A particular hardware wallet for storing bitcoin and other cryptocurrencies

khaled0111

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Quote from: o_e_l_e_o on February 24, 2020, 04:21:52 PM

...Some of the useless bitcoin forks, for example, are not supported by Ledger Live, but have created their own forks of Electrum.
...
This is by no means unique to hardware wallets.

this is what I was suspecting as Electrum only supports bitcoin and it doesn't matter where you store your coins to receive the reward. It hasn't to be a ledger.

Quote from: BitMaxz on February 24, 2020, 04:30:08 PM

He's talking about staking by holding Tezos "Earn rewards while holding your crypto" with Ledger live.
The source can be found here https://www.ledger.com/ledger-live

Correct me if am wrong but I believe you will receive the reward for staking Tezos even if you don't use Ledger since it's a POS token.

milewilda

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If you do have small amount of crypto to store then i dont see a reason for you to buy hardware wallet or minding yourself on storing it on a cold storage.

But for big amounts then its no brainer for you to budget a few bucks for hardware yet we know that this is much more safer rather than keeping your coins either on a web-wallet or exchange wallet.

This is just a basic stuff but there are people who do still trust up other wallets on storing up big amounts then when it gets hacked then they do cry and regret later on.

BitMaxz

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Don't forget this as an option:
If you don't want to spend but you have an extra smartphone you can make it as cold storage/wallet and never connect it to the internet. Tested on my old jellybean Samsung phone with Mycelium and Electrum but limited only for BTC.
It is the best option if you don't have a budget to buy Ledger nano or any hardware wallets.

If you are going to hold more than one coin well, only ledger and other hardware wallets will give protection to all of your assets just like what they said above.

Honestly, the price right now of ledger nano is cheap compared before it was $100+ when the price of bitcoin is high.

Quote from: khaled0111 on February 24, 2020, 04:12:20 PM

I didn't use Ledger before but what do you mean by saying you can manage more coins by using Electrum? Also, I never heard of the reward you are talking about!

He's talking about staking by holding Tezos "Earn rewards while holding your crypto" with Ledger live.
The source can be found here https://www.ledger.com/ledger-live

Kemarit

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Hardware wallets are expensive? It's better to invest on them than be this person, Crypto whales hacked, lost $15M BTC and $30M BCH.

Electrum though is a good choice, lightweight, but if you have tons of Bitcoin and altcoins it's better to get a hardware wallet, educate yourself and learn how to protect them as well. You just don't buy and says you are safe, you also need good security practices to keep them away from criminals.

o_e_l_e_o

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Quote from: LeGaulois on February 24, 2020, 03:53:21 PM

Very expensive is a subjective term

I wouldn't call it subjective. I'd call it plain wrong. They could maybe be called a bit expensive when it was $150 for a hardware wallet, but not now.

A Ledger Nano S costs $60, but they often have deals on which take the price below $40. At the moment they have a pack of 3 for sale for $130, so if you get together with two friends, you can get one for $43.33.

You will pay $20-40 for a decent case to protect your mobile phone. You will pay the same for a nice leather fiat wallet, which offers no actual protection whatsoever. Why would you not pay $40 for a hardware wallet which is incredibly more safe than storing your coins on a mobile app?

Quote from: khaled0111 on February 24, 2020, 04:12:20 PM

I didn't use Ledger before but what do you mean by saying you can manage more coins by using Electrum?

Some altcoins do not have support from the Ledger Live software yet, so have released their own wallets which are compatible with the Ledger Nano. Some of the useless bitcoin forks, for example, are not supported by Ledger Live, but have created their own forks of Electrum.

Quote from: khaled0111 on February 24, 2020, 04:12:20 PM

Also, I never heard of the reward you are talking about!

Some altcoins will reward you with a few cents if you buy and hold loads of their bags. This is by no means unique to hardware wallets.

KarlKanKarl

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Quote from: khaled0111 on February 24, 2020, 04:12:20 PM

I didn't use Ledger before but what do you mean by saying you can manage more coins by using Electrum? Also, I never heard of the reward you are talking about!

50$ to 100$ for a secure and reliable hardware wallet isn't really expensive. A safe case to save your cash money and jewelry would cost much more.

Normally, you need external wallets to operate hardware wallets on computers. You can use electrum wallet to manage hardware wallets. But, ledger nano also have a special feature of Ledger live app that you can download to your phone and use it to manage the wallet instead.
If you use the ledger live app, you can store up to 23 cryptocurrencies. But using it on computers with desktop wallet like electrum can make you add more coins of your choice.

khaled0111

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I didn't use Ledger before but what do you mean by saying you can manage more coins by using Electrum? Also, I never heard of the reward you are talking about!

50$ to 100$ for a secure and reliable hardware wallet isn't really expensive. A safe case to save your cash money and jewelry would cost much more.

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Quote from: KarlKanKarl on February 24, 2020, 03:22:54 PM

Hardware wallets are still more convenient to use than paper wallets but also very expensive.

Very expensive is a subjective term, I see people buying $800 smartphones, this is what I call expensive for what it is: just a phone ($800 and you still have to pay for the communication then Roll Eyes

, for $800 I expect unlimited calls and SMS for 50 years)...

The Ledger Nano S costs about 60$, Trezor has a wallet costing about the same and Keepkey is even cheaper. We're storing funds on it, not candy, otherwise, we could buy a cake box.

Sure, if you have only $10 in bitcoin it doesn't worth to buy a hardware wallet, but if you have $10k, no question asked

KarlKanKarl

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We all know that the safest wallets are not online or hot wallets but offline/cold wallets. That is why I like both paper and hardware wallets. They are not easy to use but are the safest means to store cryptocurrencies. Hardware wallets are still more convenient to use than paper wallets but also very expensive.

The common hardware wallets are Trezor, Ledger Nano and Keepkey. There is a particular one I like because you can connect it with your phone for making transactions. It has a Ledger Live Mobile app and you can safely manage your crypto anywhere you are. The wallet is Larger Nano X.

It support up to 100 cryptocurrencies and you can use it to manage 23 coins using the Ledger live app. If you want to manage more, you can use external wallet like electrum.

Lastly, you can earn reward for cryptocurrencies you are holding using the Ledger live app or external wallet.

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