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 5 months 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 answered 5 months 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.

Matthew Ellison replied 4 months ago

Hi I have a few questions so when trading with a ledger nano s does it come with trading software such as charts like coinbase does like gdax or does it have to be traded another way. Also do put money on the ledger nano s and does it accept us dollars

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