Bozzlife: Officially a Ledger Nano X Noob

in LeoFinance3 months ago

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I got an Amazon gift card or two for Christmas, so I decided that I would treat myself to a new gadget. I was really excited to be able to pick up this Ledger Nano X for just about $50 out of pocket. I have been wanting to get a hardware wallet for a while, but I never felt I could justify the cost before.

I've had it for just under a week now and I honestly haven't been able to play with it too much yet. My wife and I have been busy with work and other stuff going on in our lives and I really feel like digging into this is going to take some focused attention.

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It is pretty sleek as far as hardware goes. I wish there was a bit more of an interface on it than just the two buttons. It makes it a bit difficult (more like tedious) to enter any kind of information like you pin code etc.

I made a couple of small transactions with LTC and BTC to make sure I had the process down before I started moving any significant amounts of crypto currency to it.

The funny thing is, I really don't have any large crypto currency holdings besides Hive/Leo (which really aren't that large in the grand scheme of things). As I was moving the whole .1 BTC that I own over to the wallet, I started to think about whether or not it was really that smart of an investment.

Don't get me wrong, I understand the need to protect your keys and your tokens. It is pretty rare that I have assets on an exchange for more than 24 hours and like I said, I just don't hold that much compared to some other people.

I still haven't started digging into all of the transactions you can do with the wallet. Maybe once I start doing that I will feel a little better about it. Maybe it is just buyers remorse. It's not that I don't think it is useful, it is just that I am not sure I can justify spending the money I did on it.

Perhaps some of you can enlighten me. I just feel like such a small fish.

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There is another thing I guess I am a bit confused about... Do you carry this with you all the time or is it something you keep locked up in a safe? I am guessing I need to learn about it a bit more, but I also think it is odd that I have to use the software on my PC in conjunction with it to do transactions.

I see there is some form of Bluetooth, so I am guessing that might give me some independent functionality at some point.

Anyway, I am not asking you to give me a step by step tutorial. Maybe just give me the 1000 foot view before I get around and RTFM.

I do admit, it is a cool device, and I am sure when I take the time to learn more about it, I will be really happy I made the purchase. Plus in another month I will have gotten paid a couple more times and I will probably have forgotten about the money I spent on this.


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I would recommend installing metamask extension and connect your ledger to metamask. If you google a little bit you will find a lot of tutorials.

Keep your seeds safe and your ledger too because is what you will use to confirm transactions.

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Okay thanks, I have a couple MetaMask accounts already. I don't really do too much with ETH though because the gas prices are much too high. I prefer EOS.

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Good purchase here! I can’t figure out why the storage on the little thing is so small, hopefully they’ve updated the thing since I bought mine but it’s like 15 kilobytes of storage or something ridiculously small lol.

I think the best part for you is the future potential of it. You now have your own active bitcoin address with some coin on it. That’s going to be very important in the future when bitcoin is a lot harder to buy!

You need to store the seed phrase in an incredibly safe storage spot, more secure than the wallet itself. If you do that you’re good.

Okay, thank you for the info. I was using a mobile wallet for my BTC before, so this definitely does feel a little safer. I just need to figure it all out!

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Yeah dude it’s great to have and the best because your crypto is in your hands. If an exchange goes down or gets hacked it doesn’t matter in the least because it’s in your hands. The seed phrase is one of the few ways it can be taken so rest easy with that!

For the bitcoin address, I think in the future we will have access to loans and stuff better if we have older bitcoin addresses and higher amounts. We can loan out our bitcoin in contracts and stuff when it becomes harder to buy. As well, airdrops get sent to actual bitcoin addresses, not exchange addresses that don’t actually contain the funds. Lots of wins!

Thanks!

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Do you carry this with you all the time or is it something you keep locked up in a safe?

Do you carry around thousands of dollars in your wallet? It's the 24-word code that's your assets, not the hardware key.

As I was moving the whole .1 BTC that I own over to the wallet, I started to think about whether or not it was really that smart of an investment.

It's the best place for it, if you are going to HODL.

Okay, thank you! I plan on leaving this at home, but what if I need my address. I will have to wait until I am home to withdraw or deposit funds?

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The deposit... make a note of the deposit addresses for the types of crypto you have (Ledger Live generates these). You can send to those from anywhere and don't need the Ledger connected for this.

To withdraw... yes you need the device connected.

Ah, okay, so I can just keep those public addresses in a Google Doc or something like that. Thanks!

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Actually it's far more important to keep that 24 seed phrase stored securely rather than the ledger.

If someone finds that seed phrase they can enter it into any new wallet and gain access to your crypto on the ledger, I think.

I bought one a ledger, used it, it fucked up, had to reset it. Now I've bought a Trezor which i much prefer!

Defo the most secure way to store your crypto!

Thanks for the info. Hopefully this works out well for me once I get it all figured out. I know it is supposed to be more of a cold storage type thing, but it also feels like a lot of people use theirs on a daily basis. Is that true?

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I don't know what the norm is for using on a daily basis - I certainly don't hook my Trezor that often!

I leave a little LTC on the exchanges in case I want to do any day to day stuff.

Well, I found him after all. This post was for me reason to address this topic ledger and seed once again in more detail. Maybe this will help you:

You are not safe just because you have a ledger

Otherwise, the previous speakers have already said everything. The seed is what should be stored really well. See also my article. I personally use the ledger as little as possible and keep smaller sums for quick use on the largest Exchanges. I wouldn't walk around with the ledger in my pocket, handle the seed with utmost care and store it securely.

Thanks for the advice. I will check that post out when I get a chance. Right now most of my funds are on software wallets on my mobile device. I was looking for something a little more permanent and secure which is why I picked up the cold wallet. I have the seed phrase locked up in our safe at home. Perhaps one day I will get a safe deposit box at one of the local banks.

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 3 months ago 

Not having large holdings is the best time to play around with the device.

As it says, it’s a cold storage. If you are actively moving things around, that’s probably the device you put away in a safe corner.

Okay, thanks for the info and the advice!

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Just put it in a safe and keep the seed safe too.

Thanks!

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Think of it as planning for your fat Bitcoin holding in the future.

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Fingers crossed!

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