I understand that if I break/lose my Ledger Nano S, it's possible to recover it if I get a new Ledger, and using my seed combination. But then it means that any hacker can do the same, no?
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OK got a nano today. I think I know the answer but can I check. Does the above seed refer to the 24 words I wrote down when I setup my ledger? I dont need additional seeds for each currency do I? Sorry I'm sure this has been answered but I want to double check. – Paul Tervit Dec 27 '17 at 17:23
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If your seed is known then yes.In general the seeds are selected from a very large pool which makes it nearly impossible for some one to re-construct your address randomly guessing the combination.
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I was just thinking that just as hackers guess password, they may guess the combination, but it's quite different than password since these are words and are from a large pool as you said, right? Would you trust it? Should I get a Ledger as well? Thanks! – notaswimmer Nov 27 '17 at 15:03
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At the end of the day you will need to trust a third party to do this for you , be it any wallet provider ledger or online like MyEtherWallet. Ledger is one of the safest wallets out there at the time of writing , no known flaw has been discovered. I personally hold one but always be on the lookout for news and vulnerabilities. – Bobo Nov 27 '17 at 15:14
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At the end of the day you will need to trust a third party to do this for you , be it any wallet provider ledger or online like MyEtherWallet. Ledger is one of the safest wallets out there at the time of writing , no known flaw has been discovered. I personally hold one but always be on the lookout for news and vulnerabilities. – Bobo Nov 27 '17 at 15:14
Yes, your seed regenerates the private key on your device, and it can in fact do so with any Ethereum wallet that supports seed regeneration of a private key. Anyone can do the same, assuming they have access to your seed, so it is up to you to keep the seed in a safe place.
If you are concerned with security, there are 2048 words to choose from in the seed, and your seed has 24 words. 2048^24 = 29642774844752946028434172162224104410437116074403984394101141506025761187823616 possibilities. That's even greater than the key space of your private key.
