If your Ledger hardware wallet accidentally breaks or if you lose the device then you need the backup phrase to recover your funds. Taking a proper backup of your recovery seed and securing it is more important that your device itself. But what’s extremely important is how accurate the mnemonic seed backup is and how securely it is kept which is often a neglected step. After the wallet setup is done, they take backup, send funds and forget. Since it is a cold storage many users only use their hardware device as a long term cryptocurrency storage solution and not on a day to day basis. Why to backup hardware wallet?ĭue to their ease of use and security, hardware wallets are largely used and it is the most recommended wallet type.
#How to do a ledger how to
Likewise here in this beginners guide we’re going to cover how to backup Ledger Nano S and Nano X hardware wallets. Here is a guide to backup electrum wallet and we’ve made many similar wallet backup guides. Previously we’ve explained how to backup Bitcoin core wallet.
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It can be a software wallet, online wallet or hardware wallet.
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This applies to all wallets and not just one specific type. When it comes to wallet taking a backup is the most essential step and you need to take backup before sending any funds to your wallet. They simply setup the wallet, send funds and start using it without doing a proper backup or knowing what to do with the mnemonic seed words. Most users who setup their cryptocurrency wallet for the first time are not aware about wallet backups.