How to Backup Your Bitcoin Wallet?

How to Backup Your Bitcoin Wallet?

Are you looking out for a way to backup your bitcoin wallet? Then, you have certainly landed in the right place. Lots of people have lost their bitcoin wallets due to one or the other way. Therefore, now bitcoin owners know the significance of backup. However, attaining this task is not a cakewalk. Don’t worry! Today, I am going to mention three key reliable approaches using which you can easily take the backup of your bitcoin wallet. Moreover, for those who still don’t know the importance of backup bitcoin wallet, these are some main reasons behind it:

  • Protection against the accidental loss
  • Privacy, as well as verification
  • Simple access
  • Safety from theft, etc.

There are different mobile apps available to access your bitcion wallet. Therefore, you can opt for any of them. If you are looking for an app development company then, there are multiple options available on the market.

Three Ways to Backup Bitcoin Wallet

  • Use a software wallet
  • Copy wallet.dat file
  • Use a hardware wallet

1. Use a Software Wallet

A simple method to stash your cryptocurrency is by using a software wallet, such as Exodus or Electrum. It will not only make the transaction of bitcoin effortless but also creates a backup with the help of a “mnemonic recovery phrase” or “seed phrase.”

If you have a bitcoin, the code physically gets saved on your system, while the blockchain stored the transactions in the public ledger. You can lose the bitcoin by losing access to that code; however, the Blockchain still can give you the information. That’s where the seed phrase plays a major role. The logic behind seed phrase is complicated; however, in essence, it is a mnemonic password. This password allows you to gain your bitcoin once again. The seed phrase is only known to you. Therefore, you need to ensure that you save it somewhere securely. However, it will permit you to retrieve any lost bitcoin without many efforts.

Building a seed phrase is just a matter of clicking and searching the “create seed” function. Follow these two easy steps, in order to restore your bitcoin wallet:

  • Write down or copy-paste the generated mnemonic phrase to a secure location.
  • Then restore the wallet by simply clicking on the “restore” button
  • Finally, enter the phrase.

2. Use a Hardware Wallet

Another option, I have come up with to take the backup of bitcoin wallet is by using a hardware wallet, such as Trezor or Ledger. It can be utilized in conjunction with a software wallet too. The real backup of the bitcoin is not on the wallet; however, a hardware wallet acts as a physical key. You can insert it into your system which then allows the blockchain to know who you are.

Your seed phrase is not on the hardware wallet, but you could use both in conjunction. Moreover, it is possible to regulate the center, in order to perform the bitcoin trading. In scenarios, when you lose or misplace the access for your software and hardware wallet, seed phrase can still help you make to backup your wallet.

3. Copy Your Wallet.dat File

Apart from the above-mentioned options, you can opt for a third method and use it with the other two approaches. Here, you just need to build a copy of the wallet.dat file. The copied file is the proof of your bitcoin ownership. Wallet.dat file saves your particular Blockchain information on your hard drive. This is the reason why Elon Musk, an entrepreneur, when lost his drive, lost his bitcoins too. Basically, the wallet.dat file is a common old file that gets stored on your hard drive. Also, copying it is not a difficult task. If you lose your drive due to any reason, such as overlocked it too much or due to completion its full life, you can easily retrieve the file. Hence, you would not face any hindrance in between your work. Getting the wallet.dat file is simple on Mac and Linux as you will find it always in the same directory:

  • Linux: ~/.bitcoin/
  • Mac: %APPDATA%\Bitcoin

In case you are using Windows, the “Bitcoin” directory can be found under AppData\Roaming” or “Application Data”. It is possible that you need to run the file explorer to search it as the folder may be installed or hidden in a dissimilar place altogether.

As soon as you have located wallet.dat, don’t move it and make a copy. Once it is done, save it somewhere securely. This means that you need to store it away from hardware or even from the machine altogether. So, if you are thinking where to save it, then I would suggest you to go for a cloud storage service or you can even use a USB. In addition, it is possible to encrypt your file before forwarding it to any cloud storage you have selected. This is because whoever has wallet.dat, owns the bitcoin-related to it. No one can claim the ownership in the Blockchain other than using that file, hence keeping it secure is quite essential. Always pick a strong password, in order to protect the encryption. This would give you a peace of mind as nothing is more promising than knowing your investment is safe, covered in the layers of security, and backed up.

Alternative Way

You can follow these steps to get the backup of your bitcoin wallet to an encrypted disk image:

  • First, open Disk Utility
  • Click on New Image and pick a big size i.e. 128-bit or 256-bit encryption
  • Store it wherever you want
    Note: Select a safe, as well as strong password
  • Now, Move everything to the image from ~/Library/Application Support/Bitcoin/
    Note: Do not forget to mount the image before utilizing Bitcoin and unmount it once you quit.

Final Words

As a matter of fact, bitcoin is a digital asset, storing it safely could be un-intuitive. If we analyze the historical record, then we will find that numerous people have lost the coins. Moreover, once you lost the bitcoin, there is no method to get them back. However, with an appropriate understanding of the risks can be removed. This is why I have discussed three key approaches to backup bitcoin wallet. The best method to save bitcoin is either buy installing a multisignature or buying a hardware wallet.

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About the author
Fluper2.5 Years of Technical Support & Maintenance | 9 Months App Marketing & PromotionMobile app development company in United Arab Emirates
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Fluper is a web and mobile development company based in India. Fluper was born from a Technical Forum, where users would talk about new technologies and how they should be used in India's technological landscape. After some community tinkering, the forum started to create some interesting work and ended up becoming a full-fledged development company, with a clear target to produce quality work and provide real life technical solutions to their clients.

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