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the blockchain is decentralised. Payments are done on the blockchain, not on a wallet. You can always accept payments. The wallet is a way to access your account on the blockchain, it uses the keys that are stored on the Ledger.
Even the keys are technically not stored on the Ledger, they are generated from your 24 word seed. This allows you to restore your keys on a different Ledger in case you lost yours.

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