In a hard fork event, all private keys with their associated coins will be copied to a new chain. This means that, when you own your private key, you will have the same number of coins on both the old and new blockchain.

A hardware wallet like the Ledger Nano S / Blue, Trezor T / One, Digital Bitbox, or KeepKey, is, in fact, a device designed specifically to store private keys. When you use a hardware wallet to store your coins, you are always in possession of your own private key. In case of a hard fork, this key will also be used in the new chain and you will also possess coins on that chain.

Even if Ledger, Trezor, Digital Bitbox or KeepKey decide against supporting the new coin in their software, you will always be able to claim your coins. In that case, you can decide to load up your private key in a wallet that does offer support for that particular fork.

Watch out: if you decide to do this, do consider the safety of your private key. When you load your private key onto your computer, the funds in your wallet will no longer be protected in the same manner since your private key may be compromised while it is on your PC. In such a case, it may be a good idea to create a new wallet on your hardware wallet. When you are storing multiple coins on your wallet, this can put you in a tough spot as you will be moving all of your coins around. As such, it is good to consider the safety of your coins before you attempt to recover the products of a fork. If you do decide to create a new wallet, always save the seed of the previous wallet. Should you have missed a coin, then it would still be possible to recover these by loading the seed onto your wallet.
Was this article helpful?
Thank you!