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When you create a wallet, you receive a list of 12 words. This list of words is called a backup phrase or recovery phrase. It is used to recover your virtual wallet.
When do you need a backup or recovery phrase?
- When you forget your login details
- Device is lost or stolen
- Hardware becomes corrupted
Once your funds are recovered, they will be transferred to a new wallet. It is important to note that imported addresses are not backed up so, it is hard to restore them using only a recovery phrase.
It is essential that this phrase is kept in a safe and secret location. Whoever has access to this phrase has access to your wallet, and ultimately, your cryptocurrency holdings. Therefore, this code should not be shared with anyone.
This phrase should always be written on paper and should never be stored on any digital device. Many find it convenient to split their phrases and save them in different locations, for added security. You may also like to consider keeping all your information on an encrypted hard drive. Additionally, it is advised to use a two-factor authentication login and disable automatic login to all of your devices. And as always, use your best judgement.