Ledger Nano S and altcoins

[joecrypto]

Hey guys, new to the crypto space. Few questions about the Ledger Nano S.
What do you guys do with alt coins that are not supported by the Nano? Just hold in software wallets? Any suggestions on which ones?
Also as more alt coins become compatible with the Nano will I be able to simply update the software or will I be forced to purchase a new unit?
Thanks in advance guys,
Joe

[1714660274]

1714660274

[1714660274]

1714660274

[1714660274]

1714660274

[Caesar-Giulius]

Nice choice you have made to secure your coins with a hardware wallet. When Ledger support new coins, you can simply update the hardware. There is no need to buy a new ledger for it.

For those coins that are not supported by Ledger, I will store in the official wallets. And I suggest you not to store coins in exchanges for long term.

Feel free to ask if you have any other questions.

[joecrypto]

Thanks Caesar! Just to clarify when you say "For those coins that are not supported by Ledger, I will store in the official wallets"
What do you mean by official wallets? Does each alt coin have an official wallet associated with it?
Thanks again man!

[rayk]

Download their official wallets and store your private keys in a safe environment, it can be paper or usb. or use open source altcoin wallets.

[rudolfaxl]

Just buy some cheap but new laptop which will always be used only for crypto wallets. It should not be connected all the time. Use VPN and Antivirus/Antimalware software. You should sign messages and enter passwords only offline!

[happyme1818]

Hey guys, new to the crypto space. Few questions about the Ledger Nano S.
What do you guys do with alt coins that are not supported by the Nano? Just hold in software wallets? Any suggestions on which ones?
Also as more alt coins become compatible with the Nano will I be able to simply update the software or will I be forced to purchase a new unit?
Thanks in advance guys,
Joe

I have Ledger Nano too. All you have to do is to update your hardware wallet as long is it is already supported by Ledger. You don't need to buy another one unless you need another back up hardware wallet.

[Caesar-Giulius]

Thanks Caesar! Just to clarify when you say "For those coins that are not supported by Ledger, I will store in the official wallets"
What do you mean by official wallets? Does each alt coin have an official wallet associated with it?
Thanks again man!

You are most welcome. Official wallets are wallets that are developed by the coins’ developer and can be found in the official website.

For example if you are looking to store Neo (Antshare), you are able to download desktop wallet from Neo’s official website: https://neo.org/download

More examples:
Deeponion wallet: https://deeponion.org/
Monero wallet: https://getmonero.org/

However, please be safe and alert of phishing websites that try to imitate the official websites. The best way is to visit the ANN thread of the coins under “Annoucement (Altcoins) to look for the official website or wallet download url.

[joecrypto]

Really helpful!! Thank so much for the help guys! 

[Poink]

Note that though Ledger support many coins...you can only have 5 wallets at a time. 

You can have multiple addresses in one wallet say for various ERC20 tokens.