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30420464 No.30420464 [Reply] [Original]

ledger vs trezor are these things open source or what??? pls help me decide i feel like i have too much money in now to just leave on metamask

>> No.30420917
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30420917

also what happens if ur ledger breaks can u just get a new one or what if ledger goes out of business. i always hear ppl say u can just restore it with ur seed phrase, but then why does anyone bother to pay the fees of transferring funds wallet to wallet, why not just delete ur wallet and restore it on a different platform the with the phrase. PLEASE HELP IM NEW

>> No.30421401
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30421401

>> No.30421886

>>30420917
ledger just stores your encrypted seed phrase and signs transactions. you could always import your seed phrase into another hardware wallet, as your crypto isn't actually stored on the device. just the keys.

>why not just delete ur wallet and restore it on a different platform with the phrase
yes, thats how you access your crypto. but that doesn't actually move your assets to that platform. you can import your seed to metamask, for example, to transact on the ethereum/BSC networks, but that doesn't actually send your crypto to metamask.

typing your seed into internet-connected devices is a massive security risk. this is why hardware wallets are attractive-- you can securely sign transactions without exposing your seed. it never leaves your device, so if properly configured, you'll only lose your crypto if you approve a transaction to withdraw them-- because your keys are securely stored on the device.

if someone has your keys they have your crypto. hardware wallets keep them safe.

i'll keep the tab up for a couple minutes if you have any questions

>> No.30422129

>>30420464
also, since your funds are on a hot wallet atm (internet connected) i highly recommend generating a new seed phrase offline and moving your assets to that wallet.

>https://feest.io/generate-offline-ethereum-wallet/

disclaimer: i haven't followed this guide nor make an offline ETH address myself, i use hardware wallets. just looking out

>> No.30422341

>>30421886
you say yes, "thats how you access your crypto. but that doesn't actually move your assets to that platform. you can import your seed to metamask, for example, to transact on the ethereum/BSC networks, but that doesn't actually send your crypto to metamask". so what steps would you take to regain full control of crypto if you had it all on a ledger and now ur ledger is broken and its hypothetically out of business.

also would you reccomend trezor or ledger, or something else

>> No.30422710

>>30422341
>ur ledger is broken and its hypothetically out of business

i would import my seed phrase into another BIP-39 compatible device. your mnemonic recovery phrase is generated from a list of words available at

>https://github.com/bitcoin/bips/blob/master/bip-0039/english.txt

so look for bip-39 compatibility.

in a worst case scenario where i couldn't get my hands on a hardware wallet, then i would import my seed phrase into a hot wallet like metamask and immediately send everything to an exchange.

>trezor or ledger

i use ledger, but they suffered a data breach recently and hackers are going after the victims. i know my shit though so they can't scam me. trezor is a solid choice but has a smaller selection of crypto that can be stored. not an issue unless you have a bag of non-ERC 20 shitcoins

>> No.30423150

>>30422710
thanks for your help

>> No.30423294

>>30423150
your welcome. stay safe fren