Questions on coins held through their own wallet through ledger?

Think of getting a nano S. I already use Trezor but it doesn’t support some more established alts eg DOT and Kusama I’d like to store on it.

Im trying to have all holdings off hot wallets completely and all In cold storage.

Could someone explain how things work when a coin/token isn’t supported directly on ledger / ledger live or needs supported via its native or other external wallet?

For example, If its via polkadot.js or Kusama wallet or any equivalent (Avalanche, Cardano etc) is this still in cold storage rather than a hot wallet and is it as safe as a token/coin that is fully supported?

I understand the crypto is held on the blockchain not a hard wallet itself which acts as a key, but I cant get my head around this. I suppose the question applies to any hard wallet but I’m considering the Nano S.

Any input is much appreciated thanks

What do you think?

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  1. This is an oversimplified view but if the coin/token isn’t supported but it is an ERC20 one, you can store it on ledger and connected a supported external wallet to view and transact with them. They are still in cold storage but you’re essentially giving the external wallet permission to view the details and all transactions still have to be approved through the ledger hardware.

    So for example if I had an unsupported ERC20 token, I’d follow the steps to create a ETH account for it in my ledger and use that address to send them to. Now, I’ll see the amount that I have but I won’t be able to see the value of it in ledger live (since it’s not supported). I set up an external wallet like Metamask and select “connect hardware wallet” and I follow the steps to connect the account I created for that coin/token. I am now giving it permission to view the details of what’s in that account. However, I am not giving it permission to do anything else. So I wanted to withdraw from that account, I’d do it from Metamask, but I have to approve the transaction on my ledger.

    So at the end of the day, your ledger is still what controls access to the keys and subsequently how it is managed. Hope that helps.

  2. You need to understand that your cryptos are not in your ledger. They are on the blockchains, on the Internet.

    The only thing in your ledger is your seed (24 words + optional passphrase), i.e. your master private key that gives you full control of all the accounts derived from this seed.

    When you use a third party wallet that connects to your ledger, your coins are still on the blockchains, and they are still on accounts derived from (i.e. protected by) your ledger seed. In other word, they are in cold storage, because the definition of cold storage is an account on the blockchain derived from a seed that is not in contact with a computer, phone, or the internet.

  3. Regardless of not being supported on Ledger Live, as far as cold storage options go, ADA still works seamlessly with Ledger. I have a nano x and and use the Yoroi wallet, very easy to setup. All the benefits of having access to stake pools while using using a cold storage device. Highly recommend.

    Ledger Live support for ADA I guess would be nice, but it’s really not a make or break for the user IMO.

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