What happens if I lose my Ledger? with Parker Todd Brooks 

Hi have you figured out what happens when you lose it? Can buying a new ledger with my original recovery phase do the trick ??

Hi! This is why we only recommend buying your Ledger off of our official website or via one of our approved resellers. We also have a guide to check that your Ledger is genuine when you receive it - if someone has already generated the seed phrase, you absolutely shouldn't use that Ledger, and instead should contact our Support team. support.ledger.com/hc/en-us/articles/4404389367057-Is-my-Ledger-device-genuine-?support=true

@@Ledger how do you knownif someone has allready generated the seed phrase? Just a curious ledger owner

Hi - not at all. Your private keys remain stored on the Secure Element chip on your device - Ledger as a company never has access to them whatsoever.

@@Ledger but lets say i lost my ledger. so i buy a new one. how can it recognise my recovery phrase and link it to my wallet if that phrase is only on my lost device? the phrase must be stored in a server somewhere then. can you answer please because i have been wrapping my head arround this for a while now.

@@SamCraenen The 24 words recovery phrase that you get when setting up the Ledger for the first time is linked to the private key inside the secure element chip. So whenever you put the recovery phrase in another device it links back to that private key, I don’t know exactly how it works, maybe some algorithm or something like that

@@SamCraenen I should also add that your recovery phrase is like your private key but more manageable being words and not some random numbers and letters

Yes, you can reset the device to factory by entering a wrong PIN code 3 times. Then the device will prompt you to set it up as a new one meaning - setup PIN - generate 24 words recovery phrase from device - establish a genuine connection with Ledger Live installed from official site: www.ledger.com/ledger-live

Maybe it just goes on a device that human has access to like the blockchain

Yes of course - as long as you set them up with the same set of Private Keys!

Indeed, all you need to do is to not set-up the backup device as a new device! Rather, just use your same 24 words recovery phrase on both device which will give you access to the same private keys and tokens it holds! More about this here: support.ledger.com/hc/articles/4404382560913-Restore-from-recovery-phrase?support=true

Parker is the one who called in - he's our VP of NFT!

Yes, this applies equally to both the Nano S and Nano X!

Hi! In this case, you'd indeed be able to export your accounts to MetaMask by using your recovery phrase. However, note that this will permanently compromise the security of this given recovery phrase. * Remember that for security reasons, it’s incredibly important that your recovery phrase is never entered into your computer or smartphone.

Hi - no, not at all! Ledger doesn't hold your assets - the actual coins themselves are always held on the blockchains, and the private keys that allow you to access your assets are held on the Ledger device. Since the private keys are only held on the Ledger device, only you have access to them - Ledger has 0 access to them at all. The seed phrase acts like a master key from which all of your private keys are derived - that's why it can restore your assets on a new device.

You’re screwed

Hi! You're right that if a scammer has your seed phrase, they can access your crypto assets. The idea is that using a Ledger makes it incredibly difficult for a hacker to get your seed phrase in the first place - even if they have the wallet itself, the Secure Element chip protects against physical attacks, making it essentially impossible for hackers to extract your seed phrase from your Ledger. The way that scammers normally get your seed phrase if you have a hardware wallet like Ledger is through social engineering - tricking you into willingly sending them your seed phrase by pretending to be a legit business, using fake forms and things like that. That's why we always emphasize to NEVER send you seed phrase to anyone - Ledger will never ask for it! On the other hand, if your seed phrase is stored on a software wallet (or anywhere else online), scammers can access it much more easily through malware and hacks that the hardware wallet protects against by keeping the seed phrase offline.

He'll be asking you how to set it up in less than ten years.

idk. Ledger is great for storage, but you can't sell really anything from the device. It seems ATM you can only sell BTC, ETH and the majority of assets can't be swapped for Bitcoin or ETH to sell on the platform. A huge drawback. When transitioning from Coinbase Plus to Ledger, I was expecting to be able to sell and convert my assets right from my Ledger Wallet.

@@dylanmelotti4301 When you want to trade Crypto you can just transfer it from your Ledger to an exchange like Binance, Coinbase, etc. Once you're done trading you send it back to your Ledger where it is safe.

@@Cyqnidethe device will be obsolete in 9 years. It’s like having a pager. 😂

OK, the best way to understand is that the private keys are stored in your Ledger, which corresponds to the 24 words. This is generated via a protocol called BIP39 (Bitcoin Improvement Protocol). Your public address on the blockchain is where your assets are, it is also generated by the same private keys that generate the 24 words via a protocol called SHA256, which is a hash function that is irreversible (ie. your public address cannot lead to your private address, but it can be proven to be generated from your private keys.) So when you recover your 24 words onto a new device, it essentially copies the private key, which generates the same public address via SHA256, which will lead to your assets on the blockchain.

@@Ledger Thanks for the reply! Just ordered a Nano X. Thanks again. Very informative.