About Non-Custodial Cryptocurrency Wallets and Why it is Extremely Important to Back up the Wallet Seed Phrase (Mnemonic key) or Private Keys

in crypto •  2 years ago 

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This is the most important thing to do whenever you install a new wallet on your device. The seed phase or the Mnemonic key holds your private keys and gives you total control of your crypto assets. With this seed phrase or Mnemonic key, you can restore your assets in another device at any time.

That seed phrase or Mnemonic key is so powerful that it can also be restored on another wallet entirely that supports that seed phrase type or Mnemonic key type. All you need to do is, install the wallet on another device or the same device and restore your keys and assets using the backed up seed phrase or Mnemonic key.

Backing up the seed phrase (Mnemonic key) on Atomic Wallet,
  • Go to settings
  • Click on Private Keys
  • Input your password
  • Click on 12-word backup
  • You will find your 12-word key phrase
  • Backup and Keep it safe
Restoring wallet in a fresh installation on Atomic Wallet

This is quite simple and straight forward to do and is pretty similar to most wallets… to demonstrate this, I will be using atomic wallet for mobile…

  • Once you are done with the installation of the atomic wallet on the device.
  • Open the wallet and you will be greeted with a screen that prompts you to create a new wallet or restore from backup.
  • Click on restore from backup
  • The next screen will be where you will input your 12-word seed phrase that you backed up already
  • After that, click restore and you will be prompted to set your new password
  • Next will be to confirm your new password
  • Done, You are all set.
Importing a new coin in another wallet using the private key on Trust wallet

I will be using Trust Wallet for this… similar to atomic wallet, the process is very straightforward and simple.

  • Go to settings
  • Click on Wallets
  • Click on the Plus (+) sign at the top right
  • The next screen prompts you to click on create a new wallet or I already have a wallet
  • In this case, click on I already have a wallet
  • The next screen shows you a list of coins you can add
  • Click on the coin you want to add
  • The next screen shows you whether to import the coin using either Seed Phrase or Private Key or Addresses
  • Choose private key and input the private key of the coin you want to import
  • Click on import
Importing a different Multichain wallet into another multichain wallet (Trust Wallet) using the seed key?

This is also very simple and straight forward to do. This is very similar to how you import coin into another wallet using private key…

  • Go to settings
  • Click on Wallets
  • Click on the Plus (+) sign at the top right
  • The next screen prompts you to click on create a new wallet or I already have a wallet
  • In this case, click on I already have a wallet
  • The next screen shows you Multi-Coin Wallet
  • Click on multi-coin wallet
  • The next screen shows you where to input your seed phrase
  • After you are done typing your seed phrase, Click on the Import button

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