@rugbit96
Hardware wallets and any other bitcoin wallet are pretty much the same in terms of how they work. Its just that the private keys doesn't leave the device which make it different to other wallet.
If you prefer videos.
https://www.youtube.com/watch?v=aPprQUQljHE
https://www.youtube.com/watch?v=cONG2ZNjJ0c
Topic: Ledger Nano S/ Hardware wallet Question? (Read 142 times)
Thanks for the great info.
i just wasn't to sure on how the hardware wallets actually worked. I just don't want to lose any Sats.
Does anyone have any videos or articles that can really help me understand how to hardware wallets and other wallets work?
i just wasn't to sure on how the hardware wallets actually worked. I just don't want to lose any Sats.
Does anyone have any videos or articles that can really help me understand how to hardware wallets and other wallets work?
I've just recently set up my Nano S and wondering that when i send my Bitcoin to my Ledger live desktop app with my wallet connected
to the computer.
Just in case you are not aware of this: your hardware wallet doesn't have to be plugged in to receive coins. All you need to have is one of your wallet addresses. to the computer.
You can get the receiving address directly from the desktop app.
Your have to connect your ledger nano to a computer/smartphone only when you need to send coins. However, the transaction will be signed offline and your wallet's privye keys/seed will not be exposed to the Internet or to your computer.
I've just recently set up my Nano S and wondering that when i send my Bitcoin to my Ledger live desktop app with my wallet connected
to the computer. does it go onto the ledger or are my keys on the computer.
Your coins are not actually stored on your ledger live application or on your hardware wallet, but they are stored on blockchain and hardware wallet is acting as device for signing your transactions and for storing seed words offline.to the computer. does it go onto the ledger or are my keys on the computer.
Point of hardware wallets is to keep everything offline as much as possible, so make sure your seed words never touch internet and never import them hot wallets, never send them anywhere online.
My suggestion when you are using Bitcoin is to connect Electrum wallet with your Ledger hardware wallet and use that instead of ledger live application, and for all other coins you can use ledger live.
For your clarification watch this video which can help you out with some of your doubts and how the Ledger Nano S hardware wallet works or how to set them up to secure your bitcoins.
https://youtu.be/GPpZxOjvU10
The only best part of using them is that your private keys are safe on them as they have no online link up and are store on your wallet forever and when you need to send bitcoins you need to connect it to pc under the app to make transaction and confirm it from your wallet and still private keys will be safe.But yes most important is to backup your phrase which you will get because it is getting your funds if someone got access to it.These things need to be taken care of.
https://youtu.be/GPpZxOjvU10
The only best part of using them is that your private keys are safe on them as they have no online link up and are store on your wallet forever and when you need to send bitcoins you need to connect it to pc under the app to make transaction and confirm it from your wallet and still private keys will be safe.But yes most important is to backup your phrase which you will get because it is getting your funds if someone got access to it.These things need to be taken care of.
When you successfully sent your Bitcoin, it was stored neither in your Ledger Live desktop app nor in your hardware wallet. It was stored in the blockchain. Your Ledger Live was only an app for you to easily manage your funds. It doesn't hold your private keys nor your Bitcoins. Your private keys are securely held in your hardware wallet. Your hardware wallet keeps all the necessary information to get access to those funds. However, it doesn't mean that whoever has the device has the funds, because you and you alone have the mnemonic phrase. So give utmost value and security to your mnemonic phrase. It is everything you need.
Your wallet's private keys are only stored on the Ledger Nano S itself, because that's the main point of having hardware wallets — your private keys being stored securely on the hardware device.
Of course, this is assuming that you only wrote down the 12-24 word backup on a piece of paper(or etched on a metal sheet), and NOT store it digitally by taking a photo, or typing it in on a .txt file or something similar.
Of course, this is assuming that you only wrote down the 12-24 word backup on a piece of paper(or etched on a metal sheet), and NOT store it digitally by taking a photo, or typing it in on a .txt file or something similar.
Most hardware wallets generate private keys and public keys on the device, public keys are sent to the computer while private keys remain on the device.
The public keys on the computer (which get hashed into addresses) are what are used to signify if they have funds - if someone has sent them bitcoin. By nature of bitcoins algorithm, you need the private keys to spend any funds so your funds will be as secure as either the device or wherever you wrote your mnemonic.
If you used the official app and got the hardware from an official store then your crypto will only be spendable from the hardware wallet (or anything with access to the mnemonic phrase).
The public keys on the computer (which get hashed into addresses) are what are used to signify if they have funds - if someone has sent them bitcoin. By nature of bitcoins algorithm, you need the private keys to spend any funds so your funds will be as secure as either the device or wherever you wrote your mnemonic.
If you used the official app and got the hardware from an official store then your crypto will only be spendable from the hardware wallet (or anything with access to the mnemonic phrase).
Hello to whoever help this newbie.
I've just recently set up my Nano S and wondering that when i send my Bitcoin to my Ledger live desktop app with my wallet connected
to the computer. does it go onto the ledger or are my keys on the computer. I've sent a couple Sats to it and they've gone thru but just wanting to make sure how it works before i send the rest. If anyone can help this newbie or steer me in the right direction id be grateful.
I've just recently set up my Nano S and wondering that when i send my Bitcoin to my Ledger live desktop app with my wallet connected
to the computer. does it go onto the ledger or are my keys on the computer. I've sent a couple Sats to it and they've gone thru but just wanting to make sure how it works before i send the rest. If anyone can help this newbie or steer me in the right direction id be grateful.
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