Ledger S Noob questions | Bitcointalksearch.org

o_e_l_e_o

legendary

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Shocked by that requirement from CEX, it would completely reveal your identity.

CEX.io, like most centralized exchanges, demand invasive KYC from all their users. See the two links and quote below. It's pretty scummy that they would let OP deposit fiat and trade that fiat, and then only demand KYC when he tries to withdraw, essentially stealing his coins if he isn't willing to compromise his privacy, but they certainly aren't the only exchange to pull this crap.

https://cex.io/aml-kyc
https://blog.cex.io/news/verification-requirements-17071

Quote from: Krislaw on July 05, 2020, 03:43:41 PM

As answered above, your coins are in your wallet once the transaction gets mined.

No, they aren't. The coins never leave the blockchain. The only thing stored in his wallet (or any other wallet, for that matter) are the relevant private keys.

Quote from: Krislaw on July 05, 2020, 03:43:41 PM

I am guessing this could be Binance. They have a lot of policy when it comes to using card to purchase crypto. Don't know about other CEX.

OP is referring to the specific exchange CEX.io, not the generic term for centralized exchanges.

Krislaw

sr. member

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As answered above, your coins are in your wallet once the transaction gets mined. You don't have to be online for it to land in your wallet. Nothing is lost in the blockchain as long as long as it can be tracked with a TX ID.

Quote from: ?? on ??

Quote from: Jhendy2001 on July 05, 2020, 08:20:58 AM

I got prompted by CEX to send a selfie with my payment card for extra security.

Shocked by that requirement from CEX, it would completely reveal your identity. Do they have such requirement for all withdrawals or solely to the big ones? Wouldn't be better to subdivide or even to use the intermediate coin to avoid that "selfie"?

I am guessing this could be Binance. They have a lot of policy when it comes to using card to purchase crypto. Don't know about other CEX.

bL4nkcode

copper member

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Limited in number. Limitless in potential.

Quote from: Jhendy2001 on July 05, 2020, 08:20:58 AM

I have read that once you have the wallet address (which the ledger needs to be connected to generate) then it doesn't need to be connected to receive the BTC.

You read it right.
Even ledger nano s gives you a new address after you use the previous one, you can still use to receive bitcoin on the previous address.

Quote from: ?? on ??

Quote from: Jhendy2001 on July 05, 2020, 08:20:58 AM

3. What is actually stored on my Ledger S!

I do not really get this question, did you mean cryptocurrencies ledger nano can store?

Its answered above. Ledger nano s only stored private keys while the users' cryptocurrency are simply stored in their respected blockchains.
Its just a matter of private key to transfer bitcoin/crypto from wallet A to wallet B.

All you can do is to keep your 24-words recovery seed safe from anyone, write it on the paper gave to you by ledger (on the box) or use another paper and make sure no one can access to it except from anyone you trust.

The Cryptovator

legendary

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Hope you have got your expected answers from above replied by @o_e_l_e_o. Listen, when you have written your seed phrase and save it on safe place means your fund is safe either you never connect Ledger into PC again. Seed will recover your funds even you lost your device. So stay calm and keep safe your seed. There is a chip on Ledger inside where save all private keys and its recoverable by seed phrase as I said above. When an address genarated from your Ledger means it has assigned for you forever utill your seed with you. Doesn't matter either your device is offline or online, sent fund to your address always will be your. Just don't list your seed and don't save it with any online machine as well.

o_e_l_e_o

legendary

Activity: 2268

Merit: 18748

Quote from: Jhendy2001 on July 05, 2020, 08:20:58 AM

I have read that once you have the wallet address (which the ledger needs to be connected to generate) then it doesn't need to be connected to receive the BTC.

Correct.

Quote from: Jhendy2001 on July 05, 2020, 08:20:58 AM

1. Where are the coins now if they are not in my off line wallet

Without getting too complicated and keeping things relatively simple, your coins never leave the blockchain. They are simply moved around between addresses. What your Ledger device holds is the private key to "unlock" your addresses. Once coins are sent to an address generated by your Ledger device, everyone can see that that is where they are, but only you can spend them, by utilizing the private key that is stored inside your Ledger device.

Quote from: Jhendy2001 on July 05, 2020, 08:20:58 AM

2. Is there a risk if I never connected my ledger S again that these new coins would be lost?

No. Once you have obtained an address to send coins to, you can safely disconnect your wallet, turn your computer off, and never turn on or connect either of them again if you like. Coins can still be received by that address, and will simply remain on that address until such a time as you choose to spend them.

Quote from: Jhendy2001 on July 05, 2020, 08:20:58 AM

3. What is actually stored on my Ledger S!

As above. Your private keys.

Ledger actually wrote a couple of good blog post explaining this:
https://www.ledger.com/back-to-basics-part-1where-are-my-coins
https://www.ledger.com/back-to-basics-part-2-an-infinite-number-of-keys/

Jhendy2001

newbie

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Merit: 14

I have read that once you have the wallet address (which the ledger needs to be connected to generate) then it doesn't need to be connected to receive the BTC.

Can someone explain to me how this works please.

I was in the process of transferring purchased BTC from CEX to my Ledger and connected it, got the address and then as I was actioning the transfer, I got prompted by CEX to send a selfie with my payment card for extra security. It will take a couple of hours to process so in the meantime I have a wallet address and a disconnected Ledger.

So In trying to understand this I've realised I don't actually know how the offline storage works,

1. Where are the coins now if they are not in my off line wallet
2. Is there a risk if I never connected my ledger S again that these new coins would be lost?
3. What is actually stored on my Ledger S!

Thanks in advance.

Topic: Ledger S Noob questions (Read 202 times)