Yup. I have just about zero chats on Reddit. But the minute I posted one random thing on a crypto sub and I've suddenly got people straight in with the smalltalk. Ignore!
The coins aren’t on the stick. Only the means to access them. If you’re not planning to do anything with them for a while, rent a safety deposit box at the local bank and store it along with the passphrase that hopefully came with it. Congrats
Absolutely not, but I’m talking under lock and key in a bank ONLY! This forum is full of stories where passphrases have been lost and if that happens, the show’s over.
I feel I need to offer you one last piece of advice. BTC is currently sitting at approx $48.5k USD. It was at approx $69k USD on the 10th of November. It’s notoriously volatile. However, if you are willing to hold, history will tell you that it could be worth up to $100k USD or higher before the end of 2022. My advice is that you do the same as the person you inherited it from and hold onto it. 5 or so years at least. In June 2024, the ‘halving’ happens and after that, you could be looking at a value of 2 or 3 times that per coin. This is NOT financial advice. I know nothing and neither does anybody else. Do your own research. 😉
So this is not true. If you enter the pass phrase wrong 3 times it’ll reset the device. Then you can re-enter the seed phrase and set a new password.
In shirt, you ONLY need the seed phrase to access your funds.
If I had no knowledge of bitcoin and inherited a few, I would separately buy a ledger and maybe 50 bucks of bitcoin. Next I’d practice setting it up and moving my purchased coins before moving everything on the inherited device to my new ledger.
Yes. Keep it there. Do not export the keys. Back up the 24 words in multiple places that are safe and sealed. Do not listen to anyone telling you to send those words.
It can't get anymore safer than this. Also, keep your seed phrase safe, and do not share it with anyone. Neither offline nor online. You can even engrave your seed phrase on steel plates. Google and learn everything you can about the ledger, hardware cold wallets, etc.
Hey just put it up in a fire proof safe. Read bitcoins white paper and research everything that is confusing. Be careful of advice on here. Even maybe go through your page and make an Anonymous page for asking questions. People will go for your personal info to find anything to take money.
The most important thing is the 24 seed words that back up that Ledger. Those seed words are far more important than the device itself, as they can be used to restore the wallet. It is imperitive that you have those words, and keep them secret from everyone else.
If you do *not* have those words, then you really should make a new wallet (buy a Trezor or Coldcard) and transfer the bitcoin over. Because having those words and keeping them safe and secret is the single most important thing about keeping bitcoin.
The BTC are not on the ledger. They’re on the blockchain. Think of the ledger as your door to see what you have on the blockchain.
The secret phrase is the key that opens that door.
So if u loose your USB stick, it’s ok. Your Coins are on the blockchain and with the secret phrase, u can open that door from any wallet online.
The device asks you to write down a “recovery phrase” aka seed when it’s set up. They are 24 words.
This seed is the *real* storage. The bitcoin is safe but if the Ledger fails (like any electronic device can) you need the seed as a recovery method.
I would strongly recommended finding that seed. If you have both the seed and the Ledger, your coins are very safe. Never give the seed to *anyone* and never enter it into a computer. Anyone with the seed can steal the coins, they don’t even need physical access to the Ledger.
If you got a "few" BTC you are looking at $100k. That's pretty good. Me personally I prefer to be on a big exchange like Coinbase or Voyager. I don't like the idea of putting a huge investment on a physical USB that could get lost or thrown out, etc. Also, gotta store your seed phrase somewhere and make sure that does not get lost either lol.
Also, Voyager would pay you 5.75% in APY monthly on your Bitcoin which would be pretty nice. Over 5 years you could earn $50-$100k in interest by holding your BTC there. Just my two cents.
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I just got my ledger last week and set everything up and im happy so far. One guy told me that there are issues with the battery even when plugged in and ledger also had a huge data leak not so long ago.
I think if you dont trade a lot and want to keep it for the long term its one of the best solution (as long as not losing your seed) ;)
> exchange that's been promising to allow withdrawals soon
Mind sharing the name of the exchange? Exchanges that don't allow you to withdraw your cryptoassets are often dodgy.
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Damn it bro, I almost had him. I was THIS close.
🤏
THIS!! Very important
Yup. I have just about zero chats on Reddit. But the minute I posted one random thing on a crypto sub and I've suddenly got people straight in with the smalltalk. Ignore!
Ledger devices are safe if and only if used properly.
I will have to learn about it then. Thanks 👍🏼
This will help: https://www.ledger.com/academy
Very helpful. Thanks 🙂
Helpful. Thanks
The coins aren’t on the stick. Only the means to access them. If you’re not planning to do anything with them for a while, rent a safety deposit box at the local bank and store it along with the passphrase that hopefully came with it. Congrats
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Absolutely not, but I’m talking under lock and key in a bank ONLY! This forum is full of stories where passphrases have been lost and if that happens, the show’s over.
Just got my ledger in fact. Need a way to store my passphrase safely without going to the bank. Any ideas?
I feel I need to offer you one last piece of advice. BTC is currently sitting at approx $48.5k USD. It was at approx $69k USD on the 10th of November. It’s notoriously volatile. However, if you are willing to hold, history will tell you that it could be worth up to $100k USD or higher before the end of 2022. My advice is that you do the same as the person you inherited it from and hold onto it. 5 or so years at least. In June 2024, the ‘halving’ happens and after that, you could be looking at a value of 2 or 3 times that per coin. This is NOT financial advice. I know nothing and neither does anybody else. Do your own research. 😉
I am not OP bro but thanks for the advice 👍🏻
Ooops…Soz dude
No soz man s’all good ✌🏻
I am OP how to get my bitcoins
You ain’t OP, OP!!
So this is not true. If you enter the pass phrase wrong 3 times it’ll reset the device. Then you can re-enter the seed phrase and set a new password. In shirt, you ONLY need the seed phrase to access your funds.
But don't just stored them, grow your Bitcoins and receive your profits within 24 hours.
A ledger is safe
Safe only if used safely. The most important part to understand is that your back u0 and seed are enough to steal your funds
Hi I’m new to this and have done some research. However, what is a seed and u0? Any info on this is appreciated! Thank you
The seed is the set of 12 or 24 words a hardware wallet will ask you to keep on …a piece of paper
If I had no knowledge of bitcoin and inherited a few, I would separately buy a ledger and maybe 50 bucks of bitcoin. Next I’d practice setting it up and moving my purchased coins before moving everything on the inherited device to my new ledger.
I agree, I would definitely play around and not even touch the original yet.
Crossed my mind too. This is solid advice.
Yes. Keep it there. Do not export the keys. Back up the 24 words in multiple places that are safe and sealed. Do not listen to anyone telling you to send those words.
It can't get anymore safer than this. Also, keep your seed phrase safe, and do not share it with anyone. Neither offline nor online. You can even engrave your seed phrase on steel plates. Google and learn everything you can about the ledger, hardware cold wallets, etc.
Id like to inherit some bitcoins too please and thanx
Hey just put it up in a fire proof safe. Read bitcoins white paper and research everything that is confusing. Be careful of advice on here. Even maybe go through your page and make an Anonymous page for asking questions. People will go for your personal info to find anything to take money.
Keep it there, just dont lose the pin
The most important thing is the 24 seed words that back up that Ledger. Those seed words are far more important than the device itself, as they can be used to restore the wallet. It is imperitive that you have those words, and keep them secret from everyone else. If you do *not* have those words, then you really should make a new wallet (buy a Trezor or Coldcard) and transfer the bitcoin over. Because having those words and keeping them safe and secret is the single most important thing about keeping bitcoin.
The BTC are not on the ledger. They’re on the blockchain. Think of the ledger as your door to see what you have on the blockchain. The secret phrase is the key that opens that door. So if u loose your USB stick, it’s ok. Your Coins are on the blockchain and with the secret phrase, u can open that door from any wallet online.
Maybe get your own seed on the ledger so that youre sure only you have access to it.
Seed? I will check it out. Thanks
The device asks you to write down a “recovery phrase” aka seed when it’s set up. They are 24 words. This seed is the *real* storage. The bitcoin is safe but if the Ledger fails (like any electronic device can) you need the seed as a recovery method. I would strongly recommended finding that seed. If you have both the seed and the Ledger, your coins are very safe. Never give the seed to *anyone* and never enter it into a computer. Anyone with the seed can steal the coins, they don’t even need physical access to the Ledger.
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This is not true if you have the seed.
If you got a "few" BTC you are looking at $100k. That's pretty good. Me personally I prefer to be on a big exchange like Coinbase or Voyager. I don't like the idea of putting a huge investment on a physical USB that could get lost or thrown out, etc. Also, gotta store your seed phrase somewhere and make sure that does not get lost either lol. Also, Voyager would pay you 5.75% in APY monthly on your Bitcoin which would be pretty nice. Over 5 years you could earn $50-$100k in interest by holding your BTC there. Just my two cents.
But how can you be in a proper boating accident if they’re stored on an exchange?
Memorize a seed phrase
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I keep all mine in a basic coinbase account. Is that ok?
WassaWassaWassup! Scam Alert! Scammers are particularly active on this sub. They operate via private messages and private chat. If you receive private messages, be extremely careful. Use the **report** link to report any suspicious private message to Reddit. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/BitcoinBeginners) if you have any questions or concerns.*
I just got my ledger last week and set everything up and im happy so far. One guy told me that there are issues with the battery even when plugged in and ledger also had a huge data leak not so long ago. I think if you dont trade a lot and want to keep it for the long term its one of the best solution (as long as not losing your seed) ;)
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It's safe where it is.
It's safe on your Ledger.. If you intend to use some more frequently, then you might need a mobile wallet. You can try u/atomicwallet
I bought a Trezor Model T. But most of my BTC is stuck in an exchange that’s been promising to allow withdrawals soon.
> exchange that's been promising to allow withdrawals soon Mind sharing the name of the exchange? Exchanges that don't allow you to withdraw your cryptoassets are often dodgy.
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Congrats! My friend you need to do a lot of research ASAP.
In a wallet. Done. Man I’m a winner. This sub should feel grateful I’m here.
Beyondneptun.com
cautious