Don’t Lose Your Coins, Back Up Your Wallet
The reason why it’s imperative to back up your bitcoin wallet as soon as you open one is to make sure you can access your coins in case you lose access to your wallet.
If you back up your bitcoin wallet, you are able to regain access to your coins if you accidentally delete the wallet application, lose the device the wallet’s stored on, or in case of wallet theft.
Conversely, if you don’t back up your wallet and lose access to your wallet, for example, because you accidentally delete the wallet app on your phone, your coins are lost forever.
Therefore, it’s essential to back up your bitcoin wallet using the 12 or 24-word seed recovery phrase that your wallet provides as a human-readable form of your wallet’s private keys.
How to Securely Back up Your Bitcoin Wallet
If you are a Relai user, you will be asked to back up your wallet using the 12-word recovery phrase when you first set up your Relai wallet.
If you haven’t already done that, you can go to ‘Settings’ and click on ‘back-up BTC wallet.’ At this point, you will have to re-enter your Relai PIN code. Next, the wallet backup screen will appear, explaining that you should never share your 12-word recovery phrase with anyone as it can be used to access your coins.
Click ‘next’ and write down your twelve words onto a piece of paper and store it in a safe place where it will not be easily damaged or accidentally thrown away.
Storing your recovery phrase online or even in a folder on your computer could enable hackers to gain access to your wallet backup phrase, which, in turn, will give them access to your coins.