In this guide, we take a look at what a recovery phrase is, how to back up your Relai wallet using your recovery phrase, and how to securely store your recovery phrase.
What Is Your Bitcoin Wallet’s Recovery Phrase?
Your Bitcoin wallet’s recovery phrase is a human-readable form of your wallet’s private keys.
The recovery phrase is used to recover your cryptocurrency wallet should your device become inaccessible, damaged, misplaced, or stolen.
Your Relai wallet’s recovery phrase is displayed as a 12-word phrase, generated by your wallet during the wallet setup process.
Think of a recovery phrase as something similar to your online banking password. Just like you would never share your online banking login details with anyone, you should never share your Bitcoin wallet’s recovery phrase with anyone.
Anyone who has access to your Bitcoin wallet’s recovery phrase can access the funds held in that wallet. That’s why it’s so important to securely store your recovery phrase and to never share it with anyone.
How to Back Up Your Relai Wallet
As a Relai user, the first and most important security measure you can take to protect your funds is to back up your wallet.
Backing up your Relai wallet means writing down the 12-word recovery phrase, which is part of the new wallet setup process. Should you have misplaced your recovery phrase since wallet creation, here’s how you can find it to back up your wallet again:
- Download the Relai app on the App Store or on Google Play Store if you aren’t already a Relai user.
- Follow the steps to set up your new wallet.
- To back up your wallet, tap on the ‘Profile’ icon. Under ‘Security’, you will see ‘Your recovery phrase’. Tap on the button and key in your four-digit PIN.
- A pop-up screen will appear asking you to create your 12-word recovery phrase. Click on ‘Let’s go’.
- Read through and check the boxes on how your recovery phrase is supposed to function and tap on ‘I read and understood’ once every box has been checked.
- The next pop-up screen will show your 12-word recovery phrase. Write them down on a piece of paper and click on ‘Next’. Remember to store it safely after that.
- Finally, you can test your recovery phrase by typing in all the 12-words in the exact order you wrote them down and then tap on ‘Verify’.
And that’s how easy it is to back up your wallet your Relai wallet!
How to Securely Store Your Recovery Seed Phrase?
Most importantly, you should never store your seed phrase online.
Your mnemonic seed phrase should always be stored offline. While it can be tempting to want to store your seed phrase in a note-taking app, a folder on your laptop, or the cloud, that’s not advisable. Should there be a security breach, your recovery phrase could be relatively easily accessed by bad actors, leading to the loss of your bitcoin.
So, how can you securely store your recovery phrase?
Write it Down on a Piece of Paper
Yes, it’s that simple. Write down your recovery phrase and ensure that you store it in a secure place. If this is your preferred storage method, ensure that the paper you use is acid-free or archival for longevity. Store it in a safe if you have one to ensure it doesn’t get thrown out during cleaning. Ideally, in a safe in your home. It’s also advisable to keep multiple copies of your recovery phrase, just to safe.
Engrave Your Seed Phrase
Engraving your seed phrase on a steel plate is an excellent way to store your recovery phrase because it decreases the chance of losing access to the recovery phrase due to paper damage. Once engraved, keep it in a secure place where it cannot be easily accessed by someone other than yourself.
Don’t Share Your Recovery Phrase
You shouldn’t share your recovery phrase with anyone as that makes it easy for the people with who you’ve shared the phrase to steal your bitcoin.
- A Bitcoin wallet’s recovery phrase is a human-readable form of your wallet’s private keys.
- You should never share your Bitcoin wallet’s recovery phrase with anyone or store it online.
- Your seed phrase should always be stored offline. Write it down on paper, engrave it on a steel plate or use a hardware wallet.
To start investing in bitcoin, download the Relai app from the Google Play Store or Apple App Store today.