Which hardware wallet to buy? - page 4.

Pmalek

legendary

Activity: 2730

Merit: 7065

Farewell, Leo. You will be missed!

Quote from: JamesDaniel90 on July 05, 2022, 02:06:17 PM

My cryptos are the following, have read each one will require different appa? If anyone can give me an idea which apps I will need for each one?
Bitcoin
Quant
Algorand
Polygon
Cronos
Decentraland
Enjin
Shiba Inu

All those coins are natively supported by Ledger. That means you won't need any third-party wallets that have to be connected to your Ledger device. When you get your Nano S Plus and you set it up, just start typing the name of the assets in the Device Manager and install the appropriate crypto apps. After that, it's just a matter of creating an account, generating and checking if you have the correct address, and transferring your coins from Coinbase to your Ledger.

The only difference is Shiba Inu, which is an ERC-20 token that should be kept in an Ethereum account. Unless SHIB has migrated to a mainnet and become a coin in the meantime.

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

Quote from: sir_danny on July 08, 2022, 04:10:18 AM

~snip~

I understand the need to promote your project/website, but if you're already doing that, then at least make your post suitable for everyone to read by posting images in the appropriate size - people with limited/slow internet and small screens also use this forum.

As for the retirement attack, it's not something that's impossible - but that's why we don't keep all our eggs in one basket, regardless of its quality. In other words, it's stupid to trust only one wallet, whether it's a desktop or hardware wallet, you should always expect the unexpected and think about how to stay one step ahead of danger.

sir_danny

copper member

Activity: 40

Merit: 19

Best is subjective.

Every single individual will have an opinion on what is "the best".

But it's time to approach this from a more technical perspective.

WalletScrutiny approaches this problem through this methodology:

Quote

To put it dramatically, we search for the obvious potential to empty all the wallets of all the users at once. Could the provider of the wallet, with enough criminal energy, defraud all its users at once, without this being possible to be detected before it is too late? (If he could in theory, then a sufficiently motivated criminal could also put him under duress to steal your funds or manipulate him into stealing your coins with social engineering or with a backdoor.)

This horror scenario is possible whenever the provider can obtain a copy of the wallet backup and thus access all the users’ funds at once. He could collect the backups and once the amount of coins he could access stops growing, empty all the wallets in one big transaction. This form of scam got known as “retirement attack”.

Seeing that some wallets have millions of users, it is plausible to assume that some wallets manage billions of dollars. This would be a huge incentive for criminally inclined employees, even if the wallet was not set up to scam its users from the start, which probably is the case for some wallets, too.

JamesDaniel90

member

Activity: 614

Merit: 25

Quote from: ?? on ??

Nano it’s the best

I only want to use the ledger when at home I dont need the bluetooth which i have heard isnt the best so doesnt make sense for me to pay double the price for the nano x.

SFR10

legendary

Activity: 2968

Merit: 3406

Crypto Swap Exchange

Quote from: JamesDaniel90 on July 05, 2022, 11:09:25 AM

Yes I can imagine there being a few scammers out there, I will be really careful.

It's worth noting that Ledger has also prepared a "bunch of playlists" on their Youtube channel:

e.g.

Quote from: JamesDaniel90 on July 05, 2022, 02:06:17 PM

Is there anything I can do until it arrives or do I just wait?

You might want to visit their "360 library ^{[it has various filters to narrow down the results]}".

Cricktor

hero member

Activity: 714

Merit: 1010

Crypto Swap Exchange

Quote from: JamesDaniel90 on July 05, 2022, 08:46:15 AM

...
And yes I will do a small test transaction first to make sure I have done everything correctly.

Quote from: JamesDaniel90 on July 05, 2022, 02:06:17 PM

Nano S Plus ordered Grin

Is there anything I can do until it arrives or do I just wait?

I suggest to do even more extensive testing with free Testnet3 Bitcoins (tBTC), e.g. from https://testnet.coinfaucet.eu! You'd have to enable Testnet in Ledger Live, but then you could play around as much as you like and it won't cost you anything but time and some learning.
With free tBTC only in your Ledger wallet you could also verify a desaster recovery procedure. I assume very few people actually try it out because they fear to screw something up with their real coins and tokens. With tBTC you don't need to be afraid. (I'm not saying that you should deliberately destroy Testnet coins.)

That's what I have done when I used my first hardware wallet (no, it's not a Ledger, as I don't want to use a Ledger device for various reasons).

When you're done with playing with tBTC (and no other coins or token of value in your Ledger wallet), just reset the device (nice to have tested this, too) and let it create a new seed with new mnemonic seed words. Write those mnemonic seed words carefully down on paper with date of creation and purpose and maybe also derivation path (if you're familiar with that) and you're good to go. Do not store your mnemonic seed words unencrypted in digital form on an online computer! Very bad idea!!

JamesDaniel90

member

Activity: 614

Merit: 25

Quote from: o_e_l_e_o on July 05, 2022, 03:31:44 PM

Quote from: JamesDaniel90 on July 05, 2022, 02:06:17 PM

Is there anything I can do until it arrives or do I just wait?

You could download and install Ledger Live, so it is read to go once your hardware wallet arrives: https://www.ledger.com/ledger-live

Quote from: JamesDaniel90 on July 05, 2022, 02:06:17 PM

My cryptos are the following, have read each one will require different appa? If anyone can give me an idea which apps I will need for each one?

If it is a token, then you'll need the app of the coin it is based on (so ERC20 tokens will use the Ethereum app). Coins like Bitcoin will have their own app.

You can type each one in here, and then click on "More details": https://www.ledger.com/supported-crypto-assets

ThanksI will have a look, this is all new to me but will take it one step at a time.

o_e_l_e_o

legendary

Activity: 2268

Merit: 18509

Quote from: JamesDaniel90 on July 05, 2022, 02:06:17 PM

Is there anything I can do until it arrives or do I just wait?

You could download and install Ledger Live, so it is read to go once your hardware wallet arrives: https://www.ledger.com/ledger-live

Quote from: JamesDaniel90 on July 05, 2022, 02:06:17 PM

My cryptos are the following, have read each one will require different appa? If anyone can give me an idea which apps I will need for each one?

If it is a token, then you'll need the app of the coin it is based on (so ERC20 tokens will use the Ethereum app). Coins like Bitcoin will have their own app.

You can type each one in here, and then click on "More details": https://www.ledger.com/supported-crypto-assets

JamesDaniel90

member

Activity: 614

Merit: 25

Nano S Plus ordered Grin

Is there anything I can do until it arrives or do I just wait?

My cryptos are the following, have read each one will require different appa? If anyone can give me an idea which apps I will need for each one?

Bitcoin
Quant
Algorand
Polygon
Cronos
Decentraland
Enjin
Shiba Inu

JamesDaniel90

member

Activity: 614

Merit: 25

Quote from: o_e_l_e_o on July 05, 2022, 09:18:14 AM

Quote from: JamesDaniel90 on July 05, 2022, 08:46:15 AM

I am going to order it later today as I have come across quite a few detailed videos on youtube showing how to set up, seems pretty straightfoward.

Be very careful following YouTube tutorials. I'm sure many of them will be just fine, but there will certainly be a few malicious ones thrown in which encourage you to enter your seed phrase on a fake website or something similar. It is fairly trivial for scammers to generate thousands of fake views and fake comments on their videos to make them look legit.

Make sure that everything you do is part of the guide I linked above, make sure you only download software form the official Ledger website, don't enter your seed phrase anywhere except on the hardware device itself, and don't follow any links in YouTube video descriptions.

Thanks again.

Yes I can imagine there being a few scammers out there, I will be really careful.

o_e_l_e_o

legendary

Activity: 2268

Merit: 18509

Quote from: JamesDaniel90 on July 05, 2022, 08:46:15 AM

I am going to order it later today as I have come across quite a few detailed videos on youtube showing how to set up, seems pretty straightfoward.

Be very careful following YouTube tutorials. I'm sure many of them will be just fine, but there will certainly be a few malicious ones thrown in which encourage you to enter your seed phrase on a fake website or something similar. It is fairly trivial for scammers to generate thousands of fake views and fake comments on their videos to make them look legit.

Make sure that everything you do is part of the guide I linked above, make sure you only download software form the official Ledger website, don't enter your seed phrase anywhere except on the hardware device itself, and don't follow any links in YouTube video descriptions.

JamesDaniel90

member

Activity: 614

Merit: 25

Quote from: o_e_l_e_o on July 05, 2022, 05:16:02 AM

Quote from: JamesDaniel90 on July 04, 2022, 05:39:24 PM

I have the majority of my crypto on Coinbase with a couple on Crypto.com - is it pretty straight forward to get these off of these exchanges and onto the Nano S Plus?

Yes.

Once you have your device, simply follow the set up guide I linked you to before: https://support.ledger.com/hc/en-us/articles/4416927988625-Set-up-your-Ledger-Nano-S-Plus. This will involve booting the device up, setting a PIN code, writing down your seed phrase back up, and then connecting it with Ledger Live to update to the latest firmware and install the software for the coins you are interested in.

Once you've done all that, then you can open the relevant coin - bitcoin, for example - and generate a receiving address.* Head over to Coinbase, look for the option to withdraw or send bitcoin to an address, and copy in your receiving address from your Ledger (double check everything, especially that you have copy/pasted the address accurately!) This will send your bitcoin from the exchange across to your hardware wallet.

The very first time you do this, lots of people like to send a small "test" transaction of a few bucks worth of bitcoin to make sure they have done everything properly before sending across their full balance.

*At this point, some people like to reset their device to factory settings, and then recover from their seed phrase back up they've just created, and ensure they generate the exact same address. This allows you to be doubly sure that you correctly copied the seed phrase without making any mistakes.

Thanks. I am going to order it later today as I have come across quite a few detailed videos on youtube showing how to set up, seems pretty straightfoward.

And yes I will do a small test transaction first to make sure I have done everything correctly.

o_e_l_e_o

legendary

Activity: 2268

Merit: 18509

Quote from: JamesDaniel90 on July 04, 2022, 05:39:24 PM

I have the majority of my crypto on Coinbase with a couple on Crypto.com - is it pretty straight forward to get these off of these exchanges and onto the Nano S Plus?

Yes.

Once you have your device, simply follow the set up guide I linked you to before: https://support.ledger.com/hc/en-us/articles/4416927988625-Set-up-your-Ledger-Nano-S-Plus. This will involve booting the device up, setting a PIN code, writing down your seed phrase back up, and then connecting it with Ledger Live to update to the latest firmware and install the software for the coins you are interested in.

Once you've done all that, then you can open the relevant coin - bitcoin, for example - and generate a receiving address.* Head over to Coinbase, look for the option to withdraw or send bitcoin to an address, and copy in your receiving address from your Ledger (double check everything, especially that you have copy/pasted the address accurately!) This will send your bitcoin from the exchange across to your hardware wallet.

The very first time you do this, lots of people like to send a small "test" transaction of a few bucks worth of bitcoin to make sure they have done everything properly before sending across their full balance.

*At this point, some people like to reset their device to factory settings, and then recover from their seed phrase back up they've just created, and ensure they generate the exact same address. This allows you to be doubly sure that you correctly copied the seed phrase without making any mistakes.

n0nce

hero member

Activity: 882

Merit: 5818

not your keys, not your coins!

Quote from: JamesDaniel90 on July 04, 2022, 05:39:24 PM

I have the majority of my crypto on Coinbase with a couple on Crypto.com - is it pretty straight forward to get these off of these exchanges and onto the Nano S Plus?

It's usually very easy to do, yes; but it's also easy to look up:

Quote from: https://help.coinbase.com/en/coinbase/trading-and-funding/cryptocurrency-trading-pairs/how-to-send-and-receive-cryptocurrency

You can use your Coinbase account to send and receive supported cryptocurrencies. Sends and receives are available on both mobile and web. Note that Coinbase cannot be used to receive ETH or ETC mining rewards.
[...]
On-chain sends are used to send funds from the Coinbase platform to an external address on the blockchain. On-chain sends are irreversible; Coinbase can’t retrieve funds that were sent to the incorrect address or using the incorrect network. On-chain sends incur network fees and take time to process.
[...]

It's funny to me that this support page doesn't come up when looking for 'Coinbase Bitcoin withdrawals', they hide it under the term 'sending cryptocurrency'; 'withdraw' is a term they only use when speaking about cash. It confirms yet again that they try to keep people's funds on the platform and keeping people in the 'fiat mindset' in general; where 'withdrawing to a crypto wallet' is not even considered or endorsed, since the main objective to buy Bitcoin is just maximizing fiat holdings.. Roll Eyes

JamesDaniel90

member

Activity: 614

Merit: 25

Right, have been looking more at Legder Nano S plus and it accepts 7 of the 11 crypto I hold so its worth getting.

I am a total newbie and not great with tech so just wondering if I was to order this, where do I start?

I have the majority of my crypto on Coinbase with a couple on Crypto.com - is it pretty straight forward to get these off of these exchanges and onto the Nano S Plus?

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

Quote from: o_e_l_e_o on July 02, 2022, 08:05:16 AM

Quote from: Lucius on June 30, 2022, 05:56:28 AM

The safest option (if available to you) would be to buy a hardware wallet directly for cash at a physical store.

I would only do this if the store in question is an official reseller. Since OP seems to be located in the UK, there are no official resellers available to him other than Amazon, according to https://www.ledger.com/reseller.

I see that there are two official resellers for the UK, although they are really not physical but online stores. In any case, the OP has more than enough options to choose from when buying HW, it's just a matter of how much he wants (and if he wants at all) to protect his privacy. Given that it's summer vacation time, maybe the OP is traveling to a country that has physical stores where you can buy HW - and I see that there are several in countries like Spain, France or Croatia.

o_e_l_e_o

legendary

Activity: 2268

Merit: 18509

Quote from: Lucius on June 30, 2022, 05:56:28 AM

The safest option (if available to you) would be to buy a hardware wallet directly for cash at a physical store.

I would only do this if the store in question is an official reseller. Since OP seems to be located in the UK, there are no official resellers available to him other than Amazon, according to https://www.ledger.com/reseller.

Quote from: satscraper on June 30, 2022, 06:39:42 AM

I have registered my second account using the fictive name and address (in EU), and payed by using amazon gift card bought for btc on bitrefill .

Interesting. I was under the impression that if you create a new Amazon account and fund it solely by gift cards, and did not also have a valid credit card linked to it matching the name and address on the account, then the account would be locked. But you say this is not the case? Maybe it's different between the US and the EU.

m2017

legendary

Activity: 1792

Merit: 1296

keep walking, Johnnie

Quote from: Lucius on June 30, 2022, 08:14:02 AM

Quote from: JamesDaniel90 on June 30, 2022, 06:37:16 AM

Bloody hell so much to worry about isn't there Grin

So it is not recommended to buy from the official ledger site sending directly to my home address?

All you read in this thread are just tips on how you can increase your privacy, although realistically most people have no problem making a purchase in the classic way and don't bother with things like this. In the end, the decision is up to you - it will not be the end of the world if you order HW to your home address and pay with a card.

Yes, that's right. All advice on this forum is advisory in nature. How exactly to use this information is strictly up to you. It's your life and your privacy - do what you want.

In the case of a Ledger, you can order a device from their website to your home address, but keep in mind that with a high degree of probability, any Internet user will ever be able to get all this information about you. This has happened before with this HW manufacturer. Whether they will be able to keep confidential information about you - no one knows.

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

Quote from: JamesDaniel90 on June 30, 2022, 06:37:16 AM

Bloody hell so much to worry about isn't there Grin

So it is not recommended to buy from the official ledger site sending directly to my home address?

All you read in this thread are just tips on how you can increase your privacy, although realistically most people have no problem making a purchase in the classic way and don't bother with things like this. In the end, the decision is up to you - it will not be the end of the world if you order HW to your home address and pay with a card.

satscraper

hero member

Activity: 714

Merit: 1298

Cashback 15%

Quote from: o_e_l_e_o on June 30, 2022, 05:41:53 AM

Quote from: satscraper on June 30, 2022, 04:32:13 AM

Amazon is a good option as one can choose the delivery to the pick-up point. Recently I have created the fresh Amazon account which is not associated with my old one and got the latest ledger nano s+ at Amazon pick-up point chosen by me.

Do you not still need to register a name and address alongside a payment method matched to that name and address to open an Amazon account though?

I have registered my second account using the fictive name and address (in EU), and payed by using amazon gift card bought for btc on bitrefill .

Topic: Which hardware wallet to buy? - page 4. (Read 1332 times)