Awesome! Thanks guys for the clear explanations and quick turnaround. Appreciate it.
Cheers!
Topic: Will my Ledger Nano replace my Metamask wallet or will they work hand-in-hand? (Read 56 times)
September 30, 2023, 09:14:04 AM
September 30, 2023, 07:52:26 AM
(1) When you created Metamask wallet, you had seed phrases. When you receive Ledger Nano, you will create a new wallet in it, for which a new seed phrase will be generated. These are completely different seed phrases, which means different wallets.
Of course, tokens need to be transferred from Metamask wallet to Ledger wallet. Otherwise, why would you buy ardware wallet at all. But not directly, but after you connect Ledger wallet to Metamask and generate a new public address to which you send your tokens.
(2) It’s better for you to buy and hold these new tokens on Metamask (not the first one Metamask wallet), but the second one, which you will create by connecting Ledger device. I assume you will be able to transfer as soon as it is supported.
(3) Everything will be exactly the same. If you connect with Metamask, you may not need a Ledger device, because this device is only needed to confirm outgoing transactions, and in your case, it will be an incoming transaction.
Of course, tokens need to be transferred from Metamask wallet to Ledger wallet. Otherwise, why would you buy ardware wallet at all. But not directly, but after you connect Ledger wallet to Metamask and generate a new public address to which you send your tokens.
(2) It’s better for you to buy and hold these new tokens on Metamask (not the first one Metamask wallet), but the second one, which you will create by connecting Ledger device. I assume you will be able to transfer as soon as it is supported.
(3) Everything will be exactly the same. If you connect with Metamask, you may not need a Ledger device, because this device is only needed to confirm outgoing transactions, and in your case, it will be an incoming transaction.
September 30, 2023, 07:00:24 AM
The same answer pretty much applies to all three questions: It can replace it, but it's probably best to use them together, Ledger Live (ledger's software) doesn't support all tokens/networks. So you need to send all of your funds from MetaMask to Ledger device, and then link the MetaMask with Ledger[1] so when you're using dapps, you want to receive funds, etc. you would just do that from MetaMask, and when you want to send funds, you can also use MetaMask, but you would still need to authorize payments from the Ledger device.
[1] https://www.ledger.com/academy/security/the-safest-way-to-use-metamask
[1] https://www.ledger.com/academy/security/the-safest-way-to-use-metamask
September 30, 2023, 06:54:13 AM
Hi all,
Got some newbie questions related to hardware wallet here.
I just bought some BEP-20 tokens during their ICO through their website to which my Metamask wallet is connected to.
Also, I just placed an order for Ledger Nano S Plus. I'm just trying to imagine how this will fit in for these BEP-20 tokens and also for subsequent holdings of cryptocurrency.
(1) After I receive my Ledger Nano, will it replace Metamask wallet entirely, or will it be used in conjunction with it?
Do I need to transfer whatever tokens I have in Metamask to the Ledger Nano?
If it is more like an integration, will they be maintaining 2 different public addresses or just one?
(2) Can those newly launched ERC-20/BEP-20 tokens show up in Ledger Nano wallet? Or I have to just buy/hold those newly launched tokens using Metamask wallet, and only transfer to Ledger when they become supported?
(3) Will the process of buying tokens during ICO be different after I switch to using Ledger Nano? Or will it still be the same, i.e., just go to the site and connect using Metamask wallet (perhaps with hardware wallet also plugged in)?
Cheers,
Sebastian
Got some newbie questions related to hardware wallet here.
I just bought some BEP-20 tokens during their ICO through their website to which my Metamask wallet is connected to.
Also, I just placed an order for Ledger Nano S Plus. I'm just trying to imagine how this will fit in for these BEP-20 tokens and also for subsequent holdings of cryptocurrency.
(1) After I receive my Ledger Nano, will it replace Metamask wallet entirely, or will it be used in conjunction with it?
Do I need to transfer whatever tokens I have in Metamask to the Ledger Nano?
If it is more like an integration, will they be maintaining 2 different public addresses or just one?
(2) Can those newly launched ERC-20/BEP-20 tokens show up in Ledger Nano wallet? Or I have to just buy/hold those newly launched tokens using Metamask wallet, and only transfer to Ledger when they become supported?
(3) Will the process of buying tokens during ICO be different after I switch to using Ledger Nano? Or will it still be the same, i.e., just go to the site and connect using Metamask wallet (perhaps with hardware wallet also plugged in)?
Cheers,
Sebastian
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