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Blue Wallet
Blue Wallet
  • Why we recommend BlueWallet
  • Guide Overview
  • 🏰Security Overview
    • Securing the wallet: Overview of the basics
    • WARNING! Important basics to know before setting up a backup
    • Passphrase Overview
    • How can you lose your Bitcoin?
  • 🔐Create your wallet & backup
    • What you need
    • Wallet & Backup Creation - 1 of 2
    • Wallet & Backup Creation - 2 of 2
  • 🔑Add a passphrase
    • Passphrase Security Basics
    • Steps to create a passphrase
  • 📲How to use Bitcoin with Blue wallet
    • Steps for receiving Bitcoin payments
    • Sending Bitcoin - Overview
    • Steps for Sending Bitcoin
    • Advanced Sending Options
  • 🔎Security & Privacy Configurations
    • Security Basics
    • Advanced Security Options
  • 🖥️Network Configurations
    • Electrum Server
  • ⚠️Summary
    • DO's & DONT's
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  1. Security Overview

How can you lose your Bitcoin?

Although BlueWallet is on your phone, the risks of losing funds by getting hacked are very low, unless you are specifically targeted by a highly skilled attacker. The most common causes of people losing their bitcoins are the following:

  • Someone finds your backup.

    • This person is often someone in your close surroundings.

  • You leave your phone open and someone has access to your password.

  • Your phone stops working or you lose it and you are missing your backup and passphrase.

  • You brag about your holdings and someone attempts to take them from you through coercive means.

Be careful how you store your seed phrase and passphrase, these are crucial for the recovery of your funds, but are also targets for someone wishing to steal your funds.

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Last updated 3 years ago

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