Ledger Nano S Questions - page 2. | Bitcointalksearch.org

Husna QA

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Quote from: HoddzDJ on January 21, 2021, 01:14:15 PM

Just to pick up on this point, how would this work/benefit? I don't mean to come across as rude so apologies if it does, just want to learn as much as I can and wondered was all. May well be an option for me if I can get my head around it.

One of the benefits, when one day your Ledger Nano X is damaged or lost, you can still access your assets on Nano S if both are set using the same seed, even though the seeds can be imported to other wallets, too. If the seeds from the hardware wallet are imported to a wallet such as a desktop wallet or something else, your wallet's security level will be reduced.

Quote from: https://support.ledger.com/hc/en-us/articles/360033804094-Set-up-a-backup-device

Set up a backup device

To create a backup device of your main Ledger hardware wallet, you will need to use the 24-word recovery phrase you wrote down when setting up your first device. By entering these 24 words into your second device, the private keys providing access to your crypto assets will be restored.
You can then use both devices to manage your accounts.

HoddzDJ

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Quote from: Husna QA on January 20, 2021, 06:09:04 PM

By the way, why isn't the Nano S just used as hardware wallet to backup the Nano X that you are going to buy?

Just to pick up on this point, how would this work/benefit? I don't mean to come across as rude so apologies if it does, just want to learn as much as I can and wondered was all. May well be an option for me if I can get my head around it.

zasad@

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Quote from: HoddzDJ on January 20, 2021, 04:39:56 PM

Thank you both for your replies! That has cleared up all of my concerns.

Quote from: zasad@ on January 20, 2021, 03:55:50 PM

My first wallet was a ledger Nano S .
When I bought the Nano X ledger I used the seed phrase I generated for the ledger Nano S.
Seed phrase restores access to all wallets.
I'm willing to bet with you that in a year you will buy a ledger Nano X

I think I may well end up with a Nano X to be honest, seems to have a LOT more storage on it, and it can be used directly with a phone. Just to go on from this, can I then sell my Nano S, or does the recovery phrase stay the same so it means it's now vulnerable to a buyer? I know they aren't expensive, but a mate may well be getting into crypto so could be of use to him?

Take your time to sell your Nano S wallet. If your Nano X breaks or gets lost, you can use the Nano S.

To check the security, you can try to enter the password incorrectly 3 times

I would not recommend connecting the ledger to your phone or installing programs unnecessarily.
Thugs can get access to your phone and find out that you have cryptocurrency. The best defense is when no one knows you have cryptocurrency.

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Quote from: HoddzDJ on January 20, 2021, 04:39:56 PM

I think I may well end up with a Nano X to be honest, seems to have a LOT more storage on it, and it can be used directly with a phone.

Well, actually Nano S can be used with a phone too. You just need OTG cable to connect it. Though, Bluetooth is more convenient than cable.
And if you hold BTC mainly and few altcoins, then Nano S is probably enough for you. But you have a lot of different coins/tokens and ayou don't simply hold it, but actively use, then offcourse Nan X is better option. Then there will be less hassle when you will have to install or uninstal apps. But still, even Nano X memory is very limited, despite that they are saying that you can have up to 100 apps installed.
BTW, before buying Ledger, you should know about Ledger privacy issues when hackers leaked sensitive personal data of Ledger customers. So, when you buy from them, I suggest to follow some tips which are posted here:
https://bitcointalksearch.org/topic/--5288201

Husna QA

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Quote from: HoddzDJ on January 20, 2021, 04:39:56 PM

I think I may well end up with a Nano X to be honest, seems to have a LOT more storage on it, and it can be used directly with a phone.

The Ledger Nano S can connect to a smartphone too. Of course, using a cable because the Nano S does not have Bluetooth features like the Nano X.

Quote from: HoddzDJ on January 20, 2021, 04:39:56 PM

Just to go on from this, can I then sell my Nano S, or does the recovery phrase stay the same so it means it's now vulnerable to a buyer? I know they aren't expensive, but a mate may well be getting into crypto so could be of use to him?

You can sell the unused Nano S by resetting it to factory settings first.

Quote from: https://support.ledger.com/hc/en-us/articles/360017582434-Reset-to-factory-settings

Resetting the device to factory settings removes all private keys, applications, and settings from your Ledger Nano S device.

Nano S and Nano X can share the same seed to have the same wallet and make transactions on either of the two devices. By the way, why isn't the Nano S just used as hardware wallet to backup the Nano X that you are going to buy?

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Quote from: HoddzDJ on January 20, 2021, 04:39:56 PM

Just to go on from this, can I then sell my Nano S, or does the recovery phrase stay the same so it means it's now vulnerable to a buyer? I know they aren't expensive, but a mate may well be getting into crypto so could be of use to him?

You can safely sell your device or give it to someone else. Before doing that, you need to wipe it. Either enter an incorrect PIN three times or factory reset your Nano S in the settings.

HoddzDJ

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Thank you both for your replies! That has cleared up all of my concerns.

Quote from: zasad@ on January 20, 2021, 03:55:50 PM

My first wallet was a ledger Nano S .
When I bought the Nano X ledger I used the seed phrase I generated for the ledger Nano S.
Seed phrase restores access to all wallets.
I'm willing to bet with you that in a year you will buy a ledger Nano X

I think I may well end up with a Nano X to be honest, seems to have a LOT more storage on it, and it can be used directly with a phone. Just to go on from this, can I then sell my Nano S, or does the recovery phrase stay the same so it means it's now vulnerable to a buyer? I know they aren't expensive, but a mate may well be getting into crypto so could be of use to him?

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Quote from: HoddzDJ on January 20, 2021, 03:34:37 PM

1. The Nano S doesn't have much storage on it what so ever, so when I have multiple coins I will likely need to remove wallets/coins and add them again. I assume this is fine, and my coins won't be lost when I install the app again?

That's right. Your coins aren't actually stored in the apps, but on each coin blockchain. They are only an interface and set of scripts that do what it's needed to see your balance and spend your coins. In simple terms, your wallet seed is basically the "key" to manage your coins.

Quote from: HoddzDJ on January 20, 2021, 03:34:37 PM

2. I have my recovery phrase.. how does this work? I get that it's a recovery phrase, but what does it recover? Is it a case of it will recover all wallets to another Ledger device? Will it work to other devices/wallets?

Your recovery phrase a.k.a wallet/backup seed is what the Ledger device uses to generate the private-keys of your wallet. If you buy another device and import your seed, it will show up the same wallet and balance there.

If your device is gone and you don't want to buy or use a hardware wallet anymore, you can just import that seed into a supported desktop wallet and you'll be able to do the same there (P.S: don't actually do this since it throws away the extra security of having an hardware wallet).

zasad@

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My first wallet was a ledger Nano S .
I used it to store Ethereum and Tron and trade on decentralized exchanges. When I added more coins, I got tired of uninstalling apps and bought a ledger Nano X.
Your coins will not be lost anywhere if you uninstall the application.

When I bought the Nano X ledger I used the seed phrase I generated for the ledger Nano S.
Seed phrase restores access to all wallets.
I'm willing to bet with you that in a year you will buy a ledger Nano X

HoddzDJ

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Hey folks, I'm new here so thought I'd drop by and ask a few questions as I have a Ledger Nano S wallet and have had it for a few years now. I have asked Ledger but understand they are busy so thought I'd try here too. I'm sure the questions will be easy to answer for some of you here, so any help would be great!

1. The Nano S doesn't have much storage on it what so ever, so when I have multiple coins I will likely need to remove wallets/coins and add them again. I assume this is fine, and my coins won't be lost when I install the app again? I currently have three apps on there, which it is managing fine. Just thinking to the future.
2. I have my recovery phrase.. how does this work? I get that it's a recovery phrase, but what does it recover? Is it a case of it will recover all wallets to another Ledger device? Will it work to other devices/wallets?

Thanks in advance for any replies, I really appreciate it!

Topic: Ledger Nano S Questions - page 2. (Read 347 times)