Crypto wallet backup brings an additional layer of protection to users’ digital assets. Wallet backup is important if the device with the crypto wallet is stolen or lost. Also, there could be technical issues or computer failure and in case there is no backup, the access to the crypto wallet account is lost forever. Another growing problem is that non-custodial crypto wallet holders have a tendency to forget passwords to retrieve their private keys. Nowadays, it’s believed that around $120 billion in crypto is in stranded or lost wallets. 

Backup helps to import the wallet, install the account on another device and restore the password to it. 

Usually, wallet backup doesn’t take much time, it’s secure and simple. In addition, in the case of the Spatium wallet, crypto wallet backup takes the burden of managing and storing private keys.

Types of crypto wallet backup

Recovery phrase

The recovery phrase is generated at the moment when the user sets up a wallet. It could be 12 words either with or without spaces. Users should be attentive to copy the recovery phrase correctly and not show this set of words to anyone.

Biometric recovery

Biometric backup is an anonymous scanning of a user’s face when mathematical data received from facial biometrics is used to authenticate the wallet owner. The biometric scanning is performed privately and locally. There is no need to store a recovery password, biometric facial scanning guarantees that the same person is accessing the wallet as well as trying to restore the access if required.

Cloud recovery

Cloud backup applies to self-custodial wallets, when there is a third party, helping users communicate with blockchain ecosystems. This is a wallet service provider. As soon as you enable cloud backup in your wallet account, you increase the level of your digital asset protection tenfold. Wallet cloud backup helps you to retrieve the crypto in case of emergency.

Spatium Feeless Bitcoin Wallet cloud backup options

Spatium provides three main options for a cloud backup. These are iCloud backup, Google backup, and QR-code disaster recovery. To get to know more about how to set up Spatium wallet cloud backup, please, read our post.

Conclusion

Though each type of wallet recovery has its advantages and disadvantages, the most important point is that it gives wallet owners a piece of mind providing better wallet account protection.  

Spatium Feeless Bitcoin Wallet provides users with cloud backup recovery in addition to MPC cryptography which protects digital assets and makes the wallet as user-friendly as it can be.

Stay protected in web3 with Spatium Feeless Bitcoin Wallet. It’s easy to operate and securely to use. Spatium Bitcoin MPC wallet is easy to use and free to download. It’s available on Android and iOS devices.

Try Spatium Feeless Bitcoin Wallet and the feature allowing you to pay network fee in currency you send instead of native chain tokens (currently available for USDC on Ethereum. More chains and tokens will be added soon).

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Keep a close eye on Spatium Feeless Bitcoin wallet which is building DeFi on Bitcoin and actively working toward the introduction of feeless crypto transactions and cheapest ever peer-to-peer crypto swaps without escrow.

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