Noob next steps: Ledger Nano vs Paper Wallet? (Reddit Bitcoin)

Bitcoin

I’ve been following crypto for a while, but finally just jumped in a couple months ago. This sub has been helpful for teaching me more, but I still feel like a noob. I have ~$3k in coinbase and robinhood. I understand why those are “bad”- you don’t own the key you don’t own the coin. Especially Robinhood where I can’t even transfer the coins out. Those were just the least friction options for me at the time. So now I’m thinking about selling at Robinhood, buying at Coinbase, then sending most of it to an address I set up on a Ledger Nano. The way I’m thinking about it is that the Ledger would be my “savings account” for safer long-term storage and Coinbase or a mobile app my less secure but more convenient “checking account” for purchases/trading etc. I’ve read through the wiki, but I’m still fuzzy on a few points: Is there any risk that coins will be stuck on the Ledger Nano? What happens if the device just randomly quits working or the app gets pulled from the app store or Ledger goes out of business, etc? I understand there is a recovery sheet, but can that sheet be used elsewhere if Ledger goes out of business? Assuming the recovery sheet can be used with any wallet, am I better off with just a paper wallet in a safe (or a copy in two safes)? I understand there is risk of fire/water, but I understand these risks more than I understand the risks of the Ledger right now. With either approach, is there a website where I can put in the public address(es) and monitor the wallet balance without giving more access – similar to Mint or Personal Capital?
submitted by /u/shireboy [link] [comments]

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