Active and passive wallet on a SINGLE ledger

I want to have two different wallets:

One “passive” that is never used to send funds but only to keep my long term holdings save. The other “active” wallet would be used for everyday things, meaning also to send funds etc..

My question is if the following would be possible: I buy a ledger, generate a seed phrase, write down the public addresses for the currencies I want to hold, write down the seed phrase. Then I wipe the ledger and generate another seed phrase, which is then used as the “active” wallet. I can now send funds to my “passive” addresses and when I want to access the funds I can just wipe my ledger again and recover with my “passive” seed phrase. Is that correct?

What do you think?

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  1. You can just create two different accounts under the same seed inside Ledger Live. There’s no reason to have 2 separate seeds here unless you really want to. You would then just choose which account you want to spend from or deposit into.

  2. In principle, this sounds correct. It seems that it might be more convenient to buy a second ledger for what you describe. Keep in mind, you can add another account for a coin and just use one as you passive and the second for your active. Though, they would be tied to the same seed phrase. For example, each of your BTC accounts would have its own public address.

    Others will reply that know better but I believe you could use the “25th word” as a way to separate things. I’d rather have two ledgers in that case.

  3. I’d use a 25th word (passphrase) to create the passive account on the same device. This way you don’t need an additional ledger, but can have both on the same device at the same time, accessible with different PIN numbers. You would not need to wipe the device to access the passive account. This also provides some defense for your passive account against a “wrench attack.”

HELP! Dusting attack’ed