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Generally speaking, most hardware wallets let the end-user re-initialize the device based on a seed (a random number). So as long as you save this seed securely
by mrb 13y ago
Generally speaking, most hardware wallets let the end-user re-initialize the device based on a seed (a random number). So as long as you save this seed securely (eg. printed on paper and stored in a safe) you can clone the wallet and recover your coins if you lose it.
I don't know if Trezor has this feature or not.
- miles 13y agoThanks for your reply, mrb. When you say that the wallet can be cloned, would it require another physical Trezor unit? If so, that would seem to be a potential downside vs. a regular paper wallet.
- mrb 13y agoIt would not require another physical wallet. The algorithm creating the Bitcoin addresses from the seed does not need to be made secret, and could be run on a computer, for example, then you could re-import the Bitcoin addresses and the coins into a software wallet.