Beginner confused about storing XMR on Ledger Nano S


I am not the most tech-savvy person but I have decided that I want to use crypto the way it was intended, so I recently bought a Ledger Nano S. First, I wrote down the 24-word seed phrase that was generated by the Ledger device on a piece of paper and never on my PC. Then, I followed Ledger's guide for setting up my own Monero wallet with monero-wallet-gui. I chose the option to Create a new wallet from device and I am now able to receive and send XMR to this wallet.

  1. Where exactly is the Monero private key stored? Is it stored inside of the Ledger device? How do I know for sure that it is not also stored somewhere in my PC?
  2. What's the relationship between the seed phrase that was generated from my Ledger device, and the Monero private key? How was the Monero private key generated?
  3. Is there a way for me to view the Monero private key? Is it recommended to write it down as well?
  4. If I lose my Ledger Nano S, how will I be able to access my XMR by using the 24-word seed phrase?
  5. Why do I need a seperate wallet gui for Monero? I don't think this is needed for the other crypto currencies.

Thank you in advance.

submitted by /u/janimickin
[link] [comments]

Leave a Reply

Your email address will not be published. Required fields are marked *