Post
Topic
Board Hardware wallets
Re: Lost Ledger Nano PIN and REcovery phrase. Kindly advise how to access coins back
by
Meuserna
on 19/12/2023, 05:24:59 UTC
If you don't remember PIN code and lost recovery phrase, it means that you lost access to your coins.

The PIN is irrelevant at this point.  OP said he tried entering it 3 times.  After 3 incorrect PIN attempts, a Ledger wipes itself out, so the seed is no longer on the device.

If the OP didn't write down his seed words, his coins are gone forever.  I'm sorry for your loss, OP.  I sincerely mean that.  I hope you didn't lose too much.

I love the security that comes with using a hardware wallet, but that security comes with a cost: if something goes wrong and you don't have your seed words, there's no way to recover.

I can't name a single hardware wallet that does an adequate job of teaching new users how to use it.  Most do a decent job of getting experienced Bitcoiners up and running, but nobody does a good job of explaining to newcomers what they need to know.  It's not enough to say "You need to write down your seed words" or  force them to re-enter a few to prove they wrote them down.  That's not enough because it doesn't explain why those words are so important, which is part of the reason why so many people don't bother writing them down.  Hardware wallets need to come with better information to help newcomers understand what those words are and why they matter.

OP: The 12 or 24 seed words your hardware wallet gave you when you first set it up are the keys to your entire wallet and everything in it.  Each word represents a number between 0000 and 2037, and those numbers are the only way to rebuild your wallet, which means those seed words are the only way to find your coins.

To put it in perspective: The odds of guessing a 24 word seed phrase are:

1 in 1,976,184,989,650,196,401,895,611,477,481,606,960,695,807,738,293,598,959,606,742,767,068,384,079,188,241.

There aren't that many grains of sand on Earth.

There aren't that many ATOMS on and in the entire Earth.

That's why what's lost is lost forever.

Quote
"Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone."
--Satoshi Nakamoto