Bitcoins and other cryptocurrencies are stored in digital wallets. If you have ever used a bitcoin wallet, you must be aware that everybody says you must secure and never share your private keys with others. Some people pay no attention to securing their private keys, resulting in either loss of wallet or device that contains digital coins. Losing your wallet or private key is high inconvenient, but at the same time, it shouldn’t be serious. Bitcoin wallet users must back up their private keys and wallet to make it easy to recover their digital coins. Even in bitcoin trading, you must protect your wallets first, and for that, you can go to a bitcoin trading platform that can help secure digital coins.
Before you think that you are in a mess and don’t know what to do, this article will help. In this article, you’ll learn about a few things that every wallet user must know before doing the wallet’s recovery phrase.
How to recover your wallet?
At first, you must always choose a non-custodial wallet to store your bitcoins. But if you have chosen another type of wallet, you must make sure to backup your wallet. The backup process of the wallet is the same for all different types of wallets, including hardware, desktop, and mobile wallet. It would help if you searched the seed phrase you must have stored safely and use it for a replacement wallet. Using the seed phrase, you can restore your coins and get the update of the balance of your wallet in seconds.
Only a few wallets don’t offer the facility of seed phrases to recover the wallet. Instead, some wallets generate a recovery seed and a random recovery key provided to the wallet owner. These two recovery options can help regain access to your wallet, and you can restore your funds. Once you carefully secure the recovery seed and recovery key, they get deleted permanently and disable any other person to have access to it.
Have you heard about the terms sweeping and importing of private keys? Do you know the difference between these terms? Let us know the differences between sweeping and importing private keys.
Differences between sweeping and importing of private keys
The bitcoin wallet owners often get confused when their wallets are stolen or lose, and in such cases, there are high risks that third-parties get access to your coins through private keys. In such cases, when third parties may get access, importing coins to a new wallet won’t help from preventing access. But users can prevent access to third-parties by sweeping their wallet’s private keys. You know the main things that every bitcoin wallet has included a public key, private key, and bitcoin addresses. A private key is related to bitcoin addresses or private keys mathematically.
Private keys are the randomly generated string that consists of numbers and levels and can be signified as seed phrases. In importing private keys, it is done by using the seed phrase to replace the wallet, but replacing the wallet won’t delete previous wallets, and they would still exist. This indicates that there are chances that older wallets can be hacked or attacked by cybercriminals, or third-parties may get access to your wallet and drain out your funds. To prevent such situations, it is always recommended to sweep your wallet’s private keys by creating a new wallet and new public address.
Creating a new wallet will transfer your funds from your previous wallet to a new wallet, and you can make easy transactions by using new pair of public and private keys. Always choose non-custodial wallets to store your bitcoins like Exodus, Ledger, Samourai, Trezor, Electrum, and more. No-custodial wallets allow users to sweep private keys and wallets and transfer them to a new wallet by draining all funds from the old wallet.
After understanding the difference between importing and sweeping, do you know the importing process of private keys to new wallets?
Importing process of private keys to a new wallet
If you’re sure that you don’t need to sweep your private keys, you can import your wallet’s private keys to a new wallet. You need first to select a new wallet where you want to import private keys, and afterward, you can send your digital coins to your new wallet. It would help if you imported the seed phrase of the previous wallet to a new wallet.