Ok but I was under the impression that the 12 backup words are specific for each wallet. ie bitcoin.com app or etc... What if I open multiple wallets with the same recovery phrase...or what if somebody else opens up another wallet with my recovery phrase....both wallets would have access to the bitcoin?Hi brags,
You can restore your funds on any other wallet that uses the same recovery phrase format, there are plenty to choose from out there.
Hmmm...that is conflicting with what I was told the other day.Technically speaking, yes, That's why you should never show your recovery phrase to anyone and keep it extremely safe, treat it like your ATM pin code.
No I get it now. Once I move my funds to another wallet then the first wallet backup keys are useless to anyone...unless I want to import the funds back to it one day...then I would need them.
Yes, they are useless in the sense of you, or anyone else, gaining access to your funds at the address you sent to in the other wallet.
However, it may not be a good idea to throw away the seed (the backup phrase) because you may find that you need it later. For example, if you used any of the addresses in that wallet to receive bitcoin, or even if you haven't received any bitcoin yet but you've used any of the address (e.g., given any address out to receive payments) you might find that you'll need to have accesses to those addresses again. Or even if someday you get confused and you copy and paste in some address that you had saved (maybe in a notepad or anywhere) from that wallet and end up receiving bitcoin at such an address.
Hi brags,Hmmm...that is conflicting with what I was told the other day.Technically speaking, yes, That's why you should never show your recovery phrase to anyone and keep it extremely safe, treat it like your ATM pin code.
No I get it now. Once I move my funds to another wallet then the first wallet backup keys are useless to anyone...unless I want to import the funds back to it one day...then I would need them.Yes, they are useless in the sense of you, or anyone else, gaining access to your funds at the address you sent to in the other wallet.
However, it may not be a good idea to throw away the seed (the backup phrase) because you may find that you need it later. For example, if you used any of the addresses in that wallet to receive bitcoin, or even if you haven't received any bitcoin yet but you've used any of the address (e.g., given any address out to receive payments) you might find that you'll need to have accesses to those addresses again. Or even if someday you get confused and you copy and paste in some address that you had saved (maybe in a notepad or anywhere) from that wallet and end up receiving bitcoin at such an address.
I still don't see any conflicting information. If you think that there is then please explain specifically how there is.Well are the 12 back up keys from bitcoin.com used for importing to another wallet like at copay? Or are they only for the bitcoin.com wallet app? I have a copay wallet and it has its own set of 12 backup keys.
If so, then what happens if bitcoin.com app, or any app suddenly disappears..like discontinued...poof...how would one recover their bitcoin?
Brags,ok so if I create 3 different wallets with 3 different seeds then all of them will have access to the blockchain "coins" until they are sent to another wallet that is not mine.
So what happens if:
Somebody gets hold of backup keys for the wallet #1...they can download a wallet app and "import" the coins to that wallet.
Now I will see all the coins on my 3 wallets, and he will see the coins in his (4th) wallet. And when he sends the coins to an exchange or to a 5th wallet then I would wake up to ZERO coins in my 3 wallets?
Hi brags,
You can restore your funds on any other wallet that uses the same recovery phrase format, there are plenty to choose from out there.
You can use your backup phrase (seeds words) in more than one wallet, including the Copay wallet. You could use your same seed words in as many wallets as you want.
Yes, they are useless in the sense of you, or anyone else, gaining access to your funds at the address you sent to in the other wallet.
The quotes in your post are out of context. These points have been already been explained to you (also in other threads here on this forum). The only confusion here is your's alone....
The quotes in your post are out of context. These points have been already been explained to you (also in other threads here on this forum). The only confusion here is your's alone.
I recommend that you take a few weeks (or more) to learn more about bitcoin. Do some reading and watch videos. I'm not able to assist you any further.
Hi Brags,
The quotes in your post are out of context. These points have been already been explained to you (also in other threads here on this forum). The only confusion here is your's alone.
I recommend that you take a few weeks (or more) to learn more about bitcoin. Do some reading and watch videos. I'm not able to assist you any further.
You were unable to grasp the question originally which was evident by your responses. I suggest you spend more time comprehending what is actually being asked before responding with irrelevant answers. Anyway I am tired of trying to spoon feed you...can someone besides Nandi bear confirm that 12 word backup phrases are compatible across different wallet apps or only with the wallet app that generated them?
Exit scams are irrelevant if you hold the private keys to your bitcoins; holding the private keys to your funds makes any sort of 'exit scam' an impossibility as you are the one in control of the funds.If they haven't done exit scam, you should be able to restore from seed or private key, but be very careful with online wallets. For bigger sums use a hardware wallet.
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