Hi there, I recently picked up a Ledger nano X and just had some questions about its usage.
I am currently using Daedalus as my main Cardano wallet. What works the best with the Ledger Nano X? I saw Yoroi and Adalite were compatible. What is the best option? Pros and cons?
In the case I lose or get my ledger damaged does the recovery phrase for the ledger work on any software wallet? I.e. I enter my ledger seed phrase and I can recover my ADA from Yoroi or Daedalus.
If the last question is true what exactly is the point of the hardware wallet? Is it basically just to generate the keys offline and keep them stored completely offline? Or does it work more like a 2FA for Cardano wallet meaning I need to have both my Cardano 24 phrase AND the Leger generated phase? Would I have to buy a new ledger to recover my funds if it broke or got lost?
I also just Metamask and other blockchains, does Ledger give you a master recovery phrase that can be used on any blockchain? Meaning if I lose my ledger can I recover all my separate wallets (i.e. Cardano, Metamask, etc) from the ledgers recovery phrase on software wallets?
Overall I am just curious about best practices. I am wanting to take the extra security to secure my ADA and other crypto I just want to understand the risks of using a hardware wallet. Last thing I would want is to lose the Ledger and be locked out of all my funds until I purchase a new one.
Thank you all. I love being apart of this community!