![]() It is 2019, and yet many people don’t use hardware wallets. Image, if you lose one wallet or the seed of one wallet, you will still not lose all of your coins. Moreover, it is an intelligent thing to do because over-reliance on one wallet or one seed is too much risk for your cryptofolio. The way to diversify is by storing Bitcoin in one wallet, Ethereum & Litecoin in another hardware wallet and other altcoins in the 3rd hardware wallet. Some extra cautious people even buy multiple hardware wallets for various currencies despite the fact that one hardware wallet can store many coins simultaneously.īut this is a good practice in terms of diversification of storage risk. That’s why buying the discounted Ledger Nano’s Dual Pack is good. ![]() I, too, have three clone wallets for my crypto assets, and these clones also, by default, serve as a backup for my funds. In the above example, if you use the same seed of Nano X in Nano S, you get a clone allowing you to access the same funds from either of these wallets. To make a clone, you need to use the exact seed words in both wallets. Wondering !! How to make a clone of your wallet? So now, you can access the same funds from the office too. This is Ledger Nano S, but you have the Ledger Nano X wallet clone on this wallet. You keep this cold wallet home and make transactions from it often.Īnother wallet you have at your workplace. It simply means having the same wallet with the same seed in two separate wallets.įor example, you have set up a new wallet. This is another reason to have 2 or more hardware wallets.Ĭloning is an easy way to secure your cryptocurrencies. If you do this one simple thing, you will be able to secure your cryptocurrencies using different wallets and one account, for the long term. That’s why it is imperative to have 2 or more hardware devices like this !! For such emergencies, it is wise to restore your crypto wallet only on a hardware device like Ledger Nano X or Ledger Nano S. You are in a hurry to use your coins, so you go to the play store and restore your own wallet using a software wallet app you found in the store.Īlas, you got to know that all of your funds are not lost as it wasn’t a reliable wallet, and in haste, you used the wrong one. One day that rainy day comes, and due to some reason, your one hardware wallet is damaged or lost. I know you are an intelligent guy who has already taken the back-up of your seed for a rainy day. It is good to have 2 or more hardware wallets for backup & restore purposes because you cannot risk losing your valuable crypto investments. C an You Have Two Or Multiple Bitcoin Wallets? #1. This is for your safety, so make sure to read it till the end. ![]() In this guide, I am going to implore you to have a second or even maybe a third wallet with logical reasoning. One of your wallets can be unlucky to get destroyed or lost.Īnd in such a case, your other wallet can be helpful for you to recover your crypto funds.īut if you cannot have many wallets, then you should have at least two wallets to store your cryptocurrencies safely. Diversification in terms of the storage of cryptocurrencies is vital. Many people often ask, how many hardware wallets or Bitcoin wallets do I need to have?
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