What if my device gets broken, lost, or stolen?
While we always say that all your private information is encrypted directly on your device, you may be wondering – what if something will happen to my device? What if it got lost, stolen or simply broke? Would I be able to regain access to my wallet?
The short answer is – yes, you would be able to access your funds if you saved your backup phrase. Now let’s look at some details.
A few words on how Atomic Wallet works.
Atomic wallet is a decentralized, non-custodial wallet. What that effectively means is that only you control your funds. There are no third-party services keeping your private information. Your private keys, backup phrase, and password are stored locally on your device in an encrypted manner. Your funds are safely stored on the blockchain. What Atomic Wallet does is a connecting to block explorer nodes and taking the information about your balance and transactions to present it to you in a user-friendly format.
When you first create the wallet, you are provided with a 12-word backup phrase, which is your master key. This master key generates all other public and private keys for every coin.
Why do I need to keep my 12-word backup phrase safe?
The 12-word backup phrase is the only way to regain access to your wallet if you ever lose it. Nobody will be able to provide it back to you if you didn’t save it by yourself.
As you can tell, your 12-word backup phrase will give you access to your funds no matter what. It is of the highest priority to keep your backup safe.
We recommend storing your backup offline written on paper in two different places.