10 things I learnt about Ledger

10 things I learnt about Ledger

By cryotosensei | CryptoSensei | 14 Nov 2022


Decided not to tempt fate anymore and got off my lazy ass to order a  Ledger Nano S Plus on the official website (to prevent falling prey to honeypot scams and such if I order on fake websites). These were the notes I took when making my decision. May they be useful to you as well.

  1. Decided against the Nano X since Nano S Plus holds just as many cryptocurrencies as the X at about half the price.
  2. However, you get what you pay. I am aware of the fact that I can’t use Nano S+ on my iPhone since there is no available physical wire to the Apple lightning port. So while Nano X supports Bluetooth connectivity, Nano S+ won’t let me “talk” to my phone. So I will have to connect Nano S+ and go about things in a more roundabout manner.
  3. Ledger Nano S+ seems simple and intuitive to use because it has only two buttons, so I can just go forward or backwards through the menu options and then press both buttons for confirmation.
  4. Decided against Trezor Model T because Ledger supports more coins than Trezor - and who knows how my portfolio will pivot in the future. However, Trezor relies on open source code whereas Ledger is closed source, so Trezor offers that teeny weeny bit of additional reassurance if you are concerned about scams and hacks.
  5. I learnt that Ledger can store 2 or more different wallets (e.g. 1 MetaMask wallet, 1 Trust wallet, etc). I can even use the same seed phrase for all those wallets; just ensure that my Ledger has sufficient storage space to have multiple apps installed at once. As a morale booster, there is an overview page on the Ledger Live that will show me the total accumulated crypto from all these wallets.
  6. So, on Ledger Live, in the Accounts Tab, just add another Account and choose BTC again. My resulting two accounts (in two different wallets) will generate two different public keys, so I can send my digital assets to two different public keys - even if they share the same private key.
  7. Ledger will store my seed in encrypted memory. So whenever I type my PIN, the seed is decrypted, and my keys are calculated on demand with a formula like [seed] + [BTC 1] = [My BTC1 account keys]. Hence, safeguarding my seed phrase is important as it can be used to access the same accounts from any Ledger I type it into.
  8. Ledger facilitates stacking of about 8 coins, including DOT and ETH. So I can earn passive income even if I don’t keep my coins on exchanges.
  9. Ledger will not fill anything else other than holding for some assets like AVAX and ATOM. So it would be good to create two ETH accounts in Ledger Live, one for HODLing purposes and the other to be linked to MetaMask and explore the myriad networks in the crypto space. This two-account method will enable me to have the AVAX in my Ledger furnished with the ability to interact with DApps.
  10. The importance of test transactions cannot be overstated. To alleviate my anxiety, I ought to choose small amounts of fast coins with low network fees like ALGO and XLM to check if I have set up everything correctly instead of . BTC or ETH.

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cryotosensei
cryotosensei

budding investor


CryptoSensei
CryptoSensei

chronicles of an English teacher

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