Crypto Crypto20

Been researching the Ledgers, can't get my head around how the backup 24 word phrase works. What I can't work out is that if anyone can backup a fresh Ledger based on your stored 24 word list then how is keeping a note of the 24 words any different to just keeping a paper wallet somewhere?

 

It isn't. If you have those 24 words, you have full access to all coins stored on that ledger.

 

I figured so. I almost pulled the pin on a couple then watched a YouTube clip about a guy whose Ledger froze mid-transfer and he lost 4BTC, it put me off a bit adding an extra bit of kit in the middle if ultimately it would be as a safe store for me anyway, may as well just safe store paper wallets.

I think I'll stick to paper wallets and make sure they're created offline, copies stored in a couple of safe places and swept clean if drawn down.

Cheers @chylld

 

Just done a few rebalances from Dash to Ripple. First one was pretty arduous as I triple-checked everything By the third one I was comfortable enough to get it somewhat smooth

Now I really need to go put my ledger passphrase words in the bank safety deposit box...

 

It gets easier the more you practice. I have mine down to only 5 coins now along with c20.

 

Sorted out the safety deposit box today. Took a while to find a branch (Which Bank?) that had enough space for me to open one.

Done some more rebalancing last night and today, piece of cake now (apart from the painful confirmation time for BCH). Going to let IOTA do its thing before rebalancing it heavily though... plan to skim the top off every day but want to let it surge.