Topic: Proof of Keys Event for a Beginner? - page 3. (Read 946 times)

Ok how do I send different types of ERC-20 tokens under the ethereum app installed on my nano s?

Unlimited.

Tokens are not coins, and no matter how many ERC-20 tokens you have, you only need one Ledger Nano app (ethereum).

So, if you have 30 ERC-20 tokens and bitcoin, you only need 2 app installed on ledger: Bitcoin app and ethereum app.

Ok instead of moving what about sending coins to its addresses on the ledger live app and if I want to withdraw coins from ledger I need the app installed on the nano s device right?

How many erc-20 tokens can I store under MEW or ethereum on the nano s?

I use coinomi for years. I think it's a good wallet that you can use for free. It is closed source and it is a problem, but you can keep small amounts of money there.
Ledger nano is a much better option on the other hand. Anyway, it is also closed source, but very realiable.



You can install and uninstall very easily any coin at any time. It takes a few seconds only.
Ledger live app is a good software and it will show all your balances and addresses of all coins you have, installed or not. To move the coins, the app of that coin must be installed on the device. So you don't need to install, just to move the coins

And yes, you can use ethereum app or MEW to manage your erc20 tokens from the ledger.

When it comes to security is coinomi better than jaxx or exodus?

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Ok I can see from the link ledger nano s supports over a 1000 coins but I can have 5 installed on the device at a time?

What about the ledger live app/software? Can I use this as like a software wallet so I can have like for example 5 coins on the ledger nano hardware itself and 50 types of coins on the ledger live software app or is it strictly only 5 coins on hardware only?

Ok If i install the ethereum app on my ledger nano s hardware device then I can have many different types of ERC-20 tokens under this ethereum app?

[moderator's note: consecutive posts merged]

Indeed, that's one of the snags that encourages people to keep funds on exchanges -- the inconvenience of maintaining different altcoin wallets.

All your Ethereum-based assets like ETH and ERC-20 tokens can all be held in a single Ethereum wallet like MEW or Mist. Other altcoins are more cumbersome and usually require their own wallets.

There are some multi-coin wallets like Coinomi, Jaxx, and Exodus that support a wide variety of coins. These are closed-source wallets with questionable security, so I can't wholeheartedly recommend them, but they are still probably a better option than trusting exchanges to secure all your coins.

Is there any wallets that could hold different coins in different platforms? We know that there are many coins now being launched in the market and that includes the ERC20 tokens, bitcoin platform and other strong block chain technology. If there are wallets that hold coins in different platforms then that would do better. For now, only exchanges are operating that hold different wallets for exchange.

As stated above, it does have a limited amount of Apps that can run simultaneously on the device, typically around the 5-8 range I find (depending on the actual Apps you load on to the device). Each App can cover one or more coins/tokens (i.e. the ETH app covers ETH and ERC-20 tokens, although to display the tokens I need to link to MEW).

Nevertheless, that does not delimit the amount of assets the device protects. Say you have 15 different types of tokens in your portfolio that are compatible with Ledger Nano S. You can manage them all with the device, although you will need to uninstall/install apps in the process to overcome the App delimitation. Not much of an issue, but you do need to keep an inventory somewhere of what coins your Ledger device (seed really) protects. Ledger Live helps here (the desktop software), but currently does not seem to support all the different cryptocurrencies that Ledger Nanos S does.

You could also take a look at Ledger Nano X, which multiplies the capacity by five, although at a larger expense (see https://support.ledger.com/hc/en-us/articles/360015259693-Choose-your-Ledger-device).

Yes, ledger nano.

No. It supports dozens of coins.
However you can't have all of them installed at the same time. Delete the software if your ledger is full (about 5seconds to uninstall) and install the new one you need.  You can delete and install new wallets as much as you like and that doesn't compromise your balance.

Coming back to this thread is Coinomi still the recommended wallet?

I also have hardware ledger nano s, how many coins can I have on it?

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Ok is there anything better than coinomi?

Ledger nano s supports 5 coins only?

[moderator's note: consecutive posts merged]

Absolutely. Mobile wallets aren't great, but they are still better than an exchange wallet. Just don't transfer to a web wallet - they have all the same problems as exchanges do. Software wallets are ok (mobile or desktop), hardware, airgapped, or paper wallets are better.

Coinomi have also just launched their multicoin desktop wallet, if anyone is thinking of going down that route. It's technically still in beta, but it looks pretty slick from what I've seen of it: https://www.coinomi.com/en/downloads/

That's right, it's much better to use a hardware wallet.
Ledger offer support to a lot of coins and all tokens.

However this event is about removing your coins from the exchange. Using any kind of wallet is a great step already, even a mobile wallet

I wouldn't want to store my wallet on a computer or phone honestly.  I would suggest hardware (such as Ledger Nano) or paper wallet.  Your machine/phone can be compromised and your coins stolen.

Ok in regards to getting notifications of coin/token swaps I thinks its a good idea to withdraw 99% of the balances from centralised exchanges to my own multi wallet leaving just 1% leftover balance on these centralised exchanged for the sake of getting email notifications from these exchanges in regards to possible future coin swaps.

Im happy to risk 1% for the notifications. Its a price worth paying for I guess. Notifications should be free but due to the only circumstances available to us crypto hodlers this is the only idea available at the moment which seems primitive and non user friendly in this day of age and technology.

The more coins and diverse your investment portfolio the more higher chance of being striking rich if lucky. Hodling a less manageable number of different coins is easier however less chance of becoming rich.

Unless someone can invent a private wallet that obtains notifications from the coin/token developers servers. That will be the first step to user friendliness 

To answer all your questions one by one:

If you can't even keep track of when a coin is launching its own blockchain, then you definitely can't keep track of the more nuanced and less advertised developments for said coin. You should definitely reduce the number of coins you are invested in.

No, Coinomi does not provide notifications for token swaps. As far as I know, no multi-coin wallet does, and why should they? You should be able to keep an eye on your own coins.

Yes, Ledger Nano S supports multiple ethereum addresses. No, it does not notify you of token swaps.

As many as you want. Each address can hold ERC20 tokens.

Coinomi is a widely used multi currency wallet. There is no such thing as the "best" wallet.

Ok I agree its best to withdraw however one thing worries me when it's withdrawn and that is not being notified of possible coin swaps/coin moving onto new chain in future while im hodling the old chain in my own wallet for example for 5 years and there's usually a deadline to do the swap or it's too late! Deadline is usually just weeks.

Just to confirm does coinomi wallet notify the hodler of coin swaps/new chains?

Does multi currency hardware wallet like ledger nano s support multiple ethereum addresses like coinomi and does ledger nano s also notifies hodler of coin swaps/new chains?

How many ethereum addresses I can have on coinomi and each ethereum address can be used for any erc-20 token?

Coinomi is the best multi currency wallet?

Yeap. This is what boggles me. There has already been a good number of exchange hackings in the past, that it's expected for people to already be cautious. Unfortunately and apparently, people don't do their research; which is honestly no surprise as if everyone was actually doing their research then we should have no investors/speculators in EOS and a good number of other alts in the first place. 🤷‍♀️

This is the key right here. Nobody should be using exchanges to store funds. They aren't wallets. Any coin you want to hold long term should be held in a secure wallet where you control the private keys. Day trading or running trading bots requires keeping funds on exchanges, but one should always withdraw any excess funds that aren't being used for trading.

This goes for fiat money as well -- there's no reason to hold USD on an exchange for months at a time. People should withdraw to their own bank accounts in case their exchange suffers hacks, legal problems, or in case they exit scam.

People never heard of mt gox? It may happen again, even with binance or coinbase.

Exchanges are a huge attack vector. Thousand of hackers are daily trying to hack them to withdrawal the funds you leave there.
The geniality in blockchain protocol is that the private keys can be hold offline (unhackable). Not in a online exchange.

Not only that, but there is zero chance you can keep track of what is happening with every coin. If, as OP says, he can't even keep track of which ones are launching their own blockchain and performing a token swap (arguably the biggest event possible for an ERC20 token), then how is he going to keep track of things like technical developments, issues, hacks, news, wallets, team members, etc, that may affect a coin's performance or use. Not to mention the fact that there aren't 25 altcoins with an actual real world use.



This is it in a nutshell. You are trading your security for convenience. It would be more convenient to just leave you front door unlocked and not have to worry about carrying your keys around all the time. It would be more convenient to just use the password "123456" for everything, and then you don't have to bother with remembering complicated passwords or using password managers or any of that stuff. It's more convenient to just leave your coins on the exchange after you've bought them, and not waste time setting up your own wallet or securing your own keys. However, these are all equally terrible ideas. There are far too many things that can happen to exchanges (as history has shown us) that will leave you unable to access your coins. If you aren't actively trading, transfer to your own wallet.