Can you please elaborate -- if you lose your original Ledger Nano device can you take the private key and input on any device and retrieve your coins?
Afaik, ledger will only generate you seed phrase. You can input the seed phrase on electrum wallet (and many other bip39) wallets to generate your whole wallet with your balance.
So are you saying that I can take my seed phrase that was generated on Ledger and input it on Electrum wallet and recover my funds if ever needed - like if the Ledger device had a failure?
Thank you all for taking the time to respond to me, your insight in valuable and I appreciate it.