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Author Topic: Ledger Nano S hardware wallet technical question...  (Read 55 times)
FrenchBTC
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December 25, 2017, 12:46:02 PM
 #1

Hi,

I'm wondering how the Ledger deals with BTC adresses...Indeed eveytime I transfer BTC on it , I have a new proposed adress to receive my BTCs...
So imagine a 1st transfer of 0.001 BTC on adress A then a second one of 0.001 on adress B.

I've got 2 questions :

1) Even if adress A is not proposed for the 2nd transfer , do we agree I can still send to adress A without any issue ? (I think so but just to be sure).
2) If after both initial transfers (0.01 on adress A and 0.01  on adress B), I decide to transfer 0.015 fronm the Ledger NAno S to another website or to someone :
how does the hardware wallet deal with that in terms of fees Huh Does it imply 2 transactions because to have the total sent it requires sending for example 0.01 from adress A and 0.005 from adress B....
Does it mean that you have double fees costs Huh

Thanks for your answers

Hello ! Would like to learn more about BTC...
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TryNinja
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December 25, 2017, 02:54:09 PM
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1) Even if adress A is not proposed for the 2nd transfer , do we agree I can still send to adress A without any issue ? (I think so but just to be sure).
Yes. You can receive any amount in any address whenever you want without any issue.

2) If after both initial transfers (0.01 on adress A and 0.01  on adress B), I decide to transfer 0.015 fronm the Ledger NAno S to another website or to someone :
how does the hardware wallet deal with that in terms of fees Huh Does it imply 2 transactions because to have the total sent it requires sending for example 0.01 from adress A and 0.005 from adress B....
Does it mean that you have double fees costs Huh
Ledger will include both addresses coins in the same transaction. You won't need to pay more than you would have if you only had one address.

But it will cost more than an address with a single transaction because you will have to spend 2 inputs (the 0.01 and 0.005), and more inputs/outputs = bigger transaction = more fees.

https://www.cryptocompare.com/mining/guides/bitcoin-transaction-inputs-and-outputs/
https://bitzuma.com/posts/making-sense-of-bitcoin-transaction-fees/

FrenchBTC
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December 27, 2017, 06:27:29 AM
 #3

Thanks for your answer !

So just to be sure, you mean that :

it won't cost me more than the usual fee but as there are 2 inputs, it will slow a little more the whole network and then globally raise the average fee of the network ??

And so my next question is :

- As both address A and B are required to send my 0.015BTC (0.01 BTC from A and  0.005 BTC from B, where is the advantage in terms of privacy for the Ledger Nano S to propose different addresses every time we send BTC to it ??

Thank you so much !

Hello ! Would like to learn more about BTC...
codewench
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December 27, 2017, 09:41:26 AM
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it won't cost me more than the usual fee but as there are 2 inputs, it will slow a little more the whole network and then globally raise the average fee of the network ??

The extra input means the transaction is bigger and thus it will have a higher fee.

Quote
- As both address A and B are required to send my 0.015BTC (0.01 BTC from A and  0.005 BTC from B, where is the advantage in terms of privacy for the Ledger Nano S to propose different addresses every time we end BTC to it ??

Lets assume the 0.005 sent to B was actually sent to A. Even though the 0.01 and .005 are both in A, they don't magically join. Spending the 0.015 in A will still require two inputs. Thus there is never a transactional advantage to reusing an address. So you might as well use a different address every time because in some cases it will add privacy.
ManaMan
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December 27, 2017, 09:47:34 AM
 #5

Thanks for your answer !

So just to be sure, you mean that :

it won't cost me more than the usual fee but as there are 2 inputs, it will slow a little more the whole network and then globally raise the average fee of the network ??

And so my next question is :

- As both address A and B are required to send my 0.015BTC (0.01 BTC from A and  0.005 BTC from B, where is the advantage in terms of privacy for the Ledger Nano S to propose different addresses every time we end BTC to it ??

Thank you so much !

Listen, Ledger nano and other hardware wallets uses technology called HD wallet. What this does is it can generate enormous private and public key pairs. It gives you privacy in a sense that every new transaction is not linked until you send. So You may have 100 inputs but when you send your coins you use only few of them like 5 or so. Some people can link which addresses you own of course, specially if they develop advanced algorithm just for this, this is due to bitcoin transactions being public. If you are concerned about your privacy you could start to look for coins that are privacy related such as monero for instance which use ring signatures in order to hide sender/recipient by doing this many people could be potentially senders and receivers which makes it very hard if not even impossible to track specially if you move your coin frequently.

You would need to use those 2 outputs anyway, since you would have 2 received transactions even if you used 1 address which means that this doesn't change much in terms of fees tbh.
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