Losing your Ledger
Parker Todd Brooks: Hey Ian. Some of my friends are nervous about having a Nano in their house. What happens if they lose it, or if it get stolen ?
Your Ledger is small enough to fit in your pocket, and you could lose it.
But as long as you have your recovery phrase somewhere safe that ONLY YOU have access to, you don’t need to worry about losing it. You can always just get a new Ledger device, punch in your recovery phrase, and you’re back in business.
Also, we recommend having a backup Ledger device set up with the same recovery phrase for easy access to your funds in case something gets lost or goes wrong.
And if someone steals your Nano, no need to worry. They don’t have your pin code and if they make three wrong attempts at it, the device bricks — which means it factory resets.
Finally, your Ledger device has advanced security features such as a second pin code which shows a different set of accounts. This is called “plausible deniability mode”. To learn about this and other advanced security features check out Ledger Academy on Ledger.com.
Remember, you can safely lose your pin-protected Ledger device. But you cannot lose or let anyone else get their hands on your recovery phrase. Please watch this video as many times as you need to to understand this clearly.
THIS IS THE MOST IMPORTANT SECURITY FACT YOU CAN KNOW ABOUT SECURING YOUR CRYPTO. JUST STORE YOUR PASSWORD SOMEWHERE ONLY YOU HAVE ACCESS TO.
Should be safe enough, right? So what are the remaining dangers?
In the next video we will show you how scammers will try to steal from you, and more importantly – how to protect yourself.