Most of the people that create their cryptocurrency wallet for the first time do not know what to do with the seed words. Doing a proper backup of your Ledger Nano S hardware wallet’s recovery seed is a extremely important, and an often neglected step. If a Ledger user accidentally breaks or loses the device, having an accurate backup gives them the access to the otherwise lost funds.
When setting up a Ledger device, the user is shown 24 random words which are the seed words. The seed is the actual “password” to unlocking and recovering the cryptocurrency portfolio on other devices if something happened to the main device. It is extremely important to save the seed somewhere safe, advisably not on an electronic device but rather on a stainless steel backup device.
In order to properly backup a Ledger Nano S hardware wallet, the user has to have:
To backup a ledger, we need to initialize it first and make sure Ledger Live is downloaded and up to date.
Warning: Never show anyone your 24 word recovery phrase. If someone sees it, they can take your coins. The whole point of the recovery phrase is that anyone can input it into any wallet and regain access to the coins in the public address tied to it. The recovery phrase is just a private key translated into a standard called BIP39. For all intents and purposes, you need to treat the recovery phrase as the right to own the coins it belongs to.