Hello cardano community,
Currently I’m staking my ADA in Adalite using a ledger Nano.
I stumbled upon the following question while doing some risk assessments:
If I lose my nano ledger, how do I retrieve my ADA in Adalite?
I put in my seed phrase and no funds can be seen… I read on the forum I shouldn’t have done this. Why is this?
Could anyone provide me with an answer or a link with information about this?
Have a great day,
If you lose your Ledger device you can restore your privat keys with your seed (24 passphrase).
However you shouldnt enter your seed anywhere expect on your ledger because if you enter it on a fraudulent website, the scammer are able to restore the keys with your seed without your device.
Funny that this questions comes up today …
Yesterday out of curiosity, I wondered whether the algorithm that produces the random seed in Ledger, is compatible with that used by Daedalus i.e. can you enter your Ledger key phrase in Daedalus to derive the same addresses that you see when you connect your Ledger?
That would be the case, if both used the BIP39 standard, right?
Short answer: No, you get different addresses
Unfortunately, I don’t know the specifics of why and how these algorithms are different, but they are - so it seems.
In short, you’d need to get a new Ledger and restore that from your key phrase to get at the ADA in ADALite.
Thanks for your clear answer!
Im not into the technicals at all, This is all i needed to know, thank you very much both!