I have my ETH in my ledger nano S. I need to take a backup of the private key in the form of paper wallet using myetherwallet.com.
I am unable to understand the procedure for it. Can anyone throw some light / steps for it ?
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You can go to https://www.myetherwallet.com/#view-wallet-info , login with your Ledger Nano, and click on View Paper Wallet. Then Print it from your Browser. Hope this helps!
You cannot do this. The Ledger is a hardware wallet that's meant by design not to allow exposing your private key to anyone (not even yourself).
If this was possible, the minute your private key is exposed your hardware device stops being secure.
MyEtherWallet and MyCrypto don't have access to your private key. Whenever you need to execute a transaction, the website generates the transaction, and the hardware device is used to sign it, but the private key is never exposed.
Store the 12 to 24 word mnemonic phrase in a secure place instead.