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I have made 3 transactions of BTC to my Ledger Nano S device using Ledger Live. For each of these 3 transactions new receiving address was created for transfer. Ledger claims that this is done because of the privacy(https://support.ledger.com/hc/en-us/articles/360034336713-Receiving-address-changed?support=true). When I take a look at blockchain explorer I can see that there are those 3 addresses that received my coins and they don't have any outgoing transactions.

  • Am I wrong if I make the assumption that BTC is not actually in my wallet, but instead of these 3 wallets?
  • And am I wrong that those 3 wallets are not controlled by me, but are instead in control of Ledger?
Smoking Byte
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  • I'm currently learning about this too, and these posts about xpub look interesting: https://bitcoin.stackexchange.com/questions/60565/is-it-possible-to-use-xpub-address-to-monitor-balance-from-previously-generated?rq=1 – Ryan Nov 19 '22 at 21:48

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Am I wrong if I make the assumption that BTC is not actually in my wallet, but instead of these 3 wallets?

Those three addresses will be belong to your wallet. A wallet consists of many secret keys and scripts. Thus, one wallet can generate many (unlimited) different addresses. But they still all belong to you.

And am I wrong that those 3 wallets are not controlled by me, but are instead in control of Ledger?

This is incorrect - all the secret keys to those addresses will be stored in your ledger hardware wallet and only be usable by you. That's the point of using a hardware wallet. Ledger has no access to your keys.

meshcollider
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