?


▀  ███       LEDGER  WALLET   PROTECT  YOUR  BITCOINS
▀  ▀▀▀       Smartcard security for your bitcoins        Decentralized,Open,Secure         Available now  []
▀  ▀  ▀       ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀        ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀         ▀▀▀▀▀▀▀▀▀▀▀▀▀▀
1547904704
Hero Member
*
Offline Offline

Posts: 1547904704

View Profile Personal Message (Offline)

Ignore
1547904704
Reply with quote  #2

1547904704
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
achow101
Moderator
Legendary
*
Offline Offline

Activity: 1652
Merit: 1968


bc1qshxkrpe4arppq89fpzm6c0tpdvx5cfkve2c8kl


View Profile WWW
August 20, 2017, 06:13:02 AM
 #2

1) I've recently found interest in getting a Ledger Nano S or Ledger Blue. I am currently using a Trezor Wallet, is it possible for me to "restore" my account (from Trezor) to my Ledger Wallet? In other words, is the Ledger Wallet compatible with the Trezor Wallet?
Yes.

2) Let's say I received 1000 payments of 0.001BTC in my hardware wallet. If I want to send 1BTC, the chip will have to sign 1000 times. If I want to send 0.5BTC, the chip will have to sign 500 times. Now, if I withdraw 1BTC from my hardware wallet and deposit another 2BTC, how many times will the chip have to sign for my 2BTC withdrawal? Will it be 1 time or 1001 times?
If the only input is the 2 BTC input, then a 2 BTC send will only have 1 input and thus only 1 signature operation.

3) Let's say I received 1 payment of 2BTC in my hardware wallet. If I want to send 1.75BTC to someone, the chip will need to sign once, right? If I send the remaining 0.25BTC to another person, the chip will have to sign once again, is that accurate?
Yes. You will receive the 0.25 BTC as a new output which is sent back to yourself.

Postlegend
Member
**
Offline Offline

Activity: 98
Merit: 10


View Profile
August 20, 2017, 04:25:35 PM
 #3

Thanks for your help, but I'm still a little unclear on #2. Let's say my hardware wallet has received 1000 inputs of 0.001 each, totaling to 1 BTC. I then send the 1 BTC to someone, leaving my balance to 0. I then receive another 1 BTC from someone else, totaling to 1 BTC again. At this time my hardware wallet would have received 1001 inputs. However the first 1000 inputs have been spend already. The next time I wish to send from my hardware wallet, the chip would only need to sign once? In other words, are "spent inputs" no longer needed to be signed again?

▀  ███       LEDGER  WALLET   PROTECT  YOUR  BITCOINS
▀  ▀▀▀       Smartcard security for your bitcoins        Decentralized,Open,Secure         Available now  []
▀  ▀  ▀       ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀        ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀         ▀▀▀▀▀▀▀▀▀▀▀▀▀▀
achow101
Moderator
Legendary
*
Offline Offline

Activity: 1652
Merit: 1968


bc1qshxkrpe4arppq89fpzm6c0tpdvx5cfkve2c8kl


View Profile WWW
August 20, 2017, 04:26:40 PM
 #4

Thanks for your help, but I'm still a little unclear on #2. Let's say my hardware wallet has received 1000 inputs of 0.001 each, totaling to 1 BTC. I then send the 1 BTC to someone, leaving my balance to 0. I then receive another 1 BTC from someone else, totaling to 1 BTC again. At this time my hardware wallet would have received 1001 inputs. However the first 1000 inputs have been spend already. The next time I wish to send from my hardware wallet, the chip would only need to sign once? In other words, are "spent inputs" no longer needed to be signed again?
Yes. Inputs that have been spent cannot be spent again. There is no need to sign for them after they are spent.

Postlegend
Member
**
Offline Offline

Activity: 98
Merit: 10


View Profile
August 20, 2017, 04:44:54 PM
 #5

Achow101, thank you very much for your help!

▀  ███       LEDGER  WALLET   PROTECT  YOUR  BITCOINS
▀  ▀▀▀       Smartcard security for your bitcoins        Decentralized,Open,Secure         Available now  []
▀  ▀  ▀       ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀        ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀         ▀▀▀▀▀▀▀▀▀▀▀▀▀▀
Pages: [1]
  Print  
 
Jump to:  

Bitcointalk.org is not available or authorized for sale. Do not believe any fake listings.
Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!