The misinformed BTC Wallet issue, plus wallet compatibility on iOS
You lose all Bitcoin when you lost your Phone or PC dead? This is not necessary, but many people think so. Here is what you need to know.
What is misinformed?
Many people that is not in tech industry do not understand what essentially a Bitcoin Wallet is. Knowing that when the Phone gone, you lose all Bitcoin. But is that the truth?
What exactly is the Bitcoin wallet?
For most of the time, it is actually a tools to take action on your corresponding record. It is the key to do transactions. It is your key to the blockchain.
What actually are the words / phrases written down during wallet initialization?
It is the way the wallet software to regenerate the private key to resume your access to take action on blockchain.
The proper way to treat your bitcoin wallet
Right, when you are still reading, you should notice the answer to the proper information. You lose your phone but you will still be able to get access to your Bitcoin. Here are the details.
- Install the Wallet app, open it.
- It will ask you to create a new wallet or restore. Tap restore.
- Enter the word phrase in sequence, and you are good to go.
Do I need to use the same wallet software to restore?
Better be, but not necessary. After a few testing on all On-device (Not centralized) wallet on iOS, the wallet app below will work at the time of writing (Aug 2017):
- Copay / Bitpay on iOS/Android/MacOS/Windows
- Mycelium
- ArcBit
Note that breadwallet support the same standard, but it will not work, as explained by its developer.
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