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.
- 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?
- 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?
- Is there a way for me to view the Monero private key? Is it recommended to write it down as well?
- If I lose my Ledger Nano S, how will I be able to access my XMR by using the 24-word seed phrase?
- 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.