"Restoring a digital wallet"
Updated: Feb 26, 2021
“A cryptocurrency wallet is a secure digital wallet used to store, send, and receive digital currency like Bitcoin. Most coins have an official wallet or a few officially recommended third-party wallets. In order to use any cryptocurrency, you will need to use a cryptocurrency wallet.”
A while ago I downloaded a virtual wallet that I had been recommended to me, named Jaxx. My boss transferred me some Bitcoins to see how it worked. It was very easy to use, then I downloaded another known virtual wallet, that works very well, named Bitpay.
I transferred my funds to my new Bitpay wallet for the first time, and it was easier than I had initially thought, although a QR code.
Unfortunately, a few months ago my cell phone was stolen where I had the virtual wallet apps installed. It was at this moment, where I remembered the importance of saving your key generated by the virtual wallets, this key is generated once you create your user and in case you need a backup copy of your wallet you must have this key that is composed of 12 words. Without the secret 12 words, you cannot access your account nor your funds.
Both Jaxx and Bitpay Wallets generated this key for me. However, Jaxx also generated a QR code that facilitates the installation of a wallet backup. Bitpayon the other hand only created the 12 letter key.
However, when I started installing the Jaxx application and wanted to create a backup copy, it took much longer than expected. On the other hand, with Bitpay it was much faster and more user-friendly. Just a reminder the Bitpaywallet is only for managing your Bitcoin and Bitcoin Cash payments.
Meanwhile, I'm still waiting for my Jaxx wallet to be restored it's been more than two days with this message: Initializing Wallet, and I've closed and opened the App several times. I will try to eliminate the app and try downloading it again; hopefully, it will work. I must admit that if I had much more funds than I currently have, at this minute I would be panicking. It's not my case, but I imagine that’s this is something that has happened to more than one person.
Undoubtedly, it is very important to know how to keep your security keys for eventual backups. In my case, it was the first thing that I was warned about. Thus I printed it and kept it in a safe place that suited me. Anyway, I’ve read a lot on the internet about stories of people who have lost papers with their password or hard drives and have ended up losing all their funds, pretty tragic. It is better to be cautious and keep a backup of these keys especially in the case of those who have lots of crypto. Remember it not like you call customer service to send your lost password to your mail.
Hope you enjoyed it. Feel free to comment.
By: Carolina Pérez
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