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Your Ledger is your very own vault—a cryptocurrency hardware wallet for secure, cold storage of your private keys. As such, every Ledger owner should be mindful of the dangers of potential loss of access to funds. As a physical device, your ledger is susceptible to theft, damage, loss, or even getting “bricked”, or rendered useless, from a failed firmware update.
To properly plan for your hardware wallet’s security, one should take into account the risk of each type of loss, as well as personal circumstances. What is your personal exposure to these risks, and how much value are you storing on your Ledger? If you plan to hold significant sums, taking security steps for storage and backing up your device become more critical and should be considered a priority responsibility of ownership.
In this article, there are two main components. They are:
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