A crypto wallet is an application that interacts with blockchain and allows you to manage your assets, send and receive cryptocurrencies. It can be a hard-ware or soft-ware wallet that keeps keys all together in one place. Your keys are made up of these important pieces of information:
If anyone knows your public wallet address, they can view your transaction history and what assets you have in your wallet. They can also send digital assets to your wallet without your permission. On the other hand, if someone knows your seed phrase or private key, they would have grants control over everything inside your wallet.
Owning a private key and seed phrase means you have ownership and transfer cryptocurrency in a wallet. If you lose your seed phrase and private key, you lose your assets because there’s no way of recovering access to the wallet.
Here is the checklist to back your wallet up safely:
The backup is now required in Oxalus Wallet app at the same time when you create the wallet. If you opt “Out” and wanna setup later, you can always turn your backup feature on by following the steps below:
Step 1: Tap on the “Security” button on the “Account” tab
Step 2: Select “Private Key” or “Seed Phare” to view and back it up. If you choose both of them, it’s a brilliant idea
Step 3: Save it somewhere safe. It could be a text file, a notebook, a separate device, or some paper.
How long is suitable? It depends entirely on you. Answer the following questions to find the timing that works best for you:
As mentioned above, if you give the seed phrase to someone, they have complete and total access to your wallet. The private key and seed phrase to access your crypto wallet is owned solely by you.
Oxalus Wallet will never ask you to provide your keys or require them for any troubleshooting or help from our support team.
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