I've had two CoolBit X wallets go on the fritz ( my fault, I didn't charge them). But I don't want to buy another one. Any reason I can't recover the wallet onto a Ledger Nano S? I got the following off their website, but not totally sure what it means:
All the seeds generated from the CoolWallet (Number / Word) adhere to the BIP-39 protocol.
CoolWallet is an HD (Hierarchical Deterministic) wallet that uses the BIP44 derivation path to derive the public keys. Then we use BIP-141 (SegWit) to convert the public key to a SegWit address. Thus, your SegWit accounts (BTC/LTC) may not be detected when you recover the seed on BIP49 supported wallets or vice versa.
If the 3rd party wallet, supports the same protocol as the CoolWallet, then wallet data can be recovered interchangeably using the same seed.
Thanks for your help!
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If you are running the seed from the cool wallet in a Ledger, you will just need to use the Ledger with something like Electrum (So can follow the Ledger docco for the first part) to select the P2SH account type, but manually enter the P2PKH (legacy) derivation path.
You’d have to use electrum if you want to manually edit the derivation path.
As CryptoGuide mentioned, yes you can enter your coolBit seed phrase in a Nano S, but to access your account, you will need to use the Electrum front end, connected to your ledger Nano S device. (But Never enter your seed phrase in Electrum, as this would put your funds at risk).
Thanks for the advice!