Topic: Which hardware wallet to buy? (Read 1391 times)
Don't forget all the places where you have hidden your mnemonic words backups. I case something happens to you, your beloved ones need to get to know those places, too (and instructions how to deal with it).
I am just thinking where I should leave my 24 word phrase just incase something was to happen to my ledger.
This is really up to you and there are many things that you can do. Your seed backups should ideally be stored in multiple geographical locations. If something happens to location A, you still have B and C to fall back on.
Most importantly, it shouldn't be something you immediately see when you walk into a room or something a thief could find in 2 mins of searching.
You can use your home to your advantage for example. If you have a private library or a big collection of books, one backup could be stored somewhere inside of a book. You can put the backup in a box and bury it somewhere away from water. You can hide it inside home appliances or furniture. You can hide it somewhere in the construction of your home, but you would still be able to get to it easily if needed.
You can use paper or metal for your backups. Check out Securing Your Seed Phrase with Washers. Maybe that can inspire you to do the same or something similar. But never take the lazy route and go for online backups or storing the seed digitally.
Quick question, the 24 word phrase is only needed if you forget your passcode?
By passcode do you mean the 4-8 digit PIN you use to unlock your Ledger? If you forget your PIN then yes, you will need to use your seed phrase to recover access to your wallets. You will also need your seed phrase if anything happens to your Ledger device, such as it is lost, stolen, damaged, or simply wears out after years of use. But as long as your Ledger is working fine and you know your PIN, then you do not need to use your seed phrase in usual day-to-day operations. If I was to lose my ledger, I can just buy a new one but I must have my 24 words to access it again?
Correct. Your PIN number is specific to the device and simply unlocks the device. It has no relationship whatsoever to your actual wallets, private keys, or coins. Those are backed up exclusively by your 24 word seed phrase, plus any additional passphrase you may or may not have set. If you lose your Ledger, you can restore your seed phrase on any wallet which supports BIP39 seed phrases, which is almost every major software or hardware wallet, although doing so on a fresh hardware wallet will be the safest route.
Hi all,
Still using my ledger S plus and I like how easy it is to use would definitely recommend if anyone is thinking about buying one.
Quick question, the 24 word phrase is only needed if you forget your passcode?
If I was to lose my ledger, I can just buy a new one but I must have my 24 words to access it again?
I am just thinking where I should leave my 24 word phrase just incase something was to happen to my ledger.
Still using my ledger S plus and I like how easy it is to use would definitely recommend if anyone is thinking about buying one.
Quick question, the 24 word phrase is only needed if you forget your passcode?
If I was to lose my ledger, I can just buy a new one but I must have my 24 words to access it again?
I am just thinking where I should leave my 24 word phrase just incase something was to happen to my ledger.
wholly smart-contract-based like Boltz.
Boltz.exchange is trustless? Whenever I used them I had to send the money first without contracts. The contract is on the blockchain in the form of a submarine swap transaction.
Their FAQ roughly explain how to refund a failed swap, but I've yet to check out exactly how that 'refund file' works or what it contains.
They also link to this blog post about submarine swaps, for more details. It touches on the refund process, but doesn't go into detail.
wholly smart-contract-based like Boltz.
Boltz.exchange is trustless? Whenever I used them I had to send the money first without contracts. then swap using non-custodial trustless instant exchange Boltz from Lightning-BTC to Ethereum.
Never used that service before, but I see they only support BTC and ETH. Any similar service that would swap Lightning BTC to XMR and back again?FixedFloat and Coinplaza are both instant exchangers with Lightning support, but they're not trustless and wholly smart-contract-based like Boltz. You basically give them full custody of your funds and then hope they are honest and give you the other currency back.
Thanks - This is why I am debating if its worth trying to trade right now at 55% profit or if I should just hold longer.
It largely depends on which percentage the withdrawal and transaction fees correspond to this 55%. If you're enjoying a million dollars profit, fees are very little compared. Any similar service that would swap Lightning BTC to XMR and back again?
FixedFloat allowed you to do the LN-BTC <--> XMR swap, but it currently only receives XMR. Perhaps it's out of liquidity. Next up, there's coinplaza, but I've never used it.
@JamesDaniel90
Pay attention to what is the minimum amount you have to trade on Coinbase + the withdrawal fees you will be charged. I doubt Coinbase will allow you to just trade a few dollars worth of crypto. If you have no intention to hodl ether, you are probably only looking to buy a little bit just enough to be able to make that altcoin transaction to take your profits. Instead of using Coinbase, follow n0nce's advice or just use an instant exchange. I would normally not recommend them, but for small amounts they are an option. Just make sure you have a different asset you could swap and that the exchange has the correct trading pair.
Check out BestChange for example. Also, make sure that you send the ETH to the same address where your Quant is stored and not a new one.
Pay attention to what is the minimum amount you have to trade on Coinbase + the withdrawal fees you will be charged. I doubt Coinbase will allow you to just trade a few dollars worth of crypto. If you have no intention to hodl ether, you are probably only looking to buy a little bit just enough to be able to make that altcoin transaction to take your profits. Instead of using Coinbase, follow n0nce's advice or just use an instant exchange. I would normally not recommend them, but for small amounts they are an option. Just make sure you have a different asset you could swap and that the exchange has the correct trading pair.
Check out BestChange for example. Also, make sure that you send the ETH to the same address where your Quant is stored and not a new one.
I don't think it's actually possible.
Oh right, sure. I was assuming he would have some coin he would be able to swap for ETH, most likely BTC, since he did say earlier in this thread that he was holding several coins. But yeah, he can't swap a coin he can't actually move.then swap using non-custodial trustless instant exchange Boltz from Lightning-BTC to Ethereum.
Never used that service before, but I see they only support BTC and ETH. Any similar service that would swap Lightning BTC to XMR and back again?
I don't think it's actually possible.
An example: You have TRC20-USDT (USDT on Tron) and want to move it to an exchange. That requires energy which you buy with Tron.
Sure, you can sell some TRC20-USDT for TRX, but that is also a transaction and requires energy / Tron again.
So you will need to buy some of the base currency (using fiat, BTC, Ether, ...) to be able to move the coin built on top of it since that's how you pay the transaction fees, right?
If it was me who for whatever reason had these funds and nothing else, I'd probably buy Bitcoin through Robosats, then swap using non-custodial trustless instant exchange Boltz from Lightning-BTC to Ethereum.
It's the cheapest, safest and most convenient way I know to get Ethers.
I agree with Leo that you should make sure you have those Ethers now, such that you can move your Quant coins whenever you need, as quickly as possible.
An example: You have TRC20-USDT (USDT on Tron) and want to move it to an exchange. That requires energy which you buy with Tron.
Sure, you can sell some TRC20-USDT for TRX, but that is also a transaction and requires energy / Tron again.
So you will need to buy some of the base currency (using fiat, BTC, Ether, ...) to be able to move the coin built on top of it since that's how you pay the transaction fees, right?
If it was me who for whatever reason had these funds and nothing else, I'd probably buy Bitcoin through Robosats, then swap using non-custodial trustless instant exchange Boltz from Lightning-BTC to Ethereum.
It's the cheapest, safest and most convenient way I know to get Ethers.
I agree with Leo that you should make sure you have those Ethers now, such that you can move your Quant coins whenever you need, as quickly as possible.
Either way, probably better to do the ground work now so you ready to go when you do decide to send your coins/tokens back to Coinbase. Don't want to be ready to sell and then find that the Ethereum network is so clogged up that gas fees are a hundred bucks or more (which Ethereum seems to be in the habit of doing).
I have no idea what Coinbase's usually Ethereum withdrawal fees are, or they vary according to network conditions, but the gas fees at the moment seem to be low so it might be worth getting some Ethereum on to your hardware wallet now so it is ready when you need it.
I have no idea what Coinbase's usually Ethereum withdrawal fees are, or they vary according to network conditions, but the gas fees at the moment seem to be low so it might be worth getting some Ethereum on to your hardware wallet now so it is ready when you need it.
-snip-
You can do either. If you buy on Coinbase and transfer across, just be aware of whatever withdrawal fees that Coinbase may charge which might eat a good chunk of your coins, especially if you are just buying a small volume. If you swap via Ledger Live, then be aware of which third party (such as Changelly) that is processing your trade and what else they might ask from you in terms of KYC or other personal information.Ledger Live also might not support the pair you are interested in. You can check which coins can be swapped to/from here: https://www.ledger.com/supported-crypto-assets
Thanks - This is why I am debating if its worth trying to trade right now at 55% profit or if I should just hold longer. After a few fees here and there it doesn’t feel like it is worth it right now.
Will hold a while longer and if we continue going up I will think about it again if reach 70% profit or so.
-snip-
You can do either. If you buy on Coinbase and transfer across, just be aware of whatever withdrawal fees that Coinbase may charge which might eat a good chunk of your coins, especially if you are just buying a small volume. If you swap via Ledger Live, then be aware of which third party (such as Changelly) that is processing your trade and what else they might ask from you in terms of KYC or other personal information.Ledger Live also might not support the pair you are interested in. You can check which coins can be swapped to/from here: https://www.ledger.com/supported-crypto-assets
Hello all, I have just tried to send a couple Quant I have in my ledger back onto Coinbase as I am currently 55% up and wanted to test sending crypto back to Coinbase for the first time from my ledger and take some profits with the plan to buy back lower when we next have a drop in the market.
When trying to do so it says The parent account balance is insufficient for network fees.
I understand Quant is an Ethererum token but I dont own any Ethererum, do I have to have some Eth in my wallet to pay the fees to send my Quant back to Coinbase?
When trying to do so it says The parent account balance is insufficient for network fees.
I understand Quant is an Ethererum token but I dont own any Ethererum, do I have to have some Eth in my wallet to pay the fees to send my Quant back to Coinbase?
Yeah, that's basically what the error message says. For any token that is created on someone's blockchain, you need a tiny amount of the parent blockchain's crypto (usually less than $1) to make any transaction with the crypto.
Thanks. What is the easiest way of getting this small fraction of ETH I need then? Can i convert some of my Quant into Eth on ledger live or is it easier to just buy a small amount of ETH on Coinbase and transfer that to my ledger which I can store just to use to pay for fees with?
Hello all, I have just tried to send a couple Quant I have in my ledger back onto Coinbase as I am currently 55% up and wanted to test sending crypto back to Coinbase for the first time from my ledger and take some profits with the plan to buy back lower when we next have a drop in the market.
When trying to do so it says The parent account balance is insufficient for network fees.
I understand Quant is an Ethererum token but I dont own any Ethererum, do I have to have some Eth in my wallet to pay the fees to send my Quant back to Coinbase?
When trying to do so it says The parent account balance is insufficient for network fees.
I understand Quant is an Ethererum token but I dont own any Ethererum, do I have to have some Eth in my wallet to pay the fees to send my Quant back to Coinbase?
Yeah, that's basically what the error message says. For any token that is created on someone's blockchain, you need a tiny amount of the parent blockchain's crypto (usually less than $1) to make any transaction with the crypto.
Hello all, I have just tried to send a couple Quant I have in my ledger back onto Coinbase as I am currently 55% up and wanted to test sending crypto back to Coinbase for the first time from my ledger and take some profits with the plan to buy back lower when we next have a drop in the market.
When trying to do so it says ‘The parent account balance is insufficient for network fees’.
I understand Quant is an Ethererum token but I dont own any Ethererum, do I have to have some Eth in my wallet to pay the fees to send my Quant back to Coinbase?
When trying to do so it says ‘The parent account balance is insufficient for network fees’.
I understand Quant is an Ethererum token but I dont own any Ethererum, do I have to have some Eth in my wallet to pay the fees to send my Quant back to Coinbase?
The user in question mentioned using the Nano S with Capital wallet and when I checked, I couldn't find a single way to connect it to "any kind" of hardware wallet!
- On top of that, he/she was the first user to post about that particular wallet on this forum.
Everything is possible. For all we know, that might have been his first shill of the wallet and more will come in the future.- On top of that, he/she was the first user to post about that particular wallet on this forum.
The wallet is actually more of an exchange than an app to store your coins. I searched their FAQ and the blog and you are right, there is no mention of Ledger or hardware wallets at all.
Maybe we just misunderstood what Retiicle was trying to say.
I’m using Ledger Nano S along with Capital Wallet (a hot wallet). The combination of a cold and hot wallet is always better.
Maybe all he wanted to say was that he uses Ledger to store his coins and he gets them from this Capital wallet. "Along" doesn't necessarily mean that the two services are connected and used together. Who knows. 
This user's post history shows otherwise. I only took a quick look at his posts and he never mentioned this particular wallet before or after this post. I didn't find any other signs of shilling some other services or products either.
You have a point, but looks can be deceiving... The user in question mentioned using the Nano S with Capital wallet and when I checked, I couldn't find a single way to connect it to "any kind" of hardware wallet!- On top of that, he/she was the first user to post about that particular wallet on this forum.
Keep in mind that thermal prints can degrade extremely quickly. For example (duh) by being exposed to heat, such as laminating the print or just storing it in a hot place.
Yes I know, but I like it for portability and it can be used for printing fast QR codes to receive payments.For instance, I can open my Bitcoin Core that I set up with Foundation Passport, generate a new receiving address and print it (thermal printer or otherwise).
As much as I love them, hardware wallets are glorified signing devices. A ton of functionality can be / is done from the wallet software.
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