Started by Bitcoin, Mar 13, 2023, 11:02 am
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At the heart of self-custodying your crypto is full control of your funds: hodl to the moon, send and receive to/from friends, spend directly with merchants, buy your favorite coins, swap whichever coins you want, and especially, manage your assets however you please.
The process of importing your private key means you are essentially recreating your wallet on a new device or platform without paying any extra fees. Your keys don’t “move” from one wallet to another, just replicated on your new wallet platform. You’ll use your recovery phrase to verify ownership of your key, allowing you to access funds from your new wallet. From there you can spend and manage your assets as if nothing changed.
There are hundreds of crypto wallets out there and sometimes it may take a few cracks to find the right one. Instead of going through the hassle of sending crypto to a new address and paying transaction fees, you can simply import your self-custody wallet to a new wallet using your recovery phrase.
Importing the keys from any self-custody wallet which you own is a relatively easy and straightforward process that should only take a few minutes.
Ensure that any new wallet provider is trusted and receives good reviews among the crypto community. Also double check that the wallet supports the assets held in the key you wish to import. BitPay is one of the most established crypto companies, having over a decade of experience helping users and merchants dive into the world of crypto. In addition to industry-leading storage security, the BitPay Wallet offers multiple ways to spend and use your crypto.
Your recovery phrase, also known as your seed phrase, is a set of 12, 18 or 24 words associated with your key. It is one of the only methods you have to recover your funds.
This process may vary depending on the wallet provider you choose. Within the BitPay Wallet app, select “Create, import or join a shared wallet” under the “Expand Your Portfolio” section of the homescreen. Then select “Import Key”. Carefully type each word of your recovery phrase as it appears in your records. Each word must be added in the order in which it appears. Tap “Import Wallet”. Your wallet should appear in the new device within minutes.
Once the seed is imported, verify your balance to ensure all of your funds appear as they should in the new wallet platform.
If you’ve imported your key to a new wallet provider, familiarize yourself with all the backup options available to you. If you will be transferring your funds to a new key, make sure to record your recovery phrase!
No, sweeping a wallet, often a paper wallet, means you are essentially transferring all funds from one wallet to another. Importing keys maintains the balance
This will vary depending on your wallet provider. It will typically live in your settings or backup area of your wallet. Within the BitPay Wallet use the following steps: Tap into your wallet, Tap the three dots in the upper right corner, then select “Key Settings”, navigate to “Backup”. Your recovery phrase will appear one word at a time, giving you the chance to record each word carefully.
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