I can’t get a easy reply on this matter so please reply such as you’re speaking to a excessive schooler. Will your funds keep safe?
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Then they shutdown and their employees lose jobs, but your coins would still be safe.
Your coins are in the blockchain, not in the USB device. The USB device is just an authenticator that allows you to easily access your coins.
As long as you know your recovery phrase, you can access your coins using some other wallet like Trezor.
Yes they would definitely stay secure as only you have the device with the keys on and only you have it (i hope) written down.
I think the worst that would happen would be ledger live would stop working, bricking your Ledger (maybe) but you could just open any hot wallet with your written down seed phrase and access your funds.
Most wallets including Ledger use the standardized BIP39 mnemonic wordlist. As long as you have your wordlist backup you can recover your wallet on any other BIP39 wallet, hardware or software.
If you kept your seed phrase secure your funds are secure.
This was a nice question with good info in responses ????????
You buy a new hardware wallet and enter your seed phrase. Done.
Nothing. 1 less company named ledger
What happens if crypto is dead for the???? 7th or is it 8th time?
If ledger shuts down then they shut down. You won’t be able to buy a new ledger from them or get warranty service for your existing hardware. There will not be any more official firmware updates.
Your bitcoins are on the blockchain not on your ledger so ledger shutting down has no effect on your bitcoin or your ability to spend them.
Why is ledger shutting down?
You’ve already been answered. But it’s fairly similar to what would happen if the manufacturer of your safe went out of business. Your safe will still operate.
At the end of the day, even if they aren’t producing software updates and you can’t interface with the software anymore you still use your 24 word seed-phrase on another wallet.
As long as you have your 24 word phrase nothing can stop you.
why would you think ledger would go out of business? sales went up 4x after ftx happened.
It’s not proprietary. It’s based on open standards: BIP 39 and BIP 44. If Ledger shuts down, you will still be able to use other wallets to recover your funds. Just make sure you have your word list, and don’t plug those words into anything unless it is a trusted wallet. Even then, you should compare the published checksum online to the hash of your downloaded software.
Here’s an example of how to do it on Windows:
* Download the wallet software from a trusted source (Trezor/Ledger/etc.)
* Search for download checksums ([Ledger example](https://www.ledger.com/ledger-live/lld-signatures))
* Open PowerShell
* Shift + right-click the downloaded file and copy the full path
* In PowerShell type the following lines, pressing Enter to run each line
`$filepath = (get-clipboard).replace(“”””, “”)`
`(get-filehash $filepath -algorithm sha512).hash`
* Compare the hashes to make sure that they are the same
25 to 50 years down the road the ledger if the company didn’t go down you may want to check if the ledger’s internal electronics still work though. Written seed phrase ink may fade out. USB C probably got phased out and your laptop/computer may not even have USB ports anymore. I’d say you may need to worry about those factors before worrying about ledger going out of business.
Ledger is caca. The app and all UI/marketing are fancy tho 10/10.
Got mine a year or so. I tried to charge this week and it only turns on when it’s plugged by charger so no way to connect via Bluetooth. Cheap hardware for the price. I rather get something like KeyStone.
You’re fine as long as you keep the seed phrase. You can enter the seed phrase on any other device or software with the BIP39 standard (the 24 word you got when you created your wallet)
How do we know that ledger doesn’t record our seed phrase
I’m not sure if Ledger has this but Trezor has “hidden” wallets with a passphrase. My understanding is that this is proprietary to Trezor so if you used this feature then you could only recover your wallet on Trezor software. Not sure if Ledger has any features that fit this pattern but I wouldn’t use any features that aren’t supported by the Bitcoin protocol.
Nothing happens.
The tech will still work just send your crypto to another wallet
If Ledger goes under, their servers go as well. So you may no longer be able to connect your Ledger Live software to a server, and you won’t be able to see your balance, sign transactions, or manage/install apps onto your Ledger hardware.
But the device doesn’t need Ledger Live to operate, and you don’t need your Ledger to keep your funds safe. The BIP-39 24-word seed phrase is what you need to keep it safe, and you can always find a different software that will either interact with your ledger to let you sign/broadcast transactions, or import your phrase (danger!) if you want to switch platforms.
If you want to switch hardware wallets, you just use your 24-word phrase to “recover an existing key” to that new hardware wallet.
Your coins are stored on your seed phrase not the ledger it’s self.
Jesus returns.
Open up another wallet on Muun or any other self custody software and use your secret keys to open the wallet and your coins will be there. You can throw your Ledger in the ocean and their headquarters can explode as long as you have your secret phrase you’ve got your coins. That’s the whole awesomeness of crypto and self custody
Love to see many newcomers trying to learn and buying bitcoin
the secret phase is the only thing that matters. Keep that safe and your funds are safe.
Do I have to use the taproot address?
You’ll have graduated from high school and are now an adult since you’ll have to learn that blockchains don’t live on a USB stick.
It’s why you keeps your keys safe. So you can access them.
Your coins are not stored in the hardware itself; it’s stored in the blockchain. The Ledger is just an authenticator to your wallet in the blockchain. This is why it’s important to HOLD YOUR KEYS (recovery phrase) and keep it somewhere safe.
Ledgers sells a fancy password keeper
What if you add a passphrase to your seed phrase? Can you easily use a different hardware wallet from the initial one used (ledger to trezor)?
What if you also use a 25th passphrase? Is that standardized too?
I’ve never understood why people buy complicated, expensive devices
12 words is all you need
Ledger is just a device for easy, but secure interaction with crypto.
You can recover your funds with your recovery seed.
And as long as you keep your ledger at a safe place, your funds are safe
Hovewer when the conpany goes Fubar – i would grab a Trezor and move my Funds there – but the ledger device might still be Safu – at least as long as there are not unsafe and aggresive 3rd-party firmware-updates.
A must watch video for anyone interested in bitcoin
https://youtu.be/ZloHVKk7DHk
Thanks for this post I wanted to ask the same question few days ago
The bigger problem with Ledger is, that they use closed source firmware on their “secure chip”.
Don´t use that. That is a desaster in the making.
Yes your funds stay secure, you can buy a trezor or other hardware wallet and transfer them over. All you need for your funds to stay secure is your seed phrase, your “password”, your “secret words”. You should never put them into any digital device that can connect to the internet (pc or phones). You should be able to protect them from anyone else, have them secured in very safe and multiple locations, be able to recover your funds under any circumstance (ie without your usual devices at home) and be able to pass your funds to someone you really trust in case anything happens to you. Being fully responsible of your own bitcoin funds is much harder than most people realize. It’s the single point of weakness of bitcoin and its adoption imo.
A better question and far more realistic is if or when a rogue employee releases a bogus update, I bet things will get interesting. You might believe your seed is not touching the internet in your little USB thingy, but I won’t trust any hardware wallet that leaks personal information(Ledger) or ignores phishing attacks (Trezor). These are facts, just google it. In truth, all you need is 12 words and that’s all. It takes some time to learn to secure your crypto without relying on dubious companies, but is worth it.
To your coins? Nothing, they live on the blockchain, the USB just holds your authentication data in cold storage, doesn’t matter if we go into WW3. If you have your recovery phrase you can always access them from somewhere else.
How do you get your recovery phrase or seed phrase? Looking at removing from coinbase to cold wallet.