Thought I Lost All My Bitcoin...
ChumpChangeXD Mining & Crypto ChumpChangeXD Mining & Crypto
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 Published On May 8, 2024

✨ If your Bitcoin holdings are not showing up correctly after importing your seed phrase from a Ledger wallet into a Tangem wallet, there are several factors and technical considerations to explore:

1. Compatibility of Seed Phrases
The seed phrase, also known as a recovery phrase or mnemonic, is a series of words generated by your original wallet (Ledger in this case) that represents the master key from which all private keys and addresses are derived. Here are some compatibility issues to consider:

BIP Standard: Both Ledger and Tangem support BIP39 (Bitcoin Improvement Proposal) standard for seed phrases, which should technically make them compatible. However, the actual implementation can differ slightly in terms of how addresses are derived from the seed.
Derivation Paths: Even if both devices use BIP39, they may use different derivation paths (i.e., the hierarchical structure used to derive keys). For Bitcoin, common derivation paths are like `m/44'/0'/0'/0` for Legacy wallets and `m/84'/0'/0'/0` for SegWit wallets. If Tangem and Ledger are set to use different paths, the same seed will result in different addresses being generated.

2 Address Formats
Different wallets might default to different Bitcoin address formats—such as Legacy (starting with `1`), SegWit (starting with `3`), or Native SegWit (starting with `bc1`). If Ledger was using one format and Tangem defaults to another, they won't display the same addresses even though they're derived from the same seed phrase.

3. Wallet Configuration
**Account Index**: Wallets can also differ in their default account index within the same derivation path. One wallet might use the first account (index 0), while another might use another index.
**Multi-Account Support**: Ledger might have been used with multiple accounts, while you might have restored only the default account in Tangem.

4. Software and Firmware Versions
Different software or firmware versions between the two devices can affect how they interpret and implement BIP standards, potentially leading to discrepancies in key derivation and address generation.

Solutions
Check Derivation Paths and Address Formats**: Use a tool like Ian Coleman's BIP39 tool (in a secure, offline environment) to manually check which addresses your Ledger wallet was using and compare these with what Tangem is generating.
Configure Tangem Settings: Ensure that Tangem is configured to use the same address format and derivation path as your Ledger. This might require using advanced settings in the Tangem app or a compatible wallet software that allows customization of these parameters.
Use a Universal Wallet Interface**: Consider using a software wallet that can be configured with custom paths and formats, restore your seed phrase there, and then send the funds to your Tangem wallet if necessary.

Final Considerations
When dealing with seed phrases and cryptocurrency wallets, always ensure to handle your data securely. Perform such operations in a secure environment, and consider the implications of exposing your seed phrase, especially online or in less secure, potentially malware-infected devices. If difficulties persist, reaching out to both Ledger and Tangem support with detailed information about your settings might also help clarify device-specific issues.

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0:00 🚨 Thought I Lost All My Bitcoin...
0:36 ⛏️ This is what I was able to find when it comes to losing my bitcoin importing my crypto wallet seed phrase into the Tangem wallet.
3:44 ✨ So you can import your seed phrase to another wallet but you need to be mindful of this so you don't think you lost all your Bitcoin!

🚨 This is NOT financial advice and I am NOT a financial advisor. Mining equipment is expensive and can be risky. Cryptocurrency is Extremely volatile and the prices change daily. Please do your own research before investing!! You CAN Lose all of your money...

THESE VIDEOS ARE MADE FOR ENTERTAINMENT PURPOSES ONLY!!!

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