I have hardware wallet now. Do i need to stop using offline wallet?

bitgov

sr. member

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Quote from: platom on October 14, 2017, 04:18:11 AM

I just purchased ledger hardware wallet. I'm very exited to use it and transferred all my btc to my ledger wallet.
As i know, hardware wallet is more secure than online wallet. I will transfer to online wallet if need to trade (exchange) only.

But how about offline wallet such as mycellium and coinomi? Do i need to separate my btc to offline wallet also? If yes, why?

You do not have to stop using anything, but for what to share and tire when you now have a better solution of your funds.

odolvlobo

legendary

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Quote from: platom on October 16, 2017, 10:06:30 AM

Quote from: odolvlobo on October 15, 2017, 03:23:29 PM

Keep in mind that you can use your Ledger wallet with Electrum: https://ledger.groovehq.com/knowledge_base/topics/how-to-setup-electrum-nano-slash-nano-s

Are this function same as "Import a Ledger HD-Account" in MyCellium Add New Account menu?

I think "Import a Ledger HD-Account" is how you use a Ledger with Mycelium. You can use Trezor and KeepKey, too.

platom

newbie

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Quote from: odolvlobo on October 15, 2017, 03:23:29 PM

Keep in mind that you can use your Ledger wallet with Electrum: https://ledger.groovehq.com/knowledge_base/topics/how-to-setup-electrum-nano-slash-nano-s

Are this function same as "Import a Ledger HD-Account" in MyCellium Add New Account menu?

platom

newbie

Activity: 46

Merit: 0

Quote from: poordeveloper on October 15, 2017, 06:59:06 AM

Quote from: platom on October 14, 2017, 02:59:18 PM

Quote from: poordeveloper on October 14, 2017, 05:23:21 AM

You don't need to stop using other wallets, but you no longer need them since you now have a better solution.

okay, i still keep all these wallets in my smart phone. but with zero balance Wink

i think, maybe i still need it for past transactions reference.

Never remove your private keys, even if you don't plan to use the address again.

what will happen if somebody remove private keys? Private keys that have been removed will make somebody else reuse the these private keys again in the future?

platom

newbie

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Quote from: BTCMILLIONAIRE on October 15, 2017, 03:25:46 PM

Is it going to be possible to add custom wallets to the new Ledger? Or will we still have to wait for the company to release their own apps? There are so many coins around these days some of them aren't supported by Ledger or Trezor yet, so I'm not sure how to feel about those.

yup. that's true. if bitcoin only, ledger is the answer.

if altcoins, only some coins are supported. means, i still need to look for other wallets for altcoins. Undecided

BTCMILLIONAIRE

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Activity: 1358

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Is it going to be possible to add custom wallets to the new Ledger? Or will we still have to wait for the company to release their own apps? There are so many coins around these days some of them aren't supported by Ledger or Trezor yet, so I'm not sure how to feel about those.

odolvlobo

legendary

Activity: 4354

Merit: 3260

Keep in mind that you can use your Ledger wallet with Electrum: https://ledger.groovehq.com/knowledge_base/topics/how-to-setup-electrum-nano-slash-nano-s

ChainSmoker

full member

Activity: 294

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Quote from: platom on October 14, 2017, 04:18:11 AM

I just purchased ledger hardware wallet. I'm very exited to use it and transferred all my btc to my ledger wallet.
As i know, hardware wallet is more secure than online wallet. I will transfer to online wallet if need to trade (exchange) only.

But how about offline wallet such as mycellium and coinomi? Do i need to separate my btc to offline wallet also? If yes, why?

Why would you use another offline wallet is you have a hardware wallet?The main reason one will purchase hardware wallet is to benefit from the security of offline wallet and at the same time benefit from the ease of transfer of bitcoins of the online wallet.So no,only use hardware wallet as it is pretty safe and use it to transfer to exchanges when you need to trade otherwise keep storing bitcoins in hardware wallet.

poordeveloper

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Quote from: platom on October 14, 2017, 02:59:18 PM

Quote from: poordeveloper on October 14, 2017, 05:23:21 AM

You don't need to stop using other wallets, but you no longer need them since you now have a better solution.

okay, i still keep all these wallets in my smart phone. but with zero balance Wink

i think, maybe i still need it for past transactions reference.

Never remove your private keys, even if you don't plan to use the address again.

dlhezter

full member

Activity: 434

Merit: 100

Quote from: platom on October 14, 2017, 04:18:11 AM

I just purchased ledger hardware wallet. I'm very exited to use it and transferred all my btc to my ledger wallet.
As i know, hardware wallet is more secure than online wallet. I will transfer to online wallet if need to trade (exchange) only.

But how about offline wallet such as mycellium and coinomi? Do i need to separate my btc to offline wallet also? If yes, why?

its up to you if you want to use your offline wallet or not, because you have your own hardware wallet which is ledger wallet and thats enough for you to use instead of having offline wallet to prevent/reduce the fee of transfering, but keep using web wallet for more secure purposes for some transactions outside your ledger to less tract to your balance, like third party Grin

platom

newbie

Activity: 46

Merit: 0

Quote from: poordeveloper on October 14, 2017, 05:23:21 AM

You don't need to stop using other wallets, but you no longer need them since you now have a better solution.

okay, i still keep all these wallets in my smart phone. but with zero balance Wink

i think, maybe i still need it for past transactions reference.

BTCMILLIONAIRE

hero member

Activity: 1358

Merit: 834

Quote from: poordeveloper on October 14, 2017, 12:59:09 PM

Quote from: BTCMILLIONAIRE on October 14, 2017, 12:57:28 PM

Quote from: poordeveloper on October 14, 2017, 12:55:32 PM

Quote from: BTCMILLIONAIRE on October 14, 2017, 12:54:24 PM

Quote from: poordeveloper on October 14, 2017, 12:53:31 PM

Quote from: BTCMILLIONAIRE on October 14, 2017, 11:40:06 AM

What would happen if a ledger broke by the way?

You can restore its private keys to another ledger provided you kept the recovery information.

Is the information on the ledger kept in an online database then?

No, you must save the recovery information yourself. It is actually counterproductive to save the information online.

That's what I was concerned about.

So basically the ledger lets me use my wallets without making my private key available during a transaction and I need to save the private key separately if I want to make sure I don't lose access to my wallets?

Basically yes. You basically hey all the benefits of an offline wallet, but with the availability of a normal wallet.

That cleared everything up for me, thanks!

poordeveloper

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Quote from: BTCMILLIONAIRE on October 14, 2017, 12:57:28 PM

Quote from: poordeveloper on October 14, 2017, 12:55:32 PM

Quote from: BTCMILLIONAIRE on October 14, 2017, 12:54:24 PM

Quote from: poordeveloper on October 14, 2017, 12:53:31 PM

Quote from: BTCMILLIONAIRE on October 14, 2017, 11:40:06 AM

What would happen if a ledger broke by the way?

You can restore its private keys to another ledger provided you kept the recovery information.

Is the information on the ledger kept in an online database then?

No, you must save the recovery information yourself. It is actually counterproductive to save the information online.

That's what I was concerned about.

So basically the ledger lets me use my wallets without making my private key available during a transaction and I need to save the private key separately if I want to make sure I don't lose access to my wallets?

Basically yes. You basically hey all the benefits of an offline wallet, but with the availability of a normal wallet.

BTCMILLIONAIRE

hero member

Activity: 1358

Merit: 834

Quote from: poordeveloper on October 14, 2017, 12:55:32 PM

Quote from: BTCMILLIONAIRE on October 14, 2017, 12:54:24 PM

Quote from: poordeveloper on October 14, 2017, 12:53:31 PM

Quote from: BTCMILLIONAIRE on October 14, 2017, 11:40:06 AM

What would happen if a ledger broke by the way?

You can restore its private keys to another ledger provided you kept the recovery information.

Is the information on the ledger kept in an online database then?

No, you must save the recovery information yourself. It is actually counterproductive to save the information online.

That's what I was concerned about.

So basically the ledger lets me use my wallets without making my private key available during a transaction and I need to save the private key separately if I want to make sure I don't lose access to my wallets?

poordeveloper

hero member

Activity: 896

Merit: 527

₿₿₿₿₿₿₿

Quote from: BTCMILLIONAIRE on October 14, 2017, 12:54:24 PM

Quote from: poordeveloper on October 14, 2017, 12:53:31 PM

Quote from: BTCMILLIONAIRE on October 14, 2017, 11:40:06 AM

What would happen if a ledger broke by the way?

You can restore its private keys to another ledger provided you kept the recovery information.

Is the information on the ledger kept in an online database then?

No, you must save the recovery information yourself. It is actually counterproductive to save the information online.

BTCMILLIONAIRE

hero member

Activity: 1358

Merit: 834

Quote from: poordeveloper on October 14, 2017, 12:53:31 PM

Quote from: BTCMILLIONAIRE on October 14, 2017, 11:40:06 AM

What would happen if a ledger broke by the way?

You can restore its private keys to another ledger provided you kept the recovery information.

Is the information on the ledger kept in an online database then?

poordeveloper

hero member

Activity: 896

Merit: 527

₿₿₿₿₿₿₿

Quote from: BTCMILLIONAIRE on October 14, 2017, 11:40:06 AM

What would happen if a ledger broke by the way?

You can restore its private keys to another ledger provided you kept the recovery information.

BTCMILLIONAIRE

hero member

Activity: 1358

Merit: 834

What would happen if a ledger broke by the way?

platom

newbie

Activity: 46

Merit: 0

Quote from: Swinging Phallus on October 14, 2017, 04:40:24 AM

I don't see the necessity of using an offline wallet. Your nano ledger is going to be the top of the line compared to anything else. I'd say keep your funds there. Also keep in mind that you do have multiple wallets you can put to use in your ledger device, for instance if you connect your wallet up to myetherwallet you can choose from a multitude of wallets within your nano ledger to choose from. If you are going to be trading I think it's a good idea to diversify your funds in separate wallets for maximum security. Whatever you do though do not lose your passphrase.

good advice. thanks

poordeveloper

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You don't need to stop using other wallets, but you no longer need them since you now have a better solution.

Topic: I have hardware wallet now. Do i need to stop using offline wallet? (Read 535 times)