Monday, 30 November 2020

Self custody - how not to lose my Bitcoin forever

So I used a hardware wallet for the first time and don't want to screw this up. I moved a small amount of coinbase holdings onto my ledger nano s and the wallet walked me through acquiring 3 new pieces of security info: the 24 word seed phrase given to me by the wallet, a pin the wallet made me create that I must input to the wallet with each use using the buttons on the hardware wallet, and a password the wallet's app for my pc made me create to log into the ledger app on the pc. Before moving the rest of my Bitcoin onto the wallet, I want to factory reset the wallet and then test that I can still access the Bitcoin that was moved onto the wallet.

My questions are:

1) How do I factory reset the wallet?

2) Once the wallet is factory reset, are the wallet pin and password for the ledger app on my pc important? Or is the 24 word seed phrase all that I need to regain access to my Bitcoin?

Thanks!

submitted by /u/iamnik77
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