Ok, but I guess it wont work the other way

Question

Ok, but I guess it wont work the other way

around either... if you generate seed on ledger, and the company go bust and your ledger will break, you wont be able to recover with ledger seed into any wallet (without the actual device)??

#ada #blockchain #cryptocurrency #english

0

07.08.2023

9 ответов

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O K Автор вопроса

Fabian (Zyroxa) [TMS]
I think right now there is no software wallet arou...

what about Trezor, does it have the same issue?

0

07.08.2023

Heinrich S.

It's no issue at all if Ledger the company goes bust. You can connect the hardware device directly to many other wallets. You don't need the ledger wallet software to use the hardware.

0

07.08.2023

Fabian (Zyroxa) [TMS]

O K
what about Trezor, does it have the same issue?

Not sure if they are using the same derivation path as Ledger does, but i think you are not able to use a seedphrase from Trezor aswell for most other software wallets.

0

07.08.2023

Fabian (Zyroxa) [TMS]

Heinrich S.
It's no issue at all if Ledger the company goes bu...

Yeah thats obviously correct aswell.

0

07.08.2023

Fabian (Zyroxa) [TMS]

Heinrich S.
It's no issue at all if Ledger the company goes bu...

I assume hes asking in case Ledger goes bust AND his device is broken.

0

07.08.2023

O K Автор вопроса

Fabian (Zyroxa) [TMS]
I assume hes asking in case Ledger goes bust AND h...

yes, and there wont be possibility of buying a new one

0

07.08.2023

Fabian (Zyroxa) [TMS]

O K
yes, and there wont be possibility of buying a new...

Yeah. As i said it is technicaly possible but right now there is no "easy" solution for the average user. But im pretty sure that in such cases it wouldnt take long that some devs would create a solution for them.

0

07.08.2023

HeptaSean

O K
what about Trezor, does it have the same issue?

Trezor can actually do three different modes. In the beginning, it was *accidentally* incompatible with the software wallet because of a bug for seed phrases of 24 words and longer. That mode is now called Legacy by them. The new standard mode *is* compatible with Cardano software wallet and the seed phrase could just be restored in software (losing all advantages of a hardware wallet, so should only be done in emergencies). Additionally, Trezor can do the same derivation as Ledger. So, you could replace a Ledger by a Trezor. Trezor Suite can choose between all three. Wallet apps should also offer to choose. If they don't, they probably use Legacy to be backwards-compatible. All of these derivations are documented in detail. So, if one of these companies *really* goes bust, there will probably user-friendly software solutions rapidly. Up to now, most wallet apps are hesitant, because not being able to restore a Ledger seed phrase in a software wallet app is also kind of protecting users from doing what completely spoils the reason for a hardware wallet without even understanding it.

0

07.08.2023

Fabian (Zyroxa) [TMS] · Accepted Answer

Fabian (Zyroxa) [TMS]

I think right now there is no software wallet around which uses the same derivation path as Ledger does. How ever it is possible to restore a wallet with a seedphrase which was created with your hardware wallet via CLI:

0

07.08.2023

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Ok, but I guess it wont work the other way

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