Hardware Wallets and the Ledger Nano App

dkbit98

legendary

Activity: 2212

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Quote from: CryptoDens on April 28, 2021, 09:43:48 AM

So Ledger Nano more secure than software wallet?
Today I just lost 1ETH from imtoken, so I decided to buy Ledger nano from my local store

Any hardware wallet including ledger is much more safer than software wallets because private keys are never online, but only if you use your wallet correctly.
Never share your seed words with anyone, and don't fall for any phishing attack scams that are circulating all the time.

CryptoDens

member

Activity: 95

Merit: 10

So Ledger Nano more secure than software wallet?
Today I just lost 1ETH from imtoken, so I decided to buy Ledger nano from my local store

MJS_gold

newbie

Activity: 37

Merit: 0

Quote from: BitcoinNewsMagazine on November 09, 2016, 04:10:27 PM

The Ledger Nano S can be restored from seed directly input on the device itself. That means there is no possibility of malware stealing your seed if you have to restore your wallet. The Nano S also stores private keys for Ether and Ether Classic, as well as Litecoin. It can be used for secure login on U2F sites like Google and Dropbox. More coins will probably be added. Nano S is just a giant step forward from the Nano so why save a few bucks. Get the better wallet. Your money your decision.

I don't anticipate owning enough altcoins to worry about storing them in a hard wallet, and I do not want to use my USB bitcoin wallet to login to websites. You make a good point about restoring the wallet from seed. The Nano would require using a safe or air-gapped computer which is less convenient. Nevertheless, the Nano seems more secure to me if initialized on a safe computer...and if their Android app works well.

BitcoinNewsMagazine

legendary

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Quote from: MJS_gold on November 09, 2016, 01:57:20 PM

Quote from: BitcoinNewsMagazine on November 09, 2016, 09:29:44 AM

You can still buy a Ledger Nano (original design) that required the security card. The new Nano S does not and is a better wallet in all respects, also works with Mycelium on Android. The Nano S is twice the price of the Nano about $64 and worth it.

I expect to use a hardware wallet for long term storage, making very infrequent send transactions. [I will maintain a separate less secure hot wallet containing much less BTC for spending.] With the Ledger Nano, I can keep the "security card" in my safe deposit box (and perhaps a hidden version on my computer) so that if a robber obtains my Ledger Nano and my PIN, he still cannot get my bitcoins. Why is this inferior to the Trezor or Nano S?

The Ledger Nano S can be restored from seed directly input on the device itself. That means there is no possibility of malware stealing your seed if you have to restore your wallet. The Nano S also stores private keys for Ether and Ether Classic, as well as Litecoin. It can be used for secure login on U2F sites like Google and Dropbox. More coins will probably be added. Nano S is just a giant step forward from the Nano so why save a few bucks. Get the better wallet. Your money your decision.

MJS_gold

newbie

Activity: 37

Merit: 0

Quote from: BitcoinNewsMagazine on November 09, 2016, 09:29:44 AM

You can still buy a Ledger Nano (original design) that required the security card. The new Nano S does not and is a better wallet in all respects, also works with Mycelium on Android. The Nano S is twice the price of the Nano about $64 and worth it.

I expect to use a hardware wallet for long term storage, making very infrequent send transactions. [I will maintain a separate less secure hot wallet containing much less BTC for spending.] With the Ledger Nano, I can keep the "security card" in my safe deposit box (and perhaps a hidden version on my computer) so that if a robber obtains my Ledger Nano and my PIN, he still cannot get my bitcoins. Why is this inferior to the Trezor or Nano S?

BitcoinNewsMagazine

legendary

Activity: 1806

Merit: 1164

Quote from: MJS_gold on November 09, 2016, 08:26:38 AM

I've decided to buy a hardware wallet and have been comparing the Ledger Nano to the Trezor and the "Nano S." It appears that in order to access your bitcoin, the Trezor and the Nano S only require that you have possession of their device and a four-digit PIN. I like that the Ledger Nano has the additional requirement that you have possession of their "security card" or their smartphone app which has been paired to your device using the security card.

I understand that the Ledger "security card" is theoretically vulnerable to keylogging malware when dozens of send transactions are made from one infected computer. Does their smartphone app address this vulnerability well? Is the app reliable on Android phones?

You can still buy a Ledger Nano (original design) that required the security card. The new Nano S does not and is a better wallet in all respects, also works with Mycelium on Android. The Nano S is twice the price of the Nano about $64 and worth it.

MJS_gold

newbie

Activity: 37

Merit: 0

I've decided to buy a hardware wallet and have been comparing the Ledger Nano to the Trezor and the "Nano S." It appears that in order to access your bitcoin, the Trezor and the Nano S only require that you have possession of their device and a four-digit PIN. I like that the Ledger Nano has the additional requirement that you have possession of their "security card" or their smartphone app which has been paired to your device using the security card.

I understand that the Ledger "security card" is theoretically vulnerable to keylogging malware when dozens of send transactions are made from one infected computer. Does their smartphone app address this vulnerability well? Is the app reliable on Android phones?

Topic: Hardware Wallets and the Ledger Nano App (Read 1209 times)