Increase your security with a backup device
| By having a second hardware wallet, you can:|
– Increase your security in case of theft, loss or damage of your first device: you have your second device to access and move your coins.
– Have quick access to a device while keeping your second device safe at home.
– Have dedicated use for each device: for instance use each hardware wallet for specific coins.
Having a hardware wallet is a great way to secure your crypto assets. You can increase this security by having a second in case of theft, damage or loss. Equally, this would reduce the risk that losing a recovery sheet might bring or perhaps you share a cryptocurrency account with a relative.
There are several reasons for potentially having or wanting a second hardware wallet, which you would use as a backup. What would you do if you lose your precious device? Of course, you can always restore it using your 24-word recovery phrase, but what if that has been lost or had been noted incorrectly? A backup could add another layer of security for you. Even for flexibility, there can be several reasons for wanting a backup device. Underneath here, we will list some of the possible uses for it.
Loss or destruction
When you lose your device or should it malfunction due to being damaged, having a backup device enables you to still have access to your crypto assets.
In case of theft, it is recommended to rapidly move your crypto assets so that no one would be able to access them. With a backup device, you would be able to have quick access and move your crypto assets if needed. After this, you can reset your hardware wallet to use it safely once again.
If you have one Ledger hardware wallet, you already have a form of backup: the 24 word recovery phrase. This too, however, could get lost or destroyed. In worst case scenarios, a flood or fire could make short work of your recovery sheet. Much like a Ledger device, a recovery sheet could be lost as well.
Having a backup device stored in a different location would mitigate this threat.
Having quick access
There are two different use cases for wanting quick access. One is convenience, whereas the other concerns the security of your crypto assets.
Many of our users have already noticed the ease of the Ledger Nano X’s usability. It provides easy access to your crypto assets through a smartphone at any time. By having two devices, a Ledger Nano X can be taken with you anywhere you go. The Ledger Nano S can be kept for at-home use or kept in a safe location.
With two hardware wallet, you can have dedicated devices.
Your first Ledger Nano S or Ledger Nano X could be used for certain crypto assets, while your second device could be used for the utility apps, such as the Password Manager, Hello, Recovery Check and U2F.
Or perhaps you’d want to use the second device for other crypto assets than the first one. So that you have a specific device depending on the asset you want to use.
Another case we see often is two individuals sharing one account. In this way, the two could each have their own device and access the crypto assets as desired. This can be interesting for families for example.
Upgrading to the Ledger Nano X
With the launch of the Ledger Nano X, many Nano S users have purchased one to enjoy its mobile capabilities and increased storage. It’s equally possible to use your new device for your old accounts, thus letting you manage your crypto assets through your smartphone. Your Ledger Nano S can still be used as a backup for your Ledger Nano X in this case.
How do I back up a device?
To create a backup of your first device, you will need to use the 24-word recovery phrase you received when first using it. You can then enter your 24 words into your second device by using the restore option to create a backup. To have more details and see our step by step instruction for the backup, read this article: Restore from Recovery Phrase. These will be key for initializing.