First time holding Crypto. Crypto Storage.

unidax

Contributor


If you have questions about; Nano S

  • wallet usability

  • ease of use

  • What if scenarios
    • what if I lose the device?

    • what if someone knows my pin key?

    • what if someone steals it?

    • how do i pick and store my pin?
 

CryptoTC

Crypto Fat Cat
Staff member
Those are great questions. Perhaps we should discuss them here in the forums instead of referring the readers to your blog.
Most of those questions are answered on Ledger’s own site. Same for Trezor and their products.
 

Father

Contributor
A friend of mine lost all his Ethereum coin. He kept it in a similar purse. And then a bag with this wallet was stolen from him. He always carried it with him. And how safe is it from stealing the Nano S? I agree with The CC Forums, let's discuss here. I store all my coins only in this the online wallet or on the exchange.
 

The CC Forums

Admin
Staff member
A friend of mine lost all his Ethereum coin. He kept it in a similar purse. And then a bag with this wallet was stolen from him. He always carried it with him. And how safe is it from stealing the Nano S? I agree with The CC Forums, let's discuss here. I store all my coins only in this the online wallet or on the exchange.
A lost or stolen hardware wallet is useless to the person who gets it and not a big deal to the person who lost it.

As long as you keep the randomly generated key words and pass phrase stored somewhere separate, the coins are still yours and recoverable. You use them to create a new wallet to recover or buy a new hardware wallet to recover the original. Your friend did not lose his ethereum, but he’s out the cost of a Ledger Nano S.

And the idea of keeping on an exchange may be OK for frequent traders, but many original crypto enthusiasts still recall being burned by all the exchange hacks or those who went out of business taking the customers coins with them.

Find the official wallet supported by your coin or a proven safe multi-currency wallet, or get a HW wallet.
 
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