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Author Topic: Ledger Nano & paper wallets.  (Read 321 times)
devster
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October 29, 2017, 06:30:30 PM
 #1

So I have a Ledger Nano with my alt coins stored safely away, but I also have an encrypted paper wallet with Bitcoin and was wondering should I import them into the Ledger to keep upcoming hardfork coins organised.

Is there any advantage to doing so or should I just sit on them in the paper wallet?
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Iranus
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October 29, 2017, 08:04:18 PM
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The good thing about importing into hardware wallets is that (at least with TREZOR, I haven't used Ledger) it will get you to input the seed in a scrambled way, either by randomising the words or even with an advanced recovery system.  By doing that, it doesn't compromise the paper wallet at all, whereas importing the seed in an ordinary way removes the security of having it in the first place.

So it should be perfectly fine to import the paper wallet into your Ledger, assuming that it has a similarly obscured importing process to the TREZOR and that you don't intend to reveal to anyone how many coins you hold or anything else that may leave you vulnerable to a 5-dollar wrench attack.  It's more of a convenience thing than anything else.


devster
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October 29, 2017, 08:34:38 PM
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I think with the ledger you have to go through a third party program like Mycellium to import the wallet first then send them through to the ledger which does open up a security hole. Then once it is in the Nano i can, like you said, obscure the bitcoins on the wallet. It is more convenient especially with a number of hardfork coins on the horizon. But by leaving them on the paper wallet nothing can go wrong during the import if I don't import them!

I have another Ledger ordered so I might wait till it arrives and make sure I have a backup of the backup before I start moving anything! I know it's straight forward enough but I'm getting a little paranoid of screwing up somewhere along the line.
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October 29, 2017, 09:09:32 PM
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I have another Ledger ordered so I might wait till it arrives and make sure I have a backup of the backup before I start moving anything! I know it's straight forward enough but I'm getting a little paranoid of screwing up somewhere along the line.

You don't need a second ledger to have a backup. Actually this doesn't give you more security at all.
All you need to backup is the 24-word-phrase. This phrase can be used to import your wallet into a new ledger or to import your wallet into any other
BIP39 compatible wallet.

Back to your first question:
Moving your funds from the paper wallet to your ledger makes it probably easier to be "organized" during forks.
But there is nothing wrong in leaving them on your paper wallet. You won't lose any coins and importing/splitting shouln't be a problem either.
Its completely up to you. I, personally, would store them all together on my hardware wallet.

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October 29, 2017, 10:35:49 PM
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Yep, you are spot on about the second ledger not being needed. I have the seed words copied out several times but crypto has treated me fairly well so I said 'why not'. A passphrase protected hardware wallet stored safely in another location makes me feel just a little better:)

I think i will go along with moving them onto the hardware wallet just so the various splits are organised and available should I have to shift some of them in a hurry.

Will be back in a week or two complaining about my coins disappearing during import or something else that screws up...
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