If the app is uninstalled or my phone is lost, will my money disappear?
Here’s how I understand it: think of the recovery phrase as the wallet’s “master key.” The private keys for each address are derived from it, so the recovery phrase is even more important than any individual private key.
The password set in the wallet is only used to unlock it on this device. To restore the wallet on another device, you need the recovery phrase.
What I do: after backing it up, I test importing it with a small amount of coins to make sure I copied it correctly.
For reference, the market data shows $BTC at 82742.73 (24h +2.22%).
#BTC
The market changes quickly, so make your own judgments.
Here’s how I understand it: think of the recovery phrase as the wallet’s “master key.” The private keys for each address are derived from it, so the recovery phrase is even more important than any individual private key.
The password set in the wallet is only used to unlock it on this device. To restore the wallet on another device, you need the recovery phrase.
What I do: after backing it up, I test importing it with a small amount of coins to make sure I copied it correctly.
For reference, the market data shows $BTC at 82742.73 (24h +2.22%).
#BTC
The market changes quickly, so make your own judgments.