A hardware cryptocurrency wallet is the most secure way to store your private keys securely. But because these wallets are physical, they run the risk of being lost, broken, or even stolen. So what should you do if any of these things happen to your hardware portfolio?
1. Move your encryption to another location
If your wallet has been lost or stolen, the first thing you need to do is move your private keys (or your funds) to another wallet so that a malicious individual cannot drain your encryption. To do this, you will need your seed or recovery phrase, the 12-24 word password provided to you when you open a cryptocurrency wallet (either software or hardware). You should also do this if your hardware wallet is broken, although in this case there is no risk of theft.
You can also use your initial phrase to transfer your funds to another wallet and therefore clone it. But if you don’t have another spare hardware wallet, moving your cryptocurrency to a trusted software wallet while you wait for your new hardware wallet to arrive is also a good idea. Of course, you can always purchase two hardware wallets in your initial purchase so that you have an immediate backup if your original wallet is lost, damaged, or stolen.
You will also need to make sure that the wallet to which you are moving your funds is respectable, secure and compatible with the cryptographic keys that you will store before making the transfer.
2. Request a new wallet
If you really like hardware wallets and don’t want to store your funds in a software wallet, you should ask for a new hardware wallet if your previous one was lost, stolen, or damaged. Some cryptocurrency wallet providers offer a free replacement, and others do not, so keep this in mind before making your first hardware wallet purchase, as replacing one at full price can be quite expensive.
It is important to note that even if your hardware wallet is stolen, it will be very difficult for the thief to get into it, even if he has hacked devices before. Without your seed phrase, infiltrating a wallet becomes very complicated, so make sure you keep your seed phrase very safe at all times to prevent anyone from getting your hands on it.
You can do this using a flash drive, a seed phrase capsule, or something as simple as a piece of paper (as long as it’s well hidden). Check out our article on how to securely store your initial phrase if you’re still figuring out how to keep it safe.
You should also make sure that your hardware wallet is kept in a safe place, or that it becomes a fair game for malicious people to gain access to your home. Simply storing it in the header drawer or in your office can be very risky, so it’s always worth taking that extra step to make the chosen hiding place a little less obvious.
You can even buy a secure case to store your wallet. Some available cases are waterproof, others with a closure and others in the form of normal cases that can simply prevent damage. Opting for a holster can give your wallet an extra layer of protection, whether against criminals or from bumps, bumps and scratches.
Your hardware wallet is secure, but not impenetrable
Hardware cryptographic wallets are designed to be durable and hard to break. But, like any other small physical object, they always run the risk of getting lost or falling into the wrong hands. So if you lose or damage your cryptographic hardware portfolio, follow the steps above to ensure that your funds are secure.
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