Blockchain Wallet Recovery Phrase : Pros and Cons
WARNING ‼‼‼ ⚠⚠⚠⚠⚠
NEVER release your blockchain wallet ID to anyone.. I mean anyone.. and NEVER allow anyone gain access to your wallet.
Your wallet contains a very vital piece of information which is your Backup / Recovery Phrase.
I strongly advise you don't activate it at all. However, if it has been activated, make sure NO ONE else knows the phrase apart from you. Otherwise, I strongly advise you transfer all your coins IMMEDIATELY to a new wallet.
WHAT IS YOUR RECOVERY PHRASE??
Your wallet recovery phrase is a random string of words. It acts as a saved copy or backup of your funds. Any one with these string of words has access to the bitcoins in your wallet.
WHEN TO USE YOUR RECOVERY PHRASE
✅ When you forget your wallet log in password.
✅ When you lose your mobile device with 2-step verification enabled.
NB: Your recovery phrase can ONLY be used to recover funds if it has been activated before losing access to your wallet.
HOW IS YOUR RECOVERY PHRASE USED??
If you lose access to your wallet ( forget your password or lose your mobile device with 2-step verification enabled), all you have to do is visit https://blockchain.info/wallet/#/help and click on Recover Funds. You will be asked to input your recovery phrase and create a new wallet where funds from your lost wallet will be transferred to.
NB: Imported addresses are not backed up by the recovery phrase.
THE BAD SIDE OF YOUR RECOVERY PHRASE
Scammers often use this method to steal bitcoins from the wallet of unsuspecting users. They often deceive users into creating a new wallet and releasing their wallet log in details in order to connect their wallets to a miner hardware. After which, they tell them to change their passwords and deposit bitcoins in the account in order for the miner to sync with their wallets.
It is just a way of gaining access to the wallet and stealing the recovery phrase.
HOW TO PREVENT BITCOIN THEFT VIA BACKUP / RECOVERY PHRASE
✔ Log in to your blockchain.info wallet.
✔ Go to the Menu.
✔ Go to Settings.
✔ Go to Security.
✔ If Wallet Recovery Phrase shows Verified, that means your phrase has been triggered/activated.
✔ If not, it means your phrase is yet to be activated.
✔✔ If you notice your phrase has been activated, and you can't remember activating it: Create a new wallet IMMEDIATELY, and transfer all your coins from the old wallet to the new wallet. And ABANDON the old wallet.
Please 😢😢 do not ignore this!!
Watch out for my next post on How to secure and recover your 2-step verification access in case of loss of device.
Yours faithfully: slimz