In order to mitigate damage caused by a large-scale disaster (fire, flood, tornado), it's best to not keep the device and words together, say in your desk drawer.In order to prevent theft, it's probably not a good idea to carry it on you on a day-to-day basis.Your backup is worthless and you have no access to your funds. Your backup is only worthwhile if it doesn't also get destroyed with your hardware wallet.įor example, if you tape the 24 words to your hardware wallet and accidentally drop it off the side of a cliff, both the device AND the words will be lost. If you have those words, you can access your funds at any time. The backup of your hardware wallet are those 24 words (standard on both the Ledger Nano S and Trezor). For that reason, you need to have a backup. If any of the above happens, you will want to be able to access your funds without your hardware wallet. 99% of the time, you will never lose this device, have the device stolen, drop it in a toilet, burn it in a fire, or anything else. When you have a hardware wallet, you use that device to access your funds on a day-to-day basis. Never put this key on an online device or type it into M圜. To save / backup your Ledger or Trezor device, simply write down the 24-word phrase on the card they provide and keep it very, very safe. Due to their ease of use and security, we recommend a hardware wallet for cold storage. The following assumes you are using a Ledger Nano S or Trezor hardware wallet.
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