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 to recover access to your Bitcoin if your computer 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, in combination with your password, allow you to recover access to the keys of your Bitcoin wallet in case you lose them.
- 1.If you do not have a backup and you lose access to the Wasabi Wallet on your computer, you will lose access to the Bitcoin permanently.
- 2.If you have a backup but you forget the password, you will lose access to the Bitcoin permanently.
- 3.If someone finds the backup of your wallet, they cannot steal your money unless they also know your password.
- 4.Never store your password in the same place as your backup. If someone finds the backup and they also know your passphrase, they will be able to take your bitcoin.