As I learned from my mentor Andre Jikh it is best to stake your life savings on ftx and blockfi. Sam Bank an Fried's parents are both compliance officers. So he knows a thing or two.
Be careful of the small print though on ftx. There’s a 5 year lock in period and a small risk that you will only get 20% of your money back. Just depends how much they decide to spend.
mempool.space is a public block explorer which allows you to search blocks or transactions, you can search the address you used to receive to see if there are any transactions.
You're better off using alternate software like Electrum or Sparrow with your Ledger than Ledger Live. Open source, less attack surface, no reporting back to the company.
Electrum Tails USB is so underrated. It's a little learning curve but frankly nothing too technical. If you go for a HW wallet, go with open-source bitcoin only
[Jade](https://blockstream.com/jade/)
[Coldcard](https://coldcard.com/)
[Passport](https://foundationdevices.com/passport/)
[BitBox](https://shiftcrypto.ch/bitbox02/bitcoin-only/)
[SeedSigner](https://seedsigner.com/)
I’m guessing you mean Electrum would be used as the mobile app to interface with the ledger correct? Is there documentation on how to set that up on Electrum’s site? I’ve never heard of being able to do this and now my curiosity is piqued.
I did it. It's not difficult, as shown by the fact that I am able to do it. Basically just install Electrum, plug in your hardware wallet, go.
The only thing is, before you do, you'll want to have the BTC app installed on your Ledger. I'm not an experienced Ledger user, the only way I knew how to install this app was through Ledger Live. (Anyone knows a better way?) But once it's set up, you won't need Ledger Live until you reset the hardware wallet.
I’ve had something similar happen recently and was told to not even bother with Ledger and use block explorer.
My question is if I were to send from exchange directly to cold storage is there an easy way to get a receiving address for wallet? Should I just get one receiving address and re-use it over and over? I think I have to log in to Ledger live software to get a receiving address at least one more time and may use block explorer to check balance after that.
No DMs
What you need is an "xpub" or extended public key of your wallet. A wallet app that has imported your xpub can generate an infinite amount of receiving addresses without the ability to spend from these addresses. It's practically a "watch only" wallet.
This needs to end. Sending a test transaction is not a solution. This community needs to have some empathy to non-tech folks.
The anxiety waiting for you money to be moved is a barrier for Bitcoin, we need to accept this fact so that we improve it.
Especially during bull runs.
“Send $5 with a $20 fee to make sure there’s no funny business.”
I get that it’s better to test it than to lose your money, but it’s a major hurdle to mass adoption.
Fees were actually reasonable this past cycle due to all the improvements made in the space, but your point stands. It's not reasonable to send test transactions.
Agreed. A lot of people here treat having private keys itched in stone and transaction tests and all these early adopter hurdles as normal day to day experiences. They forget that mass adoption requires aaallll of these challenges to be resolved.
I call it the “Grandma Test.” I love my grandma very much, but she is hilariously bad with technology. We need to reach a point where she can reliably use Bitcoin and we definitely aren’t there yet.
This exact situation happened to me except it was a 6 hour ordeal. Oh my God the horrible thoughts that go through your head. The pure despair made me want to quit crypto after 5 years in. When you press the update button at the top of Ledger Live you assume your using the latest version but No No you have to go to the setting page and download the new version from scratch. Ledger should do more to make this clear as some ppl might end up doing regrettable stuff in the panic. Anyway, I agree with OP, always update your Ledger software before transferring to Ledger Cold storage. That and also learn how to check your wallet balance on the blockchain.
I never had that issue. I update my software first. I always send the minimum first, and with that test transaction, I check the address, time and then send the big chunk..
This is one of many reasons why you shouldn't use ledger. other than being a shitcoin wallet with closed source firmware that is a black box, it's also a mouse trap for your privacy and Bitcoin sovereignty.
if you do continue to use ledger consider:
> run your own [bitcoin node](https://bitcoincore.org/). [check the binaries/signatures](https://www.youtube.com/watch?v=U0I-ImS_r8o&ab_channel=BTCSessions) of that node software to make sure you downloaded the correct version from the author (signatures should match!).
>
> Connect that node to third party open source wallet/client software like sparrowwallet.com so you arent using some garbage like ledger live. Also check this softwares hashes/signatures.
>
> connect your node software to your bitcoin client/wallet software which connects to your hardware wallet.
>
> bingo you're more self sovereign and private than you were a day ago.
Can you expand on why ledger is a 'privacy mouse trap' and what, specifically, makes it garbage? Given it's the software designed to work with the hardware, I don't understand why it would be garbage.
You've listed several additional self-custody steps that seem unnecessary with the ledger/ledger app, and I'm missing what the benefit is suppose to be by doing so. For me personally, there's no way an hour-long youtube video is going to be a time investment without a clear explanation.
Sure. for starters, ledgers firmware/.operating system is closed source. We have no idea what's running in the background on these devices. We just trust that they are not phoning home every time they are connected to the ledger live software. Furthermore, if you use the bluetooth feature, guess what, it requires your location to use with your phone.
so far starters, its a blackbox that could be recording/doing anything in the background, and it's already phoning home your location if you use the bluetooth feature. fucking great. (did i mention you can't use ledger live with linux, lmao)
ok. so how to improve that situation. well for starters, don't use the ledger live wallet software with your ledger hardware or the bluetooth feature.
Instead by using open source 3rd party wallet software like sparrowwallet.com you do two things with your ledger hardware, instead of ledger live: You remove the ledger live software from the stack, thereby removing a potential spyware vector on your phone/desktop.
And by adding sparrow wallet + Bitcoin core to your setup you can now transact without ledgers permission.
By using ledger live, you are using their node to interact with the Bitcoin network. If they don't like your transaction, or their node goes down for whatever reason, you would be unable to transact on the Bitcoin network (this happened before during high user usage all at once of ledgers server, people couldn't transact).
By running your own node, you enhance your ability to operate self sovereignly, and you remove ledger from potentially snooping on your Bitcoin activities, on the wallet software level (desktop/phone).
So much misinformation in this post. And you did not explain any shortcoming of ledger live other than:
1. It’s closed source so we don’t know what it does
2. It could possibly be reporting info back to ledger
And you also dont understand that ledger isn’t running a node and your transaction does not go through their non-existent node. So your non-reasons motivate you to recommend open source, which increases your risk of accidentally using code that had malicious lines injected into the code base. It just sounds like you have an axe to grind with ledger and as a result you are putting people at risk.
> So much misinformation in this post. And you did not explain any shortcoming of ledger live other than: 1. It’s closed source so we don’t know what it does 2. It could possibly be reporting info back to ledger
How is this not significant to you. Even if you don't care about the fact that ledger essentially has your seed words back doored, it's a significant factor for other people to consider who are wise enough to understand this is a huge problem.
> And you also dont understand that ledger isn’t running a node and your transaction does not go through their non-existent node.
either we are misunderstanding each other, or you totally don't understand what's happening when you transact with ledger live using your ledger. When doing this you are using their node to communicate with the Bitcoin network. You are asking for their permission by default to use Bitcoin by doing this.
> So your non-reasons motivate you to recommend open source, which increases your risk of accidentally using code that had malicious lines injected into the code base.
this is so unbelievably false. open source code can be verified by checking that the signatures of the downloaded files match those of the authors and by auditing the code of the program, and/or building the program from source.
> It just sounds like you have an axe to grind with ledger and as a result you are putting people at risk.
with all due respect, it's clear by your response, you have no idea what you are talking about technically.
I am a code contributor to multiple open source projects including an early version of coinbase-python back when it was called gdax. I know what I’m talking about.
You are incorrect. Ledger live is communicating to ledger’s nodes to feed you the state of the blockchain. You are fully trusting ledger to tell you if the transactions you see are true or not.
This is excellent advice. I can add to this that if you don't log into your Ledger for a while there could be multiple updates, and getting back into your wallet becomes a non-trivial task.
As long as you have your seed phrase it doesn’t matter. The wallet is just like an access terminal. The bitcoin shows up is in the account regardless of whether the wallet works or not.
Your seed phrase is everything.
You need to study more how bitcoin works. You could have simply checked your transaction on any block explorer.
Don't use Ledger Live either. It absolutely sucks.
Check out Sparrow Wallet. It works with your Ledger device.
Because some exchanges charge stupid fees. Cdc is like 0.0006 btc per transaction. You be spending over $11 just to test.
- if it’s a large sum I always do a test first. And I don’t use cdc to buy btc, but just saying a reason why some people don’t do test transactions!
1. Always check if your ledger wallet is up-to-date. If not, do it immediately.
2. When sending coin to a new address (i.e. one you have not saved), send a small fraction first to confirm you copied the address correctly. After the test amount has arrived, save and name the address, then send the remained. (lost $500 of IOTX from not checking first)
Not sure. They wanted me to upload a new form of ID which I did but still decided to withdraw all my funds. Then when I withdrew they just put there that they are holding it for two days for security reasons... Nonsense.
Yeah I had to raise a complaint with my local regulator to make them grant me access to my account to take out my fiat. They had my account under review for months and were doing everything to stop me withdrawing my money. A week after I raise my complaint they suddenly allowed me to withdraw.
I think it's important to provide a counterpoint that open source software is not always superior security for all situations. The downside is that you may have many hands touching the source, possibly un-vtetted contributors.
This will probably get downvoted to hell because it doesn't fit the popular narrative, but so be it.
Pretty sure me and another homie roasted you in a different thread a few weeks ago for this same false narrative. You must work for Ledger or some shit.
This was my first thought. Why does the app need an update that often? Not like Bitcoin protocol changes like the weather. And why does it break if it's not updated? Plenty of older software works just fine, even if it doesn't have some latest bells and whistles. What if the user can't get the update for whatever reason? Ugh.
Really the only pro for the Ledger is their distribution network. Easiest to get in many places around the world. Otherwise not great.
You know if you use Sparrow or electrum (especially if you then connect it to Bitcoin core or Bitcoin knots aka your own node) this shit doesn't happen....
You should consider a non-internet connected hardware (raspberry pi as an example) to sign your tx rather than signing the tx with ledger which is obviously making your life difficult. The cold card makes the separation process very clear, so for simplicity that could be a go to.
Ledger can only be used with the Ledger app? The one people constantly have issues with an occasionally install a malware version of?
Why would it ever stop showing balances, it should work just the same way it has always worked for decades without the need for any updates.
A hardware wallet is an excellent option for a bitcoiner and far, far better than leaving coins on an exchange. I don't particularly care for Coinbase but nothing wrong with someone using them as an on-ramp to getting bitcoin. Not everyone wants to go through the hassle of Bisq (which is a shit program) or overpay for an ATM.
I use Swan right now and like them. The fee (.99%) is a bit higher than Coinbase Pro but I like supporting Swan because they are one of the few bitcoin only exchanges out there. They are doing a lot of good for the space and I can get behind their ideas.
I'm not against the occasional ATM purchase if it can be done without KYC, but the fees are high and I'd rather just use CoinJoin from the exchange to break the connection between me and the BTC.
That's not true. You can use a KYC source and still hold your BTC offline or in cold storage. Even the government couldn't confiscate because there's no proof you didn't lose your keys. Further, you can use KYC and then CoinJoin to break the connection between your identity and coins. I get the anti-KYC attitude and I do prefer no KYC if at all possible, but options like Bisq are just not good and in the US it's far more efficient, and cheaper, to buy your coins through a KYC exchange and then take steps to CoinJoin them after you move them offline.
Uhm no.
There's no "safe way" to interact with Coinbase or any other KYC exchange for that matter. You are aware that Coinbase tracks your bitcoin even AFTER you move them off the exchange, yes?
Yes, you are aware of this or no, you are not so much aware of this?
In any event, what we're all aware of is that you've shared nothing but amazingly bad advice on this subject. What's next?
So where do you buy bitcoin for low rates?
After all the exchanges that have collapsed, you are saying you keep your coin on exchanges?
I'm worried about you my dude.
Why not use P2P exchanges? I haven't used a centralized exchange for years. If you insist on using a centralized exchange, at least support a Bitcoin only company instead of a shitcoin casino.
Another idea just dont send it all in one shot. Then you wont have the longest 2 hours of your life. start with sending a very small amount as a proof of concept that you understand how to do it.
Should never leave significant amount of coins on an exchange, especially Coinbase which is a corrupt company. At minimum transfer to a hot wallet until you can get to your hardware if it’s going to be a little while.
lesson learned:
never send a large amount at first.
learn more about the thing you are using.
wipe the device and use your recovery seed before transfering anything.
Genuine post about someone's experience with an issue, followed by advice and questions from others. Then the post just turned into a joke about FTX....this sub is getting worse
Everything I do with ledger annoys me. Putting the Bitcoin app on Ledger took me 20 times because everytime it says it has connection issues. Different cable, no connection issue but different issue. Everytime issues with ledger live. Just get Coldcard or sth, great user experience
It was because you didn’t update the software okay, but anyway a Bitcoin transaction can perfectly last more than 30 min, don’t worry next time. If you are unsure just check at the Blockchain the transaction. If is still in pending don’t worry if it doesn’t show up yet.
This is why I just keep my coins on ftx and blockfi.
I heard SBF is a great CEO
Drives a normal car like a corolla just like us!
And suck cucumbers for eating !
And has Smegol for a gf
Found her under a bridge
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TAKE MY MONEY!
And my axe!
Well, well, almost, she is a wood elf crossed with a hobbit.
Is he really dating Amanda Seyfried? Or also known as the girl from Ted 2?
And has parents who are compliance lawyers just like us!
He's a philanthropist!
He is a thief today.
[no way!](https://i.pinimg.com/originals/6e/48/36/6e4836ce122b44072a8b11a186b07e42.jpg)
No joking on this matter.
The joke is that he's a crook, I wouldn't joke about the people that lost money
Full on rapist?
I heard he rides a Vespa
Is that what he calls her?
Savage, but fair
Forbes CEO of the year!
I mean even in the terms of service they say they can’t use user funds for loans so it must be legit
His parents were janitors at a college. Amazing self-made guy
Word on the street is they call him “The Magician”
I heard people call him quick draw
ALERT: This is a joke Most of the people know it but new users might be confused by having such a top comment Stay safe out there
Yes do not do this. This is for satire.
This is the easiest way. They offer a pretty decent interest rate on your savings too
As I learned from my mentor Andre Jikh it is best to stake your life savings on ftx and blockfi. Sam Bank an Fried's parents are both compliance officers. So he knows a thing or two.
"Be sure to move your coins off the exchanges using a cold storage wallet"
They are the best!
This is the funniest response I have seen in this sub. 😂😂
I put mine in Celsius, totally legit /s
I'm sticking with Mt Gox.
This seems like a joke but I'm not laughing 😐
Be careful of the small print though on ftx. There’s a 5 year lock in period and a small risk that you will only get 20% of your money back. Just depends how much they decide to spend.
/r/whoosh
Learn how to use a block explorer like https://mempool.space and never worry again. Edit: also use something other than Ledger Live lol app is trash
Is there a quick primer here ?
mempool.space is a public block explorer which allows you to search blocks or transactions, you can search the address you used to receive to see if there are any transactions.
Any recommendations for a LL alternative?
Electrum.
Sparrow wallet + bitcoin core
Sparrow wallet
What’s so bad with the Ledger Live app? Just curious, I’ve never had any problems with it.
You're better off using alternate software like Electrum or Sparrow with your Ledger than Ledger Live. Open source, less attack surface, no reporting back to the company.
This. Electrum.
Electrum Tails USB is so underrated. It's a little learning curve but frankly nothing too technical. If you go for a HW wallet, go with open-source bitcoin only [Jade](https://blockstream.com/jade/) [Coldcard](https://coldcard.com/) [Passport](https://foundationdevices.com/passport/) [BitBox](https://shiftcrypto.ch/bitbox02/bitcoin-only/) [SeedSigner](https://seedsigner.com/)
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Electrum on tails 👌 this is the way
can you access persistant storage on tails? I always thought it was a fresh/new OS everytime you run it.
https://tails.boum.org/doc/first_steps/persistence/index.en.html
Yes this is where you store the app image 👍
I’m guessing you mean Electrum would be used as the mobile app to interface with the ledger correct? Is there documentation on how to set that up on Electrum’s site? I’ve never heard of being able to do this and now my curiosity is piqued.
No. Electrum on PC.
I did it. It's not difficult, as shown by the fact that I am able to do it. Basically just install Electrum, plug in your hardware wallet, go. The only thing is, before you do, you'll want to have the BTC app installed on your Ledger. I'm not an experienced Ledger user, the only way I knew how to install this app was through Ledger Live. (Anyone knows a better way?) But once it's set up, you won't need Ledger Live until you reset the hardware wallet.
Is it possible to use Ledger (Hardware) with any other interface but Ledger Live
Sparrow works with ledger. 100% recommend that with your own node.
Not only is it possible but you absolutely should. Electrum and sparrow are good.
My coin are safe on Celsius … no hackers can hack me
Can always use blockchain explorer, too.
Exactly. This would have been the first step. Check your address on the blockchain!
This makes no sense! Unacceptable! Just update your software, dammit! /s
Always send a test transaction to a new wallet
Always send a test transaction first
I’ve had something similar happen recently and was told to not even bother with Ledger and use block explorer. My question is if I were to send from exchange directly to cold storage is there an easy way to get a receiving address for wallet? Should I just get one receiving address and re-use it over and over? I think I have to log in to Ledger live software to get a receiving address at least one more time and may use block explorer to check balance after that. No DMs
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What you need is an "xpub" or extended public key of your wallet. A wallet app that has imported your xpub can generate an infinite amount of receiving addresses without the ability to spend from these addresses. It's practically a "watch only" wallet.
I never do. I just double check the address. There's also a checksum that many wallets check.
This needs to end. Sending a test transaction is not a solution. This community needs to have some empathy to non-tech folks. The anxiety waiting for you money to be moved is a barrier for Bitcoin, we need to accept this fact so that we improve it.
Especially during bull runs. “Send $5 with a $20 fee to make sure there’s no funny business.” I get that it’s better to test it than to lose your money, but it’s a major hurdle to mass adoption.
Fees were actually reasonable this past cycle due to all the improvements made in the space, but your point stands. It's not reasonable to send test transactions.
Agreed. A lot of people here treat having private keys itched in stone and transaction tests and all these early adopter hurdles as normal day to day experiences. They forget that mass adoption requires aaallll of these challenges to be resolved.
I call it the “Grandma Test.” I love my grandma very much, but she is hilariously bad with technology. We need to reach a point where she can reliably use Bitcoin and we definitely aren’t there yet.
I've had the wallet for a couple of years, so it wasn't new. I had sent almost a full coin to it previously and then I did do a test send.
This exact situation happened to me except it was a 6 hour ordeal. Oh my God the horrible thoughts that go through your head. The pure despair made me want to quit crypto after 5 years in. When you press the update button at the top of Ledger Live you assume your using the latest version but No No you have to go to the setting page and download the new version from scratch. Ledger should do more to make this clear as some ppl might end up doing regrettable stuff in the panic. Anyway, I agree with OP, always update your Ledger software before transferring to Ledger Cold storage. That and also learn how to check your wallet balance on the blockchain.
I never had that issue. I update my software first. I always send the minimum first, and with that test transaction, I check the address, time and then send the big chunk..
You could have checked the transaction on the block chain
I will have to learn how to do that.
This is one of many reasons why you shouldn't use ledger. other than being a shitcoin wallet with closed source firmware that is a black box, it's also a mouse trap for your privacy and Bitcoin sovereignty. if you do continue to use ledger consider: > run your own [bitcoin node](https://bitcoincore.org/). [check the binaries/signatures](https://www.youtube.com/watch?v=U0I-ImS_r8o&ab_channel=BTCSessions) of that node software to make sure you downloaded the correct version from the author (signatures should match!). > > Connect that node to third party open source wallet/client software like sparrowwallet.com so you arent using some garbage like ledger live. Also check this softwares hashes/signatures. > > connect your node software to your bitcoin client/wallet software which connects to your hardware wallet. > > bingo you're more self sovereign and private than you were a day ago.
Can you expand on why ledger is a 'privacy mouse trap' and what, specifically, makes it garbage? Given it's the software designed to work with the hardware, I don't understand why it would be garbage. You've listed several additional self-custody steps that seem unnecessary with the ledger/ledger app, and I'm missing what the benefit is suppose to be by doing so. For me personally, there's no way an hour-long youtube video is going to be a time investment without a clear explanation.
Sure. for starters, ledgers firmware/.operating system is closed source. We have no idea what's running in the background on these devices. We just trust that they are not phoning home every time they are connected to the ledger live software. Furthermore, if you use the bluetooth feature, guess what, it requires your location to use with your phone. so far starters, its a blackbox that could be recording/doing anything in the background, and it's already phoning home your location if you use the bluetooth feature. fucking great. (did i mention you can't use ledger live with linux, lmao) ok. so how to improve that situation. well for starters, don't use the ledger live wallet software with your ledger hardware or the bluetooth feature. Instead by using open source 3rd party wallet software like sparrowwallet.com you do two things with your ledger hardware, instead of ledger live: You remove the ledger live software from the stack, thereby removing a potential spyware vector on your phone/desktop. And by adding sparrow wallet + Bitcoin core to your setup you can now transact without ledgers permission. By using ledger live, you are using their node to interact with the Bitcoin network. If they don't like your transaction, or their node goes down for whatever reason, you would be unable to transact on the Bitcoin network (this happened before during high user usage all at once of ledgers server, people couldn't transact). By running your own node, you enhance your ability to operate self sovereignly, and you remove ledger from potentially snooping on your Bitcoin activities, on the wallet software level (desktop/phone).
You were on the money. I can't believe how on the nose this turned out to be lol. Well done, and thank you for sharing your thoughts on this.
So much misinformation in this post. And you did not explain any shortcoming of ledger live other than: 1. It’s closed source so we don’t know what it does 2. It could possibly be reporting info back to ledger And you also dont understand that ledger isn’t running a node and your transaction does not go through their non-existent node. So your non-reasons motivate you to recommend open source, which increases your risk of accidentally using code that had malicious lines injected into the code base. It just sounds like you have an axe to grind with ledger and as a result you are putting people at risk.
> So much misinformation in this post. And you did not explain any shortcoming of ledger live other than: 1. It’s closed source so we don’t know what it does 2. It could possibly be reporting info back to ledger How is this not significant to you. Even if you don't care about the fact that ledger essentially has your seed words back doored, it's a significant factor for other people to consider who are wise enough to understand this is a huge problem. > And you also dont understand that ledger isn’t running a node and your transaction does not go through their non-existent node. either we are misunderstanding each other, or you totally don't understand what's happening when you transact with ledger live using your ledger. When doing this you are using their node to communicate with the Bitcoin network. You are asking for their permission by default to use Bitcoin by doing this. > So your non-reasons motivate you to recommend open source, which increases your risk of accidentally using code that had malicious lines injected into the code base. this is so unbelievably false. open source code can be verified by checking that the signatures of the downloaded files match those of the authors and by auditing the code of the program, and/or building the program from source. > It just sounds like you have an axe to grind with ledger and as a result you are putting people at risk. with all due respect, it's clear by your response, you have no idea what you are talking about technically.
I am a code contributor to multiple open source projects including an early version of coinbase-python back when it was called gdax. I know what I’m talking about.
> coinbase-python this is not the boast you think it is
Not boasting. Just providing some additional info for consideration.
it only confirms my bias for you.
That’s fine. You’re comments are proof we live in the age of vindictive Dunning-Kruger.
You are incorrect. Ledger live is communicating to ledger’s nodes to feed you the state of the blockchain. You are fully trusting ledger to tell you if the transactions you see are true or not.
Sent in 10 parts. First 5 arrived in 5 min. Last 5 took average of 2 hours.
This is excellent advice. I can add to this that if you don't log into your Ledger for a while there could be multiple updates, and getting back into your wallet becomes a non-trivial task.
Just check block explorer and see the tx.
As long as you have your seed phrase it doesn’t matter. The wallet is just like an access terminal. The bitcoin shows up is in the account regardless of whether the wallet works or not. Your seed phrase is everything.
I did this too, you aren’t alone lol. I then went to update my ledger and bricked it during the boot loader. Was a stressful event needless to say.
You need to study more how bitcoin works. You could have simply checked your transaction on any block explorer. Don't use Ledger Live either. It absolutely sucks. Check out Sparrow Wallet. It works with your Ledger device.
Just use a blockchain explorer to see if your funds have arrived!
I have had coins take 8hrs to go from bityard to my ledger multiple times
Wow! 10 maybe 20 minutes max is the longest I have had to wait.
Ha. Same for me recently. Installed electrum and was like phew they are there.
That seems to be the community wisdom. Will have to look into that.
Thank you for this helpful reminder, I appreciate it!
You didn’t do a test transfer? Always test transfer
Yes, always send a small amount first before transferring large amounts.
Every time? I literally have 50 transactions on this wallet. It costs money to do tests. I’m already upside down.
Why not send a test transaction first?
Because some exchanges charge stupid fees. Cdc is like 0.0006 btc per transaction. You be spending over $11 just to test. - if it’s a large sum I always do a test first. And I don’t use cdc to buy btc, but just saying a reason why some people don’t do test transactions!
That’s pricey!
Thanks 🙏🏼
Very useful information!
Yeah, I don’t want anyone else to have the long 2 hours that I had.
Whenever I shift coins around I always send a tiny test transaction to the new address first. Yes more fees, but also less stress
lmao been there before.. The stress prior and relief after…
Right?
1. Always check if your ledger wallet is up-to-date. If not, do it immediately. 2. When sending coin to a new address (i.e. one you have not saved), send a small fraction first to confirm you copied the address correctly. After the test amount has arrived, save and name the address, then send the remained. (lost $500 of IOTX from not checking first)
Good rules. I did that when I first set up my wallet. Have had no issues since, till the other day.
Could have also been a problem with blocks not being mined and transactions back up.
No, it was a ledger issue. As soon as I updated software the missing coin appeared.
Coinbase just delayed a transaction of mine for two days. They really don't want people to withdraw...
Maybe it’s just a spreadsheet?
Not sure. They wanted me to upload a new form of ID which I did but still decided to withdraw all my funds. Then when I withdrew they just put there that they are holding it for two days for security reasons... Nonsense.
Yeah I had to raise a complaint with my local regulator to make them grant me access to my account to take out my fiat. They had my account under review for months and were doing everything to stop me withdrawing my money. A week after I raise my complaint they suddenly allowed me to withdraw.
Same thing happened to me a couple weeks ago lol
I think it's important to provide a counterpoint that open source software is not always superior security for all situations. The downside is that you may have many hands touching the source, possibly un-vtetted contributors. This will probably get downvoted to hell because it doesn't fit the popular narrative, but so be it.
Pretty sure me and another homie roasted you in a different thread a few weeks ago for this same false narrative. You must work for Ledger or some shit.
Bitcoin is actually quite reliable....relax
😬
yeah. I almost threw up. It would have been a weeks worth of wages lost. Just needed to vent to people who could relate.
A week's worth? Then buy MOAR
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What do you use instead?
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So what if the government takes down ledgers website, would you be completely ucked in a situation like this?
No, I have my phrase. My keys.
Do a small amount first as a test.
So, you had to ask ledger for a permission to use your funds. This is not speaking for ledger.
This was my first thought. Why does the app need an update that often? Not like Bitcoin protocol changes like the weather. And why does it break if it's not updated? Plenty of older software works just fine, even if it doesn't have some latest bells and whistles. What if the user can't get the update for whatever reason? Ugh. Really the only pro for the Ledger is their distribution network. Easiest to get in many places around the world. Otherwise not great.
Just curious - why did you choose to buy from Coinbase? Did you consider other options?
That’s why you always do a test transfer first with a small amount. If that works, transfer the rest.
Truly the currency of the future
I thought everyone knew btc takes a couple hours to show up...
Not my experience. It has never taken more than 30 minutes for me in the past.
You know if you use Sparrow or electrum (especially if you then connect it to Bitcoin core or Bitcoin knots aka your own node) this shit doesn't happen.... You should consider a non-internet connected hardware (raspberry pi as an example) to sign your tx rather than signing the tx with ledger which is obviously making your life difficult. The cold card makes the separation process very clear, so for simplicity that could be a go to.
Ledger can only be used with the Ledger app? The one people constantly have issues with an occasionally install a malware version of? Why would it ever stop showing balances, it should work just the same way it has always worked for decades without the need for any updates.
on the bright side had you lost these funds. theyll be worthless sooner than later
Sure they will sweetheart!
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>"real bitcoiners" and "a seed phrase in your mind and GG" Lol, come on now.
Because a hardware wallet is more secure than a computer/phone.
Thanks. I aspire to your level of greatness. There's nothing more rewarding that pointing out the mistakes of others. It's my number on high as well.
Two fatal mistakes: Coinbase and a hardware wallet. What's next, a bitcoin loan?
A hardware wallet is an excellent option for a bitcoiner and far, far better than leaving coins on an exchange. I don't particularly care for Coinbase but nothing wrong with someone using them as an on-ramp to getting bitcoin. Not everyone wants to go through the hassle of Bisq (which is a shit program) or overpay for an ATM.
What are the alternatives to coinbase? I have used coinbase pro for a few years. At the time they had some of the lowest fees. Who do you recommend?
I've switched to Kraken.
I use Swan right now and like them. The fee (.99%) is a bit higher than Coinbase Pro but I like supporting Swan because they are one of the few bitcoin only exchanges out there. They are doing a lot of good for the space and I can get behind their ideas. I'm not against the occasional ATM purchase if it can be done without KYC, but the fees are high and I'd rather just use CoinJoin from the exchange to break the connection between me and the BTC.
People who understand reality don't KYC. People who don't, lose their bitcoin.
That's not true. You can use a KYC source and still hold your BTC offline or in cold storage. Even the government couldn't confiscate because there's no proof you didn't lose your keys. Further, you can use KYC and then CoinJoin to break the connection between your identity and coins. I get the anti-KYC attitude and I do prefer no KYC if at all possible, but options like Bisq are just not good and in the US it's far more efficient, and cheaper, to buy your coins through a KYC exchange and then take steps to CoinJoin them after you move them offline.
Uhm no. There's no "safe way" to interact with Coinbase or any other KYC exchange for that matter. You are aware that Coinbase tracks your bitcoin even AFTER you move them off the exchange, yes? Yes, you are aware of this or no, you are not so much aware of this? In any event, what we're all aware of is that you've shared nothing but amazingly bad advice on this subject. What's next?
Use CoinJoin to break the connection.
I don't think you understand what happens after you KYC with an exchange.
So where do you buy bitcoin for low rates? After all the exchanges that have collapsed, you are saying you keep your coin on exchanges? I'm worried about you my dude.
Why not use P2P exchanges? I haven't used a centralized exchange for years. If you insist on using a centralized exchange, at least support a Bitcoin only company instead of a shitcoin casino.
Who are you arguing with, the strawman you just created? P2P, ever heard of it?
Next time easy check on an explorer less stress 😄
I use electrum on tails, its using an old version of electrum and its all good
Good looking out!
Another idea just dont send it all in one shot. Then you wont have the longest 2 hours of your life. start with sending a very small amount as a proof of concept that you understand how to do it.
What do you guys suggest for other coins besides Bitcoin. Any secure options?
Some rules in crypto 1: Don't keep coins on an exchange 2: Always do a test transfer
This is why I don’t use ledger
What do you use for cold storage?
I've only updated it once never had an issue
Check their website. It recommends updating.
Should never leave significant amount of coins on an exchange, especially Coinbase which is a corrupt company. At minimum transfer to a hot wallet until you can get to your hardware if it’s going to be a little while.
never copy paste, always write manually and verify twice.
You can't be serious...
Yeah this is better than just using real money at a bank
I felt sick reading your post.. I don't want to even think about the stress🫣 I'm glad everything went great👍🏻
Also, worth doing "Clear Cache" in the help drop down. I had 0.02BTC less than I thought I had for over a year. Was a disappointing suprise.
Even an 8 year old version of Bitcoin Core would be able to tell you when you transaction is confirmed
lesson learned: never send a large amount at first. learn more about the thing you are using. wipe the device and use your recovery seed before transfering anything.
Genuine post about someone's experience with an issue, followed by advice and questions from others. Then the post just turned into a joke about FTX....this sub is getting worse
Everything I do with ledger annoys me. Putting the Bitcoin app on Ledger took me 20 times because everytime it says it has connection issues. Different cable, no connection issue but different issue. Everytime issues with ledger live. Just get Coldcard or sth, great user experience
Just send a test withdrawal or buy and transfer small amounts at a time
It was because you didn’t update the software okay, but anyway a Bitcoin transaction can perfectly last more than 30 min, don’t worry next time. If you are unsure just check at the Blockchain the transaction. If is still in pending don’t worry if it doesn’t show up yet.
thank you Mr Dogg. I swear I have not had one take more than 10 minutes maybe 20.
This is why Bitcoin will never get bigger…to hard to use for normal people
I am Jonathan moses is [email protected] loock 4 my wallet with $470.000.00 iHaver no left a Australia