Reusing an existing Ledger seed phrase

[UserU]

So a few years ago I got a Ledger, which I then sold afterward (after reformatting) but not without keeping the original seed phrases (card itself is with me).

Will I be able to restore the keys anywhere on a decentralized wallet such as Electrum, instead of purchasing another hardware wallet?

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[pooya87]

Yes, Ledger uses BIP39 for its seed generation which is supported by most wallets including Electrum so you should be able to easily recover your keys with them. You may have to specify the derivation path or the key/address type that your wallet used since BIP39 seed phrases don't have that information in them.

P.S. Security-wise it is always a better idea to create a new wallet/seed instead of reusing a seed created by another tool like your old hardware wallet, specially if you have sold that device.

[mk4]

What pooya87 said. But why stop using a hardware wallet? There's no reason to not use one unless you're only planning on holding crypto that's only worth less than probably $200. Don't fall for the "I can keep my device safe" excuse, because most people simply aren't capable.

[Maus0728]

You still can, but it's not recommended.

The most recommended approach in restoring your wallet from a lost/broken hardware wallet is again using another hardware wallet given that your previous seed phrase isn't compromised (e.g., uploaded online). The only caveat is that it is an expensive approach.

If you're on a tight budget, you can create new a seed phrase using Electrum for optimal security. You'll just need to spend a bit of sats to pay for tx fees.

[SquirrelJulietGarden]

Reuse address is bad. Reuse old wallet is bad too.

You can create a new wallet and send your Bitcoin to a new wallet.

It's better if you use Sweep function. You don't have to create a new wallet and manually send your coin to a new address you own. Sweeping will automatically do it for you.

In Electrum:
Wallet > Private keys > Sweep

Read Electrum guide
https://electrum.readthedocs.io/en/latest/faq.html

Sweeping private keys means to send all the bitcoins they control to an existing address in your wallet. The private keys you sweep do not become a part of your wallet. Instead, all the bitcoins they control are sent to an address that has been deterministically generated from your wallet seed.

Importing Vs Sweeping Private Keys; What you need to know.

[UserU]

Yes, Ledger uses BIP39 for its seed generation which is supported by most wallets including Electrum so you should be able to easily recover your keys with them. You may have to specify the derivation path or the key/address type that your wallet used since BIP39 seed phrases don't have that information in them.

P.S. Security-wise it is always a better idea to create a new wallet/seed instead of reusing a seed created by another tool like your old hardware wallet, specially if you have sold that device.

Alright, better be safe than sorry. Will plan to get one then. Thanks!

What pooya87 said. But why stop using a hardware wallet? There's no reason to not use one unless you're only planning on holding crypto that's only worth less than probably $200. Don't fall for the "I can keep my device safe" excuse, because most people simply aren't capable.

I initially thought that as long as one has the seed phrases, it should be safe to "deploy" them anywhere.

Well after getting burned by the recent Celsius fiasco, I'll take pooya's advice and buy one for a better sense of security.

Better not be penny wise, pound foolish