Topic: Consequences of having a bitcoin account on both Electrum and a Ledger Nano S (Read 305 times)
November 30, 2017, 01:17:28 PM
I changed my mind. I am unsure of where this topic belongs, so I am leaving it here. If Admin knows better, they will move it.
November 30, 2017, 01:02:46 PM
Thank you, AdolfinWolf, HCOP, and Rahar02.
You have given what I was looking for and more.
I have become aware that there is a separate Wallet sub-forum and that this should be there, not here. I am moving this thread to the Wallet area.
james-osbourne
You have given what I was looking for and more.
I have become aware that there is a separate Wallet sub-forum and that this should be there, not here. I am moving this thread to the Wallet area.
james-osbourne
November 30, 2017, 04:05:57 AM
Are there any contraindications? Advantages?
There's no contraindications to have bitcoin in two different wallet imo, and some advantages such as more secure due to you don't put all of bitcoin in one wallet and easier to spend bitcoin through electrum on phone and keep ledger nano S in save deposit box.I had a dormant bitcoin account when the August and November forks. I have initialized the Nano S, but i am trepidatious about doing anything withoiut better understanding of
the consequences.
Is thaere a discussion, tutorial, other than at Ledger's site that I may study.
james-Osbourne
the consequences.
Is thaere a discussion, tutorial, other than at Ledger's site that I may study.
james-Osbourne
Do you ask about how to claim coins from the hard fork that happened in August and November?
There are 2 coins, bitcoin cash (bch) and bitcoin gold (btg), right?
You may easily claim bch by installed electron wallet (for electrum) and claim btg through coinomi wallet, and both require private key or seed to do it. You can read it here; https://bitcointalksearch.org/topic/claim-bitcoin-cash-from-ledger-nano-s-2062449
https://coinsutra.com/bitcoin-cash-ledger-wallet/
https://coinsutra.com/claim-bitcoin-gold-btg/
November 29, 2017, 11:24:34 PM
I had a dormant bitcoin account when the August and November forks. I have initialized the Nano S, but i am trepidatious about doing anything withoiut better understanding of
the consequences.
Can you please clarify if you want to have the SAME bitcoin wallet on Electrum and on your Nano S?the consequences.
Or are you just asking about having an Electrum wallet and having a separate Nano S wallet?
If you want the same wallet on both, your best bet is to simply initialise the Nano S, then create a new wallet in Electrum with the "Use Hardware Device" option and connect your Nano S. That will extract JUST the xpub from the Nano S and create a "watching-only" wallet, so you can see all your transactions/coins etc inside Electrum, but the seed/private keys are still securely contained on the Nano S ONLY.
Having the same seed in Electrum as your Nano S is a MAJOR security flaw... Electrum, while relatively secure if used properly, is nowhere near as secure as the Nano S and has a much larger attack surface for hackers/thieves to get access to your wallet and coins. The only time you should be doing something like this, is in an emergency recovery situation where you need access to the coins but the Nano S has been lost/stolen etc.
Electrum (watching only) + Nano S = A very powerful and secure combo
November 29, 2017, 04:34:22 PM
Are there any contraindications? Advantages?
I had a dormant bitcoin account when the August and November forks. I have initialized the Nano S, but i am trepidatious about doing anything withoiut better understanding of
the consequences.
Is thaere a discussion, tutorial, other than at Ledger's site that I may study.
james-osbourne
No, there isn't other then that you now need to make sure that two places are secure of potential viruses ( keyloggers etcetera) instead of one.
Which kind of defeats the purpose of the ledger in the first place, since i assume you bought it for more security?
November 29, 2017, 04:04:05 PM
Are there any contraindications? Advantages?
I had a dormant bitcoin account when the August and November forks. I have initialized the Nano S, but i am trepidatious about doing anything withoiut better understanding of
the consequences.
Is thaere a discussion, tutorial, other than at Ledger's site that I may study.
james-osbourne
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