Claiming Bitcoin Cash and Gold On New Computer and Nano Ledger S?

[HCP]

Hi there.  For electrum wallet, there are 2 passwords i believe.  One is the when you open electrum, you would have to input the password to see how many btc there are and the transactions right?  Thats the encrypt wallet file?  Then there is the one where when you send btc, you have to enter the password.  But these passwords has to be the same password or not?  And you suggest to encrypt the wallet file right?

No. It has ONE password that does both.

Okay so for example.  If someone has their electrum wallet get malware on it.  Then why do i hear cases about electrum wallet or other wallets getting hacked then assuming they put a password on it?  Is it because the hacker cracked the password?  Because i thought if the hacker were to have access to your computer/electrum, they can't just download a trojan or program and then unlock the program like that?

Generally, this is people downloading FAKE versions of Electrum, importing private keys or seeds from other wallets... the fake wallet then sends this information to the thief (like what happened when people stupidly put their private keys/seeds into mybtgwallet.com).

Okay so the watching only wallet.  So with your electrum wallet right now connected to your ledger nano s, you have a password that you have to put that you need to type in before you can view your balance or not?  I assume no?  Thus when you open electrum, it shows how much btc you have and the history right there?  Thus because you are using electrum with nano ledger s, you cannot make it where you have to type in a password to open electrum right?

It does not have a password on watching only wallets... it is a "feature request" that has been made and the devs are working on it apparently.

[jerry0]

Hi thanks for your response again.  So for the one password only that does both, you would suggest people encrypt their bitcoin wallet for the first part right?  The one where when you open it, it would show the btc balance etc?  Also its easy to do and undo this on electrum?  Such as you turn the encryption on for looking at how much btc balance you have.. then unencrypting it and then back to encrypting it?


When you say importing private keys from seeds from other wallets, you mean from bitcoin wallet right?  Yes i heard about that with people trying to claim their bitcoin gold in that website you mentioned.  But as long as you aren't copying and pasting that key or seed, then it general then there would be no hack?


Okay one other thing.  So you say as long as you like using electrum and comfortable with it, you should use it with ledger nano s and avoid the chrome ledger app then right?  Im very used to using electrum and wouldn't really want to use another program etc.

[HCP]

Ok... so Electrum wallet has three levels of password protection/encryption:

1. No password - Wallet file and ALL of it's contents are in plaintext - NOT RECOMMENDED

2. Password/No File Encryption - The important parts (private keys/seed) of the wallet are encrypted, rest is in plaintext - MINIMUM RECOMMENDED LEVEL

3. Password/Wallet File Encrypted - The important parts (private keys/seed) are encrypted AND then the whole file is encrypted - HCP's RECOMMENEDED LEVEL


With 1. - Anyone who gets a hold of your wallet file, can basically take all your coins
With 2. - Anyone who gets a hold of your wallet file, will only have access to addresses and transaction info... private keys/seeds are still encrypted... not ideal, but it should slow them down long enough to move all your coins to safety (assuming you have a decent password 10+ characters/numbers/symbols etc).
With 3. - Anyone who gets a hold of your wallet file has access to nothing (assuming you have a decent password 10+ characters/numbers/symbols etc)

I personally recommend 3... for "normal" Electrum wallets.

When used with a hardware wallet... you (currently) DON'T GET TO SET A PASSWORD. You run at Level 1.


As for which software to use, like I said... try them all out. There is nothing stopping you from trying Ledger Chrome app, Electrum or any of the other compatible wallets until you find the one you like the best.

[jerry0]

Hi there thanks for that information.  One last thing.  The most secure option.  You could basically change it from option 2 and 3 pretty easily if you want right if you already have one set?

[HCP]

Yes, you just goto "Wallet -> Password"... and then enter your current password... and then a "new" password (can actually be the same as your current password)... and tick the box that says "Encrypt wallet file"

[jerry0]

Hey thanks for that information.

[jerry0]

HCP one last question.  If the nano ledger s stops working, you need the 24 word phrase that you wrote down from the nano ledger right?  Also is it always 24 words?


Also what if you cannot get another nano ledger s?  Could you restore it without it or not?

[HCP]

Yes, 24 words is all you need to recover to either another Ledger, a Trezor, a KeepKey or any BIP32/39/44 compatible wallet.

https://ledger.zendesk.com/hc/en-us/articles/115005297709-On-which-wallet-can-I-restore-my-wallet-if-I-lose-my-Ledger-device-

NOTE: The list is a bit outdated... as you can definitely restore to Electrum now.

[jerry0]

Hey thanks.  One other thing i want to ask you.


I spoke to a guy who recently just got the nano ledger s.  He tells me he is currently using it with the chrome.  He said he is doing this way because he is just looking for a place to store his bitcoins and not move it around.  He says if he wanted to move bitcoins, he would just leave it in electrum.  The thing is the way he said it, it seemed like he meant he wanted to keep his btc in a secure place like a nano ledger but mentioned the nano ledger isn't really for sending btc a lot.  He is incorrect with this right?  He also said you can't set fees like you could on electrum... is he correct on this or not?  Because that would seem ppl who use nano who pay lot of fees?


I mentioned to him someone said they are using it with electrum as oppose to the ledger.  But im surprised he is using it with chrome?

[jerry0]

Hey HCP i just thought of something else.  If someone wants to own say 10+ coins... especially those that aren't supported by the nano ledger s and you have to download your own wallet, would it actually be better to buy a separate computer such as even a chromebook or small laptop solely to store these cryptocurrencies?  For example you could have 20+ wallets on the computer and the only thing you do on it would be to send/receive coins? 


The other thing besides that would be of course your bitcoin exchange account and do that only on that computer.  Would you say that would also work as well?  But if someone was to have access to your laptop where you have say 20 different cryptocurrency wallets, as long as you encrypt each wallet, then you should be fine?  Thus you only download wallets and do transactions on that computer along with using the exchanges?  Thus no watching youtube or visiting any other sites at all.


Would you say that would also work?  Because if you have a few coins that ledger nano doesn't allow storing, then you still have to use that wallet on your regular computer right?

[bob123]

The thing is the way he said it, it seemed like he meant he wanted to keep his btc in a secure place like a nano ledger but mentioned the nano ledger isn't really for sending btc a lot.  He is incorrect with this right?  He also said you can't set fees like you could on electrum... is he correct on this or not?  Because that would seem ppl who use nano who pay lot of fees?


I mentioned to him someone said they are using it with electrum as oppose to the ledger.  But im surprised he is using it with chrome?

The nano s is made to be used a lot. For (only) a cold storage a paper wallet would be enough.
A hardware wallet is made out of the purpose to being able to access your coins at any time and always perfectly secured.
The native ledger wallet (chrome-) app does have the ability to set fees either for slow, normal, fast confirmation or you can set them mannually.

If someone wants to own say 10+ coins... especially those that aren't supported by the nano ledger s and you have to download your own wallet, would it actually be better to buy a separate computer such as even a chromebook or small laptop solely to store these cryptocurrencies?

This definetly would be better than just storing them on your everyday-pc. Depending on how much money you store on this pc and how secured your wallet has to be,
the ideal case would be if this pc never had a connection to the internet. A trezor/keepkey is also just a minicomputer.

But if someone was to have access to your laptop where you have say 20 different cryptocurrency wallets, as long as you encrypt each wallet, then you should be fine?  Thus you only download wallets and do transactions on that computer along with using the exchanges?  Thus no watching youtube or visiting any other sites at all.

This depends on 1) the encryption algorithm and 2) the password used to encrypt your files. With a non-broken encryption algorithm and a strong(enough) password your files are considered to be safe.
It doesn't matter whether you use this pc to only download wallets or safe youtube too. As long as it is connected to the pc there is always a risk of getting infected by malware.
Higher amounts (which you don't want to lose) should be stored offline for ideal security.

[jerry0]

Hi there thanks for that information.


But what if you have wallets that are not compatible with the nano ledger s?  Would it actually be a good idea to get separate computer for those coins?  But a ledger nano for the main coins?


I"m confused with what you mean connecting to the internet.  So electrum doesn't connect to the internet?

[jerry0]

HCP, what happens if the nano ledger malfunctions and you need a replacement?  Also don't these need replacement eventually as they cannot last that long?


Most importantly, would it be possible to recover your bitcoins/altcoin on a computer if you cannot buy another nano ledger s?  Or would you have to get a replacement? 

[HCP]

HCP, what happens if the nano ledger malfunctions and you need a replacement?  Also don't these need replacement eventually as they cannot last that long?
Most importantly, would it be possible to recover your bitcoins/altcoin on a computer if you cannot buy another nano ledger s?  Or would you have to get a replacement? 

pretty sure we've covered this already:

Yes, 24 words is all you need to recover to either another Ledger, a Trezor, a KeepKey or any BIP32/39/44 compatible wallet.

https://ledger.zendesk.com/hc/en-us/articles/115005297709-On-which-wallet-can-I-restore-my-wallet-if-I-lose-my-Ledger-device-

NOTE: The list is a bit outdated... as you can definitely restore to Electrum now.

[jerry0]

Hey HCP.  So just to make sure, electrum counts right?  Just want to make sure before i order it.

[mm100]

The above info was very helpful and I am hoping someone can answer this question.

I need to claim my BCH (it was in my Electrum wallet at the time of the Aug 1 fork). However, I moved it to my Ledger Nano S thinking that it can split my BTC/BCH. This is apparently only possible if my BTC was in my Ledger wallet at the time of the fork (which is was not).

I transferred my BTC from my Electrum wallet to my Ledger Nano S but I then permanently deleted my Electrum wallet from my PC because I switched PC's for (security purposes).
I do have backups of my Electrum wallet (if that helps) but these were made before I moved my BTC to my Ledger Nano S.

Can I gain access to the required private keys on my PC or from my Electrum backup? In order to finish claiming my BCH on Ledger Nano S. Any help is appreciated!

[TryNinja]

Hey HCP.  So just to make sure, electrum counts right?  Just want to make sure before i order it.

Yes...

I transferred my BTC from my Electrum wallet to my Ledger Nano S but I then permanently deleted my Electrum wallet from my PC because I switched PC's for (security purposes).
I do have backups of my Electrum wallet (if that helps) but these were made before I moved my BTC to my Ledger Nano S.

Can I gain access to the required private keys on my PC or from my Electrum backup? In order to finish claiming my BCH on Ledger Nano S. Any help is appreciated!

That's good enough. Your Electrum wallet/seed never changes. It doesn't matter if you moved the funds or made any new transactions. Backup once and you are done!

Just download Electron Cash[1] and open your Electrum wallet file with it. Then, send your BCH to your Nano S.
https://electroncash.org/

[mm100]

OK thanks but I am a little confused. What part of my back up am I supposed to use? The wallet file or the program shell?

The program shell I believe can only be re-installed from a download (even if I have a copy on my backup USB drive) and if that's the case it would be a fresh install and would not have my private keys

Are you saying download a new Electrum wallet and recover my wallet with my seed phrase?

If so, then how does Electron wallet play into this sequence?

[TryNinja]

OK thanks but I am a little confused. What part of my back up am I supposed to use? The wallet file or the program shell?

The program shell I believe can only be re-installed from a download (even if I have a copy on my backup USB drive) and if that's the case it would be a fresh install and would not have my private keys

What exactly did you backed up?

Electron Cash looks exactly like Electrum. If what you backed up was the wallet file, just select it in Electon Cash like you always did with Electrum when opening your wallet.

[mm100]

Ok I understand. I do have the wallet backed up on a USB drive. But the backup was made when I had BTC in it. I since sent my BTC to my Ledger Nano S from my wallet that was on my PC.

So what will happen when I go to my old backup Electrum file (from my USB drive) that was made when I did have my BTC in it?