I've been dabbling in crypto for 7 years. And by dabble I mean, "almost not at all". I have tried coinbase and still have an account and wallet. But recently I got a Ledger Nano S. It was unused and FREE, so I tried to use it. The install went flawlessly, albeit I bought my 2nd house much quicker.
But I'm confused about usage and terms.
I have seen Seeds,
Private Keys,
Passwords,
Pins,
Master keys, etc
I don't know what each does, or if they are all applicable to the Nano S.
I did try sending, receiving, buying and loading and that all went fine.
But, when I installed this, it sent me to a page that said to buy a subscription, for $9.99/mo. Subscription for what? It used the term "recovery" so I assume it's something to do with.. "recovery".
But then I realized that the primary purpost for the cold wallet, was to keep my keys, on my device, and not on the internet. but this "recovery" subscription seemed to be to backup my keys on another server, and not my wallet.
Q1: Doesn't that kind of negate the value of the wallet, if keys are stored OFF the wallet?
Q2: Is this $9.99/mo subscription mandatory? It didn't leave me much option?
Q3: Can I use the nano 3, just like it's advertized, without the subscription? I can write down my own keys and manage them myself.
Q4: Is there anything I lose, that's important, if I don't buy the subscription?
Q5: Are there any important advantages, if I keep the subscription? $120/year sounds expensive to me.
So far I know I have a
* seed (writen down and saved), used for recovery and creation of backup wallets
* password (duh! to log onto my wallet
* password (for the subscription service)
* private keys ? (have no idea what that is. Is that the seed)
* other things I don't know, what I don't know
Q6: I have a coinbase wallet. Is that a hot wallet, or some other kind of wallet.
Q7: I also have Electrum wallet. (was just experimenting in 2017, and didn't know I had a seed to remember, and lost my password. Just the other day, I was looking at some notebooks, an found the password. It worked, so I recovered that account. Unfortunately, it only had $29 in it.
)
Q8: I have been thinking about the nano X. I want to use my samsung phone and not a PC or laptop. Can the nano S, work on an android phone. Or does that app only work on a PC.
Q9: Is the nano X better than the S? I know it uses bluetooth?
Q10: Finally, what is the most secure cold wallet? Are they beter than the hot wallets, like codebase wallet?
Thanks in advance