As of now, I am waiting for my Ledger Nano S to arrive in our country and hoping that the product will arrive safely in my delivery address. Of course, as a beginner in using this product, I managed to read a lot of articles regarding Ledger and I found out that there are various ways in setting up a cold storage, which means choosing a method in securing your crypto is subjective and actually depends on the user's preference. So, I decided to only just use a
HW in complement with
Ledger live or
ElectrumAs far as I have understood, In order to set up a cold storage using the Ledger Nano S/X, I needed to use Electrum or Ledger Live App in order to communicate with the HW. HW is only used if you wanted to sign the transaction you have broadcasted in the bitcoin network without compromising your private keys hence it is called "coldwallet". The problem is, I am torn between Ledger Live or Electrum.
Here are the key takeaways If I will be using Electrum.
- it has more flexible functionalities which will increase my privacy
- It can be upgraded to support Multi-Sig
- Only supports bitcoin
- UTXO Management
In Ledger Live App
- I have read that there are too many major issues if you are operating Windows OS (I am using Windows 10)
- Supports Altcoin (I am holding ETH and XRP)
- Does not support any coin control features that involves the use of UTXO
Which of the 2 should I use? Or do you think that it is a good idea to have both of them? I will be using Ledger for long term hold and a hot wallet (coins.ph) for storing small amount which I can spend for daily transaction. Suggestion from
@o_e_l_e_oI would probably use the Ledger Nano as a cold wallet to store the majority of your bitcoin which you keep at home, and a mobile wallet as a hot wallet which stores a small amount of "spending" bitcoin which you carry with you. You can then top up your mobile wallet from your cold storage as needed.
I am also considering this suggestion from
@nc50lc to integrate the use the of Electrum and Ledger Live app at the same time.
Secondly, if you want to separate your long-term hodling, you can just make a second Bitcoin account
through Ledger Live or second wallet with different derivation path (
to 2nd account) via Electrum.
Lastly, that was suggested to the topic OP who's already got a spare phone and not planning to buy a hardware wallet.
What do you think?