How to 100% Secure Bitcoin from Thieves / Hackers / Government??? - page 3.

Lutpin

copper member

Activity: 1904

Merit: 1874

Goodbye, Z.

Quote from: BTCEnthusiast2 on August 28, 2019, 12:23:37 PM

1. If the Ledger Nano company goes out of business, where will my keys go? How will I access them?

LedgerWallet (the company) does not have access to your private keys, not now, not ever.
The point of a hardware wallet is that the keys are only stored on that specific piece of hardware, they are not shared, they are not accessible from the outside.

If LedgerWallet (the company) goes out of business, their software companion to the Nano, Ledger Live, would likely stop working.
You would not get any more firmware updates and might not be able to install new currencies on your ledger without some workaround.

However, there are a lot of third party wallets integrating with the Nano, those will continue to work regardless. Electrum would be one that comes to mind for Bitcoin. Mycelium works with the Nano as well, IIRC.
Even if this wasn't an option, you could still use your mnemonic phrase (the 24 words) to restore your private keys in another kind of wallet.
(eg import them into Electrum directly, instead of connecting Electrum to the Nano)

In conclusion: LedgerWallet (the company) going out of business will likely decrease the usability of your Nano, but it will never leave you without access to your funds.

avikz

legendary

Activity: 3080

Merit: 1500

Till the time you have your seed words, you are good!! The private keys are actually derived from your seed words. So if Ledger nano s goes out of the business, you can simply use your seed words to restore your wallet in any other wallet service provider that lets you control your private keys.

You can also refer to the below thread,

https://bitcointalksearch.org/topic/what-happens-if-you-loose-ledger-nano-s-or-it-is-damaged-3345224

Hope this helps!

BitcoinGirl.Club

legendary

Activity: 2800

Merit: 2736

Farewell LEO: o_e_l_e_o

Mine are:
-I have stored my coins in a 2/2 multi sig wallet. Two keys are in two different device. I printed the keys and stored them in two separate place.
-I have a ledger wallet but I do not use it for bitcoins anymore. I have few alts and I am using the ledger for them

Quote from: BTCEnthusiast2 on August 28, 2019, 12:23:37 PM

I'm wondering a few things though:

1. If the Ledger Nano company goes out of business, where will my keys go? How will I access them?
2. Is there anything else obvious I can/should do to improve this process?

I think someone with better knowledge will answer this.

BTCEnthusiast2

newbie

Activity: 11

Merit: 1

I'm trying to improve/perfect as much as possible the security of my Bitcoin.

My current security is:

1. Use Ledger Nano S to store keys
2. Have 24 word back-up phrase stored in multiple hidden locations that no-one will find
3. Only access my BTC on hard-line internet connection (no wifi to stop hackers intercepting)
4. Only access my BTC on a computer that I rarely use and update the virus software to stop trojan horse/remote access.

I'm wondering a few things though:

1. If the Ledger Nano company goes out of business, where will my keys go? How will I access them?
2. Is there anything else obvious I can/should do to improve this process?

Thanks for any comments or suggestions.

Topic: How to 100% Secure Bitcoin from Thieves / Hackers / Government??? - page 3. (Read 636 times)