Hardware Wallet Backup Key - Does it back up Alts?

dkbit98

legendary

Activity: 2212

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Backing up your 24 seed words should generally work for Bitcoin and all other coins on specific hardware wallet, so if you have backup from Ledger you will be able to recovery everything on any other Ledger device.
Only problem can happen if some hardware wallets are using specific derivation paths that is especially important if you are using bunch of altcoins.
For example, you can try recovering seed words you used for many coins on ledger to hardware wallet from other manufacturer that are popping up like mushrooms, in that case nobody can guarantee that you will be able to recover everything.
Walletsrecovery website is trying to collect all Bitcoin supported paths and BIP standards for wallets including hardware wallets:
https://walletsrecovery.org/

Quote from: JustAnOtherLoser on August 10, 2021, 08:06:55 PM

Are there hardware wallets that don't do this?

No wallet or tool can get you keys for all coins because keys are not stored on device, they are generated from seed words.

pooya87

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There is an initial entropy (the mnemonic) that is used to derive a master key (for BIP32) and then from there you have derivation paths that are basically (and I'm simplifying BIP32 here) HMACSHA512 of the master key plus a number and when you change the path you are changing that number which means the HMAC result changes. Then you can use half of it as a private key for a different cryptocurrency since they all use 256-bit keys.

All these details are usually known by your wallet and all you have to do is create a back up of the mnemonic (seed phrase) and just select which coin to create addresses for.

odolvlobo

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Activity: 4438

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Quote from: JustAnOtherLoser on August 10, 2021, 08:06:55 PM

... If I backup my 24(+1) Seedphrase from my Ledger,
Bitbox, Trezor or whatever => Am I also backing up my Altcoins?

The only way I imagine this could be possible is, if the wallet software from the
company uses the btc masterkey to generate all other keys on the wallet. Is that
the case and if so: Are there hardware wallets that don't do this?

Generally, a wallet generates all keys for most coins from the same master key. If you don't have to do anything special when you create an account for a coin, then its keys probably come from the master key.

Darker45

legendary

Activity: 2576

Merit: 1860

Yes, your 24(+1)-word seed phrase holds everything. That's your key to your Bitcoin as well as to your altcoins, at least those ones which are supported by your hardware wallet. It is where all your private keys are derived, both with Bitcoin and altcoins. So those words back up all the information of your hardware wallet. In case you lose your wallet or it gets stolen or it gets destroyed, your 24(+1)-word seed phrase is all you need for the complete recovery of both your Bitcoin and altcoins.

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

The private keys that is stored on your hardware wallet is used on every single wallet you use on almost every single blockchain(not sure if there are projects that use a different structure), bitcoin or not bitcoin.

dansus021

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Activity: 2128

Merit: 979

Part of AOBT - English Translator to Indonesia

you can see on website that you buy the hardware wallet.

For now phrase key can save dozen altcoin in multiple chain and

One chain right now have million of token Cool

so the simple answer yes it does backup the altcoin

Charles-Tim

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Activity: 1512

Merit: 4795

Leading Crypto Sports Betting & Casino Platform

Quote from: JustAnOtherLoser on August 10, 2021, 08:06:55 PM

The title should really say it all: If I backup my 24(+1) Seedphrase from my Ledger,
Bitbox, Trezor or whatever => Am I also backing up my Altcoins?

Trezor and Ledger Nano have derivational part to Bitcoin and altcoins they support. You back up all the funds (Bitcoin +Altcoins supported) with just the seed phrase.

JustAnOtherLoser

jr. member

Activity: 37

Merit: 16

Hey guys,

if this was already asked (which it will be), a link to the thread would be awesome Tongue

The title should really say it all: If I backup my 24(+1) Seedphrase from my Ledger,
Bitbox, Trezor or whatever => Am I also backing up my Altcoins?

The only way I imagine this could be possible is, if the wallet software from the
company uses the btc masterkey to generate all other keys on the wallet. Is that
the case and if so: Are there hardware wallets that don't do this?

Thanks in advance!

Topic: Hardware Wallet Backup Key - Does it back up Alts? (Read 81 times)