Your recovery phrase (also known as a private key) exists so that you can activate your Wallet on multiple browsers and devices along with being able to recover access to your wallet.
The recovery phrase is your last line of defence. We cannot reset it for you.
If you lose your recovery phrase, you have essentially lost your wallet and all funds associated with that wallet. Please be sure to keep your 12-word recovery phrase safe.
What is a private key?
Private keys, also known as a "seed phrase", "recovery phrase", or "mnemonic phrase", are a string of numbers and letters that are unique for each account. They are used to generate the public keys and these public keys are used to generate the public addresses you use to receive cryptocurrencies.
When you activate a wallet on your laptop using chrome, for example, this is the only place you can access it. If you want to access it on a different browser, or on another device, you will need to use that recovery phrase again.
If you send your private key to someone, they now have full control of your account.
Mary wants to transfer Tom some Digital Gold.
Tom sends Mary his private key. Mary now has the seed phrase which would allow her to access ALL of Tom's funds in his wallet.
Safety and best practice
We recommend not storing your 12-word recovery phrase on any online device, and ideally that you record it physically and store it in an accessible, yet secure location (e.g. in a security deposit box, on a digital device without internet access). Consider making a durable copy of your seed phrase eg paper can be subject to water or fire damage. Do NOT store your recovery phrase on the same device your wallet is activated on.
You and only you are responsible for your security.
- Be diligent to keep your private key and password safe.
- If you lose your private key or password, no one can recover it.
- Access your account or send your funds for you.
- Recover or change your private key.
- Recover or reset your password.
- Reverse, cancel or refund transactions.