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I got this thing because I made a decent bit off flipping bitcoin before Robinhood let its mask slip and everybody jumped ship, so I rolled the profits from that into a Ledger Nano X because I figure why not reinvest those earnings and trade the right way?

I've been meaning to get crypto to get my assets out of USD so I'm insulated from the coming hyperinflation, but now that I've got one and I'm looking into how it works it seems like more trouble than it's worth. I set me Ledger up with Ledger Live, did all the seed word bullshit, then when I went to actually trade I saw how high the transaction and "handling" (excuse the fuck out of me?) fees were and if I didn't know any better I'd say this whole Bitcoin thing was a scam.

I did some looking into it and apparently Electrum is a better solution, but then I'd have to create a new wallet with new seed words, I don't even know if it'll use my Ledger for authenticating transactions, and this is turning into a shit show pretty fast. Which is why I'm here asking for advice from people who already trade crypto with a Ledger.

I got this thing because I made a decent bit off flipping bitcoin before Robinhood let its mask slip and everybody jumped ship, so I rolled the profits from that into a Ledger Nano X because I figure why not reinvest those earnings and trade the right way? I've been meaning to get crypto to get my assets out of USD so I'm insulated from the coming hyperinflation, but now that I've got one and I'm looking into how it works it seems like more trouble than it's worth. I set me Ledger up with Ledger Live, did all the seed word bullshit, then when I went to actually trade I saw how high the transaction and "handling" (excuse the fuck out of me?) fees were and if I didn't know any better I'd say this whole Bitcoin thing was a scam. I did some looking into it and apparently Electrum is a better solution, but then I'd have to create a new wallet with new seed words, I don't even know if it'll use my Ledger for authenticating transactions, and this is turning into a shit show pretty fast. Which is why I'm here asking for advice from people who already trade crypto with a Ledger.

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[–] • 0 pt

Google is your friend. You have a lot of research to do before you put any money into crypto. Technological IQ test.

[–] • 1 pt

Oh, that's cool. I might just use a paper wallet, then, 'cause long-term storage is mostly what I'm after. Probably make 3 or so printouts, laminate them, and put them in a safe.

[–] • 0 pt

So I've been doing more research. One more question I have is why I keep finding sources that are saying cryptocurrency is stored on the Ledger itself. Are they blatantly lying about that and the crypto is still stored on the blockchain or is there something I'm missing?

[–] • 0 pt

Everything is on the public ledger. All transactions are on the blockchain. The Ledger device stores your private keys. True for all cryptocurrencies except Monero which uses an obfuscated public ledger. Every other currency you can look at the contents and transactions of every wallet.

[–] • 0 pt

Yeah, that's what I figured. Pisses me off how they claim it's literally on the Ledger 'cause that's just blatant misinformation.