ledger and private key

[forestx]

I got a ledger nano x last week and set it up last night.
It is my first time using a hard wallet and am moving my main bitcoin holdings from Coinbase to it.
I am however absolutely terrified of messing this up though especially now.
I set it up and got my 24 word phrase and all I put the BTC apps on it and sent a test $10 to it. All fine

But am I meant to have a private key or something else to send money from the wallet to an exchange or how does it work
Is there anything else I need to do to make sure it is working

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[mocacinno]

the most important thing is writing the seed phrase down on a piece of paper, copy it, laminate it and store it in a safe location.

In order to spend your funds, you can use the leder live app, or you can use electrum (or wasabi) as alternative wallets.

[jackg]

As long as you bought it from the official site there's kothing else you need to do.

The 24 word mnemonic you've generated is your private key it's just in a different format (which allows it to produce other private keys that your wallet can use) .

I could suggest saving the address in coinbase's address book and sending $10 to it. You can either return the $10 back to coinbase to check everything's working fine or just send the rest over and assume it is.

[forestx]

Ok that is written down  and have it safe.
another question if when sending btc and putting in my 24 words if i make a mistake will it autolocked from it or am i given a second chance like my phone password or on websites

[mocacinno]

Ok that is written down  and have it safe.
another question if when sending btc and putting in my 24 words if i make a mistake will it autolocked from it or am i given a second chance like my phone password or on websites

You don't have to enter your 24 word seed ever again, unless something goes wrong while installing new firmware, or unless your device gets wiped due to to many failed attempts to enter your pin, or unless you break your device and you buy a new one.

You should have chosen a pin code when initialising your device... This is the code you'll be using to unlock your hw wallet... This pin code can be completely different from the password chosen when you installed ledger live.

So, in the end, following passwords, seed phrases, seed words, passphrase come into play:

• the 24 word seed: your master private key gets calculated using these 24 words... They are necessary to restore your wallet if you ever break or lose it, or wipe it
• on top of the 24 words, you can add an extra passphrase (optional). This passprase is added on top of the 24 words, and is necessary to restore your wallet (if used)
• the pin code: necessary to unlock your hw wallet, but not to restore it
• password of ledger live, electrum, wasabi,... is used to encrypt your ledger live, electrum or wasabi wallet file... But these files do not contain seed, xprv or derived private keys, so they cannot be used to rob you... They're also not necessary to restore your wallet in case of thefth or loss

,

[o_e_l_e_o]

It is my first time using a hard wallet and am moving my main bitcoin holdings from Coinbase to it.

Send a small amount first, and then send it back again to make sure you are happy with everything before sending across your main stash.

But am I meant to have a private key or something else to send money from the wallet to an exchange or how does it work

The only thing you need is your address. The Ledger device will not even let you view your private keys directly - otherwise what would be the point of the hardware wallet? They are stored on the secure element and cannot be accessed. They are backed up through your 24 word seed phrase which you should have written down on paper and not entered or saved on any electronic device.

another question if when sending btc and putting in my 24 words if i make a mistake will it autolocked from it or am i given a second chance like my phone password or on websites

mocacinno has explained the difference between your seed phrase and your PIN. When using your device, you have 3 attempts to enter the correct PIN. If you get it wrong 3 times then your device will be wiped. At that point the only thing to do is to again set it up as a new device and use your 24 word back up to restore your wallet(s).

[coinableS]

Send a small amount first, and then send it back again to make sure you are happy with everything before sending across your main stash.

THIS.
Simply practicing sending back and forth with small amounts several times until you get comfortable with the process is the best possible advice for someone who is new to holding their own keys.

[bob123]

But am I meant to have a private key or something else to send money from the wallet to an exchange or how does it work

The private key is needed to actually sign the transaction.
Your wallet (i.e. software if using a software wallet or hardware if using a hardware wallet) stores and uses the private keys.

All of the private keys are derived from the mnemonic code (the 24 words).
This mnemonic code (and eventually a password if you have used a BIP39 passphrase a.k.a. an "extended seed") is everything you need to recover all of your private keys and therefore all the BTC.

Your hardware wallet will store your private keys. It will use them to sign your transactions.

[UnDerDoG81]

What happens to our coins if Ledger goes bankrupt due to the hac and nobody trust them anymore? Should I move my coins somewhere else from the ledger? I dont trust paper wallets either anymore.

[TryNinja]

What happens to our coins if Ledger goes bankrupt due to the hac and nobody trust them anymore? Should I move my coins somewhere else from the ledger? I dont trust paper wallets either anymore.

Nothing happens. Your Ledger operates on its own.

If they go bankrupt and they shutdown their servers, you can just use it with a different wallet (e.g Electrum).
If somehow they can't be used anymore, you still have your backup seed, so you can just restore it on a different wallet.

[HCP]

What happens to our coins if Ledger goes bankrupt due to the hac and nobody trust them anymore? Should I move my coins somewhere else from the ledger? I dont trust paper wallets either anymore.

No, that is quite possibly the worst knee-jerk reaction you could make... leave your coins exactly where they are. This data leak does not, in any way, affect the security of your ledger device. It is a leak of around ~1,000,000 email addresses and personal data like name/address/phone etc for ~272,000 unlucky individuals (that we currently know of).

Your private keys and your 24 word seed mnemonic are perfectly safe... as long as you don't give them to anyone!!!

NEVER enter your 24 word seed anywhere other than on the Ledger device... DO NOT put it into any "Ledger Live" app that asks for it... or any website that asks for it. If you follow the standard rules for securing your 24 word seed, your coins are "safe".

[UnDerDoG81]

What happens to our coins if Ledger goes bankrupt due to the hac and nobody trust them anymore? Should I move my coins somewhere else from the ledger? I dont trust paper wallets either anymore.

No, that is quite possibly the worst knee-jerk reaction you could make... leave your coins exactly where they are. This data leak does not, in any way, affect the security of your ledger device. It is a leak of around ~1,000,000 email addresses and personal data like name/address/phone etc for ~272,000 unlucky individuals (that we currently know of).

Your private keys and your 24 word seed mnemonic are perfectly safe... as long as you don't give them to anyone!!!

NEVER enter your 24 word seed anywhere other than on the Ledger device... DO NOT put it into any "Ledger Live" app that asks for it... or any website that asks for it. If you follow the standard rules for securing your 24 word seed, your coins are "safe".

I am inside the leaked 272.000 users. I got 3 calls on my private mobile alone today. I did not accept them. One was from Leeds / UK. Two from Germany. My e-mail is full with spam. But the worst is, they leaked the adress I ordered the ledger to. And thats my parents home. I called my mom and she burned down all papers that included the 24 word seeds. The ledger is here with me in Turkey. Unfortunately the thiefs dont know that. What if somebody brake into their home. Even worse, kill them or whatever, just to get the seeds. I know its a bit too much Hollywood in my head. But its just nuts to let this stuff leak.

[HCP]

I called my mom and she burned down all papers that included the 24 word seeds.

So, you no longer have a backup of your 24 word seed? Or it's just the copies at your parents place that have been destroyed and you have a copy with you?

If it's the former, you need to move your coins sooner rather than later in case the device breaks or is lost/stolen. Without a backup, your coins are at genuine risk of being "lost" forever. If it's the latter, then my advice still stands, you don't need to move the coins... the coins are safe in the device.

[UnDerDoG81]

I called my mom and she burned down all papers that included the 24 word seeds.

So, you no longer have a backup of your 24 word seed? Or it's just the copies at your parents place that have been destroyed and you have a copy with you?

If it's the former, you need to move your coins sooner rather than later in case the device breaks or is lost/stolen. Without a backup, your coins are at genuine risk of being "lost" forever. If it's the latter, then my advice still stands, you don't need to move the coins... the coins are safe in the device.

No of course I took the 24 word seed with me to Turkey. She burned down the 2 other copies that I left at their home in case I lose mine here or maybe die in a plane crash or whatever.