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Query for ledger customers

I setup a ledger nano x with ledger dwell software program. I purchased bitcoin by the ledger software program and it reveals the steadiness on ledger dwell. My query is… Is the bitcoin now already in chilly storage or is there an extra step i have to do with my nano??

6 thoughts on “Query for ledger customers”

  1. Ledger protects your keys. So I assume you set your ledger up and created the receive address and you sent the coin to that. You are good. You only need the physical ledger when you are sending BTC. So keep on stacking.

  2. There really isn’t any such thing as “cold storage”. It’s misleading shorthand for crypto under control of its actual owner, that is, outside the control of an exchange. In general that control is exercised by the owner(s) using a hardware device like Ledger to secure their private keys.

    This is why you must never enter those 24 (or 25) words anywhere except the Ledger device – they are literally a representation of your private key. If you lose those words your crypto will be forever inaccessible. So…

    The BTC you purchased is forever and only on its blockchain, tied to the receive address that was generated from your private key. Only you have the ability to manipulate it.

    Be aware that for BTC and some other coins (but not all) Ledger will generate a new address each time you use the device when receiving coins.

  3. You bought from a Ledger partner and your coins are now in an address of which the keys are on your Ledger device. This is how you would “cold store” coins, different from e.g. coins you want to spend in the near future and that you keep in a less secure “hot wallet” such as a wallet app on your phone.

    However, I would advise you to buy your coins elsewhere, as there are steep fees when buying from Ledger partners. Buy from an exchange and then send them to an address on your ledger wallet.


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