Oxalus Insights Product

Guide To Securing and Backing Up Your Oxalus Wallet

Product Oct 18 2022

What Is A Crypto Wallet?

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:

  • Seed phrase (Recovery Phrase): A series of words provided when you set up a new crypto wallet. Think of the seed phrase as the master password, you can access all public and private keys associated with that seed phrase. 
  • Public key (Wallet address): A set of letters and numbers from which cryptocurrencies can be sent and received. It identifies your account on the blockchain network.
  • Private key (Secret Key): A string of letters and numbers accompanied by a unique public address. The private key allows you to sign transactions, and prove you own a related public key.

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.

The Importance of Backups 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:

Keep your seed phrase & private key somewhere safe

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.

Make regular backups

How long is suitable? It depends entirely on you. Answer the following questions to find the timing that works best for you:

  • The last time I backed up my seed phrase?
  • Where is my seed phrase being backed up and is it safe?

Never share your secret phrase or private key with anyone

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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