WARNING! Important basics to know before setting up a backup
The next step involves creating a paper backup of your Bitcoin wallet, which you will need in order to recover access to your bitcoins if your phone is damaged, lost or stolen.
The backup consists of a series of words generated randomly by the Bitcoin wallet.
Example of a 24-word backup
These words allow you to recover access to your Bitcoin wallet in case anything happens to your phone.
Before creating your paper backup, please read the 5 rules below carefully.
- 1.If you do not have a backup and you lose access to the BlueWallet on your phone, you will lose access to the bitcoins permanently.
- 2.Each wallet you create in BlueWallet has its own backup that you must write down - there is no general backup.
- 3.If someone finds the backup of your wallet, they can steal your money.
- 4.Never store your passphrase in the same place as your backup. Don’t leave them out in the open either, someone will take your bitcoins.
Scenarios where you can lose your funds.