Best Practices when using a Hardware Wallet

Hardware wallets such as the Ledger钱包下载 generally empower you with a sense of control and ownership to your crypto assets. However, with great power comes a great responsibility. This practically implies that being your own bank is definitely not trivial and it requires you to have discipline.

Using a hardware wallet such as the ledger wallet, does not 100 percent guarantee that you will be invincible against human errors, social engineering or physical threats. It is recommendable that you always use your common sense and apply some basic security principles.

The 24-word recovery phrase

Whenever you are initializing your hardware wallet for you first time, you will most certainly be promoted to note down twenty-four word writing on a certain recovery sheet. These twenty-four words are typically referred to as a recovery phase and are basically a human readable back-up form which all of your private keys are usually derived from.

These twenty-four words writing on the recovery page is used for the purpose of restoring access to your crypto assets on another Ledger钱包下载or any other wallet that is compatible. To put it in a more simple term this ledger recovery sheet that is practically containing the 24-word recovery phase is a unique list of words that is basically generated by the hardware wallet.

General security principles

Basically, there are two major reasons as to why you require access to your recovery phase which you will most certainly be able to see, learn, and comprehend by thoroughly reading this article.

One of the reasons as to why you require to access to your recovery phase is due to the fact that your hardware wallet has the possibility of undergoing a certain loss or destruction. With the recovery phase you are very much capable of entering on a new device so as to recover full access to your crypto assets

The other reasons as to why you require access to your recovery phase that is the issue of cloning to a new device. Therefore, by entering your 25-word on another hardware device, you will most certainly be in possession of two hardware wallets which you are pretty much capable of using them independently. Another reason as to why you should clone a device would be whenever you are upgrading to a newer model.

As you are very much capable of easily deducting from this, anybody who is able to get access to your recovery sheet that has your twenty-words would most certainly obtain instant access to all of your crypto assets.

This, therefore, proves the manner in which it is of the utmost importance that your recovery phase is secured in a correct manner. The reason being is due to the fact that any form of compromise to your recovery phase, at any particular time, would most certainly, have a high probability of leading to cast strophic losses to your crypto assets which is something that you most certainly do not wish to go through.