Blockchain digital wallets exist in order to better protect digital assets. Users have full control of their personal assets. Without users’ consent, third parties cannot access to the assets. Even so, there are still many people who have lost their assets due to their poor knowledge of blockchain digital wallets and improper protection of private keys. When trading digital assets, you can’t just rely on exchanges to store assets, you need to have your own digital wallet. Having the security knowledge of digital wallets is also a necessary step for beginners.
In the process of using a digital wallet, how to securely back up the private key and mnemonic is undoubtedly crucial! But in reality, it is often overlooked, such as the following common situations where digital assets are lost due to improper backup:
The mobile phone with the digital wallet app that has assets in it was accidentally lost. But the owner didn’t backup the mnemonic before. In this case, the digital assets in that app were also lost with the mobile phone. Some users wanted to quickly import the wallet into the new mobile phone, so they used email to transfer the private key. As a result, the wallet was hacked and the assets were lost. To be honest, this kind of situation happens from time to time. Then how to avoid it?
As the earliest and most used BSV wallet in the world, DotWallet always provides users with a secure and convenient one-stop solution for storing, sending and receiving digital assets. We have rich experience in the security management of digital wallets. Here are some tips for you to easily manage your digital assets.
Take DotWallet as an example. DotWallet supports BSV wallet mnemonic backup. The mnemonic is a kind of plaintext private key. It consists of 12 English words. Once someone gets your wallet mnemonic, he or she can import your wallet into another phone with the words and has full control of the digital assets in your wallet. So as long as the mnemonic words are backed up and stored properly, you can safely manage your digital assets. For beginners, please pay attention to the following suggestions:
1. Try to use physical media as much as possible. For example, copy it on paper with a pen and store it in a safe place.
2. Try to avoid taking screenshots or photos, and attachingthe photos containing the mnemonic phrase in your email or keeping it on the online storage to prevent hackers from stealing them.
3. Be sure to repeatedly confirm whether the mnemonic phrase backup is correct, any mistake will lead to the failure ofrestoringthe wallet assets.
In the general sense, bank cards are issued by a centralized bank that performs asset management. If the password is lost, the bank can help you retrieve it. But it is not the same case for blockchain digital wallet. If you lose the wallet’s private key or mnemonic, then the assets cannot be retrieved. So please make sure to keep the private key and mnemonic properly. DotWallet always supports users to full control their private keys. After users sign up and log in to DotWallet, users can choose to create a brand new wallet. When creating a wallet, BSV mnemonics backup is supported. You can also import an existing wallet directly through the mnemonic words. In this way, you can avoid the loss caused by the loss of the mobile phone or the accidental deletion of the app, thereby ensuring the security of users’ assets.
Blockchain wallet invites you into a new world. It is very important to have a high-performance blockchain wallet. DotWallet is the earliest and most used BSV wallet around the world. Here are more exciting services, welcome to download and enjoy it now: https://www.dotwallet.cn/en/download
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