Basic questions about using Bitcoin and Ledger Nano S

Bitcoin Questions and AnswersCategory: General questionsBasic questions about using Bitcoin and Ledger Nano S
edee asked 4 days ago

I realize these questions are VERY basic and I appreciate your help in understanding BTC and the Ledger Nano S hardware wallet.

  1. If I use the Ledger Nano S hardware wallet, will my BTC stored “physically” be on this wallet?
  2. Can I use any other wallets besides the ones you listed in you Ledger Nano S hardware wallet video? For example, can I use a Coinbase wallet instead of ?
  3. Do I have to use a cell phone based wallet (you used Copay as an example in your video)? Can I just use the Ledger Nano S hardware wallet and Coinbase to make a transaction?

Thanks so much!

1 Answers
Ofir Beigel Staff answered 4 days ago

A hardware wallet is a device that keeps your private key for you. If you don’t know what that means I strongly suggest you watch this video about Bitcoin wallets first. At the moment Ledger works only with the wallets stated here and can not be used with Coinbase.
Coinbase is a 3rd party wallet that holds your private key for you (not recommended for large amounts of Bitcoin). Also, at the moment as far as I know there’s no way to use Ledger with you mobile phone.
I think if you watch both the video and read the Ledger review (which I think you’ve read) you’ll get a clear answer to most of your questions. Let me know if you still need more clarifications.

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