Why You Should Backup Your Mnemonic Phrase
- Accidentally uninstalling the wallet software.
- Losing or damaging the phone with the wallet software installed.
- Needing to use your address on a different wallet.
Backing up your mnemonic phrase helps you deal with these situations. Without the mnemonic phrase, you lose control over the assets in your wallet address. The mnemonic phrase is the only way to control your assets on the blockchain.
How to Backup Your Mnemonic Phrase
Currently, there are two ways to backup your mnemonic phrase in the wallet:
Method 1 (Recommended): After downloading the Bitpie wallet, open the wallet for the first time, and click "Create Wallet". The page will prompt you to backup the mnemonic phrase. Click "Confirm" to backup the mnemonic phrase and follow the prompts to verify it.
Method 2: If you choose to skip the mnemonic phrase backup on the backup page of Method 1, you won't be able to use the wallet to receive payments until the mnemonic phrase backup is completed.
Steps:
- Click the bottom menu "Me" → "Wallet Settings" → "Show Mnemonic Phrase" to backup the mnemonic phrase.
- Verify the mnemonic phrase: Click the bottom menu "Me" → "Wallet Settings" → "Verify Mnemonic Phrase". After verification, store the mnemonic phrase or private key in a safe place. Backup is complete.
Precautions for Backing Up Mnemonic Phrases:
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Write the mnemonic phrase on paper or another cold medium, such as a mnemonic board or mnemonic card, clearly and correctly. Store it in a place you consider extremely safe. Note that the mnemonic phrase should not be stored through phone photos, computer software, email, cloud storage, WeChat collections, or other media.
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Verify the mnemonic phrase: Both new and existing users need to verify the correctness of their backed-up mnemonic phrase in the wallet settings - verify mnemonic phrase. Only when the mnemonic phrase is correctly backed up can the account continue to be used.
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Do not casually clear wallet data, restore factory settings, uninstall the Bitpie wallet, or format the phone that has the wallet account. If there are assets in the wallet account, be extra cautious! It is not recommended to resell the phone that has had the wallet software installed.
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Do not disclose the mnemonic phrase to anyone, and do not expose your mnemonic phrase in any online medium! Do not store coins in an account with an exposed mnemonic phrase. Once a mnemonic phrase is leaked, it cannot be used again. Anyone who asks for your mnemonic phrase is a scammer!
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If the mnemonic phrase is lost, verified incorrectly, or stored improperly, you can go to the bottom menu "Me" → "Wallet Settings" → "Show Mnemonic Phrase" to re-backup the mnemonic phrase.
If re-backing up is not possible, follow these steps: Find another phone, download and install Bitpie, write down and backup the new account mnemonic phrase, go to the wallet account home page "Me" → "Wallet Settings" → "Verify Mnemonic Phrase" to pass verification. Transfer all the coins from the account with the improperly backed up mnemonic phrase to the new account and use the new account from now on. Do not use the old account again.
Consequences of Mnemonic Phrase Being Obtained by Others
Anyone who obtains your mnemonic phrase can control the assets in the address corresponding to that mnemonic phrase. They can perform all operations including transferring funds, viewing the private key, and modifying address permissions. Due to the irreversible and anonymous nature of blockchain, once assets are transferred by someone else, it is almost impossible to recover them.