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Yes, in the case of the Ledger Nano S for example when you set it up for the first time it gives you a 24 word recovery seed that you write down and keep in the
by pmorici 10y ago
Yes, in the case of the Ledger Nano S for example when you set it up for the first time it gives you a 24 word recovery seed that you write down and keep in the safe place. The seed is created according to a Bitcoin standard (BIP39) If anything happens to your hardware wallet you just buy a new hardware wallet that supports BIP39 and you are back in business.
If you want to be really secure you can engrave your recovery seed into a piece of metal that won't melt in typical house fire temps like brass.
- slowmotiony 10y agoThanks for the detailed answer, exactly what I needed! Would you recommend the Ledger Nano S? It seems like it's half the price of Trezor for some reason.
- pmorici 10y agoI have a nano, it does the job. Build quality feels cheap but like you said it is half the cost of trezor. Keep key is a trezor clone trezor was first in the space and I think there build quality is better