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Hey, thanks for reaching out, you are not entirely correct on this one unfortunately, however do not worry we will try our best to clarify, simplify, and explain ^^
The whole purpose of a Ledger device is that you own your private keys, so you fully own your crypto. The 24 words recovery phrase keeps your private keys offline and secure even when you are connected to web3 platforms. A smiple explanation is that hardware wallet protects your funds if your PC was hacked for example, but the software wallets aren’t able to do so since your recovery phrase on a software wallet are already online.
In order to do that you should follow the best practice to benefit from Ledger’s security and this goes as follows:
– Set-up your PIN code
– Generate your 24-words recovery phrase
– Install apps and add accounts for the respective apps
Then if you previously had a coinbase wallet, you can transfer your funds to your Ledger protected address (accounts protected by your 24-words recovery phrase)
– Please keep your 24 words out of any online activity
– Never share them with anyone but yourself
– Ledger will never ask you for your recovery phrase
– Keep it in a safe place and away from any possible damage.
– You can learn more about it here: https://www.ledger.com/academy/crypto/what-is-a-recovery-phrase
All wallets use the recovery phrase security feature (its a security measure, but how this recovery phrase and where is it stored is the important factor)
We hope this clarifies and answers your question.
Never hesitate to contact us in case of any complications or needed clarifications!