What happens if I lose my Ledger Nano S?

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Hey guys! First of all want to thank you for this great website - A lot of useful information for such newbies as I am.

I have some litecoins and ethereum - not too much, but I spent few thousands to purchase them, so I want to be sure that my cryptocurrencies are safe. That was the reason why I moved all my cryptos from online wallets to a Ledger Nano S that I've bought recenlty.

But now I have another paranoia: I am afraid to loose my hardware wallet. First of all I want to understand what happens if I loose it. And for sure I want to find out - is it possible to get access to my cryptos in case if I loose my Ledger Nano S hardware wallet?

Hi Connor. Paranoia is a must when you make deal with money and especially with cryptocurrencies smile

Regarding your question: If you lose your Ledger Nano S cryptocurrency hardware wallet — you can restore all your balances. To do that, you will need to order new Ledger Nano S, or another wallet that supports BIP-39 Mnemonic code for generating deterministic keys. To restore all your balances you will need to enter your 24-words seed. Without these 24 words you can not restore access to your cryptocurrencies. So please make sure that you store these words in a safe place.
Thanks Cyber. Your explanation is really good. Now I understand how it works!