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gkatz

[slightly off topic] nano S, what if?

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hi guys; I was wondering about the following imaginary (yet totally possible scenario):

A person putting all his coins in the ledger nano S HW wallet and puts it away in a safe for 5 years. after that time period this person tries to connect to the ledger nano S again but there is a HW failure. in such cases I assume the 24 passphrase should help a person to 'transfer' my coins to a new ledger. however, 5 years from now in my imaginary scenario ledger went bankrupt and non existent anymore. 

what then? you thoughts and comments are welcomed. 

considering the fact that there are many HW failures reports in the nano s forum and the volatility of the market as a whole. this scenario could be reality tomorrow...

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I would say it would always be a good idea to make a paper wallet in parallel with the Ledger, for this exact reason, and store it in a safe deposit box or other "ultra-secure" environment.

You only need your private and public keys to get at your XRP - if the ledger fails, just download any wallet and type in the private and public keys on the paper wallet.  Toast and Rippex both have this functionality.

 

 

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26 minutes ago, gkatz said:

hi guys; I was wondering about the following imaginary (yet totally possible scenario):

A person putting all his coins in the ledger nano S HW wallet and puts it away in a safe for 5 years. after that time period this person tries to connect to the ledger nano S again but there is a HW failure. in such cases I assume the 24 passphrase should help a person to 'transfer' my coins to a new ledger. however, 5 years from now in my imaginary scenario ledger went bankrupt and non existent anymore. 

what then? you thoughts and comments are welcomed. 

considering the fact that there are many HW failures reports in the nano s forum and the volatility of the market as a whole. this scenario could be reality tomorrow...

This is where your question is answered by Nano s 

What if Ledger goes out of business?

9 hours ago

 

Updated

If Ledger shuts down all its activities, the Ledger Chrome app will most probably stop to function as our API servers would be stopped. However, this would only be an inconvenience, as your bitcoins would stay completely safe.

With your recovery sheet, and your 24 words, you can any time restore your balance to another BIP39 compatible wallet.

https://support.ledgerwallet.com/hc/en-us/articles/115005161505-What-if-Ledger-goes-out-of-business-

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As long as you remember the seed words, in the correct order, you will always be able to recover your wallet. Have a look at the BIP39 and BIP44 standards. There a various wallets and sites  that these support these standards, so you're not out in the cold if Ledger disappear tomorrow.

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I know nano has 24 words key but is it possible to have a normal xrp secret key for xrp adress of nano as well apart from words...?  As i am not sure if the 24 words will work if u r transferring funds to normal cold wallet or lets say bitstamp address...? @Hodor

 

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thanks I did not know the 24 passphrases can act as an insurance due to a general compatibility with other wallets (this is my understanding from your answers).

if this is the case, its the answer I was looking for.

anyone knows of a wallet that supports this of the top of their head?

regarding paper wallet, personally if I make a paper wallet then I dont really need a nano S.

Edited by gkatz

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For a bitcoin wallet, most of the popular ones support and use BIP39 and BIP44. For XRP specific wallets, don't know off the top of my head but there should be more and more in the future as those standards gain more widespread adoption.

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