If you do not yet own any cryptocurrency or cryptoassets, you can purchase them on popular, safe, and easy to use exchanges such as Coinbase or Gemini.
UPDATE LEDGER LIVE DESKTOP OFFLINE
Your private key, which is used to retrieve all of your cryptoassets from the blockchain, still will be stored safely offline in the Ledger Nano S. Ledger Live is the official desktop application from Ledger that acts as an interface with the Ledger Nano S hardware wallet.
UPDATE LEDGER LIVE DESKTOP HOW TO
This guide provides complete step by step instructions on how to setup a new Ledger Nano S hardware wallet, using the Ledger Live application. If you do not already own one, you can purchase a Ledger Nano S here. We do not hold nor have access to the other shards that make a complete seed phrase.With over 1 million units sold worldwide, the Ledger Nano S is the most popular hardware wallet. The device is praised for its security and its support for a wide variety of coins. Coincover or the other backup providers will only ever manage one encrypted shard.
Any order of this nature would realistically only ever be obtained in the most serious cases of criminality (such as where terrorist financing is suspected).Ĭoincover will never be able to access your seed phrase. Two of them would need to be recombined and decrypted, with separate keys. These individual fragments are not exploitable on their own. Since a minimum of two of three fragments would be required to gain access to your wallet, it is likely that an order would need to be obtained in at least two jurisdictions. You should also note that the Recovery Seed Phrase (RSP) is encrypted and split into three fragments – all of which are held by independent companies established in separate legal systems. It may result in a criminal offense for any entity supporting Ledger Recover to fail to comply with a production order, but Coincover would always take all reasonable steps to verify a production order before complying with it. For example, law enforcement agencies often have extensive criminal investigation powers including the ability to obtain production orders requiring information to be produced. STEP 4: The backup for your Secret Recovery Phrase is linked to your verified identity from Step 1 so only you have access to it.Ĭoincover will never pass your information to a third-party unless it has a legal obligation to do so. When you request access to your wallet, two of the three encrypted fragments will be sent back to your Ledger device, reassembling them to build your private key. Each encrypted fragment is useless on its own. STEP 3: These encrypted fragments are securely sent to three independent providers – Ledger, Coincover, and EscrowTech that will store them in Hardware Security Modules (HSMs).
These fragments become the backup of your Secret Recovery Phrase. Once approved, your Ledger Nano X will duplicate, encrypt and fragment your private key into three parts within the Secure Element chip. STEP 2: You’ll be asked to connect your Ledger Nano X and give approval to the creation of the backup to your Secret Recovery Phrase. STEP 1: When setting up your Ledger Recover login, you’ll first need to verify your identity using your ID card.
Your private key serves as the starting point for creating a backup of your Secret Recovery Phrase.
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