Nano Ledger S Receiving Address

[HCP]

When I do this, it gives me a long btc address that stars with the number 3.  Then you check it on nano ledger s to see if the address is correct... then you click approve right?  The thing is when i disconnected my nano ledger s and did this again to repeat this... it would show the same address that starts with the number 3.  Does that mean this is the default btc receiving address for my nano ledger s?

When you setup your "accounts" in Ledger Live... it receives a copy of your "Master Public Key" from the device. This allows Ledger Live to derive all your receiving addresses, even when the device is not connected!

Technically, you only need to the device connected if you want to do address confirmation on the device screen to ensure that your Ledger Live has not been compromised and is not generating "fake" addresses to steal your funds. This is HIGHLY recommended.

However... the address shown is NOT your "default" receive address... it is just the first receiving address that has currently not received any funds. Once that address receives some funds, it will be marked as "used" by Ledger Live and next time you click "Receive" tab, it'll give you the next unused receive address.

The other thing is this.  I just googled native segwit and segwit and it seems more ppl say native segwit is better because of cheaper fees is that true?  So could i later on... go from segwit to native segwit?  Or would you not recommend it?

A transaction using "Native SegWit" inputs, results in a transaction with a smaller transaction "size"... than a transaction that has the same number of Legacy or "Nested" SegWit inputs.

This allows one of 2 things:

1) You save on fees, as the same fee rate with a smaller transaction size obviously results in a smaller total transaction fee paid:

ie. possible example:
10 input Legacy transaction = 2000 bytes
10 input NestedSegwit Transaction = 1000 bytes
10 input NativeSegwit Transaction = 750 bytes

If all 3 paid the fee rate of 10 sats/byte... it's obvious why Native Segwit pays a smaller total fee


2) A less obvious result, is that you could potentially get your transaction confirmed "faster"... by paying a higher fee rate, that results in the same total fee...

ie. possible example:
10 input Legacy transaction = 2000 bytes
10 input NestedSegwit Transaction = 1000 bytes
10 input NativeSegwit Transaction = 750 bytes

If the Legacy transaction was set at 10 sats/byte, the total fee paid would be 20,000 sats... but as the Native Segwit one is only 750 bytes, if you paid 20,000 sats total fee... your effective fee rate would have to be: 26.6 sats/byte!!?! This would obviously be a higher priority transaction for the miners



As for whether you should use "Nested" or "Native" segwit... I'd say that if the services/websites you use support "native" segwit, then I'd recommend you use that. If you use some that don't support the "bc1" native addresses, stick with the "Nested" ("3"-type) account in Ledger Live.

It honestly, doesn't really matter which one you use... they're both "better" than Legacy addresses

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[jerry0]

I didn't know nano ledger s... gives you a new receiving address each time a receiving address is used.  When i used electrum, i recall i used the same receiving address many times.  So that is how nano ledger s is different from electrum?



Also with the talk about the sending fees and inputs... you could still make the sending fee what you want.  So even with those inputs, couldn't you send btc and pay a low fee still with nano ledger s?



I recalled a while back, i used electrum and made my sending fee either 0 or like a few cents... of course this was when btc was in the three figures i believe. 



But you cannot send btc for free now right with nano ledger s?  I recall with electrum, i used that bitcoin accelerator site to make it go faster etc.



But right now what is the minimum usd amount it seem to cost right now if you send btc?

[Rath_]

When i used electrum, i recall i used the same receiving address many times.  So that is how nano ledger s is different from electrum?

You can reuse every address as many times as you want (be careful about that when using custodial wallets). Both Ledger Live and Electrum generate a new address once you use the previous one.

So even with those inputs, couldn't you send btc and pay a low fee still with nano ledger s?

You can decrease the "sat/byte" parameter. The lowest acceptable value by the vast majority of nodes is 1. The more inputs and outputs the transaction has, the more space in a block it takes. That's why you pay more for such transactions.

But you cannot send btc for free now right with nano ledger s?

You can't do it from Ledger Live. Such a transaction would be rejected by the vast majority of nodes anyway.

[HCP]

But right now what is the minimum usd amount it seem to cost right now if you send btc?

Depends on the data size of the transaction...

you can still send with 1 sat/byte fee rates... it'll just take a while, given that there are nearly 50 something blocks worth of unconfirmed 1 sat/byte transactions currently.




Even with the massive spike in price... that's 0.00027 US cents per byte... So, a "standard" 1 in/2 out type transaction of around 200 bytes would be 0.054 US cents... obviously, if you want it confirmed quickly, you'd currently need to pay a higher fee rate (somewhere around 80-100 sats/byte at the time of writing)... which would be ~$4 - $5...

[Pmalek]

I didn't know nano ledger s... gives you a new receiving address each time a receiving address is used.  When i used electrum, i recall i used the same receiving address many times.  So that is how nano ledger s is different from electrum?

Electrum gives you more advanced control of your coins. It is still up to you to change your receiving addresses from the long list of addresses shown in Electrum. Ledger Live isn't as user-friendly. If you are expecting 5 different incoming transactions, you can simply select 5 new addresses on Electrum, but you can't do the same thing on Ledger Live. The receiving address you are offered has to be funded before you are shown a different one. One way to circumvent this is to create several different bitcoin accounts and generate a new address on each one. But Ledger Live has limits for such scenarios as well. It wont let you create too many new bitcoin accounts unless the previous accounts received coins. 

[bob123]

I didn't know nano ledger s... gives you a new receiving address each time a receiving address is used.  When i used electrum, i recall i used the same receiving address many times.  So that is how nano ledger s is different from electrum?

You are still using Bitcoin.
Regardless of whether its a software wallet on your pc or your hardware wallet.

So, network-wise, there is no difference.
Therefore it also doesn't make any difference whether you reuse addresses in ledger live or electrum.

Also with the talk about the sending fees and inputs... you could still make the sending fee what you want.  So even with those inputs, couldn't you send btc and pay a low fee still with nano ledger s?

Yes, you can. It just might take a while to confirm.

I recalled a while back, i used electrum and made my sending fee either 0 or like a few cents... of course this was when btc was in the three figures i believe. 
But you cannot send btc for free now right with nano ledger s?  I recall with electrum, i used that bitcoin accelerator site to make it go faster etc.
But right now what is the minimum usd amount it seem to cost right now if you send btc?

You can send a transaction almost for free. But it will take time until it confirms. It might even never confirm (but don't worry, your coins are not lost in that case).
The total fee (= fee rate [sat/vB] x size [vB]) you pay depends on the fee rate you use (sat/vB) and the transaction size (vB).

The higher the fee rate is, the more it will cost but the higher the chance is that your TX will confirm sooner.