Whats your opinion on the Ledger S Nano and Nano X

stockshares

Just wondering does anyone use this system for managing their crypto and if so would they recommend it.

As I understand it the Ledger Nano X holds your keys and interacts with the Ledger Live mobile app when you need to buy/sell and the Ledger S Nano is used to store your Crypto.

Both devices together costs +€149 so Im wondering would people here consider it too expensive for what it does


https://shop.ledger.com/products/ledger-backup-pack?utm_source=Iterable&utm_medium=email&utm_campaign=campaign_584752

McCrack

Of course not

For security

stockshares

McCrack wrote: »

Of course not

For security

What do you recommend? They are recommended on the web along with Trezor as Hardware wallets.

I have a small amount of crypto on the exchanges atm and am wondering whats the best system to use to secure coins if I invest more.

I also seen this about Crypto Estate planning. How do people here approach this.
https://medium.com/@pamelawjd/humans-die-cryptocurrencies-dont-d392627bb15c

Somecrimesitry

Don't get both, Ledger are just trying to clear out stock of the old Nano S units by bundling them together.

The Nano X is an upgraded S that adds more memory for wallets and bluetooth for better phone integration. The extra memory is important if you plan on getting multiple cryptos, the old Nano S has terrible memory limits so I'm constantly having to delete and create wallets to access my crypto. Personally I'd just get the X for the extra storage alone but bluetooth also makes it more useful with a phone too.

No crypto ever gets stored on these devices, it's just the private keys to your crypto. Only the private key holder can initiate transactions with your crypto, that's why leaving them on the exchange is not recommended. If the exchange website or your personal account gets hacked then they can send all your crypto to any address they like. If the people running the exchange decided to pull the plug on their website tonight then your crypto is gone. The security with these cold storage devices comes from the fact that you have moved your keys off the exchange to a physical device that you control. To send or receive you have to log into the device with a pin code and physically press a button on the device to trigger a transaction. Hackers can't do much from around the globe if your keys are on a cold storage device locked in a drawer and they can't physically press the button either.

stockshares

Somecrimesitry wrote: »

To send or receive you have to log into the device with a pin code and physically press a button on the device to trigger a transaction. Hackers can't do much from around the globe if your keys are on a cold storage device locked in a drawer and they can't physically press the button either.

Thanks for the explanation.

Whats the best way to backup the device itself and the Seed Phrase.

Is a deposit box in a bank a good idea. Some have mentioned using cryptosteel instead of paper to store the Seed phrase also.

JohnnyFlash

A short guide to crypto security.

https://i.redd.it/5u1i5v78ucq21.jpg

stockshares

JohnnyFlash wrote: »

A short guide to crypto security.

https://i.redd.it/5u1i5v78ucq21.jpg

Thanks for the guide.

Can you let me know if Im reading it correctly. It says under the Key Storage section that "Hot Wallets and Desktop wallets where you have control of your private keys are best and cryptocurrency should not be stored on your computer that you use daily".

I thought Hot Wallets are unsafe

el diablo

stockshares wrote: »

Thanks for the guide.

Can you let me know if Im reading it correctly. It says under the Key Storage section that "Hot Wallets and Desktop wallets where you have control of your private keys are best and cryptocurrency should not be stored on your computer that you use daily".

I thought Hot Wallets are unsafe

Yes, an offline wallet (eg Ledger Nano or Trezor) or a paper wallet are certainly more secure than a mobile or desktop wallet.

cnocbui

stockshares wrote: »

Just wondering does anyone use this system for managing their crypto and if so would they recommend it.

As I understand it the Ledger Nano X holds your keys and interacts with the Ledger Live mobile app when you need to buy/sell and the Ledger S Nano is used to store your Crypto.

Both devices together costs +€149 so Im wondering would people here consider it too expensive for what it does


https://shop.ledger.com/products/ledger-backup-pack?utm_source=Iterable&utm_medium=email&utm_campaign=campaign_584752

If you have a Samsung phone that can run Samsung's Knox security environment, IMO you don't need to spend money on a dedicated hardware wallet as Knox is as secure as those are.

Knox capability lets you run the Secure Folder app. It's like having a phone within a phone. You can put apps and files in the folder and they are kept securely separate from the outside phone. You can have an email client in the secure folder, bank access apps, crypto wallets, lists of passwords, etc.

stockshares

cnocbui wrote: »

If you have a Samsung phone that can run Samsung's Knox security environment, IMO you don't need to spend money on a dedicated hardware wallet as Knox is as secure as those are.

Knox capability lets you run the Secure Folder app. It's like having a phone within a phone. You can put apps and files in the folder and they are kept securely separate from the outside phone. You can have an email client in the secure folder, bank access apps, crypto wallets, lists of passwords, etc.

Thanks, thats the first Ive heard of that. Is there no risk in lumping in multiple Apps together.

Ill definetly consider it. Ive had my eye on a Xiaomi ph for a while now(Redmi Note 7 or MiMax 3)

Any Samsung model in particular?

Edit::
just seen that Knox was Discontinued and has been Replaced by Samsung Secure Folder

cnocbui

There shouldn't be any particular problem running different apps, though SOme common sense is probably called for like not using a web browser to visit porn sites.

All Samsung flagships for the last several years and many mid range phones that have a Samsung Exynos processor.

stockshares

cnocbui wrote: »

There shouldn't be any particular problem running different apps, though SOme common sense is probably called for like not using a web browser to visit porn sites.

All Samsung flagships for the last several years and many mid range phones that have a Samsung Exynos processor.

Do any of other Smartphones have a similar App

cnocbui

I don't know the exact details but the HTC Exodus 1 probably does.

It's not just an App - the software is just the front end of special dedicated hardware that is part of the processor, but which is also isolated from it.

ARM developed the processor-level security subsystem which they call Trust Zone. Apple adopted it and they refer to is as Secure Enclave, but tie it down to face ID/fingerprint reader and Apple Pay.

Samsung's Knox was approved by the NSA for government use. I am not aware of anything else having been as thoroughly scrutinised.

stockshares

cnocbui wrote: »

I don't know the exact details but the HTC Exodus 1 probably does.

It's not just an App - the software is just the front end of special dedicated hardware that is part of the processor, but which is also isolated from it.

ARM developed the processor-level security subsystem which they call Trust Zone. Apple adopted it and they refer to is as Secure Enclave, but tie it down to face ID/fingerprint reader and Apple Pay.

Samsung's Knox was approved by the NSA for government use. I am not aware of anything else having been as thoroughly scrutinised.

Its a pity others dont follow. I had my heart set on a Xiaomi but buying a new xiaomi phone + Nano X will probably work out the same cost as a Samsung.

The thing is you can leave the Nano X in a safe or secure locker. What if a person lost their phone.

Theres no point buying a samsung in order to just use it for storing crypto. It would be a main device and there would be a greater risk of losing it

cnocbui

You can backup the Secure Folder on Samsung Cloud and restore it to a new device if you lose your phone.

Why would you only use a Samsung phone for crypto? Surely you would also use it as a phone - that's what I do.

stockshares

cnocbui wrote: »

You can backup the Secure Folder on Samsung Cloud and restore it to a new device if you lose your phone.

Why would you only use a Samsung phone for crypto? Surely you would also use it as a phone - that's what I do.

Thought there would be greater risk using it as main ph Do you trust the Cloud?

wannabecraig

Anybody know if Nano locks you out after several tries? I was entering the wrong pin, noticed that now when I plug in it asked me
to configure as new device rather than entering my pin? Any ideas?


Edit: Looks like that's it locked out! I'll have to reset and enter 24 key passphase,.... looking forward to that!

SkySter

wannabecraig wrote: »

Anybody know if Nano locks you out after several tries? I was entering the wrong pin, noticed that now when I plug in it asked me
to configure as new device rather than entering my pin? Any ideas?

Yes. It wipes the device after several wrong tries. Not sure on exact number. You will need to setup again using your backed up seed words.

wannabecraig

SkySter wrote: »

Yes. It wipes the device after several wrong tries. Not sure on exact number. You will need to setup again using your backed up seed words.

Doing this in the afternoon, I'll let you know how it goes... It's expensive if it goes wrong.

wannabecraig

Managed to recover everything, took longer than expected but it's still a good hourly!