0

Please bear with me, I'm a very confused newbie. I understand that I can't access private keys in the ledger nano s but that they are stored on the device. Question is, if I transfer my desktop wallet to ledger nano s will the ledger create a new set of private keys or will it simply store the ones from my desktop wallet?

Korona
  • 11
  • 1
  • I haven't use my ledger form XMR yet, but in a nutshell the ledger will create a new wallet. You do a normal 'pay' to the ledger's newly created wallet address. Funds xfered. I'd play with pennies first to get the mechanics down and verifies both ways. (doubt you can use testnet with the ledger) – Dave Oct 09 '21 at 22:13
  • Thanks Dave. That'd be SENDING the funds from desktop wallet to ledger wallet just as if I was sending them to someone else and incure network fees. Isn't there a way to import the coins without doing a send? I believe you can import private keys from a paper wallet to Electrum desktop wallet with the keys staying the same and no network fees, I think it's called an 'import'. I realize that's not recommended but if you want to spend paper coins that'd be the way to do it without incurring fees. – Korona Oct 10 '21 at 23:35
  • Monero network fees are negligible. (unlike BTC or ETH) And if in no hurry, use the lowest priority. – Dave Oct 11 '21 at 13:52
  • Alright, so fees were not my only concern. I'm one of the paranoid folk who believe in 'you don't hold them you don't own them'. I like the idea of hardware wallet but not being able to have access to the private keys is making me uncomfortable. What if ledger live goes away or the nano goes and I can't get another one? Having the private key would enable me to use other wallets. Also having the same pass phrase for all coins seems like an unncessary compication. Could be just lack of experience but all of this makes me want to rethink hardware wallets. Opinion please? – Korona Oct 19 '21 at 20:35
  • You can restore the ledger from the seed it gave when setting it up. (so you can lose it, get a spare now, like a spare 2fa/Yubikey) I don't think the hardware wallet work with Live and Monero. Believe you need to use the official GUI/CLI wallet to interact with the nano. Same passphrases for all wallets is akin to a password manager. Sure a single point of failure but far better than an text file or worse memorable passwords. I haven't moved any XMR to my nano, just seemed complicated (do need to sit down and try it) but do have some BTC and LTC on it. – Dave Oct 22 '21 at 17:14
  • The one thing that DOES bother me with the nano (and other items) is the OLED display. They don't last! I've had a few items where it just starts dying. And considering that is your only interaction with it...... – Dave Oct 22 '21 at 17:16
  • I think Nano S works with XMR just not with Live so you'd need to use Monero gui. True I could get another wallet but that in itself is a hassle. I didn't know about the OLED issue, I thought the problem was isolated to some defective units. If it's a native issue then that's yet another minus for the wallet. The only benefit to the nano S at least which requires either a computer or a phone is the ease of transacting. I haven't put any coins on my nano yet, still not comfortable with the layers of interaction. Yes, it's like a password manger and I don't like password managers, – Korona Oct 22 '21 at 22:19
  • The OLED comment was OLED in general, not Ledger targeted. – Dave Oct 22 '21 at 22:22
  • I'm considering getting paper wallets, have hot wallets setup as well so when I'm ready to send I transfer to hot from cold and be done. As for XMR on nano s I believe there's a plan to get it onto ledger live but who knows when. I see you're still toying with your nano as well?How long did it take for the display to go? that's a real problem and if they're all like that no point getting another one as backup – Korona Oct 22 '21 at 22:24
  • Nothing wrong with a paper wallet. All coins, no matter what wallet, reside on the blockchain. Wallets only give access to the blockchain via the keys. Wallets are just key managers. My display on the nano is fine. I have other gizmos where OLED has failed (its that (O)rganic part that makes it fail; self -composting :) ) – Dave Oct 23 '21 at 10:33
  • Exactly. It's harder to get coins off paper but it's the most secure and backup can easily be made by snapping pics of the keys on an old inactive phone. These obsolete phones do have a use – Korona Oct 23 '21 at 17:59

0 Answers0