Bitcoin Wallets

A wallet does not hold bitcoin. It holds the keys that let you spend it, and the difference matters enormously the day something goes wrong.

The three questions worth answering first

• Who holds the keys — you, or a company acting on your behalf?
• What happens if the device is lost, and have you actually tested that recovery?
• Who else could reach the funds if they got access to your phone, your email or your backup?

Backups

A recovery phrase is the wallet. Anyone who reads it can spend the funds, and nobody can help you if it is lost. Write it down offline, store it away from the device it belongs to, and never type it into a website, an email, a photo or a chat window — including one with someone claiming to be support.

Scams to expect

Fake wallet applications, cloned support accounts, "verification" pages that ask for a seed phrase, and giveaway posts promising to double a payment are all common. No legitimate wallet, exchange or support agent will ever ask for a recovery phrase.