Can someone please ELI5 as to the reason why you would want to link your ledger to your wallet?
So my understanding so far is that your coins don’t get held on the Ledger, your private keys do, your coins just remain on the blockchain network (right?). So for arguments sake, I have a Ledger and I have installed the Cardano app. I want to store my ADA on my Ledger for security reasons. Apparently though I cannot store my ADA directly on the ledger as it’s not supported (?), I need to use a wallet such as Daedalus or Yoroi.
So what’s the reason for downloading the Cardano app on the ledger in the first place if I need to use a wallet elsewhere? Are they not just safe on the wallet of Daedalus or Yoroi?
I don’t understand how the two connect and the reasons why. Why can’t I just hold my balance directly on the ledger and not use these ‘wallets’?
Please ELI5 with a general answer (i.e. doesn’t have to be specific to ADA as I have other coins too), much appreciated.