Topic: Best crypto wallet - Ledger Nano X ? (Read 150 times)

You have to protect your seed phrase because if known to another person, it can be used by the person to compromised your wallet and all coins on your wallet can be stolen. The hacker can use another wallet which is not ledger nano to recover all your cryptocurrencies  stored on the ledger nano x, this is so possible if the wallet the attacker use support the coins stored on your ledger nano x and support BIP39 also, the BIP39 cointain 2048 words and the wallet supporting it can generates 12 out of it and you can customize the words too. So, the reason for the a wallet to support certain type like BIP39 is to be able to recover cryptocurrencies stored on the BIP39 wallet irrespective dof the wallet use so far it also support BIP39.

This is not troubling, you don't allow someone to see those phrases. You must keep it elsewhere that you alone knows where it can be found. Write it with various backups and much better to avoid backing it up with any software on your computer or smartphones. Just plain handwrite.
AFAIK, you can access those phrases with any wallet except webs.

It's not hard to keep your crypto funds safe at all. I don't know why would anyone pay someone else to keep their crypto when you can have it stored in a free paper wallet. And I think that paper wallet (if generated and used correctly) is more secure than any other wallet. It's not a convenient way to keep crypto if you are making a lot of transactions but if you just keep it stored then paper wallet is great choice.

As for the seed phrase, no one will see your seed phrase if you generate it in private. You don't have to use it anymore except if you lose or broke your hardware wallet and have to get a new one. Then you will use your seed phrase to initialize your new hardware device with an old wallet.

You could own the safest, sturdiest, most secure & rugged offline crypto wallet out there - if you use it the wrong way, it's as safe as throwing some paper planes from a skyscrapper with your seed written on them.

Long term storage of the seed is a thing whether you have a Ledger or not. With or without the hardware wallet, you still have to write a seed somewhere and safely store it in case something ever happens to your device. The thing Ledger allegedly protects you from is that you can plug it into the most infected PC out there and even the roughest virus out there couldn't take your money off the Ledger without your physical approval of the transaction.

Moreover, if you ever wear your Ledger in your pockets and lose it, a thief would have only 3 tries to steal your device after which Ledger resets, protecting your seed and funds. But again, you still have to store a seed safely. There are a few ways you could do it, from the simplest & cheapest way to the more expensive Cryptosteel.

For example, if you live in a house you could write the seed on a paper, place it inside a small plastic bottle, close it properly and bury it somewhere in your garden - just make sure you don't forget the exact spot & nobody sees you digging & placing that bottle in there For apartments, you could write it on a paper, fold the paper to make it smaller, place it into a little plastic recipient and hide it inside a pot. These are the simplest ways you could hide the seed and seriously - unless you make the hiding spots somehow obvious, no thief will break pots or start digging your garden.

This isn't unique to the Ledger Nano X, Ledger products in general, or even hardware wallets in general. Almost every wallet you can use these days, be it hardware, software, mobile, etc., uses seed phrases to both generate the wallet and to let you back it up. Pretty much the only time you won't use a seed phrase is if you use a custodial wallet such as a web wallet or exchange, in which someone else is holding your coins on your behalf. It is a set standard across the entire bitcoin ecosystem. You can read more about seed phrases here: https://github.com/bitcoin/bips/blob/master/bip-0039.mediawiki

Only ever store it on paper and never on an electronic device. Keep it secure. If you are worried about people discovering it, then there are a number of options available to you - split it up in to a m-of-n secret share, so an attacker needs to find multiple pieces of paper rather than just one, encrypt it before you store it (but make sure you also back up your decryption key), or (the most preferred method) use an additional passphrase in addition to the seed phrase (again, make sure you also back this up on paper separately to your seed phrase). There are instructions on using a passphrase with Ledger wallets here: https://support.ledger.com/hc/en-us/articles/115005214529-Advanced-passphrase-security

Seed phrases generated by Ledger use the BIP39 standard I linked to above. This is widely supported and can be restored to almost any wallet currently available.

The main thing is to keep the seed secure like your wallet.dat or private keys, preferably offline. The way I like to do it is to write it down on a piece of paper, laminate it and then keep it in a safe. For my uses, it is more than sufficient security to secure my seeds.

No. The seed phrase generated by HD wallets like Ledger usually conform to a certain standard and thus the method of deriving the private key is still open sourced and anyone can develop programs for it. There are still plenty of wallets using the same seed format as Ledger and it wouldn't be difficult to import the seeds into another wallet.

Is Ledger Nano X the best crypto wallet (in terms of most secure and easy use for many coins)? I find that the seed phrase generated is potentially very troubling for two reasons: (1) If other people spot the seed phrase, they can take away all the coins. How do you keep the seed phrase long term? (2) I read that "generally a seed phrase only works with the same wallet software that created it".  What if that software - Ledger Live is no longer available or workable in the future? Thanks for any relevant info.

People are paying very high premium buying bitcoin and ether in Grayscale's Fund - GBT and Ethe. I guess an important reason is that it is too difficult or too much trouble to keep and manage private keys themselves.