When it comes to protecting your wealth, the true fact you have to understand is to take self responsibility and protect your earnings. We will discuss how to back up your wallet information on two styles of wallet. Then we will show you how easy it is to retrieve your coins on another computer or mobile device.
First, what must be said is that you have to keep security of your information in a safe storage place. I usually have this information on a USB Flash-drive. In the case of the second style of wallets, I have my private seed written down in a cryptocurrency Journal, just in the case a device becomes unusable. Now let us start with the first style of wallet.
DESKTOP COMPUTER WALLETS
This is the original wallet for any cryptocurrency that you download and synchronize with the coins Block-Chain. Once the wallet has completed downloading the coin’s ledger, and you have coins on them you will want to go to the following folder, remember it maybe a hidden file so type this:
C:\user\[your computer user name]\AppData\Roaming
After you get into the folder locate the coin and open it’s folder. You will now see a file entitled, “wallet.dat” file. On a USB Drive make a folder that reads [Coin] Wallet backup. Then open that folder and copy that DAT file onto the drive. Now eject the drive and put it in a safe storage space.
If you find that you had to purchase a new computer, do not panic, your coins are safe. The process of Retrieval is simple.
1. Download the wallet again and synchronize it with the network
2. go to c:\user\user\AppData\Roaming\coin and replace the wallet.dat file with the wallet.dat file on your usb drive. And that is it.
Once you restart the wallet you will see that your coins are all present and accounted for on the Block-Chain. The reason for this is your coins are never truly stored on your wallet, they are actually stored on the Block-Chain and require your private keys to spend them. This is how the double spending problem was solved.
In the case of Coinomi, Exodus, or the many others that are out there, these wallets require you to write down a private seed. A seed is usually a string of words that you will need, in the event a mobile phone or desktop is destroyed.
I recommend that you write the name of the wallet and underneath that write the words for your private seed. Then once the wallet is online, should you loose your phone, or even if you had it on a desktop, the only thing you will have to do is download the wallet again and restore your wallet by typing in your private seed.
In an age where you have the ability to be your own Bank, you must realize that you must take all the necessary precautions to secure your earnings by taking the steps to secure your wealth. Cryptocurrency is the one true factors that self responsibility can and will allow the individual to take full control of their life and prosperity.