Quote from: balladofjpeg on March 20, 2023, 11:40:43 PM

So is it important in the future to continue to update ledger and electrum?

It's generally always better to use an up-to-date software than an outdated one. New versions include better stability, performance updates, bug & vulnerability fixes, new and improved features, etc.

When it comes to Ledger HWs, there are 3 things that can be updated.

The native Ledger Live app
The Bitcoin coin app
The firmware of the device

If you wait too long, you might reach a point where you wont be able to use your Nano to update it to the latest firmware. Question is, will the old ones still be useful? To avoid potential trouble, update it. Update the BTC on-Ledger coin app as well. I am not sure if you need the newest Ledger Live versions before being offered a firmware upgrade. I never tested it.

Quote from: balladofjpeg on March 20, 2023, 11:40:43 PM

is there anything that can go wrong with the procedure?

Worst case scenario, you brick the device and it breaks, becoming useless. Happens rarely. A more common issue (happened only once to me) is that the device wipes its memory clean after the upgrade. No need to worry if that happens. Just recover your accounts from seed and you are good to go.

Quote from: Husna QA on Today at 10:05:14 AM

For example, when you use Electrum versions older than 3.3.4, currently that version is vulnerable to phishing (https://github.com/spesmilo/electrum/issues/4968). You should immediately use the above or the last version.

It's worth mentioning that those older Electrum versions can no longer connect to Electrum servers so they can't get the phishing messages that point unsuspecting users to fake phishing sites anymore.