In case, my hardware wallet gets damaged or theft by someone can my balance can be recovered. Please help me out of this problem.
Trezor and Ledger both are the most secure option for storing your crypto investments. If your ledger nano s gets steal, lost or damage there are some security options given by both the hardware wallet companies Trezor and Ledger.
Trezor uses a 24 digit seed to recover data or your money, and seed is provided you after creating your PIN with the myTrezor app. Similarly, Ledger also provides you with these 24 paramount words which make this security more resistant to thieves which must not be revealed.
What is Ledger Nano S?
Ledger Nano S was developed because of rising Cryptocurrency scams. People started using Cold Wallets or keeping Bitcoins safe in hardware or offline storage. Hardware Wallet was an all-new opportunity and Ledger Wallets grabbed this opportunity by producing hardware wallets. They have produced this wallet in a smart card with a small format and low weight. All your private keys can be secured using Ledger Nano S, and it is designed to resist attacks. Ledger uses a unique proprietary operating system know as BOLOS which is developed by Ledger. Using Ledger Nano S is very easy, just connect with the USB port and transfer your all crypto tokens in your secured wallet.
You can Watch this tutorial
About Ledger Nano S key
- This 24-words recovery phrase works on any wallet which supports BIP39 wordlist, BIP32, BIP44.
- Ledger gives you 3 attempts to insert a correct password. After three invalid attempts, the wallet will reset itself to factory condition and will wipe the recovery phase.
- This recovery phase is so important that if anybody will have the access to it can steal your all the cryptocurrencies. Furthermore, it will not require any PIN or security card if you own a Nano/HW.1.
- However, if you were to lose your recovery seed, then you need to immediately transfer your entire balance to a temporary wallet. Then rest your Wallet and create a new seed, and transfer the balance back to your Ledger Nano. In conclusion, This recovery seed is really very important, and keep it safe and don’t share it with others.