Backing up your crypto wallet is one of the most sensible things you can do, especially considering how easy it can be to lose access to it. If you’ve never made a backup of your crypto wallet before, it’s a very simple process.
Backing Up Your Crypto Wallet
As we’ve said, backing up your wallet is easy, and it is the best way to ensure that you maintain access to your crypto funds. When in your crypto wallet, go to the security section, this can be found either in the header or under the main menu depending on your wallet and the platform you are using. In the security section, select Backup Funds. Most cryptocurrency wallets offer the backup option, even if the option is located in a slightly different place.
Now that your funds are backed up, if you ever need to recover your account or use your backup, the funds you have in your wallet will be transferred to a new wallet for you. When this happens, the wallet will have a new Wallet ID automatically generated for you. This process is fairly standard on most cryptocurrency wallets.
You will need a phrase in order to access the backup. Because this phrase grants access to whoever uses it, it is best to store the phrase offline. Not only should it be stored offline, but it should also be kept secret from others, and in a secure place. When we say that the phrase allows anyone to use it, we do mean anyone. If someone manages to get your phrase and activates your backup, they can transfer all your funds away from you into a new wallet that you have no way of accessing.
Recovery Phrase
The recovery phrase you should write down either on a piece of paper that you can store safely and won’t lose or in a notebook that you can keep to hand, and keep secure.
Words in the recovery phrase will appear in groups of four at a time. Make sure that you write down the words in the correct order and the correct spelling. Double-check them and triple check them before you move onto each new group of words to make sure you have everything written down properly. If you get them in the wrong order or have spelt them incorrectly, you could lose access to your cryptocurrency.
Once you’ve written down every part of the recovery phrase and made sure that it is all in the right order and they are all spelt correctly, finish and verify the phrase. You will be then asked to verify a randomly selected four words from the phrase. As long as you can complete this, your wallet will be backed up, and your security score can also increase as well.
Have more questions about cryptocurrencies? Need help with accessing your wallet? Want to invest more in cryptocurrencies? Get in touch with us now to see how we can help.