Using 2 Nano Ledger S Plus On Same Laptop?

[jerry0]

Currently have a nano ledger s plus where I have to do a few firmware updates to it due to not updating it for a while.  I am mainly a holder and use it for Bitcoin, Bitcoin Cash and waves.  I do use it to send and receive but haven't done much recently but will do some soon.


I know people say it's best to have 2 hardware wallets in case something happens to your hardware wallet so you don't have to order and wait for the other one to come.  Do most agree on this?  The thing is for people with 2 hardware wallets, is it better to use the same seed for both wallets so you have a spare one in case the other one stops working?  However, if it's a nano ledger s plus, there is no battery thought but there is still the issue of the screen going bad like with the old nano ledger s right?  I had the nano ledger s screen go dim and bad few times already.


The thing is does it make sense to buy a 2nd hardware wallet such as the same nano ledger s plus to do trading?  The reason for this is I want to do some trading but maybe try to trade those memecoins.  So it would be short term trading.  The main thing here is I don't want an issue where if I use my main nano ledger where I keep my main coins.  I read if you connect to a bad contract or something like that, your coins are at risk on the nano ledger s plus right?  I know about metamask and heard of it and to me that seems sketchy even though I know it is a wallet.  The thing is if you are going to trade a lot, besides just leaving your coins in the exchange, do many send them to their hardware wallet or is that a bad idea since you going to pay a ton of fees sending coins from whatever exchange to the hardware wallet?  I know there is the uniswap and pancakeswap exchanges and I might want to try that.  The thing is what wallets are people using for those things?  Is it just the metamask or whatever wallet that is available there or something else?


Now if you want to just daytrade the main coins that are available on Coinbase and gemini and maybe binance, besides keeping your funds on those exchanges, would you recommend a hardware wallet for this or not?  The thing is it doesn't seem like a good idea even if you send your coins from the exchange daily to your hard wallet and back to the exchange the next day or next time you want to trade?  Fees are going to add up right?  Now I know if you send litecoin, it's only like 3 cents though.  But you still have to wait a bit for the transfer to take place.  What do people do here?


Now as for using 2 Nano ledger s plus on the same laptop, do people do this or not?  The one main issue is you have to make sure you label your accounts correctly right?  So if you have a second nano ledger s, the Bitcoin account, you make sure you name it Bitcoin 2 account or something like that?  The thing is you have to make sure you know which nano ledger s plus you connect to your laptop when you do a transaction?  Of course if it isn't the correct device, you get a message of error right since you trying to send some coin but it's actually connected to the other device?


For someone that wants to try to trade and daytrade the main coins on Coinbase or Gemini, do you suggest a second hardware wallet for this or not?  I am still using the nano ledger s plus and don't want to go to trezor as my main wallet.  For the second hardware wallet, maybe but the issue is it doesn't support as much coins as the nano ledger s plus right?  Now if I want to daytrade meme coins and coins with a lot of volatility and coins that go up and down real fast, do I need a second hardware wallet for this?  Or just use metamask or whatever wallet that is available to use and store it there?  Advantage would be you don't have to send to hardware a lot and spend on fees.  The issue is I do want whatever coins to be safe with a hardware wallet though.  However, if you trading a lot, the coins are going to be mainly in your exchange during the time so wouldn't that mean your coins are at risk all those times?  For example, say you are trading on whatever exchange for the day.  You log out.  If your laptop is hacked somehow, couldn't they get into your exchange wallet easily if they have a keylogger or malware?  I assume yes but if it's an exchange like Coinbase or Gemini and you have 2FA, then they can't do that right?  But if it's metamask or uniswap or pancakeswap, they can or can't? 

[rdluffy]

I'll try to answer your questions, and if you have any more, feel free to ask them as they come up. Your topic got a little confusing (sorry about that  ) with so much information

I don't think you need to have two hardware wallets just as a precaution. Have two if you want to use two different ones, for example, if you want one just for your long-term holdings and another for everyday use to make various transactions
Leaving hardware idle is not very worthwhile in my opinion

You can use as many hardware wallets as you want on your computer; there is no limit.

If you have problems with the Ledger display, know that in Chinese stores (Aliexpress, for example), you can buy the display at a very low price and replace it without much difficulty. In many cases, it is worth it, rather than losing your hardwallet

[jerry0]

Some people say it's best 2 have 2 nano ledger s plus in case one stops working and then you can use the other one without having to order a new one and then wait for it.  That makes sense.


The thing is why if you want one for holding and one for trading.  That is more of what I meant to ask.  Say one nano ledger s plus you mainly hold coins.  You do a few transfers sometimes but this is your main holding wallet and wallet.  You want to do some daytrading and if you use it to hold, you sort of want to use another one so it won't affect your main wallet.  Like I read when you use ETH type of coins, there are things like smart contracts.  I read if you connect to something malicious, it could drain your wallet right?  So if that happens, you want it to be in your trading wallet.



So if someone wants to daytrade, would it be recommended to keep a second wallet solely for that?  The other thing is you have to make sure you label the accounts correctly?  So say you use Bitcoin and Bitcoin Cash to trade on your 2nd hardware wallet for trading, well you have to call each account Bitcoin 2 and Bitcoin Cash 2 to make it different from your main account right?  Since main account is Bitcoin and Bitcoin Cash?

[rdluffy]

If you think it makes sense, no problem, but I don't see the need to have two wallets when one is just a backup
An extra tip is that I wouldn't buy a Ledger. Nowadays, I much prefer Trezor, and I believe everyone here will recommend the same thing, there's Trezor Safe 3 for 79 USD, maybe you can get cheaper on Black Friday

If you interact with a malicious smart contract, that contract only has the scope to drain your wallet on the network where you signed the contract. There is no way you can sign something malicious on the ETH network and lose BTC on the BTC network
To compromise an entire account on your hardware wallet, someone would have to know your seed. Otherwise, it is impossible

[jerry0]

I think it would make sense having a second device if it's the same backup with the same seed phrase in case your main one stops working and you don't want to wait to receive the new one.


I mainly mean one for holding and one for trading.  The main thing here is if you do trading like memecoina and those ETH coins with smart contracts, people say your account can get drained.  So if that happens, you want it to happen on your trading ledger nano as opposed to your main wallet.  Okay s you say if you connect so a malicious smart contract on the ETH network, you could get drained of all your ETH accounts?  So any ETH would be drained but what about other ETH coins?


The thing is if you want to trade memecoins or similar coins with high volatility, you have to use Uniswap and pancakeswap and binance for these right?  As Coinbase and Gemini only has their main coins?  And these coins generally don't have coins that could 5x or 10x in a short time? 

[rdluffy]

I think it would make sense having a second device if it's the same backup with the same seed phrase in case your main one stops working and you don't want to wait to receive the new one.


I mainly mean one for holding and one for trading.  The main thing here is if you do trading like memecoina and those ETH coins with smart contracts, people say your account can get drained.  So if that happens, you want it to happen on your trading ledger nano as opposed to your main wallet.  Okay s you say if you connect so a malicious smart contract on the ETH network, you could get drained of all your ETH accounts?  So any ETH would be drained but what about other ETH coins?


The thing is if you want to trade memecoins or similar coins with high volatility, you have to use Uniswap and pancakeswap and binance for these right?  As Coinbase and Gemini only has their main coins?  And these coins generally don't have coins that could 5x or 10x in a short time? 

If it makes sense for you to have two hardware wallets, then no problem, the important thing is to solve your problem
Just think carefully if you really want a Ledger
Nowadays, I trust Trezor more

Regarding signing a malicious contract, the scope of this contract is on one network only, and it can drain all coins from one network, but only from one network

Regarding your question about memecoins and altcoins, there are several platforms where you can trade, and there are many decentralized platforms that have altcoins
I won't comment too much here so as not to go off topic, but on EVM networks, I like to use Jumper.exchange to trade coins, and on Solana, there is a large memecoin platform like Pumpfun, but always be careful

[bitmover]

Currently have a nano ledger s plus where I have to do a few firmware updates to it due to not updating it for a while.  I am mainly a holder and use it for Bitcoin, Bitcoin Cash and waves.  I do use it to send and receive but haven't done much recently but will do some soon.


I know people say it's best to have 2 hardware wallets in case something happens to your hardware wallet so you don't have to order and wait for the other one to come.  Do most agree on this?  The thing is for people with 2 hardware wallets, is it better to use the same seed for both wallets so you have a spare one in case the other one stops working?  However, if it's a nano ledger s plus, there is no battery thought but there is still the issue of the screen going bad like with the old nano ledger s right?  I had the nano ledger s screen go dim and bad few times already.

I don't think you need 2 hardware wallets. You just need the piece of paper with your seed, that is the perfect backup.

You can also create 2 accounts in your ledger Nano device, just create a different passphrase
https://support.ledger.com/article/115005214529-zd

It is even safer to use that way, with a passphrase

[jerry0]

The thing is you don't want to have 2 accounts in your nano ledger and one with a passphrase where one is for trading but the other is for holding right? 


Don't people have one ledger for holding and one for trading?


The main thing here is if you was to do trading and that seems to have to deal with ETH coins and you connect so something malicious, you don't want an issue with that.  However, someone said it would only affect that network coins on the nano ledger?  So if you have ETH and ETH coins mainly, it would only affect that?  I thought if you want to trade altcoins and meme coins with high volatility, do it with another nano ledger.



People create a new account on their nano ledger with a new passphrase even after they have an old nano ledger without a passphrase?



So you are saying someone can do that now and then use that as the 2nd wallet?  So that way, you can trade altcoins on it with one device and it won't affect the main no passphrase wallet that has say bitcoin there?



So each time you connect nano ledger, if you want to trade, enter your pin for the passphrase wallet?  The thing that would seem easier this way is assuming the coins you want to trade is not any coins you are holding like Bitcoin and Bitcoin cash, it would be simple to look at the accounts right?  So it's not like you have to name it ETH 2 right?  Now imagine you have Bitcoin, Bitcoin Cash and ETH for holding.  Now if you want to trade on the passphrase wallet, you need ETH for trading so you have to call that one ETH 2 then to prevent confusion?

[Meuserna]

This is crazy.

So i haven't used my nano ledger s for quite a bit. I noticed recently that the nano ledger s supports many altcoins now where it didn't use to back then.  Back then i had altcoins but didn't send it to nano ledger s because they didn't support it.

October, 2018?!

You're still using the same Ledger device seven years later, but you don't seem to understand the basics.

I'm stunned.