How to transfer altcoins to Nano Ledger S Wallet?

[jerry0]

I have altcoins like waves.  I use the wave clilent on my laptop to keep coins there.  Then i found out that the nano ledger s supports waves and many other altcoins which surprised me because there are so many altcoins they support now. 


Is it pretty simple to setup the waves wallet on nano ledger s and have the waves sent to it?  Also when you do this, always do a tiny amount transfer first from waves wallet to nano ledger s just in case right?


Also i recalled you could only have a few coins in the nano ledger s max.  Like if you go over a certain amount, you have to delete that wallet.  Is this still true?  So if someone wants to have
bitcoin, bitcoin cash , eth, litecoin, waves, neo, straitis, powerledger all in the nano ledger s, this won't work?


Also with waves, i know i get those rewards when keeping it in the waves wallet.  But if i transfer the waves to the nano ledger s, wouldn't that mean i no longer get anything?  I lease waves and when you do that, you get like tiny bit of things etc.


Also if i transfer waves to nano ledger s, what happens to my waves community tokens, liquid, and those other coins that i receive from when i get those little rewards?  Do those stay in the waves client and only waves gets moved to the nano ledger s? 


Also in terms of security, is it best to keep everything in the nano ledger s as oppose to diversify?  Example i keep btc in my nano ledger s but other coins like waves and others, i downloaded their own wallet and keep coins there. 

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[jerry0]

Last time a while back ago, it asked me to install ledger live on my nano ledger s and i never did this.  So would this be required first?  Also went on the nano ledger s site and notice that it requires to you to do firmware update.  So both of these are required before all of this?


The thing that is confusing is does the waves wallet need to be used together with the nano ledger s?  Thus you can't only use the nano ledger s with waves?

[HCP]

Is it pretty simple to setup the waves wallet on nano ledger s and have the waves sent to it?

Waves requires that you use the Waves Web Client. This is not developed by Ledger... it's much like using your Ledger Nano S with MyEtherWallet etc.

Also when you do this, always do a tiny amount transfer first from waves wallet to nano ledger s just in case right?

That's up to you... I wouldn't see any reason to if you have been successfully using the Nano S with other currencies and the one you're trying to use has only been supported for like 1 day... but that's just me.

Also i recalled you could only have a few coins in the nano ledger s max.  Like if you go over a certain amount, you have to delete that wallet.  Is this still true?  So if someone wants to have
bitcoin, bitcoin cash , eth, litecoin, waves, neo, straitis, powerledger all in the nano ledger s, this won't work?

It really depends on the mix of currencies being used. They refactored the device apps, such that "similar" currencies... ie. BTC, BCH, LTC, DOGE etc, all used very similar code, so you can install them all without much space usage. However, if you use wildly different currencies that don't share a common codebase, then the device apps are bigger and you're more likely to run into space issues.

NOTE: "deleting" the wallet, does not delete your coins. You're not really deleting the wallet, you're simply removing the coin app from your device. If you then reinstall that specific coin app to the device, the wallet and all your coins will be restored. There is NO danger of coin loss... it is just a mild inconvenience for people who have or trade a lot of different altcoins and want to switch between them all constantly. Having said that, Ledger Live alleviates this a little bit, by at least allowing you to "see" your altcoins regardless of whether or not you have the coin app installed on your Nano S (after you've set it up), as Ledger Live maintains "watching wallets" of all your coins once set up.

Also in terms of security, is it best to keep everything in the nano ledger s as oppose to diversify?  Example i keep btc in my nano ledger s but other coins like waves and others, i downloaded their own wallet and keep coins there. 

It's hard to beat the security of a hardware wallet... it will generally also be safer, at least from a "hacking" point of view. However, it does then generate a "single point of failure"... if you lose the device or it is damaged, then your coins may not be accessible until you can arrange a replacement or there are other compatible wallets that you can restore the backup seed mnemonic into.

Last time a while back ago, it asked me to install ledger live on my nano ledger s and i never did this.  So would this be required first?  Also went on the nano ledger s site and notice that it requires to you to do firmware update.  So both of these are required before all of this?

Yes. Waves (and a lot of the other altcoins) is not available via the old Ledger Manager Chrome App. You can only get it from the "Manager" within Ledger Live.

Also, even if you didn't want to use waves... having the latest firmware is generally always a good idea.

The thing that is confusing is does the waves wallet need to be used together with the nano ledger s?

Yes, you have to use their web client... Waves is not supported directly within Ledger Live.

https://docs.wavesplatform.com/en/waves-client/account-management/ledger-nano.html

[jerry0]

HCP thanks for all that information.


I actually have my waves in the old waves lite client.  Do you know if i need to transfer it first to the new waves desktop client first before i transfer it to nano ledger s?


Also, i only have btc in my nano ledger s.  I never had any other cryptos in it which is why i wanted to test a small amount there first just in case.   So im going to download the ledger live now.  I do it from the website?  I posted the questions i have on it on the other thread you replied to because i don't want to mess anything up.  Thanks.

[HCP]

I actually have my waves in the old waves lite client.  Do you know if i need to transfer it first to the new waves desktop client first before i transfer it to nano ledger s?

I don't know enough about waves to say for sure. But my guess would be no.

All you are really doing is sending waves from one waves address to another. There should be no reason that you can't send it directly from their lite client to some other waves address... but this is just a guess.

[jerry0]

Thanks HCP.


So that means the waves after the transfer would be in the nano ledger s... and the waves wallet would act as the watching client right?  Thus no waves would be in the waves wallet anymore?


However, all those airdrops that i got for holding waves... those would still be kept in the waves client and not nano ledger s right?

[Lucius]

So that means the waves after the transfer would be in the nano ledger s... and the waves wallet would act as the watching client right?  Thus no waves would be in the waves wallet anymore?

However, all those airdrops that i got for holding waves... those would still be kept in the waves client and not nano ledger s right?

If you send your Waves coins from desktop wallet to Ledger Nano S, those coins will be in Ledger, they can not be on two different addresses at the same time. Accordingly to that, Waves wallet can not be used as watch-only wallet, private keys in that wallet and private keys in Ledger are not the same. That just means when you send Waves from desktop wallet to Ledger, that wallet will be empty - except in case you receive new transaction to that wallet for some reason.

Airdrops are usually based on coins you hold in your wallet, and in order to claim such coins you need to prove that you hold in this case Wave coin. To prove that you need to be in full control of your private keys or sign message from specific coin address. Regarding that all should be the same since Waves is using Waves Web Client, so only difference for you will be that private keys for Waves coin would be stored in Ledger Nano S and not in desktop wallet.

More info : https://support.ledger.com/hc/en-us/articles/360008681773-Waves-WAVES-

[bitmover]

Also in terms of security, is it best to keep everything in the nano ledger s as oppose to diversify?  Example i keep btc in my nano ledger s but other coins like waves and others, i downloaded their own wallet and keep coins there. 

I believe it's good to diversify between different wallets. You can even keep 2 seeds active on your same ledger nano device.

https://support.ledgerwallet.com/hc/en-us/articles/360000783134-How-to-set-up-and-or-recover-a-hidden-passphrase-and-alternate-PIN-on-your-Ledger-Nano-S-

[Lucius]

Also in terms of security, is it best to keep everything in the nano ledger s as oppose to diversify?  Example i keep btc in my nano ledger s but other coins like waves and others, i downloaded their own wallet and keep coins there. 

I believe it's good to diversify between different wallets. You can even keep 2 seeds active on your same ledger nano device.

https://support.ledgerwallet.com/hc/en-us/articles/360000783134-How-to-set-up-and-or-recover-a-hidden-passphrase-and-alternate-PIN-on-your-Ledger-Nano-S-

Different wallets are certainly a smart option, but not in a way that you use hardware wallet, and store some other coins in desktop wallet. If you pay for HW and that wallet is have option to store all coins you have, then why take the risk and hold any coin in desktop wallet. When we compare desktop or online wallets with hardware wallets, indisputable advantage is on HW side regarding security.

Ledger offers extra security by creating passphrase, but this is only for advanced users as stated in their warning. That extra 25th word can sometimes be problem for some users, usually they backup only 24 word seed and forget they added passphrase.

[bitmover]

Different wallets are certainly a smart option, but not in a way that you use hardware wallet, and store some other coins in desktop wallet. If you pay for HW and that wallet is have option to store all coins you have, then why take the risk and hold any coin in desktop wallet. When we compare desktop or online wallets with hardware wallets, indisputable advantage is on HW side regarding security.

Ledger offers extra security by creating passphrase, but this is only for advanced users as stated in their warning. That extra 25th word can sometimes be problem for some users, usually they backup only 24 word seed and forget they added passphrase.

I agree, hardware wallet is much better than desktop, and the 25th word is really a problem to some users.

However even using an hw you may expose your seed... Someone may get into your house, or you may lose the seed backup. Using some paper wallets may be a good diversification.

[o_e_l_e_o]

There are other ways to use a single hardware wallet too. You can quite easily set up a wallet, back up your phrase, load up some coins, and then reset the hardware device so the only way to access those coins is via the backed up phrase.

Both Ledger and Trezor offer multiple hidden wallets secured by a passphrase (links to instructions). As Lucius says, the warning is that this feature is only for "advanced users", but they are actually fairly easy to set up and manage provide you are sensible about safely and securely backing up your passphrases.