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Author Topic: Is Ledger Nano S really better than a free paper wallet?  (Read 115 times)
clover12
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June 26, 2018, 05:39:46 PM
 #1

Total technology newbie here.

Recently bought a Ledger Nano S.  I have not yet figured out how to launch the wallet apps.  So this is not as simple to use as advertised.

It makes me wonder, is the Ledger really worth the $80?

Because if you lose the Ledger device, all your coin is gone and cannot be retrieved?
If Google Chrome has some issue with your computer, you have to buy another whole computer just to use the Ledger?
Or can you use a public computer to access with Ledgers?
And isn't Google typically intrusive with peoples information, if so, why did Ledger choose Google Chrome as the only way to operate the wallets?

The paper wallets do not require these complicated set-ups and there are no snafu's involved.
Plus if you lose your paper wallet you can just reference a backup paper wallet, but with Ledger's if you lose the device it is all gone for ever

Plus a paper wallet is easier to conceal than this high tech looking Ledger thing.
Plus you can just email the paper wallet address to yourself, for free, and have a digital copy right there.
Plus if you drop a ledger in water or some other issue like that (fire, damage), your coin is gone for ever.

I'm just confused why is the Ledger Nano so highly recommended? Huh

I can not even get the Ledger to work for me
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TryNinja
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June 26, 2018, 05:50:26 PM
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Because if you lose the Ledger device, all your coin is gone and cannot be retrieved?
That's what the backup seed is for.

If Google Chrome has some issue with your computer, you have to buy another whole computer just to use the Ledger?
No. You can use your Nano S with Electrum to manage your Bitcoin wallet and MyEtherWallet for Ethereum. And how would a computer have an issue with Chrome, which can only be solved by buying a whole new computer?

Or can you use a public computer to access with Ledgers?
You can.

And isn't Google typically intrusive with peoples information, if so, why did Ledger choose Google Chrome as the only way to operate the wallets?
A new wallet software that doesn't require Chrome will be released next month (July 9th). They will also release a mobile wallet in a few months.

Read more here: Announcing the new Ledger Wallet desktop and mobile applications

The paper wallets do not require these complicated set-ups and there are no snafu's involved.
Plus if you lose your paper wallet you can just reference a backup paper wallet, but with Ledger's if you lose the device it is all gone for ever
Wrong. You can, should and need to backup your Ledger with the 24 word seed. Plus, you can't spend your coins from a paper wallet that easily without compromising them.

Plus a paper wallet is easier to conceal than this high tech looking Ledger thing.
You didn't get it what makes the Nano S different than every other wallet.

Plus you can just email the paper wallet address to yourself, for free, and have a digital copy right there.
Or you can just use your exchange! Why care about security, right? Cheesy

Plus if you drop a ledger in water or some other issue like that (fire, damage), your coin is gone for ever.
Again, no.

I can not even get the Ledger to work for me
I honestly don't see how. Have you tried Youtube? There is no easier thing than watching someone explain everything to you step-by-step.

I recommend this video: Ledger Nano S - Setup and Guide (Hardware wallet)

clover12
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June 26, 2018, 06:49:52 PM
 #3

Hm, thanks for the ideas, but I still cannot use my Ledger.

I input the passcode and the Ledger Wallet Bitcoin app does not open up.  It's just stalled?

I try the same thing with Ledger Wallet Ethereum and the app does not open up.

Something is missing here.

The firmware is all up to date.

I do not yet understand how to get this thing working. Huh

The advertisement makes it look like everything will work easily.
clover12
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June 26, 2018, 07:07:12 PM
 #4

I wonder if some people get defective USB cables from Ledger?

I've searched online and I'm also finding a lot of issues from other users who can not get their Ledger working.

Is it the Sync option?  I'm turning syn on, I'm turning it off, on, off, on again, and it is still not loading

 Sad
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June 26, 2018, 07:30:21 PM
 #5

Have you tried with a different cable?

Also, you should contact Ledger's support at https://support.ledgerwallet.com/hc/en-us/requests/new

The advertisement makes it look like everything will work easily.
Normally, it will. I have a Nano S and it goes instantly whenever I connect it to my PC, and while in the Bitcoin chrome app, unlock it and select the BTC app.

Your case is an exception and not the rule.

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June 26, 2018, 07:34:50 PM
 #6

Yes, a hardware wallet will be considered safer up until we cannot trust the manufacturer anymore. A paper wallet, while also isolated from any sort of device on its own, loses the upper hand as soon as you require spending the funds since it requires importing your key onto a computer (a computer that might be compromised). A Hardware wallet on the other hand can be used even on a compromised computer without having to worry due to it having its own operating system.

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June 26, 2018, 10:13:14 PM
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I input the passcode and the Ledger Wallet Bitcoin app does not open up.  It's just stalled?
I try the same thing with Ledger Wallet Ethereum and the app does not open up.
Something is missing here.
Are you actually opening the bitcoin app on the ledger device?

The steps are:

1. Open the "Ledger Wallet Bitcoin" Chrome app... it should look like this:



2. Connect the Ledger Nano S and enter the PIN code:



3. Select the coin you want (press left or right button to scroll through list):



4. Open the coin app by pressing the left AND right button together... you should see:



5. The "Ledger Wallet Bitcoin" Chrome app should then (very briefly) verify your wallet:



Following this, it should (depending on previous choices) either prompt you to select "Bitcoin" or "Bitcoin Cash":



or it will begin to sync your wallet before opening the dashboard:




Is it the Sync option?  I'm turning syn on, I'm turning it off, on, off, on again, and it is still not loading
Sync option? What sync option? Huh

funsponge
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June 26, 2018, 10:28:47 PM
 #8

Yes, a hardware wallet will be considered safer up until we cannot trust the manufacturer anymore. A paper wallet, while also isolated from any sort of device on its own, loses the upper hand as soon as you require spending the funds since it requires importing your key onto a computer (a computer that might be compromised). A Hardware wallet on the other hand can be used even on a compromised computer without having to worry due to it having its own operating system.

For long term storage the paper wallet is likely the better option due to it being free and requiring no investment. You are right that a hardware wallet is much better for those requiring regular access to their coins. This is especially relevant to those that trade daily.

But if you only access it now and then a paper wallet can be generated again within 5 minutes. It all depends on whether you want to make the investment for the benefits of accessing your coins regularly and securely.

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clover12
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June 26, 2018, 11:17:49 PM
 #9

HCP, that's a great pictoral.  Unfortunately I am not getting past your step #2.

In other words, it does not give the option to "select coin" and it does not give me any wallet options.

My Ledger wallet screen does not go past your step #1.

I've been working at this for hours, from multiple different computers, and it's frustrating to say the least.

I'm sure Ledger Nano S is better than paper wallets, but if you can not get it to work, what is it worth?
clover12
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June 26, 2018, 11:29:03 PM
 #10

Scratch That Cheesy  I got it!

 Grin
johnnyns
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June 26, 2018, 11:59:29 PM
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Congrats:) I'm about to get mine but didn't think it would be difficult at all. I guess you must've got some things wrong and it isn't really difficult as you thought?
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June 27, 2018, 12:04:19 AM
 #12

HCP, that's a great pictoral.  Unfortunately I am not getting past your step #2.

In other words, it does not give the option to "select coin" and it does not give me any wallet options.

My Ledger wallet screen does not go past your step #1.

I've been working at this for hours, from multiple different computers, and it's frustrating to say the least.

I'm sure Ledger Nano S is better than paper wallets, but if you can not get it to work, what is it worth?

Contact the support team if you are still having problems with this. It could be an issue on your side or it could be a defected machine and they should replace it free of charge.

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clover12
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June 27, 2018, 12:15:29 AM
 #13

Congrats:) I'm about to get mine but didn't think it would be difficult at all. I guess you must've got some things wrong and it isn't really difficult as you thought?

johnny, you very well may find it easier than myself.  I've basically have it up and running but I'm still confused.
 
I already sent my bitcoin from an exchange to my Ledger Bitcoin Wallet.
Likewise, I sent my ether from an exchange to my Ledger Ethereum Wallet.
But the funds are out there a still pending.
 
Also, I have some Litecoin sitting on an exchange and would like to send them to my Ledger, but am struggling to figure that out.

Expect it not to be as fluid you would think and be prepared to read the instructions, and use Ledgers help section too..
clover12
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June 27, 2018, 12:24:40 AM
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Another question:

So my Litecoin (sitting at an exchange) can be sent to my Ledger Wallet Bitcoin?
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June 27, 2018, 12:37:47 AM
 #15

Scratch That Cheesy  I got it!
What was the issue? Probably a silly mistake, which is why you should have watched the video I linked above.

Another question:

So my Litecoin (sitting at an exchange) can be sent to my Ledger Wallet Bitcoin?
No. Bitcoin =/= Litecoin.

For that, you need to install the Litecoin app by using the 'Ledger Manager' chrome extension. Then, you can use the 'Bitcoin wallet' chrome extension to view your Litecoin wallet (BTC and LTC use the same chrome extension. For other coins, it will be different). The addresses will obviously be different.

Just select and open the LTC app on your Ledger display while you have the 'Bitcoin wallet' chrome extension opened (basically the same thing, but with the LTC app instead).

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June 27, 2018, 01:44:38 AM
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Ledger nano has too many points of failure, you have to trust the manufacturer, the truck driver, the postman.  I always just go with a paper wallet and its cheaper anyways.

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June 27, 2018, 03:41:29 AM
 #17

Another question:
So my Litecoin (sitting at an exchange) can be sent to my Ledger Wallet Bitcoin?
Yes... for whatever reason, Ledger called the Chrome extension "Ledger Wallet Bitcoin"... but this Chrome extension is the one used for all currencies that are not ETH or XRP (as they have their own Chrome extensions). I'm hoping the release of the "native" apps in a couple of weeks will help remove this confusion.

Anyway, you need to use the "Ledger Manager" Chrome extension to load the "Litecoin" coin app onto the device:



... then you should be able to find this on your device:


Then, the same steps as above will apply... but you select the "Litecoin" coin app on the ledger device at Step #3.

NOTE: you cannot have the "Ledger Manager" and the "Ledger Wallet Bitcoin" Chrome apps open at the same time.

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June 27, 2018, 07:11:24 AM
 #18

I think both have their advantages and disadvantages.

Paper Wallets

Advantage
- Most secure because it is a off-line storage method. <Private key only exposed to the internet, when you sweep it>

Disadvantage
- Procedure to create a secure paper wallet is complex. <Air-gapped computer & printer etc.>
- Sweeping coins online is the weak point, because you expose the private key to the internet. <cannot be used again>
- More suitable for long-term storage

Hardware Wallet - Ledger Nano

Advantage
- More suitable for daily use, because access to the coins is easier.

Disadvantages
- Device might fail
- Seed might get lost, if it is not properly stored.
- Third party application needed to access the device
- Firmware updates needed. <Previous updates was buggy to say the least>

Hope I summarized most of the advantages and disadvantages for you.  Wink

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June 28, 2018, 07:01:21 PM
 #19

i believe hardware wallet is the best .. i am using nano S .. it's better & safe than free paper wallet ..  if you lose the Ledger device you never lose your coins .. there are recovery options for the hardware wallets ... you can find more info on their web site..
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June 29, 2018, 06:04:54 AM
 #20

i believe hardware wallet is the best .. i am using nano S .. it's better & safe than free paper wallet ..  if you lose the Ledger device you never lose your coins .. there are recovery options for the hardware wallets ... you can find more info on their web site..

Nano S is probably the most popular hardwallet out there. But I dont think it's the best.
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