Beginner26 Apr, 2022· 8 minutes of readingKey aspects:— It is essential to use the authentic Ledger Live app, which is available in ledger.com.
— Remembering your PIN is also critical, but your Recovery Phrase can help you regain access to your crypto if you don’t remember it.
— If you have lost your Recovery Phrase, but still have access to your device and PIN, you can also regain access to your crypto.
— If you lose both, you won’t be able to access your crypto.
— It’s also vital to keep your Recovery Phrase protected, offline, and out of reach of anyone.
Ledger hardware wallets are the ones that best protect your crypto. Our devices only use the best secure item chips to protect your valuable assets. However, there are always a number of best practices to take into account to ensure the security of cryptocurrencies. Today we will talk about them. Use the authentic Ledger Live app
Ledger Live is a powerful tool that provides you with the best crypto experience. Together with your Ledger hardware wallet, it grants you full control over your crypto assets, such as Bitcoin, Ethereum, XRP and 22 other currencies, as well as over 1500 tokens. You can even engage your Tezos and Tron to passively earn crypto rewards and use them to buy more crypto.
However, it is critical that you use the authentic Ledger Live app.
The world of cryptocurrencies constantly suffers from different phishing attempts and we have decided to dedicate an article to this topic to give our users tools against them. A common phishing scam is a fake Ledger Live app, mainly a fake Chrome extension or a fake Android app. We recommend never interacting with these apps and, of course, never entering the 24 Word Recovery Phrase into any app. If necessary, it should only be fed into an authentic hardware wallet. We also strongly recommend getting Ledger Live only through our website: www.ledger.com
Sometimes we also get questions about whether crypto assets are lost when deleting an account on Ledger Live or if bitcoins are lost when deleting the Bitcoin app from the Ledger device. There is nothing to worry about in either case. If you delete an account on Ledger Live, simply add it back through your Ledger hardware wallet. That means your crypto assets won’t be affected even if you restore Ledger Live. If you uninstall the Bitcoin app from your Ledger device, simply reinstall it. As long as your device is still set up with the same 24 Words, it will give access to the same accounts, so you won’t lose anything either. This is due to the operation of the applications. You can find more information about it here.
In short:
– Always make sure to download Ledger Live from ledger.com.
– Never enter your 24 Words on any device other than an authentic hardware wallet.
– The real Ledger Live app will never ask for your Recovery Phrase.
– Your crypto will not be affected if you uninstall an application from your device or delete an account on Ledger Live.
Anyone can forget something, they are things that happen. Your PIN is undoubtedly an important thing to remember, as it is the key to unlocking your Ledger device. If you can’t unlock it, you won’t have access to your crypto estate. What’s more, if you enter an incorrect PIN code three times, your Ledger device will be restored and erase the previous Recovery Phrase. This is part of a security mechanism designed so that no one can try to guess your PIN code indefinitely. So if you forget your Ledger’s PIN code, does that mean there’s nothing else to do?
The PIN code is a crucial piece of information to manage your crypto. However, if you lose it, there is a way to avoid losing your crypto. You can use your Recovery Phrase to regain access to your crypto assets. As long as you still have your 24 Word Recovery Phrase, you can enter it into your device and continue to manage your cryptocurrencies, as if nothing had happened. We’ve written an article to show you how to do it.
If you forget your device’s PIN code and lose your Recovery Phrase, you’ve lost your crypto. That’s why we constantly insist on the importance of keeping your Recovery Phrase in a safe place.
In short:
– If you have forgotten your PIN, but still have your set of 24 Words, you will not have lost your crypto.
– In that case, you can enter your 24 Words on a restored device.
– If you have forgotten your PIN and lost your Recovery Phrase, you will have lost your crypto. But if I left my Nano X right here…
Losing your Ledger device is the same as forgetting your PIN code. If your Ledger hardware wallet is lost, stolen, or broken, your Recovery Phrase will be of utmost importance. If you have your set of 24 Words, you can still regain access to your valuable crypto assets. In the event that you had lost your device and no longer had your Recovery Phrase, unfortunately your crypto would be considered lost.
However, you should keep in mind that if someone gets hold of your hardware wallet and knows your PIN code, they can steal all the crypto assets you manage through your Ledger device. Never share your PIN code with anyone. Without your PIN, it is not possible to access your funds. In any case, if your device is stolen, it would be best to restore your funds with your 24-Word Recovery Phrase and transfer them elsewhere.
In short:
– If your device is lost, stolen or broken, you can use your Recovery Phrase to regain access to your crypto.
– If you can no longer use your device and you do not have your 24 Words, you will have lost your crypto.
– In case someone steals your Ledger device and knows your PIN code, they will be able to steal your crypto, so you should never share your PIN code with anyone.
– Although without your PIN code it is not possible to access the funds, in case of theft of the device, we recommend that you transfer your crypto to another place. Losing the most important thing: your Recovery Phrase
As you’ve probably deduced, your 24-Word Recovery Phrase is quite crucial. It is the backup copy of all your cryptocurrencies and can save all your assets if any difficulties arise. Of course, you must protect your 24-Word Recovery Phrase at all times.
Unfortunately, something can always happen to you. It is not difficult to make a spelling mistake when writing the 24-Word Recovery Phrase, which could have catastrophic consequences. In addition, it is not difficult for the paper on which you write it to deteriorate to the point that the 24 Words can no longer be read. What’s more, a paper can be easily misplaced or lost.
In turn, the loss of your 24-Word Recovery Phrase can mean the loss of your crypto… if you can no longer access your Ledger device. If you still have an operational Ledger Nano X or Ledger Nano S, just unlock it with your PIN code and manage your crypto assets. However, we recommend sending your crypto assets elsewhere and getting a new set of 24 Words (more information here and here), as it is the only backup copy of all the crypto you own. For optimal security, it would be best to send them to another hardware wallet. In case of spelling error, you can use the Recovery Check app and try to figure out which word from the BIP39 list you may have misspelled.
If someone managed to get hold of your 24-Word set, your crypto assets would be in grave danger. In these cases, it’s important to act quickly and send your cryptocurrencies elsewhere. If you act faster than the person who has accessed your Recovery Phrase, you can still save your crypto assets.
If you have lost your Recovery Phrase and can no longer access your Ledger device, unfortunately there is nothing you can do. In this case, your crypto assets would be inaccessible.
