The next step involves choosing a name and password for your Bitcoin wallet. Wasabi also uses your password as your passphrase: the 13th word to your 12 word backup. Before doing that, read below to know the passphrase security basics.
Wasabi wallet will use the term "password", but it actually refers to a passphrase.
**⛔️ **WARNING !Take a few minutes to choose the right passphrase for your wallet. No rush! Do not skip this part!
Passphrase Security Basics
Write down the passphrase you want to use before entering it in your computer.
Use a combination of words as a passphrase to have less trouble remembering it.
Use at least 12 characters in your passphrase, 24 characters offer more security.
The passphrase is required every time you want to use the app.
If someone has access to your computer, the passphrase will prevent them from taking your Bitcoin.
Ideally, create a unique passphrase that nobody can guess but that you can remember.
If you lose the passphrase, you lose access to your Bitcoin forever.
You cannot change your passphrase. If you want to change your passphrase, you will have to start the process all over again.
The passphrase is required to recover your access to your Bitcoin if your computer is damaged, lost or stolen.
Pro-tip: the name of your wallet is mostly for accounting purposes and keeping track of your transactions if you have multiple wallets. The name doesn’t make any difference in the app and is not shared with anyone else.