Beginner question regarding hardware wallets

[crypto.curious]

Hello everyone and nice meeting you all!
I want to start investing in crypto. I have read that in order to be 100% safe someone needs to buy one hardware wallet. I have done some searching and i have chosen to buy the Ledger Nano X. My question is, do i still need a software wallet or this one is sufficient? I am seeing at their site that they are providing integration with various software wallets. I am still failing to understand why if i have a hardware wallet i would need a software one too!

Best regards and thank you in advance!

[1714792581]

1714792581

[1714792581]

1714792581

[ranochigo]

My question is, do i still need a software wallet or this one is sufficient? I am seeing at their site that they are providing integration with various software wallets. I am still failing to understand why if i have a hardware wallet i would need a software one too!

The hardware wallet merely helps you to generate addresses and sign the transactions. You will still have to connect it to a computer and for the computer to script a transaction for your hardware wallet to sign. Without the use of any software, you can't possibly be able to craft a transaction and send it to your Ledger to sign.

The integration is beneficial as most user wants some form of control over what they can do with their transactions instead of just being limited to a single wallet.

[crypto.curious]

My question is, do i still need a software wallet or this one is sufficient? I am seeing at their site that they are providing integration with various software wallets. I am still failing to understand why if i have a hardware wallet i would need a software one too!

The hardware wallet merely helps you to generate addresses and sign the transactions. You will still have to connect it to a computer and for the computer to script a transaction for your hardware wallet to sign. Without the use of any software, you can't possibly be able to craft a transaction and send it to your Ledger to sign.

The integration is beneficial as most user wants some form of control over what they can do with their transactions instead of just being limited to a single wallet.

Hi @ranochigo and thank you so much for your quick response!
Oh! I see! That's why Ledger have a software of their own which is called Ledger Live! So, this device is not an actual wallet! Meaning that any coins i am going to be buying are not going to "stored" somehow into it! I still need to have a software wallet installed at my computer. But if i don't connect the device to my computer then i can't do any transaction?

[ranochigo]

Oh! I see! That's why Ledger have a software of their own which is called Ledger Live! So, this device is not an actual wallet!

Correct. It stores your private key and keeps any malware from accessing it and stealing your coins but it can't function by itself alone.

Meaning that any coins i am going to be buying are not going to "stored" somehow into it! I still need to have a software wallet installed at my computer. But if i don't connect the device to my computer then i can't do any transaction?

As in, the software is used only to spent the Bitcoins. You don't have to connect the Ledger to your computer all the time. The software has to be used to script and push the transactions into your Ledger. IIRC, there are certain mobile apps with Ledger integration as well.

[Csmiami]

I want to start investing in crypto. I have read that in order to be 100% safe someone needs to buy one hardware wallet.

First of all, welcome to the forum!

Now, about that one statement from your OP, there's a small correction to be made. Altough using a hardware wallet your security is increased by a lot, it will never be 100% safe. There are still some things that are completely up to you; such as not storing the recovery phrase in a digital device, storing that non digital seed in a safe place... along with some other security means; such as paying attention to phishing emails, etc.

Hardware wallets are safer than regular wallets, but never 100% safe; always keep that in mind.

I believe the software question has already been answered correctly, you need to use a wallet software in order to be able to operate with any type of coin. Now, if you are going to be using Altcoins, Ledger Live may be your best option, as it supports multiple altcoins. But if you are only going to be using Bitcoin, I'd reccomend you used Electrum together with the Ledger HW. It will provide many funtionalities that aren't included in the Ledger Live app

[Porfirii]

That's it, the answers above are all correct. Let's put them briefly:

- There is nothing 100% safe (your bank account isn't neither ), but a hardware wallet is probably the safest way to store your cryptos.

- Your ledger will create and contain your keys, and they will remain only there, so they will very hardly get compromised as they aren't created nor stored in your computer.

- To operate, you will need to connect the device to a wallet (Live, Electrum...). I'm not really sure as I have never tried it but I think of having heard ever that there is some way to spend the coins offline. Anyway, this is some curiosity/advanced technical topic, not useful for you right now.

- One more thing that I think it is important to remember: update the firmware from time to time, because if you don't do it for years, you may have some difficulties in order to make your device work again.

You are very welcome to this space crypto.curious. I hope you have a wonderful time here, learning and hopefully earning too.

[o_e_l_e_o]

Meaning that any coins i am going to be buying are not going to "stored" somehow into it!

Just to clear up this misconception - your coins are never stored in your wallet, regardless of what type of wallet you use. Your coins are always stored on the blockchain, and never leave the blockchain. The only thing that is stored in your wallet are the private keys (which are simply 64 character long hexadecimal numbers) which allow you to spend or otherwise move the bitcoin at specific addresses.

There is nothing 100% safe (your bank account isn't neither ), but a hardware wallet is probably the safest way to store your cryptos.

I would disagree with this. I think that a properly airgapped and encrypted cold storage device is safer than a hardware wallet. The problem is that such an arrangement is harder to set up, harder to use, and easier to go wrong with, than a hardware wallet. A hardware wallet is a very good balance of security and ease of use, especially for newbies, but it is not the absolute safest way to store your coins.

[Porfirii]

There is nothing 100% safe (your bank account isn't neither ), but a hardware wallet is probably the safest way to store your cryptos.

I would disagree with this. I think that a properly airgapped and encrypted cold storage device is safer than a hardware wallet. The problem is that such an arrangement is harder to set up, harder to use, and easier to go wrong with, than a hardware wallet. A hardware wallet is a very good balance of security and ease of use, especially for newbies, but it is not the absolute safest way to store your coins.

Thought about it, that's why I said "your cryptos" instead of "one's cryptos": let's take into account that he is new here.

Maybe, I should have said "safest way for you to store your cryptos" so there was no doubt about the meaning. Or otherwise. I'm not native so this is not really one of my strengths but I hope my post helped somehow, anyway.

[abdulodoi]

Welcome to the forum mate! Getting a hardware wallet is a clever decision as it's much safer storing your private keys offline. However, you still need to connect it to your device before you are able to access it or create any transaction.

But be careful to buy it directly from ledger's website as few people have bought an already opened/configured ledger which off course is not safe as your keys is already compromised. Goodluck!

[Ryushin]

You made the right decision OP but also know that you need to keep the hardware wallet very safe, just because people tell you that's it's the safest doesn't mean its indestructible, keep it away from water and of course infected desktop PC or laptops

[bL4nkcode]

I want to start investing in crypto. I have read that in order to be 100% safe someone needs to buy one hardware wallet.

Altough using a hardware wallet your security is increased by a lot, it will never be 100% safe. There are still some things that are completely up to you; such as not storing the recovery phrase in a digital device, storing that non digital seed in a safe place... along with some other security means; such as paying attention to phishing emails, etc.

Also double or triple checking the address showing on ledger device and in the wallet (ledger live and electrum) to avoid sending to wrong address usually if the device you're using is infected with clipboard hijacker.

[crypto.curious]

Wow!!! Thank you all so much for your quick responses and nice meeting you all!
About the supplier from which i am going to be purchasing my hardware wallet...i wish i can buy it directly from USA but i am living in Greece and the import tax is pretty steep! I will be buying it from amazon.co.uk because as a European e-shop i will not be having any import duty. Don't you believe that it's a wise choice to do so? I am it's Amazon...what can go wrong! Right?

Best regards!

[nakamura12]

clipboard hijacker may cause you your wallet if you are not careful enough and your device is infected with clipboard hijacker. The clipboard hijacker works like where you copy an address that you wanted to send a bitcoin but once you paste it the pasted address is different from one you copied. So, hardware wallets is not 100% safe unless you yourself will keep it safe then you'll be safe.

[ranochigo]

About the supplier from which i am going to be purchasing my hardware wallet...i wish i can buy it directly from USA but i am living in Greece and the import tax is pretty steep! I will be buying it from amazon.co.uk because as a European e-shop i will not be having any import duty. Don't you believe that it's a wise choice to do so? I am it's Amazon...what can go wrong! Right?

I've seen plenty of fake devices being tossed around in Amazon, they aren't as stringent about counterfeits as you think and plenty makes it through the sieves. But, it isn't that risky as long as you heed the advice here[1] and do a complete reset beforehand to ensure that you're generating new seeds (people were scammed similar to this before).

[1] https://support.ledger.com/hc/en-us/articles/360002481534-Check-if-device-is-genuine

[Porfirii]

But isn't Ledger French? I would swear that they sent them from France, at least a few years ago, but I suppose that you have done your job researching so it may have changed. Just double check just in case.

About Amazon, I would try to avoid it, but if you don't have a viable alternative, then you may want to reset as @ranochigo suggests, just in case. Better safe than sorry.

[DdmrDdmr]

<…>

Sometimes though, saving a few Euros doesn’t payoff though if you’re not versed on what to watch out for: Even if you buy a hardware device from an authorised reseller, you need to check.

I’d prefer to go purchase from the original retailer, but if you decide to purchase elsewhere, read through the above thread careafully and throughly, in order to check things to be on the lookout for.

[jossiel]

Just as suggested, just buy directly from the Ledger website. They'll be the ones to deliver it for you. If you're from Greece, they have contact details with their authorized retailer from your country as indicated on the website.

Greece
HELLAS DIGITAL
119 G. Gennimata Str.
Glyfada

16561 ATHENS
www.hellasdigital.gr
info@hellasdigital.gr
+302109611169

[Upgrade00]

But isn't Ledger French? I would swear that they sent them from France, at least a few years ago, but I suppose that you have done your job researching so it may have changed. Just double check just in case.

You are right, they are a French based startup and probably earlier on shipments were only sent from there. After doing a bit of digging around their website; they now have about five offices in different cities:
• Paris
• Vierzon
• San Francisco
• New York, and
• Hong Kong.

I'm unsure if there are warehouses in all these locations (only verified the one at Vierzon), but it's likely deliveries can be made from all those places.

[Csmiami]

I bought some back in April, and the shipping was made from either france or belgium; I don't remember it %, but it was within the EU for sure.

OP, Ledger will be having some discounts this week or the next because of the black friday; I've read they're going to have a 40% discount, so it may be the best option to buy your HW straight to Ledger on these upcoming days

[crypto.curious]

But isn't Ledger French? I would swear that they sent them from France, at least a few years ago, but I suppose that you have done your job researching so it may have changed. Just double check just in case.

About Amazon, I would try to avoid it, but if you don't have a viable alternative, then you may want to reset as @ranochigo suggests, just in case. Better safe than sorry.

Hi @Porfirii, you are correct! I saw their price on US Dollars and i automatically thought that the company was from the USA. Thanks for pointing out to me!