Hidden options in Ledger nano s. (Secret/multiple wallets)
Just found out that you can have multiple wallets on ledger nano s.
You can add a passphrase to you 24 word seed The passphrase is like a 25th word on your 24 words seed, but one that you should remember and never write down. It scrambles your seed and generates a new identity: there is no right or wrong passphrase, each one will always derive a unique seed and set of accounts. (Personally i recomend saving this somewhare physical just like the seed)
Options
There are two options you can have a second wallet that is linked to a pin, so when you first plug in the nano you have a second pin that will open another wallet.
The second option is to open temporary wallets.
Second pin wallet.
Make sure you have Nano S 1.3 firmware updates.
You can't set a third PIN code. If you ever set a new PIN code attached to a passphrase, it would erase the first one.
Open the "Settings" of the Nano S
Select "Security"
Select "Passphrase"
Select "Attach to a PIN"
Enter a second and new PIN code
Confirm this new code
Enter and confirm a secret passphrase (100 characters max)
Enter your first main PIN code to validate
Temporary wallets
This you have to do every time you need to use this wallet type.
Open the "Settings" of the Nano S
Select "Security"
Select "Passphrase"
Select "Set temporary"
Enter and confirm your secret passphrase (100 characters max)
Enter your PIN code to validate
How to recover the hidden wallets
On your Nano S, just recover your 24 words and set your previous hidden passphrase as a temporary passphrase or as a hidden wallet attached to a PIN code.
Souceses
http://support.ledgerwallet.com/knowledge_base/topics/advanced-passphrase-options
http://support.ledgerwallet.com/knowledge_base/topics/how-to-recover-a-hidden-wallet
https://ledger.groovehq.com/knowledge_base/topics/how-to-setup-a-passphrase-and-an-alternate-pin
I gotta get one ;)
This is neat. Ive been using my nano S for about a month now, love it. Before I was using offline generated paper wallets. For max security I still use my paper wallets but the nano is great for ease of use
Yeah its much easier with hardwhare wallets.When you create and use paperwallets you still has to think alot about security.
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Seems like a very useful feature for either privacy or just the convenience of having another set of accounts, similar to a savings vs checking account in fiat banking.
Yeah they also mention plauseble deniability if somone tries to rob you or force you to open accounts.
http://support.ledgerwallet.com/knowledge_base/topics/advanced-passphrase-options
It is this kind of thinking that makes me feel even more confident in their intentions. I take this in a manner akin to when software provides the sha256 to verify checksums in order to help the security conscious.
@debugger this is of cause safer, but couldn't you in theory just have an encrypted private key on a usb stick?
They key is signed in the ledger nano so its alot safer.
@debugger: so i have a nano and did set it up, got my passphrase and a pin. Now, i already have some coins on that wallet. in order to create a second one, can I just add without risking to loose my funds already on the ledger? And something else, maybe you can help me with: i have BTC, ETH, LTC and komodo on my ledger, and i can't add more apps. is there a way to add more apps like ripple or do I have to buy another ledger cause there isn't enough space?
Thanks for answering (in case you need donation, let me know)
Yes. Just keep your seed word backup in a safe place.
Adding a second wallet is like adding a word after your current seed. so backup that word too.
Cant remember how many apps it can run.
So if I have my seed, I can just reset the ledger and create a new seed, am I right in my understanding here? Or do I only need to add a 25th word to the seed, and then I have to wallets, one with 24 recovery and one with 25 recovery passphrase?
You already have a 24 seed, second wallet adds a word to that seed.
https://ledger.groovehq.com/knowledge_base/topics/advanced-passphrase-options
Thanks for the info. I wasn't aware of this. Going to set it up straight away.