What are crypto wallets?

With crypto wallets, the user interacts with blockchain networks to send and receive funds. Crypto wallets are able to generate Private & Public keys Private key - Used to confirm transactions & digital signatures. Having access to Private Key allows you to prove that you are the owner of the assets that the private key secures. You should never share your private key with anyone. Public key - is used for receiving funds. It is derived from a corresponding private key. Sending funds to a Public key will transfer them and a corresponding Private Key is needed to access them.
There are 3 types of wallets: Software, Hardware, and Paper

What is Keystore File?

Keystore File is basically a wallet, as it contains an encrypted Private key by your password that is needed to send & receive funds.

What is Seed Phrase (BIP39 Passphrase)?

Generally, Seed Phrases are used for recovering crypto wallets. When you lose access to your wallet, you can enter the Seed Phrase to recover the Private key (or create a Keystore file).
BIP39 wordlist contains 2048 words and the Seed Phrase consists of 12-24 out of them. There are 2^132 combinations, making them extremely resistant to possible hack attacks.
If you lose the Seed Phrase and private key to your wallet, it's impossible to recover the funds. Save and secure your Seed Phrase well. Don't share your Seed Phrase with anyone!

What if I lose the password to the wallet?

When you lose a password to a crypto wallet, you have an option to recover it with the Seed Phrase. Reentering it will allow the user to receive a new Keystore File encrypted with a new password. This process is similar to resetting a password.

What if I lose Seed Phrase?

If you lose your Seed Phrase, there is no other way of recovering your wallet with funds. As long as you still have the access to the Keystore File and the password, we suggest creating a new wallet, saving up the Seed Phrase, and moving all the funds to a new wallet.
Save the Seed Phrase!
Last modified 3mo ago