How can cryptocurrency be recovered if the Ledger hardware wallet is lost?
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Answer How can cryptocurrency be recovered if the Ledger hardware wallet is lost?
Ledger hardware wallets are among the most secure wallets in terms of storing digital currencies, but what if this wallet is lost, how can digital currencies be retrieved from it?
Losing a hardware wallet can be frustrating and worrying, but it doesn’t mean losing hope of getting what was inside, especially if the 24-word recovery phrase is available.
When setting up a Ledger wallet for the first time, you must follow a series of steps.
Among these steps, two very important steps are to back up a 24-word phrase and create a PIN.
The PIN is important for opening a hardware wallet, but it does not matter if you have it or not, but a 24-word phrase is necessary to recover cryptocurrencies.
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If you do not have this phrase, unfortunately your cryptocurrency will be lost forever, because this phrase is the key to your wallet and cryptocurrency.
If you have a 24-word phrase, you can use it to import the wallet into another hardware wallet.
In the event that you do not have a hardware wallet at your disposal, cryptocurrency can be redeemed via a digital wallet, but it will be a little more difficult.
Where in this case, you will have to use memory converter By following these simple steps:
- Near the “Create Random Shortcut” button, select 24 words.
- Paste and write the 24-word phrase into the hardware wallet in the BIP39 mnemonic row.
- Select the currency you want to redeem.
Here’s the number!
As you scroll towards the bottom of the page, search for “Delivered Addresses” and choose the first private key which is the path m/44 “/60”/0”/0/0 in this example and the image above.
You can import your private key into a digital wallet that supports your cryptocurrency, such as Enjin or Trust…
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Suggestions and tips:
- We suggest downloading the memory adapter by right-clicking, followed by save the page and turning off the internet connection, just to be safe.
- We also recommend sending the cryptocurrency to a new wallet quickly, to avoid the scenario of someone finding your Ledger wallet and guessing the PIN number.
- For those who may want to store a recovery phrase in a safer way rather than a piece of paper that can easily deteriorate or be damaged by a fire, we suggest storing it on a metal bracket.
Read also:
Best ways to keep your cryptocurrency safe
The most important global challenges facing cryptocurrencies in 2020
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